Understanding Blockchain Technology and How It Can Benefit Your Business

Blockchain may be a relatively new technology, but it is already making waves in financial arenas. However, blockchain technology is not only affecting the financial sector. It is also making a huge impact on digital marketing. Both disruptive and beneficial, marketers must keep a close eye on this growing peer-to-peer network.

What Is Blockchain Marketing?

With blockchain technology, consumers maintain control over their information. It will allow customers to take control of the ads they see and, hopefully, give marketers a modern and sophisticated means to produce high-quality leads.

Blockchain marketing envisions an entirely new promotional environment. It will form a direct data exchange between consumers and businesses like never before. Consumers will be able to own and sell their data directly to advertisers. It will circumvent social media platforms entirely, so there is greater trust and usability of consumer data. While this can make consumer data costly for marketers, it can also bring better ROI.

How Can Blockchain Revolutionize Online Marketing in 2020 and Beyond?

1. More Trusted Ad Buys

Digital marketing can be tricky. Marketers know that it is nearly impossible to get accurate data. You always have to ask yourself, “How many of these clicks are real?”

Bots are used or people are hired to simply click on ads all day, which can help inflate statistics and increase rates. More than $7 billion was lost in 2016 because of bots. This makes it difficult and expensive to get a clear picture of your ad buys.

With blockchain, this can change tremendously. Transparency and security are among the core values of this technology. Blockchain technology invests in a decentralized whitelist, plus an audit trail. This makes it easier for marketers to identify target audience views because of good control over first-party data. This can save businesses millions yearly.

2. Cut the Ad Buy Process

Traditional digital marketing has a go-between where the ad buy process is completed. Blockchain can cut out the middleman altogether. With the ad buy process eliminated, marketers can their reach target audience directly.

This allows you to exchange tokens with your audience based on their engagement. A better consumer connection can help increase your ad ROI significantly.

3. Consumer Profiles Directly from Customers

Instead of getting bits and pieces of consumer information from other sources, blockchain transactions are decentralized, making it easier to obtain consumer data. You can pay consumers directly for their purchasing data and personal information. Potentially costly, but better than wasting on ad campaigns with no precise data. This gives you a specific target to hit!

4. Blockchain Is Highly Transparent

Confidence to buy is what digital marketers aim for in every campaign. When consumers hear about a product or service from a trusted influence, they have few reservations about making a purchase.

Blockchain technology can serve up that same confidence to buy through a ledger of history and data for a product or service. This will allow consumers to get a transparent view of every product, from manufacturer to seller. This gives customers the ultimate control and an amazing user experience.

Others are leveraging blockchain transparency to increase their level of marketing in unprecedented ways. Some brands implemented this technology to tell a story about their products.

Customers want to know that the connection between them and your company is real and that your products and services are also legit.

How Do You Benefit from Blockchain Marketing?

While blockchain technology is still in its early phases, there are numerous ways marketers can benefit from blockchain marketing.

The greatest advantage of blockchain is to cut out the middleman. Without third-parties, ads will be more accurate and affordable. Marketers can now target the right group of people without higher spending.

Blockchain also validates and analyzes a consumer’s journey through verified ad delivery. It can confirm whether real people saw the ad. This will help reduce fake ad clicks or bot views. You will benefit from a vastly improved digital marketing platform through trust and efficiency.

However, this technology can also be misused, so make sure you know how to use it to your advantage. At Advanced Digital Media Services, we can help you reevaluate your current marketing processes to better leverage this new technology. 

Advance Digital Marketing Services is the best website designers in Lakewood, Denver that businesses can depend on to help grow their online presence and secure a better search ranking.