How Can Marketing Agencies Get Benefit From Blockchain?
22 Jul 2023
With its array of benefits, blockchain technology has gone beyond just being used in the financial sector, and is now being increasingly demanded by the digital marketing sector, including data privacy protection, increased transparency in marketing, and generating genuine leads. Let's explore blockchain technology's potential to change your marketing strategy and gain benefits.
As bitcoin traders vouch for blockchain technology for transactions, the technology has gained popularity over the past decade. Taking a decentralized approach and allowing all blockchain users to hold data, the tech has been proven to be trustworthy with massive data storage. Digital marketers are also leveraging technology to their advantage, trailing behind the financial sector.
To help marketing agencies succeed, this article explores how blockchain technology benefits marketing agencies. Let's take a closer look:
The Benefits of Blockchain Technology for Digital Marketing
In the marketing industry, what role might blockchain play? In an attempt to understand how blockchain technology may impact digital marketing in the future, let's explore some of the biggest changes and opportunities.
Viewing Ads Could Be Compensated
Almost every channel users access today is bombarded with advertisements. We are constantly being pushed to buy through television ads, billboards, social media and website ads.
The advertising experience could, however, become a lot more direct with blockchain technology. Many advertising budgets are used to pay for ads, but those budgets could be used to compensate users when they view ads.
In exchange for tokens or digital currencies, people can opt-in to view ads using blockchain, according to London-based Shufti Pro's Damien Martin.
Consumers will ask to view ads directly, rather than the ads appearing every time they scroll down, which could change the game for phenomena.
Transparency And Reliability In Marketing Are Greatly Improved
Instead of relying on a central point of control, blockchain technology relies on a vast network of nodes to ensure that transactions are approved and confirmed.
Data is stored using a client-server network in traditional computing systems. All actions and computations are stored in a central database. There is one place where everything is taken and executed. Data is controlled by internet providers under this model.
Blockchain technology decentralizes the traditional model instead of relying on a central database. As a result, central control no longer exists, and anyone can access the data stored on a public ledger. With blockchain technology, transactions can be controlled without the need for a central database.
Marketers and agencies can conduct marketing more transparently and build client trust using blockchain technology. Users can also see how big companies use their data. Centralized databases make it difficult for customers to understand how and why their data is being used.
Data Is Safer And Won't Be Sold
Currently, our technology is secure, but not enough. Did you ever get an email about a data breach involving a company with your consumer information?
However, some companies that collect your data (even if it's just your name and email address) sell it to other companies for profit. It's like you're suddenly subscribed to twelve new company newsletters you don't remember signing up for.
All of that can be changed with blockchain technology. Using the blockchain means that your data will never be exposed because transactions are completely anonymous.
Getting More Accurate Leads Is Possible For Businesses
However, blockchain is not just beneficial to consumers; it is also beneficial to businesses. Currently, brands collect customer data through cookies. As a result, retargeting campaigns and email funnels are informed. Some of these campaigns are a waste of money due to inaccurate data, however.
Blockchain will allow companies to get more accurate leads because the data will come directly from customers. As customers will opt in themselves, companies will be able to gather much more accurate lead data, allowing for more effective marketing.
Possibility Of More Affordable Ads
Using a trusted platform like Google or Facebook is the best way to run online ads. As ad platforms have a small market, their prices are pretty much set. As a result, each generates $43 billion and $32 billion in ad revenue each quarter.
Blockchain technology allows brands and websites with ad space to verify their availability automatically, which eliminates the need for middlemen to increase ad costs. In the future, not only will ads be more affordable and cost-effective, but brands will also be able to gather better and more accurate data from their ads. Ad tracking will be much easier since they will know exactly how many people saw their ads.
Furthermore, since all blockchain transactions are public, brands will be able to see which purchases were directly influenced by their advertising.
There can always be questions and concerns about the viability and security of new technology when it comes to the forefront. In the marketing industry, blockchain technology provides more advantages than disadvantages.
Nonetheless, blockchain technology will certainly disrupt the digital marketing industry with a growing number of use cases. The key is to determine how you want to utilize the technology, whether it's for battling ad fraud, protecting consumer privacy, or sharing transparent client and consumer data.