Blockchain has to do with much more than enabling cryptocurrency transactions. Businesses of different sizes and in different industries are already using blockchain in different ways. This technology has also entered the digital marketing sector, with uses such as preventing ad fraud and providing better protection of customer data coming to the fore. This article will look at the different ways blockchain is changing marketing.
Improving Lead Quality
Lead generation is an integral part of today’s digital marketing landscape. It allows businesses to improve conversions because it enables them to market to people who are already interested in their products.
However, how lead generation and customer data collection are done is fragmented and leads to many marketers using incorrect data in their marketing efforts. Additionally, the increasing use of ad blockers is making the collection of targeted data more challenging.
Blockchain transactions are decentralized and anonymous, meaning businesses will have to go directly to customers for data. Customers can choose to give companies as much or as little data as they wish. Also, companies know these are qualified leads because the customers volunteered the data themselves instead of the company collecting it from third-party sources.
Niche marketing is defined as marketing that targets a specific segment of the population. Blockchain marketing falls squarely in this category because it focuses on marketing to those who are interested in blockchain, cryptocurrencies, and their possibilities.
This focus on niche marketing to blockchain enthusiasts is expanding the growth of segments such as web3 influencer marketing and community building within the crypto and web3 niches. Businesses that want to benefit from such niche-focused marketing can engage the services of a blockchain agency with experience handling all that blockchain and web3 marketing entail.
Better Transparency for Increased Customer Trust
Authenticity and trust are crucial for businesses that want to attract millennial and Gen Z customers. Customers in these demographics support businesses that care about environmental issues and fair trade.
Blockchain can allow businesses to market themselves as such if they can provide data on where they source their products, for example, how these products are produced, and how they reach the business and, ultimately, the customer. Developers have already worked on such supply chain dApps, with customers able to see the whole supply chain from source material sourcing to the final delivery of the product.
Because everything is recorded in the blockchain, this process provides transparency with its immutable nature meaning this data can be trusted as it cannot be changed.
Tracking and Reducing Ad Fraud
Fraud in advertising happens when a company says that a certain number of people saw an ad when they did not. The advertiser ends up paying for impressions, or views that did not happen. Companies like Verasity have developed blockchain products that analyze first and third-party data, compare it, and determine if the people a business says saw an ad actually did. Such tools ensure advertisers only pay for valid views, eliminate fraud, lead to better results, and can save advertisers money.
Blockchain is changing lots of industries, with marketing being the next one to leverage this technology. Doing so has several benefits that support the case of improved use and adoption of the technology.