With the advertising industry raking billions, it is not a matter of surprise that digital marketing expenditures in the United States are estimated to reach $120 billion by 2021.
Brands are eager to reach potential customers; however, nearly 50% of ad traffic is generated by bots. The business can transform if the customers can be targeted directly. A large number of technological advancements are a great support in the cause namely blockchain and smart contracts. Let us have a glance at how can blockchain utilise innovations in digital marketing more effectively.
Direct Digital Marketing
Blockchain has brought tremendous changes in the advertising industry by allowing information to be stored and distributed and also making it tamper proof simultaneously. In the current scenario, money is made by businesses as well as the advertisers, but with blockchain companies like BitClave, are working on search-data privacy, providing users full control over data. Bitclave’s search engine utilised Ethereum technology and thus eliminates the need for advertisers. When users are surfing, they can control the data they want to be released. Users can be compensated for their data, unlike other companies. The user is thus directly selling the data instead of an intermediary.
Cross-promotional B2B contracts
With smart contracts, money can be easily exchanged in a conflict-free environment and in a transparent fashion. This will lead to enhanced effectiveness in B2B cross-promotional marketing, by influencers and bloggers efficiently utilising platforms like Instagram and Youtube to cultivate personal brands. The smart contracts can enforce rules on all parties involved, to ensure payments are processed only when conditions are fulfilled. If a blogger does not publish an article, the smart contract would not release the blogger’s payment. Each milestone has to be met for the next step of the process to take place.