When it comes to data, blockchain technology is here to disrupt entire digital strategies for the better. It has taken the advertising industry by storm: revolutionising the way information gets stored and distributed online.
Imagine a life where you have control over the online information you give out? Nowadays, everything is captured and stored for later use. This lack of control has led to widespread concerns, impacting more businesses as customers are fed up with the amount of private information readily available online.
In layman's terms, ‘Blockchain’, or more commonly known as the technology designed for ‘Bitcoin’, is a decentralised system that takes away the need for the middleman. Forget having to rely on others to finish a specific task before it can be accessed and used by many other people. It also eliminates the need for data to be stored in a single location, making it public and verifiable for customers and business employees alike. This type of data ‘freedom’ can help marketers add transparent communication to their customers, as they’re giving them the access to view and pull their data at any given time.
What does it mean for marketers?
While digital marketing innovations are growing by the hour, data privacy has been at the top of many business owners’ priority list. Businesses are searching for ways to become more guarded about the information they send and receive online, which is one of the biggest advantages of this technology.
Blockchain technology acts as its own global network and has no single point of failure. Its exceptional security features are also able to generate real value for business owners. Marketers can now expect to deliver transparent transactions with an unprecedented level of data security, and customers will be able to gain more visibility into where their data is being used. While this may be positive for customers, it means that companies will need to deliver even better customer service so that their customers continue to allow their information online. Another perk is that global companies such as Facebook, Google and Amazon (which already enjoy centralised power) will also have to share their data with the public.
Here are a few ways in which blockchain will transform marketing for the better:
Online ad verification: With the digital world offering serious security threats for digital marketers, online ad spend has started to become a concerning factor as digital fraud continues to spike. However, by involving blockchain in your business operations, it will help to make ad verification safer. You’ll be able to see where your ads have been placed, which potentially monitors brand fraud in the process.
Data protection and regulatory compliance: With strict data protection regulations such as GDPR (which requires customers to give their consent when it comes to using their data), marketers can leverage blockchain technology to store customer data securely, in large amounts. While this does make sales more challenging for marketers, the quality of leads generated will start to become stronger.
Media buying: The exciting thing for marketers is that they will no longer need to ‘communicate’ with Google to build a website. It will cut out all middleman work, giving business owners and website owners the ability to communicate directly about programmatic buying, verifying users according to requests.
Blockchain technology is only getting started, there are no two ways about it. The more innovative these technologies become, the more potential businesses will have in their service operations. It will give companies the opportunity to develop a digital identity for its customers and from this, they will clearly be able to compensate them for engaging with an ad, app or website. The data and information that will be generated from this technology adoption will also allow marketers to craft personalised customer experiences according to their interests and journeys.
Companies that offer SEO marketing in Cape Town should stay on top of blockchain technology trends. As it stands, it might seem overwhelming but the early adoption of blockchain will drive future success. Right now, mass consumer understanding and large-scale business adoption are still a few years away, but data-heavy companies which require further privacy settings will reap the benefits of blockchain.