Despite blockchain technology still being a fairly new concept, many marketers are excited about its immense potential. This had led to many of them embracing blockchain marketing in the hope of better reaching their target audience. But before anything else, what is blockchain marketing? This marketing technique allows consumers to sell their personal data to advertisers and marketers directly.
Blockchain marketing is proof of the great transformation that has happened in the advertising and marketing industry. To get further insights on how blockchain is disrupting the marketing sector, you’re in the right place. Here are four ways that blockchain is improving digital advertising and marketing.
Improved Market Transparency
The wish of every consumer is to get goods of exceptional quality. However, this isn’t always the case, as there are unscrupulous vendors who’re out to scam unwary buyers. This is one thing that blockchain marketing has helped to reduce considerably.
Blockchain marketing enhances transparency by providing consumers with a clear ledger history and data for a product or service. This improves the potential buyer’s confidence by making the consumers a lot more confident in buying a product. Therefore, it serves the same purpose as that which influencer marketing has on consumer conversion.
Enhanced Security And Privacy Of Consumer Data
Hacking is a major concern you must have when conducting an online transaction. And this isn’t any surprise as the cases of compromised safety of your financial information and identity theft are very common nowadays.
Blockchain technology has helped address this downside by ensuring every transaction is verified. In addition, personal information remains anonymous even though all transactions are publicly visible. Blockchain marketing has also given you, the consumer, the power to choose the data you’re willing to share.
Gives Companies Access To Detailed Consumer Information
With the increased rate of cybercrime, most people are nowadays very security conscious of their personal information. Due to this, they don’t like signing up with a certain company only to later get targeted ads from other companies similar to the one you already registered. This is an issue that blockchain technology has addressed to improve digital advertising and marketing further.
Blockchain technology has given you total control over your data. Therefore, you only get ads from companies you’re interested in and also charge for your personal contact information. While this might sound disadvantageous to companies, it isn’t. This is because companies can now shift their focus to only persons who show an interest in them and save money they would have otherwise spent on data to target uninterested individuals.
Cuts Out The Middlemen
Traditional digital advertising and marketing are associated with hiring intermediaries as they’re the ones in charge of the ad buying process. But with blockchain marketing, you don’t need to hire these middlemen. Instead, it’s now possible for companies to directly target their target audience and pay them. Thanks to this, there’s no longer the need to hire a middleman to market the brand to potential customers.
Without the middleman, the cost per impression (CPM) has improved and risen sharply from one dollar to approximately five dollars. And this has made the process of digital advertising and marketing more effective and efficient.