The moment someone mentions blockchain, we immediately come to think of cryptocurrency and finance. The connection is logical, as these are the most prominent uses of blockchain technology currently.
However, the global blockchain industry has a projected value of $60 billion by the year 2020. Instead of cryptocurrency being the main contributor, the rise will mostly be due to digital marketing.
Every month, we are closer to seeing blockchain technology both disrupt and resolve existing issues. Think of it as a pairing to the term “value,” just as the internet was to information.
Using its sophisticated security measures, blockchain will alter the way we advertise and collect data about our customers. One possibility is that blockchain will also contribute not just to secure data, but to accurate data as well.
All of these hypotheticals can become a reality, with the assistance of analysts. How are blockchain and analysts connected exactly? In more ways than one, believe it or not. In the following sections, let’s explore the impact of blockchain on digital marketing and its relationship with analysts.
1. A new way to establish trust
We know that Bitcoin uses blockchain technology and that it’s a big reason for the success of this cryptocurrency. The first and foremost reason for this unique partnership is security. Any financial transaction requires complete and utter trust from both sides involved.
At first glance, it may seem and sound odd, but digital marketing is not that much different. Digital marketers want secure data funnels and, most importantly, trustworthy data.
It all comes down to statistics. A marketer must have access to trustworthy and accurate information if they want their campaigns to succeed.
Mark Kewell, a blockchain expert and tech editor at AssignmentGeek gave his take on the subject. “The boom of social media gave us more room to operate and attract customers, but it also gave way to fraudulent statistics.
Both brands and celebrities have started the trend of bots. They’ve become so well-made that’s impossible to recognize them, causing millions in lost sales on a yearly basis.”
However, the blockchain sphere can put an end to that. If you want to run effective campaigns, there has to be proof that your followers are humans. Due to its transparency and encrypted nature, the chain can easily pinpoint bots, imposters and inactive accounts across all platforms.
For years now, internet bots have crippled brand budgets and caused billions of dollars to go to waste. With blockchain technology, marketers can know where their money goes. Moreover, the blockchain sphere will impact marketing efficiency in these ways, as well:
- Trusted ad spaces will be created. This innovation will enable both marketers to target who they want, as well as providing a virus/malware-free experience for the customer.
- Impression tracking will be more secure. With this change, companies will know how their audience behaves. They aren’t the only ones benefiting. Customers will get better ads, more suited to their interest.
- Brand trust will skyrocket. Marketing efficiency relies heavily on trust. When a customer knows they are using a service in a secure domain, they are more likely to place trust in a brand. With the integration of blockchain, more brands will provide security, causing a rise in service quality and brand trust.
2. There will be no more middlemen
One downside to the current digital marketing sphere is the existence of middlemen. Publishers often have to use the services of middling entities to publish ads. This fact affects startups and every small company more than anyone else.
New brands spend much more than they receive and frequently end up being financially crippled. Blockchain technology can alter all of this, with the improvement of security standards.
The only reason why middlemen exist in marketing is that publishers are not specialized in security per se. When the blockchain sphere spreads more evenly, everyone will have access to cutting-edge security features.
Therefore, we will see a future where companies pay the audience to view their ads. There will be no more struggle for ads space. With a more private information funnel due to the blockchain, you can target your customers directly.
Marketers can pay in cryptocurrency and target people based on in the information they’ve gathered. Analysts will play a crucial role in this part of the process. Audience segmentation, analytics gathering, and similar fields will grow exponentially in the next 5 to 10 years.
Publishing ads will be much more secure and more precisely targeted, putting much more value in data gathered. But blockchain has one other benefit, making the job of analysts that more important in the future.
3. Improved targeting
The best way analysts can help digital marketing departments via the blockchain sphere is by gathering more data and much faster. Again, we return to the topic of trust. When customers know that their data is secure with a company, they will have no problem sharing more and in a much faster way.
Nowadays, advertising platforms give analysts a pretty good insight into the persona of each customer. They can harness various information and utilize it efficiently. However, this is still nothing compared to what blockchain might provide to analysts.
Analysts and marketers will work together to receive customer data - directly from the customer! Since data transfers will be anonymous, secure and immediate, more people will be willing to participate.
The shift in trend isn’t going to happen because they trust them. The blockchain sphere will also greatly improve customer experience and the way customers receive ads. Due to this mutual benefit, analysts will be the most important bridge between brands and customers.
Experts in analytics will directly impact how targeting chances. With their handling of data, marketers will invest their money in the right way. As a result, customer satisfaction will rise, and B2C relationships will become more stable.
4. How analysts affect transparency
A never-ending hot topic in digital marketing is transparency. eCommerce stores are at the forefront of this issue. Oftentimes, buyers make a purchase, falsely thinking the product they receive will be legitimate.
Instead, they get swindled by not receiving the product or just getting a faux in their mail. Why does this happen? The answer is simple - due to a lack of available data.
Analysts can use blockchain technology to verify online stores and businesses. With publicly-available data related to companies, customers will rely on verified analytics when making their purchase. Google is already developing its own blockchain technology and this is the just the tip of the iceberg.
One thing we may see as soon as 2020 are bigger and better analytics companies. As blockchain makes strides, independent analysts will earn good money to provide verified information to customers.
Even companies will jump on to the bandwagon and provide analytics in a transparent away. If you own an eCommerce store, imagine this set of events in the future:
- A customer sees your website and clicks on it
- They see a product that might interest them
- Instead of being afraid of being swindled, they will simply make use of available data
- With a click, they will check the entire timeline of a product
- When they know the origin, date of production, factory and retailer of a product, they will know that your products are legit and will willingly buy them.
Digital marketing departments will need analysts to accomplish this. With this type of information, all the power will be in the hands of customers. We know that this sounds frightening, but it’s only a positive occurrence. Knowing all the analytics, people will be 100% satisfied because they will surely know the outcome.
5. From analytics to a whole story
Analysts will be the kickstart of a new form of transparent marketing. Providing information about the origin of products won’t be just a trick to instill trust. Instead, blockchain technology will do something much more significant. It will forever change the way storytelling is used in marketing.
Marketing departments will use transparency as a new strategy. Amazing things can happen if it is paired with other new technologies.
Here are just a few glimpses:
- Using Virtual Reality (VR) and Augmented Reality (AR), you can do much more than creating an online store. With the help of analysts and the data they’ve gathered, online stores won’t be enough. Instead, you can create entire virtual journeys. From the factory, all the way to the store, your customers can see the process of creation and meet every facet of your brand. Existing virtual stores will benefit from blockchain as well. Knowing that a certain female customer prefers certain products, she can start the store tour from a specific point.
- Blockchain and AI will also be an effective combination. With faster data acquisition, AI software will be able to perform tasks at a much higher rate. Marketers will leave everything to AI and analysts, simply because of the security that blockchain provides. This will result in better creative sessions and overall more productive.
- Customer service has always been closely tied to marketing. When blockchain becomes a standard, you will be able to have everything there is to know about a customer. Consequently, when a problem arises, it can be addressed timely, thus improving customer satisfaction.
Blockchain will add security and immediacy as the new pillars of digital marketing. With the help of analysts, every single facet of the industry will see improvements.
As targeting becomes better, more brands will see an increase in customer loyalty. Precise adds lead to more purchases, which lead to more revenue.
With bigger budgets, companies can also fuse blockchain with AI or AR/VR to effectively improve B2C and B2B marketing as a whole.
Alexandra Reay has been working as a journalist and editor in one of the finest Melbourne publishing agencies for 3 years. She is also a professional content writer who prefers to do research on the following topics - self-improvement, technology innovations, global education development ets. Feel free to contact her at Google+.