If you’ve heard of blockchain, you’ve probably heard about it in relation to cryptocurrency or cybersecurity. It’s a vital part of those two technologies, and it’s revolutionizing businesses all over the world.
What you may not have realized is that blockchain is also impacting how digital marketing operates. As a business that needs to stand out above your competitors, you can’t afford to miss out on this important change.
How will blockchain impact online marketing, and what should you do? Here’s what you need to know.
What is Blockchain?
If you’re not already aware of blockchain technology, it may sound intimidating. Blockchain enables transactions between two parties without the need for verification from a third-party. Instead, it uses technology to create a digital contract that is recognized and legitimized by the community.
Overriding the blockchain would require hundreds of times the processing power of Google, which means even the most motivated hacker can’t overcome it.
What does this level of security mean for marketers? It puts more power over personal information in the hands of consumers, allowing them to control the ads they see.
Deeper Personalization Means Higher Sales
Personalization is already a big deal when it comes to digital marketing. No one wants to be part of a “target demographic.” People are interested in feeling like you know them precisely, and data allows you to do a lot of that kind of targeting.
With blockchain, people will be better able to protect the information that’s available about them. This means that the data you get may be more expensive, but it may also have a much better return on investment.
With consumers able to take control over what they see, the ads will be more relevant than ever, which is overall good news for businesses.
Are you struggling with personalizing your ads, and you’re worried about losing your edge? Working with a digital marketing specialist can make a big difference.
Blockchain Can Block Bots
There’s nothing more frustrating than running an important campaign and having to wonder how many of the impressions and clicks are real, and how many are bots. Not only can you spend hundreds or thousands of dollars for clicks that aren’t legitimate, but you also can’t get good data about what’s effective.
Over $7 billion was lost in 2016 due to ad fraud. Bot percentages can range from 3% – 37% of ad impressions.
Why would bots click ads? There are two primary reasons – a site wants to charge more for ads or make more money, so they arrange for false clicks, or companies want to drive up a competitor’s ad costs by clicking on PPC ads that charge the competitor money.
With blockchain, transparency and security are at the core of every click and transaction. You can identify target audience views and eliminate the incentive for fraud. This could save companies millions per year.
Higher Consumer Confidence
Today, a consumer can go online and buy a “Prada bag” without knowing if it’s authentic until their money is gone. It’s easy for buyers to get ripped off and it makes people mistrust online marketing and buying.
With blockchain, everything will be transparent. The customer looking at a Prada bag can access the digital ledger and see every step from the manufacturer to seller. They’ll know right away if it’s legitimate and whether they want to pay the money.
This higher consumer confidence can help legitimate companies deliver an exceptional customer experience. Everything from high-quality ingredients to eco-friendly procedures can be proved without a doubt, helping you stand out from your competitors.
Eliminate Ad Blockers
A lot of companies get frustrated when they pay top dollar for advertising placement only to get blocked by third-party technology. With blockchain that can end. Instead of buying based on engagement you hope you can get, you can pay ad costs based on real engagement – proved by blockchain.
From giving tokens based on actual user attention to payment based only on actual views or real customer clicks, you’ll be able to target your ad spending much more effectively and you won’t have to worry about wasting money on blocked ads.
Buy Customer Information Directly From Customers
This may seem a bit odd since most companies don’t think consumers want to see ads. But the truth is people don’t want to see irrelevant or unhelpful ads. Instead of buying customer information from an aggregator – and hoping it’s valid – you can get the real deal from people themselves.
This will cost more than aggregators, of course, but you’ll know that you have highly accurate individual data and it will make your marketing much more effective.
Blockchain is Coming – Be Ready
Whether you like this new technology or not, the bottom line is that it’s going to impact businesses online at every level. Overall, it’s good news for reputable companies with high-quality products and services. You’ll be able to stand out from the junk and give customers what they really need.
