“Give away your best content for free.” This adage amongst content marketers and bloggers is a proven way to grow an audience and increase sales, as long as you go about it in a strategic way. While this sort of strategy is effective in most circumstances, sometimes companies have spent more time and money than they care to part with for free, especially in the realm of data.
In the modern age, data is a major component–practically the only component–in making major advertising decisions. Understanding how to target an ad most effectively to the right people, the ones who are actually interested in buying the product or service, is heavily reliant on data surrounding the interests and demographics of the consumer.
Especially on television where ads can target millions of people, targeting those viewers correctly can save massive amounts of cash on advertising campaigns in that those people who view the ad will be more likely to buy.
Until now, one major issue with properly targeting a television ad is the sheer volume and cost of the data it takes to make a good decision–data that companies who spent their hard-earned cash to aggregate don’t want to give away for nothing.
Comcast is changing how advertisers can harness data by implementing blockchain in the marketing process.
Blockchain is the same technology that is foundational for major cryptocurrency networks such as Bitcoin and Ethereum.
Although blockchain technology is something that itself could span across several college semesters, for the purposes of blockchain advertising, there is one aspect that is vital to understand:
On a blockchain network, everyone has access to the “blockchain” which functions as a sort of changelog of every exchange–be that of information or currency. This continuous, safe record allows for parties to make exchanges without trusting either party and without requiring a middleman. In the world of cryptocurrency, the trusted middleman that is no longer required is the bank.
In advertising, it works a little differently.
Using blockchain, companies can exchange data anonymously in order to determine which marketer and network align best in order to achieve the marketer’s goals. And this is all without sharing the–highly-valuable–data itself. In this way, marketers are better able to choose the best audience segments for their ads. Also, though, programmers are able to create more valuable lineups for the most in-demand audience segments.
Comcast’s new Blockchain Insights Program has already caught the attention of participants such as “Disney, NBC Universal, Altice USA, Channel 4 U.K., Cox Communications, Mediaset Italia and France's TF1 Group.”
Using blockchain in advertising could be a win for consumer privacy, something that has been in the spotlight in recent years due to ultra-tailored targeting practices.
For more ways that blockchain will impact marketing, check out my post here — 5 Ways Blockchain Will Change Marketing.
What do you expect will be the impact of blockchain on marketing? What about cryptocurrency? Do you think that will change marketing methods at all? Let us know in the comments below!