The rapid development of blockchain and related technologies is still an abstract idea to many people, but it has increasingly more applications in many segments of the digital marketing.
The blockchain technology is set to reform the marketing automation segments in the coming years. This particularly means that soon marketers will have even more effective online tools to establish trustful relationships with their customers and prospects.
The blockchain is a true internet sensation of our age, and the technology is bringing undeniable hype among the marketers. Simply put, blockchain offers a whole new approach of how data is tracked online. Blockchain uses a distributed ledger, a transparent but secure log of transactions, and consensus algorithms, that decentralize storing data compared to traditional databases. The blockchain revolutionizes data collection by while giving the businesses new ways to use consumer data, and ensuring that the consumers have more control over their shared data, at the same time.
The blockchain transactions operate on the principle that there is no need for transactions to go through the financial institution or “central authority”. For many users, blockchain technology is proving as an exciting new method that provides security through anonymity, that was not the case before. It’s likely that big brands around the world will rush to utilize this, as one of the biggest marketing challenges today is building trust with their customers.
The blockchain is mostly associated with its position within cryptocurrency, but what truly excites us is its use outside the crypto world. It’s a promising technology that is already marking a serious impact on various industries like medical testing, container shipping, and expectably marketing. Although it’s still emerging technology, blockchain will most likely change the digital marketing for good. As it keeps growing and improving, blockchain is poised to become every marketer’s favorite marketing tool.
The blockchain is rapidly picking interest of the marketing experts worldwide even if it’s still in early stage of development, everyone’s got insatiable curiosity about all the different ways in which the most powerful marketing tool yet can be used.
We compiled a list of five most probable ways for blockchain to transform marketing automation, along with several innovative startups that are already testing the blockchain capabilities in their current marketing efforts.
1. The higher control of shared data for tokenized marketing content
Blockchain technology permits businesses to compensate consumers through digital assets when using their data. Blockchain technology enables marketers to target the audiences more specifically than ever, and only present the ads if consumers have particularly chosen to see advertisements around a certain type of content. Professionals in the marketing automation sectors will find this truly helpful, as it ups the conversion rates while lowering the budget loss.
Tokenized marketing is a new effective way to ensure trust and connection with their customers while assembling mutual contentment. To summarize, consumers receive retribution for viewing the advertisements from previously chosen niches, and organizations get more precise marketing data, all without intrusive online advertising and losing trust.
Though tokenized marketing is still a nascent marketing trend, several startups are developing more this concept and testing them themselves already. Cupit, a US-based startup, is building a blockchain-driven compensation platform that will allow marketers to automatically run digital ads only to the customers who have opted-in for seeing them. Marketers will be able to offer exclusive offers and special discounts for those who choose to view the advertised content. Another exemplary use of blockchain technology in marketing is Sweet’s. Its social marketing platform offers a new way to build social loyalty between big brands and consumers, all while tracking and recording their marketing data on the blockchain technology.
2. Reduced fraudulent activities in the advertising industry
Advertising frauds are real and they are happening worldwide as we speak. While they are considered criminal activity, they often cost brands more than money – their reputation. In fact, according to Forrester statistics, up to 56% of marketers’ advertising spend was lost in 2016 due to fraudulent activities. Blockchain may unintentionally provide the solution to this timeless problem. By running digital ads through blockchain technology, marketing automation teams will be able to see precisely who viewed their ads – and promptly intercept any fraudulent activity even before it actually starts.
Others like ClearCoin, are striving to build software that would revolutionize media buying and deployment processes through the blockchain technology. It’s promising that several large brands are already testing this platform in beta. ClearCoin’s platform is a pioneer because it tracks all the ad transactions on the distributed ledger, making the digital advertising processes open to digital marketer and consumers likewise.
Blockchain technology actively permits the digital advertising frauds. While making the advertising efforts more transparent may not be your priority at the moment, it’s clear how it could benefit your business in the future.
3. Improved SEO with enhanced tracking capabilities
The third one may be the youngest, but just as promising, use of blockchain in marketing, revolves around search engine optimization (SEO.) Blockchain technology could directly affect businesses SEO by ensuring high-quality inbound traffic which is one of the main imperative in the SEO today.
Marketing automation professionals would set up their advertising campaign on the blockchain, I order to drive traffic back to the targeted landing page, very much like they do today, but only with the assurance of the great quality of the incoming traffic. Businesses that have invested in tokenized marketing efforts will be able to track visitor activity on their entire website, but at an individual level, which further allows them to compensate customers according to their activity. Further online behavior analysis could indicate a buying signal on a more individual level.
4. Optimized digital advertising on all platforms for brands and retailers
Blockchain marketing community is growing, and their main challenge is to optimize business’s digital marketing efforts. Various projects are already testing the different ways in which blockchain technology could help the digital marketing efforts of the businesses of all sizes, and early signs and ideas are attention-grabbing.
One startup like that, SaTT, is looking into putting the entire digital marketing lifecycle run on the blockchain technology. The startup is striving to improve the relationship between content providers and marketers, by developing smart contracts through the digital advertising. The blockchain-powered SaTT platform runs a digital advertising campaign that will be exclusively be executed after the verification of a smart contract including the metrics of a given campaign. The use of these smart contracts ensures transparency for the entire the digital advertising process, and this blockchain technology use could easily have more applications in different marketing segments in the future.
5. Improving customer loyalty and evolving the customer marketing
Improving loyalty through relevant blockchain marketing is one of the most anticipated use cases yet. Researches show that a total of 39% of marketing executives reported how they do not entirely understand the buying behaviors of their customers across the devices. This imposing figure just asks for a way to gain more insight and a better understanding of the customers cross-platform buying behavior.
There are platforms like Momentum and Triggmine, that businesses use to track all of their customer-related marketing efforts combined, while at the same time tokenizing their customer outreach marketing. By utilizing these platforms, automated marketing become tokenized as well, offering token incentives for the ad interaction, all why advertising a product in a non-intrusive way that’s beneficial for both companies and customers.
Blockchain-backed platforms offer a new way to execute digital marketing campaigns, in which businesses get to identify their crucial points in a customer acquisition journey. Furthermore, this means more personalized interaction, customized outreach efforts, and customize their outreach efforts across different channels. These smart solutions are very efficient in providing companies with relevant data without overwhelming customers, and this advanced tracking subsequently allows marketers to better understand customers, better interact with them and build deeper, trustful relationships.
The progression of the blockchain technology may be only in its early stages, but it’s enormous possibilities are highly anticipated in the global marketing circles. It’s a perfect time for businesses to get involved and test out the first blockchain-backed marketing technology solutions. Some of the aforementioned ways of implementing blockchain in your marketing strategy already exist, and already have first fans, while others remain covered in a veil of a mystery until they are launched officially. One thing is certain: blockchain technology is changing marketing for good. By looking out for ways to take advantage of the blockchain technology, businesses can easily snap up far away from the competition.