In just a matter of years, blockchain technology has transformed the way the financial industry works, challenging the traditional limitations associated with financial transfers. Did you know, though, that amidst these developments, blockchain marketing concepts have emerged and are now a force of their own?
Among the innumerable marketing trends, tools, and strategies we have to contend and keep up with, blockchain marketing is proving to be useful in the advertising space, specifically with regard to PPC marketing.
As I’ll demonstrate in a short while, this is just the tip of the iceberg.
For a peek at the future of marketing, as blockchain technology radically transforms the marketing industry just as it changed what we know about financial technology, continue reading this post.
Verified product advertising
When it comes to product or service marketing specifically, blockchain technology is going to serve as an interesting authenticator or influencer of sorts.
In the future, consumers who want to buy certain products will be able to access the much-hyped digital ledger of each item and not just validate its authenticity (cracking down heavily on the thriving counterfeit market) but also, view its full purchase history.
Naturally, this will tell users whether the product is as popular or limited as retailers may claim and whether it is, in fact, ‘trusted by millions.’
Fashion brands, in particular, may be interested in this aspect of blockchain marketing for their products, with some even leveraging this level of transparency as a way of conveying a story to potential buyers.
At a time when 74% of respondents in a survey on the product and manufacturing industry stated that their companies were in the experimentation or the production phase of blockchain development, it’s not too long before we’re forced to rethink certain marketing strategies we’ve become reliant on.
Consumer insights that are straight from the source
For me, one of the most exciting changes blockchain technology will be responsible for is the generation of consumer insights that are far beyond anything we’re used to.
With the ability to view blockchain transactions, which are both publicly viewable and decentralised, the way we collect and understand consumer data is about to change.
Instead of tracking online activity and spending, marketers will soon be able to pay consumers directly for their purchase data and personal information. While we have no way of knowing how successful this will be just yet, it has the potential to help businesses make more data-driven advertising and marketing decisions.
The uncertainties of this approach aside, I’m personally ready to embrace this more open and transparent way of extracting consumer insights. It’s far better than the time-consuming data-gathering efforts we rely on at present.
The ad buy revolution
Like most things in life, ad buys are something that’s far from perfect or even as we’ve found out, reliable. With bots causing a $7 billion loss in ad spending in 2016, the solutions blockchain marketing can deliver to this area of advertising will soon result in an industry-level sigh of relief.
With transparency at the heart of this technology, it will be virtually impossible for bots to inflate ad statistics or spending, given that each transaction will be verified and enforced on the chain. This will give us a more accurate way of identifying target audience views, saving millions of dollars in the process.
In the future, this may be achieved through end-to-end transparency and a decentralised whitelist and audit trail, similar to what AdChain is doing.
Ad publishing is another way in which blockchain marketing is going to change the game. With blockchain, we will soon be able to take our ads directly to consumers, cutting down on cost and improving customer targeting almost effortlessly.
Blockchain marketing will soon change much of what we know about marketing. Are you ready?
Blockchain is coming for us all and for me, it can’t come sooner. Given the level of consumer insights we’ll be able to enjoy and the changes we can anticipate in terms of ad spending, blockchain marketing is set to improve overall ROI exponentially.
If you believe that your marketing strategies need updating or recalibrating to meet the trends and innovations of the future, at Hype Insight, we’re more than up for the job.