IN THE SPOTLIGHT
How Blockchain Technology Will Revolutionize Digital Marketing
By Nick Rojas, Business Consultant and Writer
Ameer Rosic, CEO of Blockgeeks, explained that the cryptocurrency revolution is not all about currency, but the blockchain-based protocols that support them.
The digital marketing landscape will change as cryptocurrency and blockchain innovations like basic attention token (BAT) gain popularity. Marketers who adopt the intuitive crypto-future will set themselves apart from competitors.
“Blockchain will allow consumers to take control of the ads they see and, hopefully, give advertisers a modern, sophisticated means to producing high quality leads,” says Brian Hart of Inc.
From cutting out middlemen to more accurate consumer data, let’s take an in-depth look at the current state of digital marketing and how blockchain technology will change everything.
Current Problems Plaguing Digital Marketing
Middlemen are making big profits from consumers’ browsing histories and personal information. Online customer data is gathered and sold for profits, but those profits are not ending up in marketers’ pockets. This has led to malicious advertising and inaccurate customer data, leaving consumers and marketers alike in need of change.
The selling of consumer data has caused serious online issues. For instance, it makes consumers more vulnerable to hackers and fake online ads, leading to online security issues like malicious software in the form of ransomware.
Malicious advertising has also caused a serious problem for marketers. This could be one of the reasons why your marketing campaign ROI is not hitting the mark. Consumers are warier about online ads, and marketers may not have an accurate picture of their target audience due to middleman data.
Due to the risks posed by ransomware and fake online ads served up by hackers, consumers are using ad blocker programs to stay safe online. In fact, ad blocker use rose by 30 percent in 2016 alone.
This is bad news for marketers. Ad blockers reduce CTR, traffic and ROI. You may find it pretty challenging to get your ads in front of your audience with ad blocker programs impeding visibility.
But who gets the most out of all of these digital marketing problems? The middlemen! The good news is that blockchain technology will change this one-sided profit grab. BAT will send middlemen packing and return control to the consumers.
What Is Basic Attention Token (BAT)?
BAT is a blockchain technology that pays consumers for their attention to ads. It gives consumers control over their personal information and browsing history by cutting out the middlemen who sell their data. Supported by innovative browser BRAVE, consumers can choose who gets their information and the ads they see online.
This is good news for consumers and even better news for marketers. With BAT, you can get accurate customer data, straight from the customer.
“Using micro-currencies, companies will vie for actual audience attention—not just imprints,” explains Daniel Newman of Forbes. “And they’ll be able to prove they’ve gotten that attention before the currency is exchanged.”
BAT Will Reshape Digital Marketing
By cutting out middlemen, BAT will reshape digital marketing in unique ways. Consumers will get control of their information, and marketers can target customers that are actually interested in seeing their ads. This can have a huge impact on marketing campaign ROI.
Digital marketing will essentially shift to an opt-in model rather than the force-feeding system currently in place. Consumers will have heightened security in place, which could lead to less ad blocker programs, allowing marketers to actually reach their target audience.
For the first time, marketers can serve ads to already qualified customer leads since consumers will be able to choose who receives their information and what brands they accept ads from. But what’s in it for customers?
How BAT Works
You know the benefits of BAT and blockchain technology for consumers and your digital marketing agency. Now let’s look at how BAT works. The ledger system for BAT is supported by the Ethereum blockchain (ERC-20) and BRAVE, an open-source browser that tracks and blocks malware.
This ledger system is how consumers are paid for their attention to ads. When a consumer chooses to give you their information and get ads from you, they are rewarded with BAT tokens.
It works like this:
At the end of the BAT cycle, consumers get awesome, secure ads, and marketers get conversions that satisfy marketing campaign ROI—a win-win for everyone!
Blockchain technology and BAT will impact digital marketing. The question is, will you be an early adopter? By taking a proactive approach to implementing emerging technologies into your organization, you are investing in future growth and success. How can BAT and blockchain technology impact your business?
Nick Rojas is a business consultant and writer who lives in Los Angeles. He has consulted for small and medium-size enterprises for more than 20 years. He has also contributed articles to Visual.ly, Entrepreneur and TechCrunch. You can follow him on Twitter @NickARojas, or you can reach him at NickAndrewRojas@gmail.com.