How Blockchain will affect the future of Digital Marketing
What is Blockchain?
Blockchain is a decentralized distributed ledger, a database across several nodes or computing device. Rather than relying on a centralized system, a blockchain uses Peer To Peer (P2P) network to store data at multiple locations. Blockchain enables transaction between two parties without a third party interference for verification. Blockchain is mostly used in the areas of cryptocurrency and finance, but the undiscovered and underlying technology can be huge in digital marketing.
What is Digital Marketing?
Marketing has consistently been tied in with associating with your crowd in the correct spot and at the ideal time. But in today’s world most of the time the place is ‘the internet’. All marketing efforts that uses internet or an electric device falls under digital marketing. Businesses and companies leverage digital channels such as search engines, social media, email and other types of advertisement to connect with current and prospective customers. Every business or a brand nowadays has a website, if not, they at least have a social media presence or digital ad strategy.
THE 5 D’S OF DIGITAL MARKETING:
- Digital Device: When people interact with businesses it is mostly through a combination of devices such as mobile phones, smartphones, tablets, desktops, computers, gaming devices, etc.
- Digital Platforms: Most of the interactions are through websites or applications from major services such as Google, Instagram, Facebook, Twitter, LinkedIn.
- Digital Media: Communication channels for reaching and engaging target audience includes advertisement, emails and messaging, search engines and social networks.
- Digital Technology: The marketing technology that businesses use to create interactive experiences from websites and mobile apps and in-store kiosks.
- Digital Data: The insights and impressions the businesses acquire about their audience profiles and interactions.
Why Blockchain in Digital Marketing?
Marketing has changed a lot in the past decade, and it is assumed to undergo another revolution, thanks to blockchain. While AI and analytics have benefited organizations more than the shoppers, blockchain may level it by giving the intensity of information back to buyers themselves. The technology is steady, secure and digging in for the long haul. Indeed, it looks like 2020 could be the year we can start to see how blockchain will hugely impact the world of digital marketing.
Major points how blockchain will affect Digital marketing:
1. PEOPLE POWER:
Up until now, many companies have benefited from being able to pull up data from their consumers but one of the most exciting things about blockchain is that it gives value of data back to consumers. Every big whales from Walmart to Flipkart to Amazon wants our mobile numbers, emails, address and various other information just to make a purchase order. Blockchain is changing advanced marketing by expelling organizations’ capacities to pull information from clients without likewise offering to repay them for its worth. For instance, “Blockstack” utilizes blockchain to secure your digital rights, making another sort of system for decentralized applications. A necessary step in terms of consumer protection.
2. AUTHENTICATION AND TRANSPARENCY:
While shopping, people always consider authenticity, is it safe to buy the product? How authentic is this product? What if the product is made by child workers? Thanks to blockchain, it answers all this questions. Using blockchain companies are allowed to verify exactly where the product was manufactured or grown, how many and what type of workers helped it grow. This is huge in helping consumers gain integrity.
BENEFITS OF BLOCKCHAIN IN MARKETING:
1. REDUCED COSTS:
You can remove an enormous amount of cash simply by eliminating the third party as blockchain does not require a third party. This empowers brands to manage distributors, specialists, clients or outside sellers straightforwardly and pay them without answering on the agents.
2. AUDIENCE TARGETING:
By decentralizing the promoting environment, brands can straightforwardly interface with the correct distributors and take their message to the correct crowd. Furthermore, since clients get paid for survey promotions, brands can be guaranteed that they’ll get the most value for their money.
3. INCREASED EFFICIENCY:
Activities that involve paperwork tend to be time-consuming and tedious, furthermore involving a third party delays it even more. Blockchain handles this issue by empowering exchanges to happen in real time. Since the information is accessible to both the parties, it isn’t important to keep up discrete records.
4. DECENTRALIZED APPLICATIONS:
When it comes to traditional mobile apps, Play Store or App Store are the dictators. Likewise, many platforms has a single authority that controls the entire platform. Certain platforms, enables brands to create apps and provide them with an opportunity to monetize to build a community. The absence of a single authority allows you to connect with your target audience directly.
CONCLUSION:
The concept of blockchain in layman’s terms to help you get a fair understanding of the technology and how it can be used in marketing has been discussed briefly in this article. Although being new to the game, blockchain technology has just advanced over various industry verticals and departments, and marketing is only one of them. Accordingly, marketers deploying these tools can be progressively guaranteed of their quality and viability. The developing blockchain division shows that 2020 could stamp the beginning of real adoption in marketing and the more extensive business world.
