What Blockchain Technology means for the future of Digital Marketing

07th Jun 2017 Posted By Faheem Ahmed

Blockchain technology is a revolutionary software which is expected to be the next big thing, as various industries are trying to forecast its effects and adopt the technology. It is a disruptive technology which is highly transparent and decentralized. Blockchain technology is nothing but a huge database with blocks of data connected to one another forming a chain. The data stored is available to all the users and it is regarded as a highly secure system because of its transparency. Making changes in the database are next to impossible as it must be reviewed by all the users for consensus.

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How is Blockchain technology going to affect Digital Marketing?

Blockchain technology is designed to overcome the challenges posed by the various intermediaries like channels, devises etc. in digital marketing. Invaluable data regarding return on investment in marketing and advertising is lost in the digital ecosystem without proper tools to measure outcomes. Blockchain technology provides multiple data points. These insights allow marketers to have a complete view of customer preferences, purchase patterns, popular conversion routes, market segments, etc. How this works is when online customer traffic data is stored in one block and offline purchase data is stored in another block, it is easier to measure the conversion rate of prospects to clients.

Marketers will then have access to enhanced Digital Marketing analytics, which will result in a robust lead generation system. This will enable marketers to engage customers and retain them at lower customer acquisition costs. Based on these insights, digital marketing campaigns can be launched to get the maximum positive effect. It also helps marketers to know if their investment in digital marketing is paying off. Accordingly, marketing heads can manage investments, plan budgets and design advertising strategies. Pooling data not only helps gain insights, but also significantly reduces the time taken to reach the goals. Data security is an added advantage.

Are we prepared for adoption?

As data and insights are becoming more and more important, Blockchain technology could take over the digital marketing industry by storm.  But it is still very early for adoption. Being prepared could be insurance against sudden disruption and we, at BYT Digital, strongly believe in that as it is also a very compelling value proposition.

Indian companies are gearing up by investing in IT infrastructure to ensure customer engagement and retention. According to Gartner, a research company, Indian CIOs are expected to accelerate their funding to 35% of their IT budgets in digitization by 2018.

Though Blockchain technology is not a verified success-guaranteed system, nothing can stop us from being ready for the future. Immediate effects of the technology will only be unevenly distributed. Planning ahead will enable a smooth transition to incorporate Blockchain technology with the operations of digital marketing.

Be sure to know from us when Blockchain technology for Digital Marketing is implemented to stay ahead of the curve. Meanwhile, get in touch with us if you have any Digital marketing requirements and we will use the most advanced technology currently available in the field, to bring you results!