How blockchain technology could benefit the marketing world.
Posted on 22nd January 2019
By now, most people have heard something about blockchain tech. If you haven’t heard the term bandied about, you’re sure to be familiar with Bitcoin. It made headlines worldwide in 2017 when its value suddenly skyrocketed and then plunged.
Bitcoin is only the tip of the iceberg when it comes to what blockchain tech can do though. The tech is extremely versatile and can be applied across a range of different industries. In this article, we’ll look at how it could benefit the marketing world.
If you need a little refresher on blockchain tech and what it’s all about, check out the infographic below. It gives you a quick refresher on the topic. Now, though, let’s move on to the blockchain’s effect on marketing.
It Is Easier to Build Trust
The blockchain’s biggest advantage is that data, once entered onto it, cannot be erased or altered. This helps brands build trust with their clients. The tech can be used to track every stage of the manufacturing process, from when the supplies are sourced to when they reach the end consumer.
As a result, clients will be able to confirm that any marketing claims regarding how goods are produced and transported are true.
The Middleman Can Be Removed from Media to a Large Extent
The tech is already being put in place to provide developers and artists with a space to get their products directly to the end consumer with no interference. This trend will continue in advertising as well – making it possible for those wanting to advertise to get their message directly to consumers without having to worry about the involvement of third parties like Facebook, etc.
The Verification of Advertising Will Become Easier
Currently, online advertising can be something of a minefield. It’s currently difficult to ensure that the advertising you’re paying for is being delivered as it was meant to be.
Take PPC advertising, for example. As long as someone clicks on the ads, you have to pay. In an ideal world, this would be great. As it stands, though, there are many site owners engaged in ad fraud. They might use bots to increase the amount of advertising income they earn.
Blockchain tech would cut back on this kind of fraud and make it easier to identify.
Advertising Claims Can Be Easily Checked
Every company out there markets their product as the best possible solution. They quote stats and figures to substantiate this, but there’s very little consumers can do to verify all the facts. Blockchain tech could create an immutable record that consumers can use to verify stats and figures.
The Real Impact of Influencers Will Be Easier to Check
For a company promoting your brand through influencers, there are a few things that you must take for granted. You currently have to trust that their followers are real people and not bots.
The blockchain makes is simpler for advertisers to see the true following an influencer has. It reduces the chances of influencers getting away with artificially inflated numbers.
Overall, the impact of blockchain technology on the marketing world looks like it will be quite a positive one. With increased transparency and more verifiable statistics, it will be easier for legitimate advertisers to build trust.
Josh Wardini, Community Manager at Webastersjury
Posted in Guest blog
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