Blockchain is affecting many facets of business and communication. It is more than just Bitcoin, having a huge impact on all industries, not just cryptocurrency. One of the major areas in which blockchain is exploding is digital marketing. In the present-day digital environment, the major discussion has been about its impact on banking and financial transactions. While those two areas alone are significant, blockchain’s impact could go beyond currency and finance to affect marketers of all products and services. You have heard or seen how artificial intelligence, machine learning, analytics, and other technologies have reshaped different industries. Now blockchain is proving to be yet another divisive technology that will change many industries and processes.
Improved Consumer Target
Blockchain is equally focused on protecting information and on making it accessible. So, while the parties of a contract will need to provide a set of personal information depending on transactions, that information won’t be available to just anyone. In the past, businesses have been able to pull data and information from their customers. From Walmart to PetSmart and Google to Amazon, these entities have been gathering your email addresses, phone numbers, names and addresses to help them with their marketing campaigns. Today, the companies can target consumers with the right marketing messages, send personalized marketing information to consumers, and monitor the financial transactions of consumers. The result is better sales process and customer retention, enhanced customer relationships, and loyalty building.
Take into consideration:
- Accuracy – While more difficult to obtain, this data will be far more reliable, focused and comprehensive than what you’ve been able to gather from traditional sources. This means less waste from failed targeting and fewer surprises in general.
- Legal Aspects – Data privacy is becoming more of a burning issue as each day goes by. With GDPR taking a full swing, United States Congress’ involvement, and the huge part of the population believing that they can unreservedly exercise their right to free speech without affecting privacy rights, you want to have a clear record of what you did and didn’t do once someone starts pointing their finger your way.
Getting that data from relevant prospects may be as simple as straight-out buying it, but even if you find that you need to invest much more effort into obtaining it, it is going to be worth it as long as you are capable of properly incorporating it into your overall strategy.
Higher Transparency With Blockchain
Consumer trust is one of the problems that many large companies face. People are skeptical about everything from food delivery options to clothing brands. Companies gain trust through transparency, which blockchain marketing can provide in a way that other tactics don’t.
Companies can now verify the origin of an item. Today’s consumers care about the integrity of processes used to create products. It’s not just about quality anymore. So, blockchain steps in to make those demands generated by consumers possible.
Another benefit is the ability to cut out the regulatory bodies that we are paying to regulate us. In other words, the amount of trust in trackable transactions is possible with blockchain now. The transparency and documentation of blockchain allow creating digital contracts which the public can view and use to hold companies accountable.
Public Accountability and Changing Consumer Habits
Your clients are not your only concern, it is also your clients’ clients that you need to keep an eye on. Conscientious and professional digital marketing agencies promoting a business will pay more attention to helping their clients than finding a way to attract new ones. This is how you can anticipate the behavior of your client’s target audience.
The expansion of blockchain is causing a huge wave across all markets and industries. Subsequently, consumers’ habits are changing. For a long-term marketing strategy, you will need to anticipate the direction of these changes and account for them in your plan. What is a typical buyer journey going to look like? How will marketing funnels of your clients working in different industries get more noticed? How will you adjust your strategies, and ensure that you can absorb such a huge increase in workload?
Do your best to prepare for the possibility of a drastic change in the habits of their target audiences.
Since the limits of blockchain’s application potential aren’t even close to being fully explored yet, there is much speculation regarding how much benefit transparency and data reliability are going to bring. For marketers innovative enough to jump on it, the possibilities are endless.
Blockchain is seen as being disruptive by removing middlemen and allowing different players to interact through smart contracts.
While blockchain is closely associated with cryptocurrency, that shouldn’t overshadow its uses in digital marketing.
Companies are already leveraging blockchain in digital marketing to increase transparency and reduce friction. Alongside this, marketers can leverage these tools to acquire more customers at a lower cost.