Progressively, since inception of the early adoption of the term called marketing, marketing agencies have been able to integrate the advantageous use of newspaper release, radio, TV Commercials, magazines and the likes, into their business, it also didn’t end there, thanks to online inventions like social media, mobile technology and big data, the brands and advertisers have been able to reach a wider audience thereby attaining a good progress level.
However, the use of all these channels and platforms of reaching the target audience did not just have a good advantage, but also, it contains some limitations that have not proven so far, to solve the essential problems associated with marketing.
First and foremost, Marketing Is a data-driven field, companies are collecting more data recently than ever recorded in times past and are making big business decisions on it. Also, blockchain technology as we all know has transparency and security as it’s Core aim.
The middlemen in traditional marketing controls the territory between the advertiser and the user. They are the ones who handled the processing of transactions and gets the advertiser paid. A general main pain of brands has been the lack of transparency and accountability as to how their ad money is been spent.
Taking the websites as examples, The advertisers subscribe to a site where adverts are uploaded. However, it has been of note that the advertisers are been paid fairly for the blocks generated on the advertiser’s ads by the sites, current online marketing can be so tricky. The same is applied to the use of other channels of business marketing, the other channels do also have the issue of subscription extra costs which oftentimes are much. Website owners also are faced with the task of using other networks such as Google Display Network in searching for advertisers and there is the issue of advertiser’s trust in the use of networks.
The adoption of digital marketing will eliminate all these problems by eliminating dysfunctional traditional channels, High fees payment gets eliminated through smart contract. Blockchain website owners wouldn’t go through the middlemen network to find advertisers because each user would already have been verified and validated. Every consumer’s journey is validated and monitored by the brand.
Transparency advantage of the blockchain technology will ensure the trust that payment is being fair since brands and advertisers can see where their ad traffic is going. So, in all, there is the elimination of unnecessary channels, decrease in extra costs and an increase in profit margin
Transparency and Trust
Human beings naturally are always unconsciously concerned about where the things they consume or use are coming from, the conditions in which it is being manufactured, the natural and artificial resources used, etc. No tactics of marketing so far have been able to produce a reliable source of accurate answers to lots of questions by consumers on products and services. Here, comes the problem of Trust. Companies or industries that are more transparent tend to gain more trust that those that are not.
The blockchain technology being a public domain technology is one that has transparency as its goal. The level at which every information uploaded is being verified, validated and documented provides an avenue for consumers to gain access to back end information related to the company, information ranging from team, natural resources, factory conditions, resources supply chain and what have you. This will help the consumers to know if the companies claims can be trusted or not. Another trust issue is about consumer’s attitudes towards data information sharing.
The reason being that people don’t know how much private information companies reveal, that is the level of privacy security. Here, the blockchain transparency also help consumers have control over their data, not that only, it is predicted that consumers can also be paid to release information to companies, I.e they are paid for the effort and trust in releasing personal information such as behavioural and psychological data.
Corporate Social Responsibility (CSR)
This Also boils down to the transparency feature of the blockchain technology. It can be used to create contracts that can be viewed and this will help hold companies accountable. I.e transparency feature will verify and authenticate any and every contract for public view and this will hold every party involved in the contract accountable. In the same sense, the blockchain records are a good source of audit for the marketing firm.
Companies do not have a strong connection to consumers that can help them determine what the consumer wants, when they want it, where it is wanted and how it is wanted. and this has led to a high frequency of ad exposure to consumers which bores and annoys consumers, a message can be over sent to a consumer.
The blockchain technology allows for decentralized communication between parties, so a smart contract can solve this issue, the consumer share their preference information and marketing companies collect it, then the blockchain will build the consumer’s profile. This help the marketing brand reach its target consumer and also meet their specific needs.
Technology advancement comes with a lot of insecurity issues with online funds. Brands are faced with issues of ad fraud by unknown scrupulous individuals. Ad fraud has costs marketers a whole lot of significant money. The blockchain technology will help to determine and monitor who, where and how ads run thereby eliminating fraudsters dealings with ads money. Hence, ensuring the ad data are reaching the right owners.
Also, the blockchain is one that will help in authenticating clicks, making sure clicks are done by humans and not bots or robots. Also particularly for the marketing firm, the activities of the workers are well monitored ensuring their optimal and maximum performance. Lazy workers and non-productive departments can be identified.
In the case of Audit, it will be made public and this will publicly check the accountability and trustworthiness of the audit firm.
While many see the use of blockchain-primarily leveraged to only the buying, selling and exchange of cryptos, it has many more implications to nearly all industries. Marketers can leverage the technology to their needs and use it to acquire more customers.
However, the blockchain will disrupt lots of already established marketing guidelines, standards and channels like companies, industries and middlemen, and at the same time, this same disruption will then open a new platform and role for new players in the industry.
Blockchain applied to the marketing industry will definitely create entirely new solutions to marketer’s challenges