As we delve deeper into the digital era, we continually encounter new technologies and methodologies. One such emerging technology is blockchain, which is increasingly being recognized for its potential in the field of marketing.
In this article, we will explore the concept of blockchain and blockchain marketing, discuss its advantages and disadvantages, and look at what the future holds for marketers and advertisers in this context.
Let’s dive in.
Blockchain is like a digital chain that records transactions. It’s not owned or controlled by any single person or organization, making it more secure.
Think about how a bank works. The bank controls your transactions and keeps track of your money. If the bank doesn’t approve a transaction, it won’t happen, even if you have enough money.
But with blockchain, things are different. It’s used for cryptocurrencies, which is digital money. Since no one controls the blockchain, it’s always accurate about how much crypto you have. You can trust that if you send some to someone else, it will go through.
While blockchain is great for cryptocurrencies like Bitcoin and Ethereum, it can also be used in other ways, including marketing.
What is Blockchain Marketing?
“Blockchain marketing” usually refers to the use of blockchain technology in a digital marketing strategy. Right now, blockchain is mostly used for buying, selling, and trading cryptocurrency, but as we learn more about this technology, we’ll see more uses.
Some of these uses will be in marketing. Blockchain can help create a more secure relationship between brands and their customers. This means brands can create more targeted ads without having to share a lot of data with many companies.
As we explore blockchain marketing technology more, it will open up many new opportunities for brands. We’ll talk more about what these opportunities and impacts might look like soon.
Advantages and Disadvantages of Blockchain Marketing
Is blockchain technology beneficial for marketing? What could be the potential effects of this technology? Let’s discuss some advantages and disadvantages to understand the possible changes better.
Advantages of Blockchain Marketing
Blockchain technology offers several benefits in the marketing field:
- Blockchain is reliable
- Data can’t be stolen or sold
- It helps prevent fraud
- It removes the need for a middleman in transactions and advertising
- It enhances content monetization
Disadvantages of Blockchain Marketing
However, like everything else, blockchain also has its downsides:
- Data can sometimes still be controlled, like when a single entity owns most of the nodes
- It’s costly
- It uses a lot of energy
Only time will tell if the benefits outweigh the drawbacks. But let’s explore some ways that blockchain might start to impact marketing.
How Might Blockchain Technology Influence the Marketing Industry?
Let’s explore some of the major transformations and opportunities that blockchain technology could bring to the future of digital marketing.
Users May be Compensated for Viewing Advertisements
Right now, users see ads everywhere – on TV, billboards, social media, and websites. But blockchain could change this. Some of the money companies use for ads could go to users who watch their ads.
For example, people could choose to watch ads and get paid in digital currency or tokens. The browser program Brave is already doing this. Users can choose to watch private ads and get tokens they can use for gift cards or cryptocurrency. This could be a big change because users will be asking to see ads, instead of seeing them every time they scroll down a page.
Marketing Can be Much More Open and Trustworthy with Blockchain
For example, a company might say they’re selling 100% organic products. But how can they prove it? Customers often have doubts about marketing claims.
But blockchain can make companies more open. It can show different transactions, so businesses can use it to show their supply chain process.
This means customers can see where products came from, where they were made, and what materials were used. For example, they can see if a product is really organic or if a farmer in the supply chain was paid fairly.
This information can make a big difference in competition. Companies that were popular before might lose customers to companies with a more ethical supply chain. More and more, customers are thinking about their buying decisions.
This is a good thing. It means small businesses can be trusted more easily. This gives them an advantage in the market, especially against big stores.
Data is more Secure and Will Not Be Sold
Our current technology is secure, but not secure enough. You might have seen emails about data breaches at companies that have your data.
Also, some companies you give your data to (like your name and email address) sell that data to other companies. Suddenly, you’re getting emails from a bunch of new companies that you didn’t sign up for.
But blockchain can help with this. Because blockchain transactions are completely anonymous, you don’t have to worry about your data getting out.
A tool called Stacks has made a network of decentralized apps that don’t need to store your data. This means you can log into apps without sharing your data. Stacks keeps your data safe and uses it to log you into other apps.
Blockchain Can also Help Businesses, Not Just Customers
Right now, companies collect customer data through cookies. This data is used for things like retargeting campaigns and email funnels. But sometimes, this data isn’t accurate, which can waste money.
With blockchain, companies can get more accurate leads because they’ll get the exact data from the customers themselves.
How does this work? We already talked about how blockchain technology is more secure and doesn’t give out customer data.
In this case, the customer would give their data and information themselves. And like Brave’s ad compensation program, the customer would be encouraged to do this, maybe through discounts, tokens, or some other reward.
Because the customer is choosing to give their data, the lead data that companies collect will be more accurate. This will let them market more effectively.
Ads Can Be More Affordable
If you want to put ads online, you usually have to use a well-known platform like Google or Facebook. Because there aren’t many ad platforms, they can set their own prices. That’s why they make so much money from ads.
But blockchain technology could change this. Brands and websites with ad space could be checked automatically. Then they could work together directly without a middleman increasing ad costs.
This could make ads cheaper and more affordable in the future. It also means brands will have more accurate data and metrics from their ads. They’ll know exactly how many people saw their ads, which will make ad tracking easier.
Also, because all transactions on the blockchain can be seen by everyone, brands can see which purchases were made because of their ads and where those ads were placed.
Which Companies Are Good for Blockchain Marketing?
There are many companies out there which offer blockchain marketing. However, if you are looking for the best blockchain marketing service provider, here are some top companies that are known for their work in Blockchain Marketing:
- SAG IPL
SAG IPL is well-known for its work in Blockchain Marketing. The company has a team of skilled and experienced developers who use the latest technologies to create innovative and secure solutions. They’ve worked on various blockchain-related projects like ICO development, wallet development, token development, and P2P exchange development.
They’re always ready to answer questions, solve problems, and provide regular updates on project progress. This makes their customer support stand out.
SAG IPL has received positive feedback from clients who appreciate their professionalism, quality of work, and dedication to customer satisfaction. One client even mentioned that SAGIPL blockchain marketing firm treated their project as if it was crucial to their own business success.
We will suggest you to do some research and get quotes from different companies before making a decision. Good luck!
Whenever a new technology emerges, it’s natural to have questions and concerns about its security and reliability. But in the case of blockchain technology, the benefits seem to outweigh the drawbacks, particularly in the marketing sector.
While it may take some time for blockchain marketing to become mainstream, it’s crucial to understand the direction the industry is heading in. This way, you can start incorporating new tools and best practices into your marketing strategy.
So, if you are looking for a Blockchain Marketing service provider then contact SAG IPL and get all your projects done with great efficiency.