The early adopters of Bitcoin in 2009 might not have known how massive the adoption would benefit them about 5 to 10 years later.
Statistically, someone who invested $1000 back then had his money turned into not less than $15 million 10 years later.
I will leave you to calculate the return on investment (ROI) yourself.
Bitcoin is the largest cryptocurrency built on blockchain technology. Fortunately, blockchain technology is not only applicable to cryptocurrency which is in the finance industry.
It is also applicable in other industries and digital marketing is one of them. The benefits of blockchain in digital marketing cannot be overlooked.
Hence, the reason I want to show you the 7 ways it can benefit your business. Don’t forget that you cannot separate an extremely successful business from effective digital marketing practices.
I somehow feel that you are probably wishing that you did not miss out on the Bitcoin rise.
Don’t worry, you have another opportunity.
What you have to do now is to adopt this technology and start taking baby steps to integrate it into your business(s). What this means for you is that, now that the application of blockchain technology in digital marketing is at its infant stage, it is the best time to secure a spot.
In a few years to come, your brand/business will experience the kind of smile the early adopters of Bitcoin had. Let me chip in this; for the tech and giant companies like IBM, Microsoft, Oracle, Intel, Alibaba, etc. to have secured their spot, it means that the handwriting on the wall is readable.
Before we discuss the benefits of blockchain in digital marketing, let’s get a full grasp of what blockchain technology entails.
What is blockchain technology in simple words?
Blockchain is a decentralised digital system that thrives on three key elements namely;
- Immutable records
- Shared ledger technology
- Smart Contract
Blockchain technology contains chains of blocks of immutable records in the sense that no one can either tamper or change the transaction records in the distributed ledger.
Even if the transaction is erroneous, a new transaction is added to correct the error. Afterwards, both transactions become visible. Its shared ledger technology makes it possible for all the network participants to have access to immutable records.
It also eliminates the possibility of transaction duplicates unlike that of a traditional business network. To make transactions faster, it stores and automatically executes a set of commands and rules called smart contracts.
Having briefly described each element, one can safely say that it is a chain of blocks of immutable distributed ledger that processes, records, and tracks transactions and assets within a business network.
The assets can either be tangible (land, vehicles, furniture, machinery, etc) or intangible (copyrights, licenses, intellectual property, patents, trademarks, etc)
At this juncture, I want to believe that you can explain what blockchain technology is in simple words to your grandmother with ease. You can even go further to talk more about how it works.
It’s time to tell you how it can help your business
Benefits of Blockchain in Digital Marketing: 7 ways of Improving Business with Blockchain Technology
Eliminate the fake factor effect
So many business pages out there in the online space are littered with fake likes, followers and products. This has paved the way for cyber criminals to always have their way into people’s pockets unpermitted. It is also the reason businesses do not reap a good return on investment (ROI) in marketing. Consumers on the other hand now have little to zero trust in advertisements.
The challenge businesses and consumers do experience as aforementioned can be dealt with. That’s where blockchain comes in. You will be able to do away with dubious third parties and deal with the publishers directly. It will help you know if the money you are spending on ads is going to the targeted audience.
At the end of the day, you will achieve an effective marketing practice for your business. You will also gain back the customers’ trust.
Opportunity for Small businesses to build trust
When you are in a red ocean market, it can be very difficult to stand out as a small business. Of course, you do know that consumers do not want to take chances with businesses or brands that are not popular. This system will help you easily establish trust as a growing business.
The fact that customers can easily track the record of the supply chain is already a plus. Nothing compels a customer to stick with you over your competitors when they know they can verify every step of their buying journey.
Raise your security bar
It is no news that online buyers and sellers are always faced with the issue of uncertainty that surrounds the security of their identity and information. I know that you will feel cool to be involved in a transaction that is transparent and verifiable yet you are anonymous.
It is the beauty of what it can do. It secures all transactions and at the same time keep everyone behind the scene. Honestly, I don’t know about you but I am always thrilled with this feature.
Acquisition of refined and quality consumer information
The issue of signing up with a particular brand and getting unsolicited updates and ads from different other brands is tiring and annoying. With blockchain, people can be in charge of their personal information. They are sure that only the brands they are interested in have access to their information.
Another good thing about it is that these people can charge for giving out their data. Though this may sound not so good for business, in the real sense, the opposite is the case. It saves businesses from wasting money on people whose data will not be useful to them.
Purchase ads without a third party
No business would want to buy ads that are placed on low-quality websites which may not even target the right audience. Trust and quality are of great importance to them.
To ensure that trust, they pay a fee to a company like Google which serves as the middle man to establish what the business and website owners are looking for. You can entirely cut off the middle man ads network like Google and still have the trust factor maintained. Blockchain makes this possible.
Alternative Payment
Blockchain gives you a secure alternative payment that will save you a whole lot from chargebacks, banking fees and fraud. The blockchain’s major alternative form of payment comes in Bitcoin and other cryptocurrencies. Though this alternative form may not yet be the order of the day, companies have started utilizing it. You should also queue in.
Transparency in the supply chain
Your business may be the type that sources products and supplies from different channels. If this is true for you, then it’s good for your customers to know. This is because they appreciate it when they are sure that any of your business claims is true.
Your consumers can verify your claims with the help of blockchain. That way, you will be vindicated even before any potential accusation.
Conclusion
What more can I say? It is undoubtedly the future of marketing and business. Start positioning your brand. If you are a small business, you are at an advantage. You can easily compete with larger ones, establish customers’ trust and reduce costs.
Don’t forget that I earlier established that you cannot separate an extremely successful business from effective digital marketing practices. For your business growth, I would employ you to reach out to the most preferred digital marketing agency known for making their clients happy.
Before you leave this page, I will like you to share in the comment section the blockchain benefit(s) that interests you the most. Your response means a lot to me. As a token of my appreciation towards you for engaging with this piece, here is the list of marketing tools that will do your business good.
Frequently Asked Questions
What is blockchain marketing?
Without mincing words, blockchain marketing happens when blockchain is integrated into marketing and advertising activities. Blockchain technology eliminates the third party while still establishing trust. It verifies and keeps every transaction records untampered. Marketers and businesses deploy blockchain features to acquire quality leads and help them maintain a satisfying customer experience.
How can blockchain help social media?
The blockchain is a huge advantage to social media. With it, the users’ contents are untampered, and their data are secured. The sweet part is that users can have control of reputation and incentives which they can claim as rewards.
How is blockchain used in business?
Businesses can use blockchain to increase the level of security and transparency in transactions. The following features of blockchain make it very useful for businesses; Distributed ledger, Security, Immutability, Ability to eliminate duplicates.
Can blockchain be used in advertising?
Yes, it can and it is a no-brainer advantage. With blockchain deployed on ad networks, one can bypass the third party and still be able to target the right audience. It also saves advertising costs.