If you’re new to the realm of Blockchain, you could be wondering what the fuss is about. Blockchain is a decentralized ledger recording technology that is currently in high demand and is being discussed by people about the possibilities of its applications.
The benefits of blockchain aren’t limited to crypto. Every business from manufacturing to healthcare and even healthcare, can benefit from blockchain technology. One industry that is prime for blockchain-based innovation is the digital marketing.
Blockchain and Digital Marketing: Understanding the Connection
The traditional digital campaigns use different channels, including social media platforms such as search engines, forums for questions and answers and more. Additionally, they require marketers to gather a lot of data on their intended audiences prior to launching any type of campaign.
Utilizing multiple channels, as well as third parties such as ad networks can rapidly increase the cost of digital marketing. It can also cause fraudulent activity in your ads. A lot of marketers struggle to gather information from potential customers , and then engage them using the appropriate messages.
In addition, marketers and brands frequently struggle to distinguish themselves from the noise and make a mark above their competition. It’s similarly difficult to earn the trust of today’s online-savvy customers.
Blockchain technology can help you overcome many of these issues.
Presently, digital marketers can make use of it to:
Reducing advertising fraud
Protecting the integrity of data and privacy
Verify impressions and clicks on ads
Make sure that financial transactions are transparent between publisher and advertiser
The most common complaint is that blockchain will not create value until there are modifications to organization structures, business processes and methods of working. However, with digital marketing being an industry that’s quick-paced, flexible and open to new ideas (especially when compared with other industries) Blockchain integration could appear easier than anticipated.
Here are some of the key benefits of integrating blockchain in digital marketing
1. Enhancing transparency
Blockchain makes online marketing easier to both consumers and brands.
A major and crucial elements to maintain trust between a company and the customers it serves is openness. Brands who are transparent about their procedures will be more likely to gain trust than those who keep their secrets from the public.
Blockchain technology can help brands build this type of trust through providing an extremely high degree of transparency for any transaction, no matter if it are in fiat or crypto currency. Blockchain technology is the basis of cryptocurrency exchanges such as OKX which allow users to buy and sell cryptocurrency tokens.
Apart from facilitating exchanges of cryptocurrency Blockchain also allows consumers to access the operations of a company as well as its supply chain. It assists brands in leveraging the latest trends in sustainability and eco-friendly. It, in turn increases trust between the brand and its customers and increases conversion.
2. Facilitating online payment
Blockchain makes online transactions significantly more secure, by introducing a layer of trust and transparency.
When you buy something from the internet how can you be sure that you’ll receive the item you bought? If the seller fails to provide the item then who will help you recover your purchase? Trust problems are still a problem in the present digital environment. As more businesses move their operations online it is essential to safeguard information of their customers becomes more crucial.
This is the place where blockchain technology comes in. Blockchain is a transparent network of computers which lets users view every transaction in its public ledger when it occurs. It is impossible for anyone to modify or delete transactions without permission from other participants in the network.
Blockchain addresses one of the main concerns regarding trust in online transactions Merchants and consumers do not have to worry that one of them will break the terms of their agreement since the terms of the agreement are clear to all parties who is involved in the transaction process.
3. Maintaining data integrity
One of the most significant challenges companies confront when it comes to the digital marketing industry is privacy. The public is becoming more concerned about the way their personal data is used by businesses.
There are numerous instances when businesses have used customer information without their consent or fail to safeguard this data from hackers, which resulted in data breaches as well as the loss of personal information.
Data integrity is the reliability and accuracy of data throughout its life cycle. The ability to achieve a high degree of accuracy and reliability is vital for business particularly in the field of digital marketing.
Blockchain can assist you in maintaining the integrity of your data by ensuring:
Your data is correct
You can be assured that your information is accurate and reliable
It is impossible for anyone to be able to lose your important information
Additionally, it allows consumers to be in control of who has access to their personal information and in what manner. Blockchain platforms today even reward users to buy crypto tokens as a way to trade their personal data.
Although this may seem to be an obstacle on marketers’ part, this guarantees that you are able to access the data of those with an interest in your product or brand. It’s easier to turn those customers into loyal customers.
4. Fraud in advertising
Fraudulent advertising is a typical problem in the field of marketing via digital. Blockchains can aid in the fight against the ad fraud. Fraudsters are trying to steal payments for impressions and clicks ads employing bots.
Blockchain allows advertisers to know what impressions have been made and confirm that the user clicked on an advertisement, that allows them to identify fraud in ads more efficiently than ever before.
Blockchain also helps remove intermediaries (ad networks) from your marketing campaigns. In contrast, the blockchain-based platforms can deliver your advertisements directly to the most appropriate target people. This means higher returns for advertisers as well as better specific marketing for consumers.
5. Maintaining a good reputation
As you’ve probably guessed trust is an essential aspect of a successful company. It’s best to avoid any mistrust, or even fraud cases since they can turn customers away from your business. But, if you employ blockchain technology when creating a online marketing strategy, you’ll never face any issues regarding the trust of your customers.
Blockchain permits every transaction to be transparent and verified. In this way, nobody can falsify information or alter data. The system is designed so that all users can view the transactions that were performed through other members. This allows everyone to monitor their own funds and verify whether it was used correctly or not when they made their last payment.
Blockchain technology can help to gain confidence and trust of clients since they are aware that they will always have access to the latest information on all transactions made by your business because of an open ledger.
6. Enhancing the effectiveness of advertisements
Blockchain allows you to effectively process large quantities of data, and then transform it into useful data. It lets you know your clients better so that you can pinpoint the most relevant ones.
One of the primary advantages of targeting the correct target audience is the ability to get the highest click-through rate (CTRs). It is essential to ensure that your advertisements will be seen by people who are seeking what you have to offer. If not, they won’t take the time to click your ads. Although it may seem to be an obvious idea however, many marketers tend to ignore this basic rule.
Blockchain technology can assist you to collect valuable customer information and utilize it effectively to improve the effectiveness of your ads. Incorporating blockchain solutions in your digital marketing strategy and implementing them, you will be able to significantly boost your CTRs.
7. Smart contracts can improve partnerships and strengthen partnerships.
Smart contracts are agreements that are made automatically that are between two parties who are connected into a blockchain network. They are used to manage any type of marketing including generating ad impressions on the internet or managing affiliate marketing programs. They are also able to establish the terms and conditions of contracts between customers and markets.
Since smart contracts are implemented in a decentralized system that doesn’t rely on intermediaries, advertisers or middlemen. companies can cut costs by avoiding advertising fraud. This is particularly important because online advertisements are the source of a lot from fake visitors.
Customers also benefit from smart contracts because they can rest assured that brands use their data in a responsible manner when they access them through mobile or web applications. The level of transparency smart contracts bring is unparalleled, with the potential to drastically alter our lives on the internet and transform how we conduct business as well as interact with other people online.
In the final
Efficiency, trust, and automation are among the top benefits of blockchain technology in digital marketing.
For marketers, especially those who are supporting small-scale companies or start-ups that do not have an sufficient funds for large-scale campaigns for advertising, blockchain technology provides a variety of new possibilities to reach customers with the lowest cost by tokenization.
It improves the efficiency of transactions through the elimination of intermediaries, and allows the sharing of data safely and immediately among network participants. It also improves transaction processing speed.
Blockchain eliminates human error. In removing middlemen from the equation and removing human error out of the equation, thus increasing the transparency of advertising and marketing campaigns that use digital technology.
Blockchain is especially effective in combating fraud in advertising. Because it’s secure and decentralized it can allow marketers to track the location of their ads after they’re posted on the internet or via social media platforms, and monitor who’s watching the ads (and who’s not).
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