While less than 10% of Americans are invested in cryptocurrency, it’s been growing rapidly in recent years.
Soon, everyone will at least have some familiarity with how the blockchain works and the benefits of cryptocurrency. If you’re getting into the digital marketing 101 aspects of the blockchain, you’ll find there’s a lot to learn and a wide number of benefits to using it for your brand.
Here are the main impacts of the blockchain on internet marketing.
Flush the Middleman
One of the great impacts of blockchain on digital marketing is that it will get rid of all of the middlemen in the industry. There’s usually someone working in the territory between advertisers and users. These people are no longer essential thanks to the blockchain.
When looking at search engine marketing, consider Google banner ads. These help to get users in contact with an advertiser. Since Google is well regarded, it helps companies to seem more trustworthy.
Companies vetted by Google are going to be credible and upstanding businesses. They process transactions and get paid for clicks generated by pushing the ad higher.
Here, Google plays the middleman between advertisers and site owners. This way, they get to take a cut of the profits. In these cases, advertisers have to pay to put their business out there at a high premium because of the power of Google’s brand name.
SEM through a blockchain is going to play out much differently. Site owners can target more accurately because each user is validated and verified. The advertisers also know they’re paying for real and genuine clicks because they know they can trust the site owner.
Be eliminating intermediaries, sites of any size can compete with large scale businesses and ad buyers. The costs here decrease, and the profit margins go up because there’s no need to spend huge amounts on ad costs.
The Blockchain Builds Trust
Large companies have serious issues with consumer trust. As businesses scale down, they’re more likely to have a personal relationship with their customers. When this happens, companies build trust in powerful ways.
When it doesn’t exist, people can be skeptical of how clothes are made, where food comes from, and factory conditions around every product. By becoming more transparent through the blockchain, you rebuild trust.
Blockchain marketing provides transparency in completely new ways.
By documenting and verifying everything, customers get behind the scenes in every meaningful way. Looking at a retailer’s supply chain, they can find out how products are made and find out more about the company in general. Letting customers investigate the trustworthiness of a company is a powerful way of connecting with one another.
The blockchain can trace individual units of products from production to consumption. This shows consumers what they’re buying, and how it moves, leaving nothing to guesswork. By digitally tracking the whole process, consumers don’t need to guess or assume what they’re being sold.
Accountability in Public is Key
Every single day, it seems like newscasters are announcing that some product somewhere is being recalled.
Recalls are often vast and far-reaching because there’s no good way to know where the individual products went. Sometimes, the only way to follow a recall is to look at where the incidents with a product are happening.
Social responsibility is vital to public trust. With the help of transparency, the world gets to see the digitized contracts in view. These can be used to hold companies accountable and for companies to avoid drama.
While some companies might think this kind of public presence is bad for business or stressful, if you have nothing to hide, it only builds your relationship. If you tell the public that you’re going to be accountable to them, they’ll respond positively.
Consumers Control Their Own Information
While we rarely talk about the privacy promises of the fourth amendment relative to online info, the blockchain makes this whole process much more positive. Advertising and consumer identities are often bought, sold, and traded without consumers being able to have a say. Consumers want to have full control over their transactions and identity.
When marketers use the blockchain, customers will be able to change how much permission they offer. By charging for their contact information and attention via the blockchain, consumers will feel more in control.
If companies want users to consume ad material, they can give something in return. This allows users to subscribe to sales newsletters and consumers to accept a price for that.
These won’t make anyone a millionaire, but they could result in micropayments that make consumers feel more respected. Paying a small amount for the attention of your audience via Bitcoin shows consideration and allows consumers to feel like they’re being respected.
Time is money, after all.
Brands Will Benefit
When brands and companies are ready to accept Bitcoin and other cryptocurrency payments, they look like they’re ready for the future. This allows brands to have a certain cultural cache and to be ready for changes in commerce. People will view them as forward-thinking.
While basing your entire system on the blockchain might not be appropriate yet, it can be a way to be at the bleeding edge of culture.
Consider the ways a PR strategy focused on the blockchain could gather you an exciting new audience.
Digital Marketing 101 is Changing
If you thought you knew the ins and outs of digital marketing 101, you might have to take a refresher course. It turns out that the way that the blockchain is changing the industry might upend everything you thought you knew.
To combine the blockchain with your SEO plan, check out our guide for tips.