In general when people think of blockchain, cryptocurrencies such as Bitcoin is probably the first thought that springs to mind. Whilst it is true that Bitcoin has caused financial disruption, blockchain has huge power to be able to disrupt and solve problems in multiple other sectors too and marketing is no exception to this.
The following sections of this blog outline three ways in which blockchain could contribute in the advertising and marketing sector.
Establishing trust with Ad Buys:
One of the major issues with advertising online is that it is almost impossible to know if the statistics are accurate. When the number of clicks to a site are counted are these true customers or bots and hired clickers? These hired clickers are hired to pump up ads so that distributors are able to charge higher rates for their service. In practice it is hard to truly know. Blockchain can change this however. Because the chain is transparent and encrypted companies are able to easily determine if the people viewing their ads are part of the target audience. This will help to save millions in spending on advertising each year. This will help to ensure people get the advertising they pay for.
Targeting Audiences Better:
In the past advertisers gained information about customers from various different sources. Using blockchain will provide advertisers with the ability to build a customer profile directly from the customer. This enables advertisers to gain all the information that customers are willing to share in one go. This allows greater targeted marketing for individual customers needs and enables companies to spend advertising only on customers that are likely to buy your product.
There’s no worse feeling than spending hundreds of pounds on a new watch and then finding out it’s a counterfeit. Blockchain’s digital ledger system allows for tamper-proof transparency of a product’s every move through a supply chain. This enables buyers to be able to see where a product has come from, who has handled it etc. This therefore helps to determine whether or not the goods are legitimate.
Whether or not these opportunities for blockchain, progress is yet to be seen. Whilst blockchain has undeniable power to disrupt major sectors of the economy, the disruption in the advertising sector is likely to be exciting. Read more about blockchain.