Blockchain has been correlated to Bitcoin and it the functions were perceived to be limited to Bitcoin. However, blockchain is constantly stretching its boundaries, and it is no longer bundled with digital money. Instead, it can be seen as a tool to process and store information in a fast, secure, and distributed way. Industries have started exploring blockchain over the years due to its incredible benefits.
Marketing is such industry that is significantly benefiting from blockchain. Marketers can build a decentralized environment for themselves and their consumers.
Here are few benefits of Blockchain for Marketing:
1. Targeting the Right Audience
Majority of the marketers fail to target consumers with behavioral data. There is a slim chance that audience clicks on ads. Intermediaries are involved in advertising and charge exorbitant fees. Innovative companies have created a decentralized search engine that helps advertisers target the right audience. These companies incentivize their audience in the form of tokens for providing their data. So, every time someone clicks on the ads, they get paid. This increases hyper-targeting of the advertisements and people only see ads that they are interested in. Thus, solving the consumer engagement and targeting factor.
2. Ad Fraud Prevention
In the marketing industry, fake clicks are a severe issue for advertisers. One in every five clicks is fake costing marketers a ton of money. Blockchain technology resolves this issue by displaying all click-throughs in real time. Marketers can rent out their advertising space and bring in quality traffic. Few new blockchain companies have disrupted PPC advertising space.
3. Decentralization of E-Commerce
Blockchain has decentralized the way individuals buy things online. On this platform, vendors can directly sell their items directly to customers without paying the intermediaries. Few platforms have built-in Bitcoin wallet which helps in earning cryptocurrency.
4. Disrupting Influencer Marketing
Brands are more inclined about what their audience is saying about their brand rather than what the company is saying about the brand. There are specific platforms that are a decentralized influencer advertising marketplace using blockchain to identify the authenticity of the influencers. Using blockchains immutability and transparency, these platforms are helping marketers approve influencers by validating their followers and getting a guarantee on ROI with smart contracts.
5. Disrupting Data Collection and Crowdsourcing
Marketers are unable to find quality and accurate consumer data. Additionally, marketers admit that they are unable to complete user profiles due to poor data quality. The customer itself can provide most accurate data. Blockchain technology coupled with crowdsourcing encourages customers to share their data in return of some kind of compensation resulting in authentic and highly relevant data. Blockchain firms collect verified data and make it accessible to interested companies via their decentralized marketplace.
