Digital marketing is not blown out of the inherent benefits of blockchain technology, states freelance writer and digital marketing strategist Gem Franks. Franks studies into the benefits, as well as the downsides of Blockchain in the aspect of digital marketing. Here are three concrete ways that blockchain technology will affect digital marketing without causing headaches:
Digital marketing is not blown out of the inherent benefits of blockchain technology, states freelance writer and digital marketing strategist Gem Franks. Franks studies into the benefits, as well as the downsides of Blockchain in the aspect of digital marketing.
Here are three concrete ways that blockchain technology will affect digital marketing without causing headaches:
1. Blockchain technology opens international markets
The first way that Blockchain can profit digital marketers takes us back to its most popular practice — cryptocurrency. If marketing applications can consolidate and develop crypto use to purchase products and services, it starts an international market.
This happens because crypto payments can be administered across borders with no extra fees and no exchange rates to operate. This will drive more people to purchase from overseas companies and is something that marketers can utilize to their benefit.
2. Blockchain increases brand transparency and trust
Marketers will also require to zone in on companies employing blockchains as service solutions. For instance, if a business was applying the Blockchain to observe the delivery of purchase and provide both the parties to see where the package was on its course, it increases the trust of the customer in the business to deliver the item.
Marketers will require to practice this type of transparency to promote a brand adopting blockchains. In the early days, this becomes a flagship USP for marketers to support and a vehicle to draw more of the market share.
Blockchains could also be used in these organizations as a way of collecting data shared with them. As more people are bothered about how their information is being handled, this may also be something that marketers need to highlight when putting in use by companies they are marketing for.
3. Blockchain helps to manage big data
The potential connection between big data and blockchains has not been fully traversed. It is predicted that big data could examine the bitcoin blockchain to discover trends and help understand price variations, as well as foretell the future value of bitcoin.
Yet, another advantage is that mass quantities of data can be stored on blockchains to keep documents safe and uninfluenced, blocking it from getting lost and help increase the accuracy of big data analysis between large teams.
A great marketing team may desire to analyze customer trends from a data set, and by having that data within a private blockchain, the team members can work more efficiently without various versions of the same data set. This will overall improve the accuracy of the final result and limit data from being lost.
Blockchain has a downside, though
There is also the possibility that prolonged use of cryptocurrency across industries will make it more difficult for marketers to access customer data. Customers will often give companies access to their data and share it with others for mutual benefits.
By shifting methods to the Blockchain, their data may not be as simple to access, and it may cause some problems for digital marketers in the future. Some marketers may need to begin paying consumers to access their data, and it may become a tradeable asset that one can profit from.
Alternatively, digital marketing businesses will need to find other ways to target communities with relevant marketing materials accurately. Nevertheless, the tightening of data access should also be celebrated.