Marketing is a key component of any business, helping to spread brand awareness and attract the desired target audience. That said; everything from false data to highly expensive campaigns has given traditional marketing techniques a rather bad name – so what’s the solution?
Well, the emergence of blockchain marketing is helping to make the whole process far more transparent – so let’s delve deeper into this insightful technology and find out how it can optimise media spend for a company.
Blockchain Marketing: A Cost Effective Alternative
The concept of blockchain is being successfully utilised in the finance industry and is now finding favour with companies wanting to spend less on marketing without compromising the quality of lead generation. The use of blockchain in marketing is expected to bring a revolution in the way projects are marketed and sales are generated.
As all marketing moves are recorded on a decentralised ledger – everyone is privy to essential information. There are no secrets. Also, there’s no chance that the data can be changed as this would require alterations to previous data blocks – and that’s just the beginning.
Here’s a more detailed overview of using blockchain technology for marketing:
• Reducing ad fraud through greater transparency: Blockchain marketing allows advertisers and marketers to see all data clearly. Constant tracking and verification means that promoters can no longer defraud businesses with dummy clicks or by posting links on irrelevant sites. Since the blockchain is encrypted and transparent, advertisers can easily check if the people viewing their ads are actually the ones being targeted.
• No middlemen means reduced expenses: Blockchain marketing has led to the creation of decentralised ad exchanges, where advertisers and publishers get to deal directly with one another. There is no longer a need for an expensive middleman, with smart contracts being used to execute actions. Automated payment saves a lot of time too and improves the efficiency of the entire marketing exercise.
• Users are rewarded directly: Blockchain marketing also involves rewarding users for their attention to content and ads, while paying publishers for displaying their content. This reward scheme is a big incentive for people who generally tend to block out ads or links to varied projects and products. Some projects are already rewarding users for sharing their personal data or showing interest in the project being marketed.
• Media spend can be monitored: Advertisers can use blockchain-based systems to monitor and track their marketing spend. They can track investment from the initial transfer of the media budget to the final outcome, reducing the risk of publishers overcharging them or underperforming. In fact, many advertisers are using the concept of affiliate marketing, where affiliates are rewarded on the basis of cost per action (CPA). This does away with the extra commissions or rewards that were earlier being paid for fraudulent clicks or clicks that did not get transformed into action.
So, adopting blockchain marketing for your project can go a long way in optimising your media spend, while helping you get the desired results.