The buzzwords “blockchain” and “cryptocurrency” are now used beyond the technology and digital marketing industries. Experts predict that by 2025, the blockchain sector would nearly treble to $40 million. Yet, even though it is almost impossible now, will blockchain affect digital marketing?
To avoid hearing about cryptocurrencies daily, not everyone is entirely conscious of the effects of the shift towards blockchain technology for businesses, consumers, and digital marketers.
How will blockchain impact marketing?
The banking sector was the earliest to embrace and invest in the advancement of blockchain technology.
The area of digital marketing is only now recognizing this technology’s potential and developing application cases.
Although marketers could take longer than their finance counterparts to adopt blockchain technology, marketing will surely profit from blockchain apps.
At this moment, technology continues to advance, and new use cases, such as digital marketing, emerge virtually everyday. Web 3.0 apps will enhance the management of data by digital marketers.
Here are three things blockchain will enable marketers to do:
1. Greater transparency from brands to consumers
Customers have long questioned firms’ use of misleading methods and demanded greater brand transparency. Blockchain technology can solve these issues by permanently recording a product’s history and enabling consumers to access more in-depth product information. Marketers gain by being able to swiftly verify audience claims, while brands gain from the opportunity to boost consumer loyalty.
2. Estimating the effectiveness of marketing campaigns
Since the beginning, marketers have used keyword data to analyze the performance of their initiatives, but quantifying the results has proven difficult. By giving accurate data on each keyword’s success and tracking it over time, the blockchain might help marketers who are still making accurate predictions. These data are useful for more than just reports; they serve as the foundation for really data-driven campaigns.
3. Avoiding data fraud
Consumer data will have more power due to blockchain technology, so marketers need to provide safer methods of storing and accessing customer data. Also, it will aid in preventing online marketing fraud, such as click fraud in PPC advertising campaigns. Digital marketers will be able to validate their results thanks to fraud prevention, and clients will be capable of tracking each contact and getting to understand their consumers better.
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What impact will blockchain have on digital marketing?
1. Keyword analysis: The biggest advantage of integrating blockchain into search is that it would allow for the storage of location and device use information as well as page ranking information for specific pages. Marketers could then use this information to decide what steps they need to take to improve in areas and on devices where they aren’t performing well. The same information might also be used to ascertain why certain places appear in Google Local Pack results while others do not.
2. Better quality leads: Customers who provide their data to the brand are probably interested in the business. As a result, it is much simpler to generate leads and convert customers as they are already potential customers.
Nowadays, there are various methods used for gathering data for marketing. Many marketers gather information from several sources, combine it all, and then construct a campaign around it. This approach is flawed, and many campaigns use data that is inconsistent or inaccurate.
As blockchain transactions are decentralized, marketers must approach consumers directly.
Conclusion
In today’s world, blockchain’s genuine effects on digital marketing go beyond the newest use cases being created. The crucial factor is how these use cases will impact all of the technologies that have been developed to manage the digital infrastructure. Blockchain is changing digital marketing in disruptive, perhaps irreversible ways at a time when it seems to be evolving and expanding at an exponential rate.
