This is How Blockchain Can Help Improve Digital Marketing
Edelman’s 2018 trust barometer shows that public trust in government, media, and businesses is either stagnant or declining all over the world. Even peer-to-peer trust is declining, as people begin to mis-trust what their contacts say on social media. This, of course, carries over into marketing and advertising, where consumers lack trust in what companies say about their products/services, in “testimonials” and reviews, etc.
It is the job of marketers to build relationships and trust, and as that erodes, they must look for solutions. Such solutions may lay in blockchain. Here are just some of the ways in which blockchain technology can change marketing for the better.
Reduce and Ultimately Eliminate Fraud in Advertising
According to a Forrester report, up to 56% of display ad dollars are lost annually to fraudulent or unviewable ads. Blockchain could provide the transparency that marketing needs. It can block bot traffic and protect brands from disreputable content.
It is estimated that bots cause billions of dollars of advertising fraud every year. When blockchain can be used for display advertising, these scams can be eliminated. There would be transparency – showing who actually viewed which advertisements and the prices that were paid for those viewings.
Other issues of fraud – fake goods, substandard products – could be reduced through blockchain. When the technology can track and verify products from factor to the consumer’s hands, the consumer feels in control and greater trust is established between that consumer and the company with which he is doing business.
Cutting Out the Marketing Middleman
With blockchain, advertisers and marketers can deal directly with the website owners with whom they wish to advertise. And when click-through data is recorded through blockchain, the advertiser knows that legitimate people are viewing his ad. Both website owners and advertisers have a truthful picture, without the added cost of an intermediary.
Improve Advertising Contracts
Smart contracts, recorded and stored through blockchain technology, leave no room for dispute. And payments can be automatically scheduled when terms of that contract are met.
Pay-per-clicks is a powerful and effective marketing strategy, and when marketers use the “big boys,” such as Facebook, Google, and Yahoo, for ad placement, they agree to pay a set amount for those click-throughs. And, according to Inspira Digital Agency, the blockchain has a significant potential to provide transparency into how exactly those ad dollars are being spent. When they are codified through blockchain technology, both parties have a record of true clicks and payments, rather than that being left up to one party to record. Advertisers can also set specific KPIs for campaigns and the payment will be triggered only if all of them are met.
Increased Consumer Trust Through Privacy
Currently, consumer data is “for sale.” And this is part of the entire “world” of lack of trust. Consumers visit a website, for example, and all of a sudden, they become the targets of all sorts of advertising and marketing, not just from the company they visited but from companies touting related products and services too. Privacy is a huge issue with consumers.
By implementing a blockchain environment for consumer data, the consumer gets control and can choose to allow a company to access his data for limited use and limited times. Marketers who provide this privacy option for consumers will gain their trust.
Blockchain is disrupting virtually every sector of the economy. It provides a trust-less technology, in which people and enterprises do not need to trust one another but instead trust math and algorithms that record and store immutable data.
But marketers are in a “middle ground” here. They certainly applaud the ideas of smart contracts and transparent data, as they advertise and pay for that advertising. And yet, they must also establish and maintain trust with consumers who want to trust their brands. Blockchain can provide both of these things.
- Why You Can’t Afford To Ignore Reputation Management - January 8, 2019
- How Blockchain Can Help Improve Digital Marketing - January 8, 2019
- Why Choose Trade Show Internet for Your Event WiFi Solutions? - January 8, 2019