Bitcoin, the mother of all internet money, is affecting healthcare, finances, and even whole governments. Digital marketing is next on the list. The versatility of cryptocurrencies makes them a tool that can benefit many industries and platforms.
Cryptos drawn their strengths through their impact across various sectors. They are reshaping the world economy. But, how does digital marketing come into play here?
Is Cryptocurrency Changing Digital Marketing?
With cryptocurrencies in play, digital marketing companies may have to start paying consumers for data. Digital cash may become the main currency for online transactions. That will make gathering data difficult. The reason behind that is the blockchain technology, the driving force behind crypto.
Blockchain doesn’t have to be tied to Bitcoin, ETH, etc. Even now, banks and real-estate companies are implementing blockchain into their platforms. Everything on blockchain is encrypted, so personal data is not available.
With the hope to gather info, marketers may resort to media monitoring. With the rise of crypto-based social platforms, it will become less frequent. That’s where consumer awareness also comes into play.
The good news is – companies would get the most essential data from the consumer. Marketers are in for a new co-creation exercise, since the consumers are likely to show a positive response to the tailored ads.
Cutting Out the Middleman
Facebook, Google, banks, data companies, insurance companies, and others, may fall out of the game unless they are on board with the new changes. Facebook is already developing its own digital currency – Libra. It is set to launch in 2020.
Middlemen often have a vested interest in the result of the marketing campaign, apart from taking a big cut off from the ad revenue. To de-prioritize some types of ads, Facebook has changed its algorithm recently. Since its a centralized company, it acts in its interest.
This is where digital marketing and crypto can join forces. Marketing companies can source for consumer data through smart contracts and decentralized apps. No one would be able to manipulate the contract since it would be self-executing. That is a considerable advantage.
Again, users who opt-in such a contract are likely to provide more useful data. Marketing agencies wouldn’t have to rely on Google and other companies to get such data. Certain affiliate websites and bloggers may have better chances of securing direct deals with digital marketers.
Social Media and the Fun Side of Cryptocurrencies
If something isn’t trending, it’s not happening. The success of cryptocurrencies is in part tied to social media platforms. Some would even blame them for the big bubble of 2018.
The average consumer is interested in holding Bitcoin. It is the most popular digital currency. The average consumer uses social media to absorb and share trends related to Bitcoin.
Satoshi Nakamoto’s invention entered the mainstream thanks to Reddit, Twitter, and Facebook. The fun and excitement around Bitcoin that social media generates can dictate the value of cryptocurrencies and contribute to market price fluctuation.
Social media has a huge stake in the global adaptation of digital currencies. But, the roles may reverse, if cryptos become reach full mainstream acceptance. They could give birth to a new generation of social media platforms.
Marketers can build consumer trust through blockchain. It’s a public ledger that holds all the records. Most digital currencies are decentralized and open-source.
Several parties verify all the transactions. Marketers that embrace blockchain may be seen as accountable and transparent. The same goes for marketers who will use blockchain solutions to handle supply-chain issues.
The games of chance industry seems to be one step ahead of everyone else. Many reputable online casinos have adapted digital coins and entice and compel new users by offering them the chance to use cryptocurrency on their platforms instead of fiat currencies. The aficionados get to register more easily and enjoy a reinvigorated version of their favorite game. Businesses, on the other hand, get to smooth out their operations by employing the perks of the new technology and to use it as a marketing tool.
Pioneering is great for a brand. Brands get to position themselves as pioneers through support for technological advancement and innovation. Companies get to reinforce their brand, as well as improve business solutions. Since more and more members of society are becoming crypto-savvy, selling ads and policies is becoming easier.
The revolution is ongoing. Marketers have to move with the times. Instead of letting emerging technologies crush their practices, they can use them to their advantage. While the expenses of procuring consumer data will increase, savvy digital marketers will learn to leverage the new practice to increase their ROI. The future is valuable to everyone.