Blockchain, the technology making waves in the world of finance, is expected to bring about transformative changes in the way businesses function in the coming decade. And despite the complex nature of the technology, efforts to develop blockchain based solutions for applications in non-financial industries are ongoing at a rapid pace.
Among the sectors that have explored blockchain-powered solutions for their problems include telecommunication, energy, shipping, and media. With most experts predicting that the adoptions of the technology will be more widespread across all sectors this year, industries outside the traditional markets could also get on-board the blockchain bandwagon.
One of the industries that could benefit from the technology is marketing. From how data is collected to managing advertisement, here are some ways how marketing could be transformed by blockchain.
1. Taking out guesses while tracking keywords
One of the biggest challenges for marketers is tracking keywords. Due to the ever-changing search engine algorithms, most marketers resort to assumption and wild guesses while generating reports. With blockchain, keywords could be tracked with real numbers, which could account for all the discrepancies marketers currently have to deal with. As blockchain technology could also track keyword positions across devices and locations, a more data-driven campaign execution is now possible.
2. Accurate data=better leads
At the moment, marketers get their leads from multiple sources and run campaigns based on the aggregate data that could be inconsistent and inaccurate. But because blockchain transactions are decentralized, marketers will have to go straight to the consumers and take a different approach to obtain the data, which may include providing monetary incentives. Though this method has an upfront cost, the return on investment and conversion rate on the campaign will also be higher, because the data came directly from the consumers who were most likely already prospects in the sales funnel.
3. Minimizing click fraud
One of the most widespread issues in the online advertising space is click fraud, whereby the number of clicks is falsely inflated on a pay-per-click ad. Due to the lack of transparency, this type of fraud is done either by a competitor trying to sabotage an advertiser to drive up the cost, or ad publishers trying to generate more revenues for themselves. A blockchain-based platform could quickly solve the issue as it could authenticate ad impression and clicks, while ensuring end-to-end transparency.
4. More transparency for consumers
More than anything, the one feature that pushes all industries to adopt blockchain solutions is the transparency it provides. In the marketing industry, the technology will enable users to understand who has access to their data and how it got to their possession. Marketers meanwhile will have plenty of authenticated data to base their campaigns on. While they might have to fork out more money for the data, the insights derived from it are expected to be more accurate.
In a nutshell, blockchain technology, while still in its nascency, promises endless potential to the marketing industry and the successful adoption of the technology is entirely dependent on the willingness of the companies to embrace change.