This year’s biggest headliners has been the blockchain technology, and it has come to stay. Blockchain has already made its impact in the BFSI sector, and is further making endless possibilities for various sectors like marketing to benefit from the blockchain technology.
With the present day’s data security and privacy issue being an all time high, consumers have their guards up about sharing personal information and furthermore brands are conscious about digital security above anything else. However, blockchain is a technology in which data is linked and secured using cryptography.
In a blockchain technology, information and data is stored in a chain-like configuration known as blocks, these blocks can be built upon but can’t be tampered with. Thus making the blockchain technology secure, transparent and revolutionary. Here’s how Blockchain marketing can solves some of the major hiccups and build a decentralized environment for marketers and their consumers:
Reduced fake advertising
According to Forrester, up to 56% of marketers’ advertising spend was lost due to fraudulent inventory. In 2017, it was found that one in every five pay-per-clicks was fraudulent.
With blockchain technology running, marketing automation teams will be able to receive data of who specifically viewed their ads – and quickly cut off any fraudulent or bot-driven advertising activity before it starts. It will empower marketers to fight display of fraudulent ads and making the brand’s advertising processes more transparent in future.
Using blockchain technology, marketers are able to target specific groups of consumers, and only serve up ads if the consumer has explicitly opted into seeing advertisements. For marketers, this is incredibly helpful, as it increases conversion rates while decreasing ad wastage.
Marketers will be able to set up advertising campaigns through the blockchain technology to drive traffic back to their pages as they do today, but with the added benefit of being able to guarantee the authenticity of inbound SEO traffic.
Brands will also be able to track consumer activity across their website at an individual level, and engage with customers as per their activity accordingly – especially if their online activity happens to be a positive signal.
As per research, 70% of marketers plan to boost their spend on influencer campaigns in 2018, brands have realized their target audience is more inclined to believe what people are saying about their brand rather than what the brand is saying about itself.
Leveraging blockchain transparency, this technology will help marketers solve the issues such as authenticating the identity of an influencer, validating her followers, getting a guarantee on ROI.
About 70 percent of advertisers fail to target consumers with behavioral data, and over one in a thousand ads gets clicked in an online display ad campaign. Through blockchain technology, brands can identify the ideal touchpoints for engaging with each customer at an individual level, and customize their outreach efforts across different channels.
Blockchain can truly solve the consumer engagement and targeting factor in the advertising industry.
Empowering demand generation
Demand generation service is the pillar of sales processes in every company, whether they be potential leads or qualified leads. The blockchain technology uses decentralized lead generation service combined with the principles of crowdsourcing data collection.
These decentralised systems are based on contributors(users) that make impact on the service. Hence, for lead generation, they source leads, transfer them to the platform and get rewarded. In such a case the user gets paid for sourcing leads or increasing value with additional information.
Blockchain technology solves two issues here: low quality or outdated leads in the marketplace is solved; and data suppliers are guaranteed a fair distribution of revenue from data sales.
The blockchain technology is set to transform the marketing automation space in the upcoming years, and soon marketers will have tools for building trust-based relationships with their prospects and customers and take their targeted campaigns to the next level.