Technology, as well as market leaders have started leveraging blockchain to resuscitate customer relationship. More and more marketers have accepted the fact about how blockchain can do wonders for their businesses. This could be the years where they could put in efforts of learning the know-how of this technology.
Why the excitement?
Have you wondered why big giants like JP Morgan, IBM, and Walmart are using blockchain extensively?
Well, Blockchain works!
Owing to the decentralized ledger system, organizations and corporations can now rely on this technology–entrusting their financial transactions or information stored in the blockchain to be immutable as well as auditable.
Blockchain technology offers significant implications in the field of marketing and advertising. Although a survey by “The CMO” estimated merely 8% of firms are using blockchain progressively in the market. There is still a barrier that businesses need to understand regarding this technology.
Nonetheless, there are innumerable reasons why businesses should invest in blockchain. Marketers must begin exploring specific marketing applications that can be used for the blockchain industry.
Marketers + Blockchain technology. What and How?
- Influencers can now enjoy better quality results
Although it is said marketers in the market will be shrunken, the impact that needs to be delivered will subsequently improve along the way. Since influencers know exactly where their posts will be viewed and accordingly can analyze their target results from their content. Measuring impressions and maintaining a ledger of people following them leads to higher success rates in marketing.
- Costs and operations efficiency
Any COO or a CFO will appreciate groundwork blockchain offers. For example, the speed at which transaction takes place digitally increases the number of transactions happening per second. From thousands to millions of transactions taking place, each transaction will cost something.
An Accenture report says adoption of blockchain can reduce infrastructure cost for investment banks by 30%. Another possible reason might be perhaps because blockchain technology removes the requirement of third-party involvement in transactions or emails and any other kind of advertising.
- Tracking ongoing analytics
Blockchain creates a massive ledger that comes handy when tracking ongoing analytics. With a constant ledger, highly targeted individuals will easily be able to check the status of their content online. Record of consistent views of their posts can be analyzed. Transactions can also be viewed for every single content, thus, improvement of every type of CPC that is currently in use can be easily tracked.
- Fraud verification can be improved
Advertising sales at times can be presented in front of fake bots, such incidences can be detected. Fraud verification for marketing spending will increase – further on this will improve the marketing budget.
- Lower down malicious ads
There are challenges often faced by technologies, it is the same with blockchain. There are probabilities of malicious ads that can grow, however, with the help of blockchain, marketers can now get through top-tier ad-block technology. This further introduces a series of unethical uses for certain visitor resources. The CPU later ensures advertisers to push through so that their ads could be seen.
According to Juniper Research, it is likely that advertisers will lose around $19 billion to fraudulent activities in the coming year, which is an equivalent of $51 million per day. This figure is projected to rise to $44 billion by 2022. Blockchain can now help reduce click fraud making sure marketing and executives from the marketing field reach their targets. Having said that demand for blockchain engineer is growing rapidly implying the need for more professionals skilled in blockchain skills.
Practical implications of blockchain are limited by the imagination and the effort of business leaders and visionaries who will use blockchain to leverage and transform their business.
You can consider some of these marketing challenges that blockchain is enhancing the way it is changing the market.