New solutions, technologies, and innovative ideas are coming to life at every turn, changing and disrupting existing processes in business. Whatever industry you’re coming from, you have most likely already familiarized yourself with cryptocurrencies, and perhaps even a little bit with blockchain – the technology that makes crypto exchanges possible. On one hand, business owners do their best to anticipate industry changes, but they also often fail to recognize the wider implications of certain innovations, blockchain included.
Although essential for cryptocurrency trading and transactions, blockchain holds so much promise for a wider array of applications in the business world. Digital marketing is one of those sectors that have yet to fully embrace the reach of this tech, but it has already seen what blockchain can do to a certain extent.
Your target audience is changing, and so are the needs of your industry. Embracing blockchain and its many accompanying perks and possibilities means taking your digital marketing game to the next level. In fact, it helps companies already, by enabling more transparency, simpler interactions, and by elevating security across the board. While we have yet to see what blockchain can do for other aspects of your business, and its full impact on digital marketing, some changes are already unraveling – here’s what to pay attention to.
Improving security for all processes
The biggest question for any brand in the digital world is how capable it is to retain customer trust and loyalty with the help of cybersecurity. With so many players defining what secure really means, from your employees to partner agencies handling your business data, it becomes impossible to track all the moving parts that affect your security.
Blockchain technology allows companies to use transparent, irreversible transactions, check customers’ profiles to filter out fake buyers, and to avoid scams at every turn. It also gives your digital marketers the advantage of using relevant customer data, with their explicit permission, and avoid security issues altogether. Blockchain prevents any third party from intercepting data and tampering with how your teams are working on sensitive information, too.
Diversifying your target audience
Digital marketers are constantly looking for ways to reach more people and to make their brands more viable in the eyes of their target demographic. One of the more recent trends includes diversifying payment methods and thus offering crypto-based transactions using trusted currencies such as bitcoin. As more people are using bitcoin and turning to bitcoin mining to have more financial assets, brands also need to keep up and offer customers to pay in bitcoin.
Blockchain enables your business to achieve just that: you can start accepting cryptocurrency payments, mining your own cryptos, and offering bitcoin-based rewards for customers and attract this particular group of customers. Keep in mind that bitcoin and other cryptocurrencies are growing in popularity, so digital marketers need to recognize what their customers consider preferable, otherwise you might lose them to your competition.
Reducing the cost of digital ads
Ad spend is definitely growing, especially for ecommerce companies looking to reach more people in the middle of a pandemic that has spurred every single business to move online. In such a crowded realm, every bit of visibility makes a difference. Instead of paying fees to third-party platforms such as Google to publish your ads, you can work directly with companies that have ad space to begin with.
Skipping these exorbitant fees paired with the access to data that will help you learn when customers choose to view your ads and knowing which ads work best – it all helps eliminate extraneous fees and drastically reduces ad spend while boosting your advertising ROI.
Eliminating fake digital impact
Discerning between truly earned likes and those that have been “bought” or made by fake profiles – it can be time-consuming, tricky, and downright frustrating for any business. Especially in the world of social media, building up your audience and engagement can take so much of all your resources, it gets exponentially more challenging to discover what’s real and what’s not.
The transparency that comes with blockchain (to which we’ll get shortly) means that you can get a clear overview of whether or not your ads are shown to the right target demographic, where your ad spend goes, what types of marketing deliver the greatest ROI, etc. Add to that, you’ll no longer have to work with the middlemen everywhere, but communicate directly with the customer and publishers you want to collaborate with for your digital marketing efforts.
Earning customer trust through transparency
How often has it happened across various industries that a brand claims to have clean operational procedures, from manufacturing to their supply chain, and then suddenly you learn from the media that they’ve been lying to the public? A brand’s environmental impact, abiding by labor laws, and similar social issues are vital in how customers perceive your business, so naturally, digital marketers always want to portray the brand in the best possible light.
As we move towards a blockchain-based system of sharing information, making your processes publicly available is all that it takes to earn your customers’ trust. No matter how small or new your company is, if you leverage blockchain to showcase how sustainable and responsible your business truly is, you’ll earn a stronger reputation among your peers as well as your customers. And we all know that digital marketing is all about managing and building your reputation!
For some brands, blockchain is far from applicable in the current climate, but for others, the quickly expanding use of this tech can mean the difference between success and failure. With more applications rising to the surface, and more companies rapidly embracing cryptocurrencies, the world of digital marketing will also follow suit and adapt. Whether you can start applying these blockchain-based solutions immediately or not is not as relevant as staying in the know – make sure you’re informed and that you follow the latest blockchain trends to recognize opportunities that can relate to your own business.