Blockchain and Transparency
Marketing has changed a lot in the past decade, but it is about to go through another revolution, thanks largely to the Blockchain. While most of us associate digital marketing with things like AI and analytics, Blockchain may be the most disruptive technology to hit marketers in every industry. Blockchain is defined as an open, shared database which can effectively and verifiably and permanently record transactions between parties. A revolution in the marketing sector is greatly attributed to its ability to administer transparency and accountability in several ways.
Through authenticating and assessing every client’s trajectory through validated ad delivery, Blockchain will make data-driven marketing more transparent, ensuring that a person saw the ad as per the terms of a media contract. Companies will be able to manage how their assets are distributed by controlling their advertisements’ exact position, alleviating ad manipulation from automated bots by ensuring that real followers and customers engage with their advertising and ensuring proper ad interaction tracking leading to more accurate digital attribution.
Another key point is embedded in the consumer experience. In most cases, marketing entities tend to overwhelm their customers with multiple ads email coupons and messages. They will send multiple ads because they have little understanding of the customers’ preferences and tastes. The gamble is that maybe that might find a suitable audience. As such, a discord tends to manifest in the customers’ preferences and what the advertiser offer. Blockchain can, however, mitigate reoccurring ads to optimal frequencies in customer service. Research studies have found that anywhere from four to six ad exposures is ideal for ad exposure duration on customer desire to purchase. Nevertheless, the achievement of this ultimate goal was almost impossible due to data quality problems. A smart blockchain contract will solve this by offering a degree of monitoring and accountability that brands do not have access to.
Supposing consumers could share information regarding their preferences, brands would be able to understand their market and mitigate reoccurring ads. However, some consumers feel insecure regarding sharing their data due to the mistrust of what the company will do with the said information. The essential, ledger-based openness of Blockchain will help companies create trust with customers. There has been sufficient proof of customers’ willingness to convey their data with companies in exchange for better deals from the companies they currently patronize.
There is a trend in which customers value transparency and visibility in service provision. This is evident in the kind of services they prefer, which is significantly influenced by customer experience and customers’ ability to acquire important details regarding their service providers. For instance, Uber cars provide information regarding time and pick up location, and as such, customers can make their schedule at ease. The customers’ inclusion in the service process makes them feel more informed and empowered.
In conclusion, Blockchain provides a shared database and provides permanent evidence of transactions between parties. In its essence, it helps facilitate transparency and accountability in a variety of ways. For instance, through authenticating and assessing every client’s trajectory through validated ad delivery, Blockchain will make data-driven marketing more transparent, ensuring that a person saw the ad as per the terms of a media contract. Smart blockchain contracts can also offer a degree of monitoring and accountability to brands and, in turn, improve customer experience. The essential, ledger-based openness of Blockchain will help companies create trust with customers. Lastly, the customers’ inclusion in the service process makes them feel more informed and empowered.