Bitcoin excitement is everywhere, except in my wallet 🙁
One topic that has chased me over last couple of months is bitcoin, and mainly around buying bitcoins. This article is not about bitcoin as there are already several experts and articles giving us more insights into cryptocurrency and whether one should invest in them or not.
Although I missed the bitcoin bus, the marketer and engineer in me is still interested in the technology that is powering these cryptocurrencies and one that I have now followed for few years – Blockchain. It is fascinating to see the growth and adoption of blockchain and its tremendous potential to disrupt and solve problems in several other areas. One such area that will soon adopt it is marketing and advertising.
Ask any marketing leader about the top challenge within the current martech landscape and they are most likely to respond with attracting talent or the ad data validity.
And combine it with publishers and app developers need to tap newer revenue opportunities and a possibility to target/re-target users for more business, we end up with a need for a new, robust system. Blockchain has the potential to deliver these and many more.
Harvard Business Review defines blockchain as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
So, with blockchain, what can marketers expect?
Here are the top 5 that I think will improve the marketing landscape:
- People who click are real people and reaching the exact target audience. This’ll bring an end to the era of bots. So you pay for real clicks!
- New ways to incentivise and acquire audience. Pay for emails and impressions, as you can verify specific engagements
- Buying, delivery and impact measurement of ads can be done more accurately with much deeper insights
- Getting your real customer profile and persona based on verified data sources and from one source. This helps in product making, go to market planning and targeting the right audience
- Trust and Transparency. Imagine a situation where you can verify and track your specific product from the factory to the delivery. This’ll help in building customer trust and delivering authentic products to the customers. The experience that you planned to deliver while creating the product.
It is much more than an incremental technology, unlike introduction of VR/AR marketing, programmatic marketing, or even AI driven marketing.
Blockchain holds the promise to deliver beyond buzzwords and leave a bigger impact.
Can it have the same impact as the shift from traditional to digital marketing? Will 2018 be the year to start this revolution? Let me know your thoughts,