Marketing Technology (MarTech) never stands still. Since the dawn of digital ads, the pace of innovation has grown ever faster, with new technologies and tools for marketers raising the bar on the effectiveness and impact of marketing spend. Yet as things stand, there are still gaps—areas where marketing technology is broken or remains inefficient in maximizing advertiser bang for the buck.
The marketing industry is crying out for new tools to enable them to reach and engage more effectively with their target audiences while providing more accurate data for tailored campaign management. Every inefficiency in MarTech generates a cost in wasted marketing spends, so the financial imperative to get better quickly is a live one.
For MarTech professionals, the wait is nearly over. Blockchain marketing is the next step for the industry, combining the best of current digital marketing technologies with the power of maximum efficiency data control and handling of blockchain. The result will be a world of more accurately served marketing campaigns, tighter spending controls, and sharper insight and analytics, allowing marketers to hone their message and deliver stronger ROIs.
The core problems in MarTech
At the heart of digital marketing is a conflict between the competing interests of marketer and consumer, namely around privacy. In the digital age, marketers want access to as much data as possible to build a comprehensive profile of consumers. On the flip side, consumers want to safeguard their data in the name of privacy, and platforms and the agencies that regulate them are taking increasing steps to safeguard these concerns. This state of conflict creates wide inefficiencies in the market for digital ads, undermining the efforts of marketing departments in achieving efficient results.
Word of mouth and incentive structures in digital marketing is also not quite up to scratch. The most effective form of marketing going, it is the holy grail for digital marketers looking to take their product and brand awareness into the real world. In the current industry, incentivizing these types of behaviors is difficult without ready-made tools for the job, leaving marketers at a loss for yet another effective marketing tool.
There’s also a lack of transparency with ad budget spend, with companies still relying on trust relationships with publishers to get as close to the full picture as possible.
With these challenges hindering the progress of digital marketing, a solution is required to unleash new opportunities for marketing departments. Step forward public enterprise blockchains like BSV (Bitcoin Satoshi Vision), which solves these problems through better control of data.
How blockchain solves them
Blockchain records data as it is generated in a distributed ledger. The data recorded is immutable, timestamped, and widely available because it is carried across multiple nodes. Without diving too far into the technicalities, blockchain stores data, guarantee its accuracy and veracity, and allows for automated actions to be triggered based on the specific data created.
So, in the privacy case, blockchain allows consumers to build a profile of their own specific data, which they can control and choose to share or even monetize with advertisers and other third parties. This can easily pass from one marketer to the next, eliminating the need for data collection and discovery, while remaining firmly in the control of the consumer rather than any third party.
On the word of mouth and incentive structures, BSV blockchain tech marries data transactions with digital currency transactions, allowing for both data and payments to be sent with ease. This allows for direct incentives to be put in place for word-of-mouth marketing. For transparency, blockchain lifts the veil on ad spend and allows for the collection and response to greater volumes as well as more accurate data.
The effect of these solutions and more means blockchain will redefine MarTech, and for the better. With technologies like blockchain on the cusp of mainstream adoption in the industry, the outlook is bright for marketing technology.