Blockchain is a new technology, but it’s already making waves – and not just in the financial and cryptocurrency markets. Marketers are also waiting eagerly to see what blockchain can mean for their own work and optimization, which led us to ask – how will blockchain change the world in 2022 and beyond?
As a company that works with blockchain and cryptocurrency, we’ve been keenly focused on possible ways that blockchain will revolutionize the digital marketing world, and there are already a variety of powerful ideas on the table.
But first, for the uninitiated, understanding what blockchain is specifically can help you be better prepared to see how it can impact your marketing in the year to come.
What is Blockchain Marketing?
Blockchain is not just a new twist on old marketing. It’s an entirely new approach to advertising and marketing. With blockchain marketing, customers own and sell their data to marketers and advertisers rather than all of that information being funneled into large, centralized data collection and warehousing sites like Facebook.
With consumers in greater control over their data and also allows them to connect with brands that matter to them on a whole new level. Rather than the focus being on the buying, selling and collection of data, blockchain marketing circumvents the middleman entirely, letting consumers and brands exchange data directly.
The fact is, consumers don’t like “being watched”, and the surveillance-type of monitoring that Facebook, TikTok and other social media does has an understandably negative connotation.
Blockchain puts this control back in the hands of the people, letting customers be compensated directly for their advertising data while giving marketers more high quality first-party data so that they can continue to promote their advertising in a more targeted way right down to a granular, individual level.
How Will Blockchain Change the Way We Market?
There are several ways in which blockchain can disrupt the modern view of marketing, including:
Power to the People
Imagine that you’re in the market for a coffee maker. Rather than scrolling through ad after ad trying to find exactly the make and model you want, the manufacturer sees that you’re interested and shows you some specific models that fit your needs.
You, as the consumer, can choose to opt-in and view these ads. When you do, a token is set that you could presumably “cash in” in order to get compensated in some way for viewing those ads and considering that particular brand.
More Transparency in Marketing
Supply chain marketing is understandably coming under more and more scrutiny with the rise in unfair, dishonest or exploitative business practices. Blockchain brings more transparency to the forefront.
See if the products you love really are organic or if the farmers are paid fairly. Because supply chains can easily be audited, it creates a greater focus on truth in advertising and honesty in product labeling.
Lower Cost Advertising
Marketers love embracing new technology, and even more-so technology that helps increase their ad precision while keeping costs low. As it stands right now, the middleman muddies the waters in terms of how ads are tracked, how reliable the tracking is, and what information is saved and by whom.
Blockchain eliminates this issue since that same information can be easily accessed by marketing teams, giving them the most accurate numbers on their ad spending so that they can measure their ROI with confidence.
And although blockchain marketing is still in its early stages, now is nevertheless the right time to become familiar with this new style of marketing and all of the changes it will bring to the forefront of how we sell online and beyond.
If you’d like to learn more about using blockchain marketing in your own business, contact the advertising experts at Workdom today and let’s talk more about your business and your goals!