Presently, digital marketing is a critical component of any business. A company should effectively utilize different online platforms to advertise and make the brand visible in the market full of competitors. Social media is one such online platform that may help you reach your potential customers.
The present era is experiencing rapid growth of digital marketing. Online and virtual advertising methods are increasingly being adopted by businesses to make their brands visible and popular. With the rapid increase in the use of digital platforms in branding, another thing which is experiencing rapid advancement is Blockchain technology. Blockchain technology, with its exclusive features and potential, is all set to revolutionize the digital space of marketing and advertising in a whole new way.
Blockchain and Digital Marketing
Blockchain is a decentralized digital technology marking its impact in different industries and making a mark of success. Blockchain builds an encrypted peer-to-peer network to keep a record (the list of records keeps growing) of the transactions take place between the nodes in the network. Blockchain keeps these records secure in various interconnected decentralized system nodes. In the absence of a centralized point of storage, there is no possibility of vulnerability in Blockchain platforms. Blockchain is continuously growing in the digital marketing industry and seems to cause a revolution in brand-customer relationship. With the growing adoption of Blockchain technology in all business sectors, greater transparency is expected because the information in a Blockchain platform is stored digitally. There is no chance of this information to be tempered or vanished. This allows companies to check and review the exact use of the funds and also to see if the message is reaching the audience or not. In this article, we will discuss the use and benefit of Blockchain in digital marketing.
How Blockchain affects Digital Marketing
There are several ways. Blockchain can affect digital marketing and can cause considerable changes in digital marketing processes and technology. These ways are:
Affecting Data Privacy: The most serious concern in online activities is the privacy of the data. Blockchain technology can affect digital marketing in several ways, and one of the significant transformations here can be the sharing of consumer’s data. Companies maintain profiles of every customer based on the site they visited, searches made, products they bought, and various other things. This way, Blockchain technology prevents most common online events of hacking and leakage of personal data. Blockchain technology ensures that visiting the sites and visits around web platforms would not give access to companies accessing the data. Through this, users can get control over their personal data and can determine where and how much data to share.
Changes in Digital Advertising: Digital marketing as a kind of advertising and promotion of a brand still has ways to go. The most common and irritating issue faced by the consumers regularly is the ad overloads. Companies always show and push forward a bulk of advertisements instead of sending a few relevant ones. This happens because companies do not understand their audience. Such advertisements are annoying, but they also drain the battery life of devices and take up bandwidth. Blockchain is a decentralized ledger, and it ensures that the transactions are secure with the improved cybersecurity measures.
Removal of Intermediaries: Blockchain is not limited to cryptocurrencies and offers a whole world of opportunities beyond cryptocurrencies. It has been causing significant effects on the digital marketing industry. One such effect is eliminating the dependency of an intermediary in digital marketing, such as social media platforms or Google. This automatically adds surplus-value to the companies’ ad campaigns. Traditionally, marketers had to rely upon intermediaries for the transactions and for the launch of campaigns, which is now eliminated with the Blockchain development. Now, the business owners do not require communicating with the website owners through an intermediary if an ad is about to be going on air. This inspires growth in the income of digital marketers by reducing the expenses that went to intermediaries earlier.
Transparency: In the traditional system of advertising, advertisers usually got to know very fewer details about the circulation of advertisement by publishers. This was a primary reason for the high expenses of publication and ad frauds. But, Blockchain has made the process more transparent. Advertisers are now also allowed to see, who is watching their ads, and if it has reached the right audience or not. Blockchain does not provide leverage transparency for businesses only, but it ultimately provides transparency for consumers also. Due to the decentralized nature of the technology, consumers better know where their data is stored and how this data was collected.
Better Lead Generation: Data collection presently, for marketing purpose requires a varied approach. Marketers are onto collecting data or personal information of the consumers from a variety of sources. They do this to put it all together and launch a campaign based on such data. This method is not up to the mark, and several campaigns provide inconsistent and incorrect data. The decentralized nature of Blockchain transactions allows marketers to go to the right and authentic source of data: the customer. This way, a marketer can manage the most appropriate data and generate better leads for the future.
Blockchain is a relatively new technology and paves the way to digital storage and distribution of information crucial for businesses. Blockchain technology is innovative enough to experience, and it leverages endless possibilities. Blockchain seems to be all set to disrupt a lot of companies and industries shortly by removing intermediaries and is allowing different participants into the platform to interact through smart contracts. Blockchain is closely associated with Cryptocurrency, but that does not overshadow its role and contribution to the digital marketing industry. Many companies and start-ups have already adopting Blockchain technology and its application in their business processes to enhance transparency and reducing friction. Digital marketers can also leverage these tools and acquire a growing number of customers by spending comparatively lower costs. Blockchain is exploding digital marketing and advertising with its potential and seems to be hitting the higher marks of success in the field.