In many ways, trust is the foundation of marketing. All marketing activities are based on developing awareness and trust of a brand. When consumers trust a brand they are inclined to refer to that brand for their products and services.
Companies that employ Blockchain technology in the near future will have an obvious advantage, and it is important for digital marketers to recognise this and incorporate it into their overarching marketing strategies.
In this article we will be, explaining Blockchain for digital marketers by reviewing the history of Blockchain and trying to impart a basic understanding of how this new technology works.
Why Should Digital Marketers Care?
As we’ve already established, trust is everything in the world of marketing. Blockchain can be used as a tool by marketers to improve the trust consumers have in a brand. From a PR perspective, this is a revolutionary tools for brands to connect with their stakeholders.
Digital marketers rely on a variety of measurement tools to generate leads online through paid advertising and SEO. The accuracy of these tools however, is potentially inaccurate due to fake accounts and poor data collection.
Blockchain is able to collect this type of data securely and improve the accuracy of the measurement tools digital marketers use online. Instead of basing decisions of false information, marketers will be able to make far more informed decisions.
Finally, there are a variety of companies, such as the Brave browser, that are subverting the existing online media distribution hubs like Google and Bing. Brave, for example, blocks all ads and only allows advertisers that purchase their currency to advertise. In turn the currency is equitably distributed to producers of content and the viewers of ads.
In future, time spent looking at advertising could be completely monetised. This is a radical shift if it were to take place.
The Impact of Blockchain on Digital Marketing
“What do you think you can do if you and your stakeholders could operate from a single immutable place of truth?”
– Phil Gomes, Senior Vice President of Digital at Edelman
Using Blockchain may vastly improve the quality of advertising by allowing secure platforms where customer information can be shared without affecting an individual’s privacy. Personally identifiable information may be withheld, whilst anonymised data can be shared with advertisers to improve the relevancy or ad targeting.
Blockchain also helps reduce administrative costs. Online advertising distributors, like Bing or Google, have high running costs that make advertising not very cost effective. Blockchain-based platforms and start-ups that are entering the market, offer advertising at a much lower rate whilst also rewarding the consumers and producers of content.
In many ways, Blockchain technology is still only in it’s infancy. How this new technology could be utilised is still to be seen and is only limited by our collective imagination. Blockchain promises to secure the exchange of value online, it’s still to be seen what kind of impact this may have for the marketing industry.