You may have heard or seen how technologies have brought changes in various industries. Blockchain has proven to be another revolutionary technology that will impact many industries and transactions. Marketing is among the areas that will get an enhancement from the use of blockchain.
This technology has largely been applied in the finance and cryptocurrencies sectors, and it also revolutionized the marketing sector. Digital marketing requires financial skills to realize optimum benefits. Blockchain enables consumers to conduct transactions without the need for third-party verification. This article highlights the effects of blockchain on digital marketing and social media.
Customers have the power of data
Blockchain has enabled consumers to get value for their data. In the past, businesses have been getting data such as names, email addresses, phone numbers, and physical addresses to assist them in marketing campaigns.
Currently, it has allowed companies to target consumers with the correct marketing information and monitor their purchase history. This results in an enhanced sales process, loyalty, better customer relationships, and customer retention. Blockchain has, however, changed this by preventing companies from voluntarily accessing their consumer’s private data without reimbursing them for their value.
Privacy is an essential aspect of social media. Corporations control these platforms, and this means that they can compromise user’s privacy rights. Blockchain helps users in safeguarding their privacy.
Prevents fraud in ad space
Marketers are aware of click fraud in advertising. Companies are trying to prevent this with blockchain. The impression of ads and clicks is authentic because they are in a trusted blockchain. It helps companies to solve the issue of transparency and ad fraud.
Consumer data may become expensive for digital marketers
The digital marketing drawbacks of blockchain has forced marketers to source consumer information directly from the source. Paying users for their data is expensive, and it can affect the profits from marketing ads.
If marketers are to pay users for their data, they might not pay social media networks. Blockchain has allowed marketers to engage with social media users to purchase details and other personal data.
Authentication and openness
Initially, customers bought goods and services from online stores without knowing whether they are buying what was advertised. Today, consumers do not need to ask themselves several questions such as the authenticity and whether the product is organic or manufactured. Blockchain answers these questions by allowing companies to verify their products’ origin and place of manufacture. Consumers consider the manufacturing process and the integrity of a company; blockchain allows consumers to meet these and other demands.
Tracking keywords has been a challenge for most marketers, but blockchain has enabled this to be successful. Because search engine algorithms have constantly been changing, tracking keywords within different devices and understanding a national versus a local search has been difficult.
Some of the experts at Fin News 24 mentioned that the organic search engine results page also appears too difficult to understand, making marketers assume when making reports. Blockchain changes this by allowing marketers to get genuine numbers when tracking keywords. It allows tracking keywords across different devices in different locations, enabling marketers to use the obtained data to create data-driven and accurate campaigns.
In summary, these are some of the impacts that blockchain technology has on digital marketing as well as social media. They are expected to bring a change of events as technological advancements take over. One thing is that it prevents fraud, and consumers will have control over their data. It also allows for the protection of their personal information, transparency, authentication in marketing, and ease of keyword tracking. Businesses may need to change to adapt to changes brought about by this technology. Blockchain has also led to vital changes in the stocks market, such as eliminating formalities and allowing companies to offer bonds in the form of token securities. This increases the efficiency in management and security of bonds.
Joyce Kimber is an entrepreneurial writer. She always finds new ways to improve her work performance and productivity. Connect with her on Twitter via @joyce_kimber91.