Blockchain Marketing is the Future of Marketing in the Middle East
Transparency and accountability are required across the world in all marketing genres, from financial and cryptocurrency public relations and communications strategies to the digital advertisement ecosystem. Blockchain marketing and advertising providers can provide a holistic and actionable view of transactions and ad distribution.
Blockchain benefits in the digital marketing industry
Data is the key to defining digital marketing activities’ performance. Blockchain enables the gathering of high-quality data without any threat to its integrity.
Transaction costs are significantly decreased by eliminating various payment gateway platforms. Blockchain-powered ad platforms ensure secured transactions while preserving user anonymity.
Blockchain has a positive and incremental impact on the digital marketing ecosystem. Ad tech giants like Google are adapting blockchain-powered tools to boost their functionality. Businesses across all industries should follow suit not just to prosper but to survive.
Blockchain was at the top of the list in digital marketing trends in 2020. The time has come for zero tolerance to fraud, data alteration, and data breaches. Companies implementing Blockchain to their advertisement platform will lead the way forward. Now it’s your turn to add your business to the list or might be left behind.
What Is Blockchain Marketing?
Some of the key tenets of blockchain — namely transparency, security, and accessibility — are potentially set to disrupt nearly every industry, including marketing and advertising. But what exactly is blockchain marketing? “Blockchain marketing envisions an entirely new advertising and marketing environment, in which consumers are able to own and sell their data directly to marketers and advertisers,” explained Brian Platz, co-founder and co-CEO of Winston Salem, N.C-based Fluree. This means circumventing platforms like Facebook and Instagram entirely, so there’s greater trust and usability of consumer data.
Blockchain is forming a direct data exchange between consumers and brands like never before. “Built from the ground up to emphasize the relationship between brands and consumers,” Platz added, “blockchain marketing surpasses the middle-man.” This is crucial because platforms like Facebook typically collect data by tracking user activity, but the resulting information is low quality. There’s also negative consumer trust with this type of surveillance.
3 Ways Blockchain Will Revolutionize Marketing in 2020 and Beyond
Marketers expect blockchain to bring dramatic changes to digital advertising in particular. “Blockchain enables a new kind of digital advertising platform through which consumers can ‘own’ their own data,” Platz said, “rather than surrender it to a publisher like Facebook or Instagram.” This means consumers can be directly compensated for their advertising data, and marketers can more accurately leverage this data to push targeted advertising at an individual level.
“Marketing is driven by data these days,” agreed Damien Martin, marketing executive at London-based Shufti Pro, “and blockchain makes data accurate, reliable, and transparent.” More specifically, these are some of the ways Martin sees blockchain impacting marketing.
1.More Democratic Marketing
Martin believes blockchain gives some power back to consumers that was previously in the hands of social media platforms and other companies that collect consumer data. “People can opt in to view ads in exchange for digital currency or token,” he explained. That means consumers will be directly compensated for viewing ads, and presumably for giving up their data as well.
2.More Reliable Marketing
Blockchain can create transparency surrounding where products were sourced or manufactured. “For instance,” Martin explained, “if the product was really organic or if the farmer in the supply chain was paid fairly.” It becomes much more straightforward to audit supply chains, and consumers can be more confident that product labels are accurate.
Without the middle man, the cost of digital advertising would be reduced for marketing teams. “Ad metrics will become more accurate without depending on a third party,” Martin added. Going through one or more third parties can make ad tracking difficult, but with blockchain information would be readily accessible by marketers. That means it will also be easier for marketing teams to measure the ROI of their ads.
Power to the People
One of the most exciting things about blockchain is that it gives the value of data back to consumers. Up until now, many companies have benefited from being able to pull data from their customers. Everyone from PetSmart to Walmart wants our phone number, email address, address, and the name of our firstborn even to make a simple purchase in-store or online. Yes, in some ways it helps the consumer because it allows companies to market personally to them. But in other ways it’s invasive, and it means companies are making money by taking—and sometimes even selling—the personal information they gather from anyone in their wake.
Blockchain is changing digital marketing by removing companies’ abilities to pull data from customers without also offering to reimburse them for its value. If you’re in the marketing business, you may not love this concept. In many ways, it’s like going back to ground zero—relying on customers to give you the information you want and need to serve them better. Maybe not the best news for digital marketing—but a necessary step forward in terms of consumer protection.
Blockchain is changing digital marketing in a disruptive way—potentially wiping out a whole new generation of companies built on its very existence.
Indeed, the real impact of blockchain in digital marketing is not just in the new use cases being developed. It’s in how those use cases will impact entire systems that have popped up as a way to manage the digital marketplace. In a time when digital marketing seems to be changing and growing by the moment, blockchain is changing digital marketing in disruptive, perhaps even irreversible ways.