Global marketing has become a multi-billion-dollar industry with the introduction of blockchain technology, especially when the top digital marketing firms have embraced its entry into the market.
The blockchain is a groundbreaking process of decentralizing digital record-keeping. This maintains a transaction ledger that features transparency and cutting edge system security that goes beyond the cryptocurrency fad and shows a strong potential to fundamentally change market forces, including digital marketing.
Here are a few important factors to consider how blockchain will impact the industry.
Advertising fraud prevention:
Blockchain technology will change the way marketers manage online advertising. For instance, statistical data culled from social media and website performance may not always be accurate due to bots deployment.In 2016, advertising fraud was responsible for over $ 7 billion in losses for businesses. The main culprit? Bots. These programs performed automated tasks by increasing pay per click numbers causing businesses to lose money to sellers on exaggerated cost figures instead of actual clicks on ads.The blockchain system addresses the problem by employing blockchain’s transparent and encryption platform for businesses to see if people are actually clicking on ads or bots deployed to skew the numbers.In this setup, marketers will be able to combine the advertising process with blockchain solutions by authenticating a consumer clicking on an ad, detect fraudulent clicks, and increase their return on investment (ROI).
Secure data collection channels:
Internet access is currently controlled by traditional gatekeepers- the internet service providers and web browsers. It is obvious that these companies know almost everything people do online the moment they start using these channels such as spending habits, interests, and social media activities, just to name a few.But while these gatekeepers willingly provide web access to consumers, there is one big trade-off that was recently exposed through Facebook- your personal data can be sold to advertisers without you consciously knowing it.Blockchain offers a solution to this through several apps currently under development where a network is built on signatures verified by the blockchain network and your personal data remains with you instead of being stored on your installed application’s network serversJust imagine how this would affect the marketing industry without user data to leverage for developing marketing strategies.
Increased but protected transparency:
A large number of B2B businesses have expressed concerns over breaches of privacy when dealing with one another for reasons such as insider trading, corporate espionage or something as simple as a rumor with a grain of truth.
This has resulted in the creation of The General Data Protection Regulation (GDPR) as a policy that enforces privacy laws. However, this has made it is more challenging for advertisers and marketers in gathering data to target customers for their digital marketing campaigns.Marketers would be able to address this with blockchain by geofencing data and business intelligence. Through a digital rights management (DRM) system where it will grant individuals certain privileges and rights where they decide if they want to provide their personal information or not and where the information is stored. Users have the freedom to keep their data and at the same time, it is collected accordingly and securely.
No more brokers:
Using blockchain, companies can pay their targeted audience directly for viewing ads and skip the usual ad view-purchase process without having to go through any software or app such as Facebook or Google.
Businesses eliminating the middlemen raises their “cost per thousand” (CPM) from $1 to $5, according to studies.It won’t be long before any digital marketing Virginia company would adapt to blockchain technology for digital marketing, which according to industry analysts is going to disrupt the way marketers develop their marketing strategies.