Blockchain is disrupting our world. The financial and other sectors of the economy are currently feeling its impact. In the next decade, this technology is expected to significantly impact the online marketing and advertising industry. And by that time, experts in this industry who didn’t prepare for the impact could find their skills obsolete.
In this post, we will take a look at how blockchain will impact online marketing and advertising. We’ll also talk about some blockchain-based marketing and advertising platforms that are already available. But before that, let’s briefly define the meaning of blockchain marketing.
What is Blockchain Marketing?
This is a new kind of marketing in which the consumers sell their data directly to the marketers or advertisers. In this case, there’s no need for middlemen such as Facebook, Instagram, and Google, who serve as the gatekeepers between advertisers and consumers. Blockchain marketing envisions a direct data exchange between consumers and brands that want to promote their business.
Ways Blockchain Will Impact Online Marketing & Advertising
Although this technology is expected to impact both the online marketing and advertising space, the prediction is that more of the impacts will be felt in advertising. The following are how blockchain will disrupt the industry.
- More Democratic Advertising
At the moment, there are only a few major players in the online advertising space. These are the big techs like Facebook, Instagram, Twitter and Google, who collect and aggregate users’ data. However, with blockchain’marketing, power will change hands, moving from these big techs to the consumers.
These consumers will own their data and sell it directly to marketers and advertisers. They will get paid for opting in to view ads, and they will be rewarded with digital currency or token.
- Cheaper Ads
Compared to the cost of traditional advertising on radio or TV, digital advertising is cheap. Nevertheless, it could be cheaper if the middlemen aren’t adding their charges to the ad cost. In the current operation of online advertising, platform providers (the middlemen) usually take a cut for being the medium through which advertisers can reach consumers. Take Google Display ad, for example. Advertisers’ budget is shared between Google and the publishers. The publishers get 68% percentage of the money because ads are displayed on their platforms; Google takes the remaining percentage because it facilitates the possibility of placing ads on publishers’ platforms.
With blockchain marketing, the middlemen will be out of the equation, and ad cost is expected to be cheaper.
- Accurate Ads Metric
Another positive way in which blockchain will impact online advertising is that ad data will become more accurate. Currently, ad metrics are gathered from third-party sources, and in the process, valuable data are lost. The belief is that blockchain will make data collection to be from a first-party, making it easier to accurately measure the ROI of ad spend.
- Reduced Ad Fraud
Fake ad clicks and bot views are the bane of online advertising. According to Forrester, at least 20% of digital ad budget goes to ad fraud. But because blockchain technology can verify that a real person saw an ad, fake ad clicks and bot views will reduce significantly. And by this, advertisers will get more results from their ad budget.
Current Blockchain Marketing Platforms
Many blockchain marketing platforms have been developed, but the majority of them are not yet popular. Even the popular ones haven’t been widely adopted by online marketers and advertisers. Attention is still on the mainstream platforms like Google Ad and Facebook Ad.
If you want to be one of the early adopters of blockchain marketing or you just want to familiarize yourself with blockchain-based marketing platforms, check out the following.
- Brave Browser
This is a browser that is changing the way users interact with online ads. By default on the browser, all ads are blocked. Users have to opt-in to view ads, and they receive Basic Attention Tokens (BATs) for interacting with ads.
- Rebel AI Media Buying & DSP
As it has been stated above, ad fraud is the bane of digital advertising, but Rebel AI Media Buying & DSP is posed at fixing the problem through blockchain. The platform allows advertisers to wrap their creatives with encryption, ensuring ads are never displayed on an inauthentic site or app. While doing that, fraudulent traffic, domain spoofing and malvertising are also prevented.
This platform is regarded as Twitter on a blockchain. It is powered by Ethereum, and as a result of this, once a post has been submitted to the blockchain, it can never be edited or deleted. It costs a little bit of ether (a cryptocurrency) to register on Peepeth, and because the platform does not support paid advertising, content marketing is the only way for brands to promote their business.
OpenBazaar is called Amazon on a blockchain. Through the platform, businesses can set up an online marketplace, without paying monthly or annual platform fees. The platform is free and open-source, with no restrictions.
After building your e-commerce website using OpenBazaar, customers can pay you using cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, and Zcash.
In conclusion, blockchain marketing presents new opportunities, but there is still a lot of uncertainty concerning its deployment and adoption. Nonetheless, as an online marketer or advertiser who wants to keep his or her skills up-to-date, you would be bracing yourself for the possible impact of blockchain in your industry by exploring the world of blockchain marketing.