Blockchain tops in digital marketing trends in 2023. Companies implementing Blockchain in their digital marketing strategies may witness positive results.
Blockchain found its worth in digital marketing as marketers began finding ways to safeguard data, looking for more automation of campaigns, and digitalizing networks while including chatbots and AI for monitoring data and more. Also, marketers need transparency in marketing strategies, data usage, and other efforts to understand their customers and journeys more precisely. Giant ad platforms such as Google Ads and Facebook Ads have leveraged digital advertising supremacy by manipulating data making a massive profit margin. Blockchain technology will end such practices due to its decentralized nature. Marketing managers will no longer have to engage with others to collect campaign data.
How Will Blockchain Technology Affect Digital Marketing?
Here are five ways Blockchain technology will be a crucial part of digital marketing in the future.
Improved Quality of Leads
Blockchain technology can help marketers to gain quality leads by providing secure and reliable ways to track and store customer data. Once a customer’s data is acquired and verified, Blockchain comes to play efficiently. The technology boosts users to share their data after marketers are ready with campaigns to spread. It provides a secure gateway for users to make payments to download ebooks, participate in webinars, and gain access to reports on websites. It’s also one of the best ways to make payments, as it can provide financial companies with an easy way to verify account holders and payout funds directly to their customers.
This way, the technology helps reduce the cost of customer acquisition and boosts conversion rates and ROI. Marketers can use token incentives on websites and mobile apps. This will encourage customers to provide marketers with more information for future digital marketing campaigns and improve database quality.
Safeguarding Data Privacy
According to the IBM report Cost of a Data Breach Report 2022, the global average total cost of a data breach increased from USD 0.11 million to USD 4.35 million in 2022, a 2.6% increase since 2021. This is the highest margin of increased costs recorded in two decades. The report also mentioned that 83% of organizations had experienced more than one data breach. In comparison, 60% of other organizations increased costs due to the breach.
As businesses are digitally transforming, data is critical, and data privacy is a top concern for brands and customers. Data needs proper safeguarding, and brands must prioritize it. Blockchain in the safeguarding data privacy stage will give a new direction to digital marketing. With Blockchain technology, companies may rely more on inter-connected devices and cloud storage for data storage.
Security, an integral part of Blockchain architecture, will positively impact digital marketing strategies in the future. The technology will help verify Blockchain-powered smart contacts and encrypt all transactions, thus safeguarding data and privacy of users’ information. This allows brands to establish greater trust and transparency.
Web 3.0 to Set New Digital Marketing Platform
With the advent of Web 3.0, Blockchain technology will be a crucial part of digital marketing in the future. The technology will ease the data handling process for marketers. As data remains scattered across the organization, Blockchain will help decentralize data and segment according to the provided levels of a brand’s marketing needs. Centralized data may allow marketers to leverage data wisely into different campaigns, avert fraud, minimize mismanagement, and add transparency to each level of marketing.
Blockchain further helps with data-based action marketing efforts as data is stored in a single server with excessive centralization. This centralization allows marketers to have proper control over data. In addition, Blockchain architecture also allows complete decentralization of data flow, and anyone in the network can access the data. As a result, marketers will have visibility into data access for users.
Minimized Advertising Fraud
Digital advertising fraud is a significant challenge for brands, with adverse consequences. Many brands fall for misaligned chatbots for advertising, social media account hack, and dispersing vague ad content to users, which affect customer base and trust.
With Blockchain, brands can find an easy way to reduce overall ad spending and minimize fraud by providing a secure network for chatbots and the internet for social media platforms. They may also build a secure cloud network for all online campaign distribution.
Blockchain proves to be a user verification in digital marketing that may help marketers to advertise faster and more securely. Using distributed ledger technology, marketers can quickly identify the source of fraudsters and irrelevant clicks to ads. This way, marketers can filter out relevant clicks and may put costs accordingly.
Targeting the Right Audience
Brands need to structure ad campaigns based on buyers’ journeys. And with the rapidity of digital marketing tactics among competitors, precise campaign designing is critical. Blockchain helps in advancing ad tech platforms. With the help of technology, marketers can automate campaigns aligned with brands’ needs and requirements. If the right audience data aligns with platforms, marketers may use Blockchain to allocate precise campaigns directly reaching their preferred medium. The technology will also help in gaining and identifying valuable leads precisely.
Blockchain for Digital Marketing is Impactful for Future Digital Marketing
It is too early to mention whether Blockchain technology in digital marketing will end marketing challenges like data privacy, ad fraud, chatbot traffic, and secure network. But the technology has a positive and incremental impact on digital marketing and may keep benefitting marketers in new ways. Blockchain is one essential component when it comes to marketing technology and when businesses harness digital technology at scale. It is imperative that organizations adopt Blockchain technology to prosper and survive through a turbulent economy.