BlockChain has been in the news for quite sometime now. Whether its about the technology that a BlockChain has to offer or the security and accurate result that it produces. We have now reached a phase where BlockChain technology is not limited to finance sector but has found its application in several other industries such as digital marketing.
BlockChain has a tremendous role to play in digital marketing and advertising, where BlockChain can provide solutions for digital marketing by using BlockChain-based protocols. In the case of online marketing, for example, a BlockChain based protocol can bring in a change in the way products/services are purchased, delivered, measured, and valued. This can lead to accurate data collection on the marketing, which can bring better returns in the process. Given below are four ways in which BlockChain can contribute positively to the areas of digital marketing.
1. Accurate data collection
Usually, in online advertising it becomes difficult to find out whether it is a customer who has clicked on an ad or a just a bot or a hired clicker who has the potential to change the stats causing damage to the company. With Blockchain’s used in digital marketing or PPC, damage caused by bots can be reduced as viewing will become transparent and encrypted. Companies can ensure that real life people and not bots entertain their marketing strategies and the data collected for no. of views and clicks is genuine.
2. Direct benefits of marketing
With the BlockChain model, there might be a complete eradication of middlemen from advertising. For example, according to a Forrester analyst, such a thing could increase their CPM. It has the power to change the market so that companies can directly pay the intended audience even for watching their advertisements. This can be seen as a move to encourage potential customers such as that of the Brave Browser that pays customers for the mental effort taken in viewing the advertisement.
3. Identifying the Targeting Audience
Earlier, the information that the companies had about the target customer came from different sources. These sources may or may not be trustworthy and on top of that, there is always a limitation. So, the marketers might know only about the age, gender, salary or food preferences of a customer. With the BlockChain model, the marketers can collect all information that the customer is ready to disclose thereby making it possible for creating or modeling the product on the basis of customer’s specific requirements.
4. Ensure Authenticity of Products
Frauds can be prevented through Blockchain’s digital ledger system, which can monitor the movement of each product through the supply chain. The customers themselves can prevent the flow of counterfeit products. The introduction of the BlockChain model in advertising will allow only authentic products and thus a brand would gain trust from its customers and build a healthy relationship with them.
-Anushree Srivastava
