Blockchain is here to stay! We all know that marketing changes too fast. We, as marketers, must be able to shift as the Internet hits new disruptive technologies and take advantage of this change in the favor of our clients. Blockchain is not only Bitcoin; it's a new world of possibilities.
If you want to know how Blockchain is shaping digital marketing, check out these 5 ways to discover the potential of this new technology:
1. Integrity of your user data: Every day, we are flooded with news about how companies like Cambridge Analytica are taking our data and breaking the rules in negative ways. The way the Blockchain is built will indeed help to preserve your users’ data. The data is protected by complex mathematical equations distributed in different blocks allowing the data to be decentralized, encrypted and cross-checked.
2. Incentivize your users to be paid for their data: Users can be paid for their data and their content in the form of cryptocurrency. In fact, a project called MITH has already been deployed to help social media platforms to pay their users for the use of their data so they can employ it to purchase goods and services online.
3. Boost transparency by reaching your target: Are you annoyed about not hitting your conversion target using online ads? According to Imperva Incapsula, bot-driven ad fraud costs businesses $7 billion annually. Blockchain can mitigate certain impacts on click fraud and reduce ad spend costs by creating a decentralized system for advertisers to monitor their partners’ activity.
4. Near-zero transaction fees on their purchase: You will be able to reduce to almost near-zero fees on purchases on your eCommerce. Most fees during checkout are assumed by the users. Blockchain technology will be able to cut off these companies, putting you in control of the transaction, with no intermediaries.
5. Improve the relationship with your customers: In the end, you'll insanely improve your customer experience. Think about the impact of decentralizing their own data, paying for the use of their data, and cutting fees; doesn't it sound GREAT? Thank the Blockchain!
Blockchain may level the playing field by
giving the power of data back to the users themselves.
BONUS: Companies will be able to verify exactly where an item was manufactured, grown, or mined, thereby avoiding goods powered by child workers or other cruel conditions.