How Crypto Currency Will Transform Digital Marketing and Advertising
With all the news of Bitcoins dominating the end of 2017, the question is whether cryptocurrencies are a passing fad or here to stay. Despite some naysayers who believe that blockchain technology, which supports Bitcoins, will fade away, the smart money is on how such cryptocurrencies will thrive in the coming years. Even more impressive is how blockchain technology itself is providing new inroads into effective marketing and advertising of products and services. That is why you are seeing more digital marketing agency services paying attention to this field.
The trend of using blockchain technology is already here and growing for marketing and advertising purposes. Such technology that was created by Nasdaq has been used for media buyers to buy and sell inventories of future advertising. It may be Wall Street that has stumbled onto something that advertisers have been missing in their efforts. Here are just a few of the reasons why this technology is becoming a favorite with typical PPC advertising agency efforts.
Streamlining the Process
Because blockchain technology is direct, there are no “middlemen” that takes up part of the spending. In fact, this technology might even allow companies to pay their audience to view the ads in a direct manner and not need to buy ads in the traditional sense. In a sense, such blockchain companies can prove whether they have reached the desired audience even before the currency has been exchanged.
Right now, there is the Brave browser which offers a Basic Attention Token (BAT) which allows companies to pay a potential viewer for their mental effort in watching an ad. While this may be the exception to the rule in the future, it is still a strong presence that will help companies make better decisions with their advertising dollar.
Tracking Hard Statistics
One of the most troubling aspects for online advertisers is knowing whether their efforts are working or if the stats are generated by hired clickers that pump them up. In 2016, it was estimated that roughly $7 billion of damage was created by bot companies to marketers. However, blockchain technology overcomes that problem because of its very structure.
With blockchain technology, it is possible to know directly whether the person looking or clicking on the ad is part of the targeted market. This can save millions of dollars in ads that are spent every year because the blockchain can openly verify if the advertising efforts are reaching the desired customer base. That way, advertisers will know if the money they spend is getting the results they want.
Single Source Research
When you consider that researching potential customers in terms of their age, gender, salary, the type of vehicle they drive, and so forth requires pulling together information from separate sources, the time, effort, and money spent to do so is considerable. However, blockchain technology means that all the information is present in a single source.
By having all the information right there, companies can now shape their marketing efforts more directly, simply, and in a straightforward manner without having to spend a considerable amount to do so. Plus, each customer is tied into the companies in a more direct manner so that the communication is better. The result is that companies produce products and services that are truly needed instead of having to be guessed. This can really change just how people perceive the companies that they support and provide a greater incentive to provide specific items or services for their needs.
Imagine spending thousands of dollars for a valuable item online, only to find out that the product was a counterfeit. That happens more often than you might think because it is possible to put up a good front and seemingly establish a solid reputation which allows for the sales of goods that turn out to be not what is promised.
With blockchain technology, it is possible for anyone to see where the product originated and how it was moved from the time it was manufactured. This digital ledger system is foolproof, just like the cryptocurrencies that currently use it. So, if you have any questions about an item you are purchasing online, you can simply check the data and see if it is real or not.
This puts real power into the hands of the consumer and limits counterfeit sales to those who do not bother to check the origins of the item itself. In some cases, businesses use the history of the item to create online stories about how it was born, where it has been, and why it wound up in their store. This has made the idea of more transparency crucial to the consumer by protecting their investment.
Although blockchain technology has existed for several years, it will still take time for it to be widely accepted in the marketing and advertising field. As with any introduction of something new to any industry, it takes time for it to be examined, considered, and finally accepted. Plus, there are major players on the internet who stand to lose if blockchain technology becomes the norm as it will change the way people view product on the internet.
What it does means for consumers is seeing fewer pop-up ads and becoming closer to companies that they want to show support. Empowering customers in this manner means that marketers will need to be on their toes as companies themselves can directly benefit from reaching the type of audience they desire. The process itself is already starting, so the question becomes just how long will it take for it to reach its maximum potential? With so many standing a considerable amount to lose, it may take more than a few years.
But at some point, you will see digital marketing agency services offering blockchain technology as part of their normal areas of work. The simplicity, effectiveness, and transparency of this technology which is currently supporting cryptocurrencies will help revolutionize the advertising market on the web. So, your PPC advertising agency may look quite different not long from now.