Cryptocurrencies are nothing new - they have been around for more than a decade. However, it is clear that they are really starting to impact a number of industries. A prime example of this is digital marketing. So, without further ado let's take a look at what's happening, and what the future might hold.
Changing how transactions are made
Large product market platforms such as eBay and Amazon help businesses reach customers. This marketing technique has been used by companies worldwide for some years and it seems certain that this will increase as business becomes ever more digitally-focused.
The business model of these giant ecommerce platforms is to make money from both parties, buyers and sellers. When a buyer commences a transaction, certain information such as bank account details is required for verification purposes. As a result, starting and completing digital transactions can be a long-winded process.
Crypto helps eradicate this issue. If cryptocurrencies are an accepted form of payment for the services or goods, the need to verify bank accounts and transfer money via third party financial institutions is eliminated. This makes the process more efficient, and ultimately more profitable.
BAT (Basic Attention Tokens)
Although you may not have heard of BAT yet, it's set to create some major changes in the digital marketing landscape. BAT technology has been developed in response to the huge issue of online privacy – a major concern globally. BAT seeks to improve speed, fairness, and security of digital advertising, and has been built using the blockchain technology that has allowed cryptocurrencies to exist and proliferate.
BAT uses Ethereum blockchain tech, and by exchanging this digital advertising token, users, publishers, and advertisers connect in a non-centralised way. BAT tracks the time and attention of consumers on websites, while the consumer decides what ads they watch. When using BAT, everyone is rewarded – the advertiser gets sales, the publisher gets a commission, and the user is financially rewarded for watching the ad. BAT has the potential to massively change the digital marketing process.
An increase in automation and anonymity
Far too often we see companies selling user data to an endless line of potential buyers. In particular, social media sites are notorious for doing this. When this happens, it allows other businesses to use your data to provide precise ad targeting.
The integration of blockchain technology into the world of digital marketing helps tackle this problem. Any customer information acquired by businesses would be put into block ledgers which prevent the data from ever being stolen, sold, or manipulated.
Streamlining international trade
Transactions between different countries tend to be expensive as well as overly complicated, especially when trying to keep track of finances. Companies that have a large volume of foreign transactions are constantly monitoring currency rates and related processing fees. However, there is a solution: crypto.
Crypto is becoming more and more popular, with millions using new automated crypto trading software such as 1k daily profit. As crypto continues to grow into the mainstream it's very likely that businesses will start using these currencies, allowing customers around the world to pay with them. By doing so, payment methods can be easily controlled on a global scale.
Plus, as no government or overall authority is in control of cryptocurrencies, the absolute value is consistent across the globe (unlike traditional currencies which are sometimes assigned a value by the country's government).
Overall, we should see a reduction in fees which should allow businesses to be more competitive in foreign markets.
Consumers will have much more power
It's no secret that digital marketing relies heavily on consumer data. When this information is utilised, it can allow businesses to target customers more effectively helping generate stronger returns.
With crypto being introduced into the market this will change drastically. A lot of the data usually collected and used by businesses will be unavailable. This gives consumers back control of the data and therefore more power. The result could be that companies pay consumers for their information instead!
Copyright 2022. Article made possible by Muve Media & Marketing.