By Arjun Sondhi - Managing Director BMC Global Services Digital
Blockchain will have a huge impact on the way in which marketers conduct their business. However, a large number of marketers still don’t utilise the technology or recognise the importance it will have on their roles in the future.
Blockchain is still a fairly mysterious area and this lack of knowledge has caused many marketers to be hesitant with utilising the technology. However, marketers should recognise the potential benefits of using blockchain and begin using it if they want to remain one step ahead.
So why should marketers be using blockchain?
Blockchain will make it difficult for bots to set up fake social media accounts and steal online advertising dollars from brands. The technology is designed to authenticate online accounts and enable individuals to demonstrate that they are the owners of the social media accounts.
Brands lose a lot of money to fraudulent or deceptive activity. As of 2016, $7.6Bn was lost to deceptive activity by marketers. Marketing teams can use blockchain technology to track all of their ads and ensure complete control over all automation practices.
Break up the duopoly
Blockchain technology allows marketers to develop revenue streams from consumers paying directly for their attention- rather than going through Google or Facebook.
Blockchain will allow companies to bypass the social media powerhouses and interact directly with consumers. The technology will also enable the verification of ad delivery and consumer engagement.
Develop new revenue streams for publishers
Blockchain will enable publishers to enhance quality control and copyright protection. Content creators will be able to ensure that their work is not distributed without their permission. Thus enabling the true creators to monetise the great content they produce. A number of blockchain based startups are allowing marketers to become party of loyalty programmes in which consumers can trade rewards with one another. Marketers are able to identify their loyal customers and create content that is targeted to that group.
Power in the hands of the consumer
Blockchain puts the power in the hands of the consumer. Individuals will have more control over how they share their personal information and how they interact with advertisers. This will enable companies to gain a greater understanding into the behaviours of their customers. Consumers will be able to monetise their interactions with adverts and will be paid directly from the marketers.
Marketing experts have the opportunity to utilise blockchain technology to build stronger and more authentic relationships with consumers.