You know the phrase “you get what you pay for?” It applies to lawnmowers and automobiles, but it’s not necessarily the case when paying for advertisements.
The state of marketing metrics is shameful. The way we measure advertising influence is so broken that judging a campaign’s effectiveness is often subjective. Clicks, views, and impressions meld to form an often-muddled picture.
Blockchain technology could effectively measure a marketing campaign’s success. Their ability to weed out inauthentic impressions from bots is invaluable in this respect. Blockchain could boil down metrics so that marketers have nowhere to hide — a campaign’s performance will speak for itself.
Marketing and advertising fraud are major problems for brands. Intentionally misleading metrics are perhaps the greatest problem in marketing. If blockchain can eliminate false statistics while also granting users more control over their data, it will accomplish more than a marketer could hope for.
1. Sarah-Diane Eck, CEO of Sandblock.io
“Blockchain technology unleashes value, [but] it has to be well shared between brands and consumers. It means that brands are going to be able to better leverage the value of their consumers through better customer knowledge, better rewards mechanisms, and other blockchain-powered enhancements. It also means that consumers are going to have more control of the value they generate for brands, which comes mainly from their data.”
2. Jonha Richman, Advisor, PR and Partnerships for Litecoin Foundation
“Blockchain has the vast potential to disrupt various industries, it's a matter of getting the protocol and infrastructure in place to turn them into a reality.
Marketing and advertising are two of the many industries that can benefit from blockchain, as it does not only allow transparency, it also helps do away with redundant processes.
When done right and coupled with a great product, marketing can help increase the awareness of the project and eventually hit critical mass.”
3. Steve McGarry, Co-founder of AC3
“The transparency that Blockchain technology provides consumers with has already started to change marketing for the better. For the first time, consumers are now able to control the flow of their data more effectively changing how ads are presented. Reward programs and affiliate networks are seeing a massive revival using blockchain's low-cost, high-speed, no bank account required, international micropayments. The next 5 years will be exciting to watch in the marketing space.”
4. Ian Kane COO and Co-founder of TERNIO
“Transparency [is the greatest benefit]. Blockchain brings a trust-but-verify approach to the digital advertising supply chain. With blockchain, marketers no longer need to take a partner's word that they are getting what they pay for — they can look at the ledger set themselves to verify.”
5. Ella Cullen, CMO of Minespider
“The digital advertising space has been fraught with fraud for a long time.
Before we see this complete shift towards users monetizing their own data, there are some great blockchain companies, such as Truth Agency, who utilize the blockchain to audit ad transactions. For marketers, this means greater transparency and more bang for your advertising buck.”
6. Carol Lin Vieira, VP Corporate Marketing and Communications at BX3 Capital
“Not only will people be able to own their data and make decisions on who/what companies can do what with it — they'll actually be able to get rewarded for sharing their data.”
7. Stephen Duplessie, Co-founder of Pangea Blockchain Fund
“Blockchain will likely provide the same benefits to marketing that it provides to other industries. Transparency, accountability and a trustless system that protects its stakeholders are three benefits that I feel will be most impactful in marketing.”
8. Amy Fox, Product Director at Blis
“Blockchain’s distributed ledger ensures privacy, data provenance, transparency, and control of all data by users. The use of a single publicly available digital ledger makes it easy to spot hacking attempts, while also reducing the messiness associated with systems containing multiple ledgers. In marketing, this could lead to true transparency, especially from a metrics and accountability standpoint.”
9. Mykhailo Borysov, Research and Development Manager for ELEKS
“Currently, big IT companies and social media own users data, that allow them to collect statistic/analytics about users and their actions on the internet or on certain website, and subsequently they can conduct marketing campaigns or sell this data to marketing agencies or even worst apply this data for political campaigns like it was not so long ago with Cambridge Analytica and Facebook.
One of the potential benefits that blockchain could bring to the users is more control of personal data and privacy. Users will keep its data on a personal device or some decentralized storage (IPFS for example) instead of storing them on the servers which are owned by the application.
For marketers, it will change the way to collect data about each individual browsing website and they would have to rely on gathering data directly from users. Also, it will change the monopoly for digital ads, users, publishers, and advertisers would have to trade on the value of online attention.”
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