- The concept of blockchain is nearly 30 years old, but first sought prominence in 2008 after a white paper was published by Satoshi Nakamoto.
- It’s estimated that over $1.5 billion was spent on blockchain solutions in the past year.
- According to a survey performed by Deloitte (2018), 84% of people in executive positions believe blockchain is the ideal option versus traditional IT.
What is Blockchain?
Blockchain is a sequence of data monitored by more than one computer with oversight by multiple entities. Every component of data, or block, are protected by a series of coded elements, the chain.
If brief computer lingo put you in a haze, blockchain is a secured hub for storing and transferring information from one party to the next. Meaning, that each block has a unique data record that cannot be altered. More information can be added but never copied or changed.
Does Blockchain Benefit My Business?
Blockchain can transform the way your business is marketed in three, simple ways:
- Free Transactions
- The flow of information isrecorded on a transaction-free basis. It does not cost the marketing agencyanything to view or generate an ad; only the developer.
- The agency must be able to purchase RAM to build the blocks
- Builds trust with consumers by establishing verified reports. The information tells users where the products are manufactured.
- Consumers’ information is not stored, shared, or sold to advertisers or any other third party.
How Does Blockchain Marketing Work?
In conjunction with marketing, blockchain decentralizesthe flow of informationthe consumer needs to buy a product or service.Take a look at the following elements that make up successful blockchain marketing:
The biggest takeaway about blockchain marketing is its ability to put users in control. Users will be able to say “yes” or “no” to targeted advertising. As a digital marketing company, this can be a scary thought, especially if you have your sights set on a specific audience.
Since there is free transaction of information, consumers can submit to a chargein order to release their contact information and any other identifiers they see fit. Unlike traditional data collection methods, this information is not automatically released to third parties. It is completely up to the user if they want to opt-in for advertisements they want to see.
- Say, “No More” to Display Ads
A display ad appears directly in the users’ line of view as they actively visit another website. These ads generate due to collecting consumers’ information such as cookies, which are used by third party servers.
With blockchain marketing, display ads are better suited to interact with customers. By interaction, we mean eliminating traditional documentation methods to reach out to your customers. This is how blockchain works when optimizing display advertising:
- Ads are purchased by the advertiser
- Opt-in viewing
- Consumers have the ability to choose which ads they would like to learn more about.
- User information is kept anonymous.
Publishers are compensated
- With a revenue sharing program in place, publishers get the maximized amount of ad spend and get paid when users want to unlock “premium” content.
- Transforming SEO
Currently, SEO is affected by keywords and search engine algorithm indexing. Although, not much information has been predicted about blockchain SEO, it will be impacted. So much so, that the way websites are designed will need to accommodate for the complex technological elements that blockchain lays down. For a digital marketing company, increasing online visibility will change as more information is released.
- Social Media Adjustments
Blockchain is a force that can alter the way we recognize social media marketing nowadays. It can redefine how current social media platforms such as Facebook and Instagram function. For example, blockchaindoes not allow for posts to be deleted.
This is due in part to multiple servers handling this information, as opposed to a centralized hub. Keep in mind that blockchain servers prevent the ability to make any changes, even for administrators.
- Heightened Security
Since more than one computer monitors the amount of data that is recorded, security is significantly increased. When we speak of security, we’re talking about security of your company’s marketing assets. Any content you produce will be recorded as your intellectual property.
Another point of interest is the level of encryption and accessibility versus traditional marketing models. Noentity can change or even access the data produced on each individual block.
- Avoiding Ad Fraud
The end goal for most ads are to enhance clicks and impressions. With every click, the better your ad spend for that day. Blockchain marketing works to prevent faulty clicks that can impact data report analytics.
For instance, let’s say you’re focused on increasing the click-through-rate on a Google ad. Remember, people may access your content if they choose to opt-in—consenting to a small charge that goes into the publisher’s pockets.
- Brand Association
It’s pretty clear that blockchain is a game-changer for a digital marketing company. Although it hasn’t been implemented in marketing agencies all-around, blockchain means that you are considering innovative approaches. Blockchain is most commonly associated with Bitcoin—the largest cryptocurrency conglomerate today.
- Alternative Payments
We all know how it works: adding an item in your shopping cart and proceeding to checkout with your credit card. For e-commerce websites, blockchain marketing replaces the need for users to enter their credit card information.
Instead, blockchain will help introduce cryptocurrency for e-commerce sites and transform how people checkout online. However, no form of blockchain currency is widely accepted, but it is an overarching element that can impact modern marketing models as we know it.
If blockchain marketing is in your future, weigh in on what you would like your brand to represent. Blockchain is an evolving configuration in the digital sphere today. You definitely do not have to implement blockchain in your marketing campaign tomorrow, by any means.
The biggest takeaway is to consider the options such as amplified transparency and leveraging costs to counteract marketer-consumer interaction. Blockchain marketing has the tools for success that can truly change the way you perceived digital marketing in the past.