Performance marketing is useful as it allows businesses to keep track of their marketing and advertising efforts. In this type of marketing, campaigns are highly targeted and aim to deliver the best results for clients. Unlike other types of marketing, where fees are paid upfront and are not related to the outcome of the campaign, performance marketing calls for payments only for successful campaigns. And this success is measured in terms of ROI. So how does performance marketing work in the crypto space? Let’s delve deeper.
Role of Blockchain Based Networks in Performance Marketing
Blockchain technology has so far been associated with financial transactions. But, it is becoming increasingly helpful in other sectors such as performance marketing. Blockchain-based protocols are fast changing the way ads are purchased, delivered, measured and even valued. These protocols are also being used to identify accurate data for tracking and monitoring, leading to better overall returns.
Several blockchain-based networks have cropped up in recent times that act as the intermediary between advertisers and publishers. These platforms not only aid in quicker measurement of advertising results but also lower the possibility of fraud.
Some of the benefits of blockchain technology for performance marketing include:
- Target Audience: Transparent and encrypted blockchain technology helps advertisers to clearly identify whether ads are being viewed by their intended target audience – or not. This helps companies to keep track of who is being exposed to marketing materials.
- Monitoring: Affiliate marketing also involves various other issues like advertisers wondering whether the marketing agency is really sending the amount of traffic it says it is or whether it is actually helping in boosting the conversion rate. Such issues often lead to disagreements between the involved parties. With blockchain, all information can be viewed on a public ledger making all business interaction transparent.
- Tracking: Blockchain projects promote performance marketing via specialised tracking systems that help advertisers to find out the true results of their marketing campaigns and calculate the ROI. This reduces delays caused by the constant checking of ad campaign results and helps to resolve disputes over how a campaign has impacted a business. Tracking solutions also ensure payments are made quickly and fairly.
- New Markets: Blockchain platforms introduce businesses to newer markets. This expands their outreach and opens up new opportunities as a result.
- Reward: Blockchain-based solutions may even allow businesses or advertisers to pay their targeted audience directly to view their ads doing away with the middlemen totally. Micro currencies can be used to reward the viewers once they actually view the advertisement.
Apart from these benefits, blockchain-based solutions allow advertisers to get the right information about their customers and use it to build a customer profile. This gives businesses the opportunity to develop newer products to match the requirements of their target market.
So, performance marketing is all set to reach new levels with the help of blockchain-based platforms that not only aim to bridge the gap between advertisers and marketing services providers, but also reduce the risk of fraud, while providing better measurement of ROI.
So, are you ready to benefit from blockchain solutions for performance marketing?