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How Blockchain will change Digital Marketing?

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In recent years, AI, programmatic advertising, chatbots, automation, augmented reality and others have taken the front seat in the digital marketing and branding industry. New-age technologies are leaving its impact on the marketing industries for brands and individuals. However, when we talk about digital marketing, a lot of confusion, issues with clickthrough rates, conversion and other nightmares comes along with it.

The marketing industry has a lot of sections to integrate before running a campaign. From content generation to editing, ad spending, ad space buying and analysing the data generated from it requires a lot of efforts in terms of managing tasks.

Read more: Blockchain use cases

Here are some benefits for how Blockchain can make a positive impact on Digital Marketing and make a marketer’s life easy and ethical:

 

Monitoring ad-spend

Every marketer knows that when they go to publish their paid advertisement on any of the social media or search engine platforms, they end up spending a lot of money. Where sometimes, they do not even get proper responses and bang for their bucks. This may lead to confusion and an argument between the boss and the marketing employee.

 

Marketing platforms are built to make a profit for their creators. They also have a lot of data about their users and how to target them with their online activities on their platforms to show the best ad or content that sells. But, there is still no clarity on how users are spending their money on ads. Most of the market players maintain an online ledger to show you where your money was used and how many clicks, impressions, leads or data you collected. But, keeping in mind that these platforms are personal properties of their parent company and they can alter the data when and if needed. Having a traceable Blockchain in the system might make the system more suitable for the advertisers. Where if the platform tries to make any changes in the data, it would be traced by end-users.

 

With the help of smart contracts in the advertising industry, brands can make sure they end up spending only as much money as the advertising platforms offer them in outputs. That not only increases the trust of brands in the advertising platform but also gives more transparency for both the ends.

 

Introducing transparency:

While the entire retail market is going online, not only marketers, users are also on the verge of risk of getting looted or being misled by the propaganda of the online brands and sellers. Everyone once in their life gets cheated by online advertising and fake promotional content. What blockchain can enable is to make the system more transparent.

 

If a user end-up buying items from the promotional content and gets cheated, blockchain as an end to end solution would be able to such platforms would help the end-users to report these marketers on the platform. From promises of giving discounts to promoting transparency in the manufacturing and distribution, blockchain would become the key to go.

Data breach

Where marketers and brands have one goal in mind to reach maximum people around the globe and turning them into their consumers, they often face a threat of data breach and leaking their high quality leads to the hands of a hacker. With an increasing number of phishing scams and new age automated hacking algorithms, securing data can become a challenge for anyone.

 

With end to end encryption and trail tracking enforced by Blockchain technology, digital marketers can quickly identify such activities and react soon.

 

Smart contracts

If you have worked with any freelancer for your marketing campaigns, you would know how important it is to build trust between both ends and how to maintain the cycle of work and payments without losing its track. By incorporating Blockchain in the buyer-seller relationship of the freelancer and brand can help you bridge that gap. You can put your money in a crypto wallet and once the freelancer gets the job done, by automated validation, they would get paid. This way, trust can be built in the process as nobody would play the blame game anymore.

 

A marketing cloud software can help you with data analysis and track the results for your marketing efforts to give you accurate results. But, when it comes to taking help from freelancers, freelancing platforms, influencers, affiliate marketers, etc., things get a little confusing and tracking becomes almost impossible. Currently, there are Pixels and web crawlers available in the market, which can see how your campaigns are reaching people. They can also check which freelancer or affiliate marketer did the best job in spreading your brand name in the market through bots that can easily manipulate them.

 

While you might see, getting reach to your specific campaign, but, while distributing money to the influencer, who did a great job doing your marketing becomes tough to rack. That’s why influencer marketing platforms like Spreadd uses Blockchain to make sure that both marketers and influencers get their fair price for the work they do and with smart contracts, transparency stays in the whole process.

 

Cross-currency loyalty program

Who does not like loyalty bonus points? Over the years, online and offline marketers have developed a hype of getting cash-backs, rewards, locations and other systems to make sure that the users of their product or services stay loyal to their brands. But many times, it becomes hectic to utilize such points. For instance, if you are dealing in high-end electronic items and give your user loyalty bonus points which they can redeem in other purchases made from your store only. People would lose interest in your scheme over a while as people do not buy high-end electronic items frequently.

 

What if you can give these points in a crypto-wallet? Which your user can convert into other currencies or can redeem at another store to purchase something else by converting these crypto points into their bonus points! This way, your marketing campaign of loyalty points gets liked by your customer and they can make sure that they use the points in something useful for them.

 

Paying to watch advertisements

We know that every browser, mobile and desktop applications, search engines, websites and even our handheld smartphones are tracking every movement we make online and personal interests by following our activities online and offline. However, for a digital marketing manager, life would become hell if their targeted campaign does not reach the right audience and ROI does not go up.

 

Nowadays, new startups, browsers and applications are paying their audience cryptocurrency by making them watch the advertisements on their platforms. This makes sure that the complete ad was delivered to the targeted audience. This also makes sure that the advertiser is not paying extra money to show impressions and skipped advertisements on various platforms. Being a reward worthy thing, people would also see advertisements and these advertisements would not become so personal to freak out people!

 

Content licensing and copyrights

For a creator, content licensing becomes one of the most critical factors for their revenue generation stream. While with the help of encrypted data transfer, people can easily get away by stealing your digital artwork; Blockchain can revolutionize how content licensing and distribution takes place online.

 

To fight content privacy, the content creator can upload their digital artwork on Blockchain-enabled platforms. Here, once any content consumer or a digital content thief comes in the picture, it would leave nodes if they access these files. That would make sure that the content creators always get paid and credit for creating their work.

 

Reduced costs

Digital marketing is not only about branding and spending money online. Many times, pro-bloggers, affiliate marketers, dropshipping business owners are making money out of it. Here, when banking systems and money exchange systems come into the picture, a lot of problems arise.

 

As central money exchange systems take setup cost and percentage of your transactions, Blockchain can disrupt this. By implementing a decentralized Blockchain payments system, the beneficiary can quickly get the payment without paying the high cost of middle services.

 

However, implementing Blockchain is not easy when you are already sitting with a scaled product below you! Every digital transformation does not become a successful transaction for every business, but taking a baby step would make sure that you are going in the right direction! To get started with the Private Blockchain development and adoption direction, contact us.

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