It’s been almost ten years that Satoshi Nakamoto invented the public transaction ledger, which is popularly known as Blockchain. Blockchain has become a craze for the last couple of years, due to the influence of digital money and cryptocurrencies.
However, the blockchain, a decentralised ledger that depends on peer-to-peer networking, is looking to impact other sectors too, other than limiting itself to only the cryptocurrency. One of the critical in a business process that the blockchain can potentially affect is marketing. It can change everything that you have been doing that is related to digital marketing.
Moreover, blockchain alters the way you can deal with data and privacy – which affects the verification process of rights exercised by every component in your marketing strategies. To understand how blockchain in marketing will affect the marketing channels, let us have a look at the expected marketing changes with blockchain technology that can happen shortly.
Marketing channels that can be affected by Blockchain
The application of blockchain in marketing can be disruptive. Let us check out the impact of blockchain in marketing for the major marketing channels that most marketers use. The channels could be SEO, PPC, Content Marketing, Email Marketing, or networking sites.
All of these channels depends on a single thing in common – data. The channels either collect data point information or target your subscribers with relevant messages with relevant data. The information could be received from Google, Facebook, or LinkedIn, but they all use yours as well as the behavioural data from your subscribers.
Blockchain in marketing could put a full stop to the way you use this information. At least it can change the way you deal with them.
Just take the following example to understand how things are currently. When you put up your profile on these social or professional networking sites, they obtain a license or permission from you for using the content you provide. Now, they can sub-license your data to some partner company, or sublease your data for a specific time.
Now suppose you want to break ties with the networking sites. It will end your association with the websites, and the permission you provided to use your information. However, the license granted by the social networks to the other companies won’t end automatically, and you have to sever ties with them separately if you want your data not to be used.
Blockchain in marketing can be helpful here. It can provide you with the security, anonymity, and encrypt your data from being misused. Now, as a marketer, you know that it is seemingly impossible to plan your marketing strategies without data and targeting.
The challenges of blockchain technology in marketing
The significant difficulties that marketers look to face due to blockchain in marketing are the collection of data and dealing with it. With blockchain, the subscribers, or the users can remain anonymous, as blockchain technology adds to the security of the user database. Moreover, with the introduction of EU’s GDPR bill, the requirement of asking consent, abiding by the security measures, and scope of using the data.
Since the blockchain is a large decentralised platform, the users control their data. Therefore, the owners have strong ownership of the data they want to share. Moreover, they can also keep themselves anonymous, thus making it almost impossible to misuse the users’ identity.
Blockchain in marketing would also change the security factor of the data. Blockchain cannot be hacked, stolen, or sold by a third party as the working is based on a secret private key, available only with the user of the account.
How can blockchain in marketing be beneficial?
Well, it all seems a bit scary when you want to use blockchain in marketing channels. However, the application of blockchain in marketing could help you to build your business faster too, albeit if you do it right. Let us check out a few techniques that can determine the future of marketing with blockchain.
1. Permission-based marketing
Using blockchain in marketing can tamper with your strategies regarding the collection of personal data. Now, you have to give more importance to people’s consent than you did ever. Blockchain won’t allow you to send marketing promotions to anyone you want if you have not obtained prior permission.
However, you must not worry too much. When you reach out to your audience to ask for consent, people who are looking to associate with you willingly can be valuable leads. It means that they know who you are, what your business is, and what they can expect from you. Thus, converting a lead who is already looking to do business with you would be easier.
2. Stronger brand value and brand loyalty
Building brand value and brand loyalty take time. However, you can expect a better turnaround time if you include blockchain in marketing channels while sending out messages and connect with your subscribers.
Blockchain provides two of the most critical factors that affect branding – security and trust. As blockchain reduces the chances of fake ids and spurious accounts, when you connect with your subscribers, they know your identity.
Moreover, to attract more people, you need to be relevant to them at various stages. Therefore, you need to find ways that help you to connect with your visitors at an emotional and personal level. A good storytelling ability is a must that marketers should develop in building some amount of trust and loyalty from his/her visitors.
Moreover, blockchain in marketing removes any faking or misguided communication. You cannot put up an advertisement on Google, or Facebook and aim at targeting the most people. Thus, your business has the potential of earning more visibility with a relevant audience.
Potentially the use of blockchain in digital marketing has not grown on a large scale. However, being a marketer, you must always be prepared for the latest technology that can virtually disrupt your marketing goals.
Guest article written by: Sreejani chose to spread her knowledge about content marketing through her writing skills. She serves as a Content Writer for Way2Target. Is well versed in strategizing content and her articles are known to ignite engagement amongst seasoned writers to everyday people. Believes in content being only a tree in the forest. Has a dash of tenacity and thus thinks audience multiplicity as a critical challenge to conquer.