Most people in the finance sector have heard of Blockchain and, though they may be a little fuzzy on the details of this still emerging technology, they understand that it impacts their industry. No longer is it only affecting the finance sector, however. The blockchain is constantly growing and spreading.
In fact, a recent report announced that U.S. spending on this technology will rise from $3.1 million to $41.1 million in the next six years. As this technology will, by all accounts, continue to spread, it is diligent for marketers to wonder if the impact of Blockchain technology will also affect the marketing automation industry.
Impact of Blockchain Technology on the Marketing Automation Industry
The more the technology is used, the more ways to use it are discovered. Due to its continual growth, it is not yet possible to see all the ways that it might impact marketing automation, but it is safe to assume that it will. The following are just a few ways that can be foreseen at this time.
1. Optimal Campaign Performance
Blockchain can give companies transparency about their customers that they have never had access to before. The same data about customers can be easily accessed by all company employees. No more purpose-defeating segmentation across departments. Imagine a marketing world where data can be shared easily across all departments. Customers would receive more relevant ads because each department of a company would have factual and up-to-date information about where each customer is in the buying journey as well as determine what type of content they enjoy seeing. Customers would also be less likely to get irritated as Blockchain technology could keep the same customers from viewing the same exact ad repeatedly.
2. Getting Advertisements Seen
A surprising 54% of online ads are never seen by humans, making a lot of marketing efforts useless. It does not matter how much time a company spends coming up with effective ads if they are not being seen. Why is this happening to marketers everywhere with no prejudice as to who it affects? There are a few parts to it: fraudulent internet ads, lack of clear information, misuse of data, and lack of control over how, where and when the ads go out.
With approximately 35% of internet activity being fraudulent, legitimate companies and marketing are losing valuable space. Many companies do not have access to customer data it needs, and if they do have it, they are not always sure how to use it because it is not always clear or whole. You may be asking how this will improve when technology has already come so far.
- Blockchain will be able to provide clear and complete data to companies.
- It will also be able to verify data and ads, giving space back to legitimate companies.
- Gaining this space back along with the information marketers gain will give them more control over ad placement.
- Automating marketing campaigns with these features in effect will bring greater results by getting ads in front of more people.
3. Data Usage and Security
Since data is not recorded in a centralized database with Blockchain technology, data is a great deal more secure. This also means that marketers will not have free-range over data but will be pointed in the direction of the right data of the right customers. Likewise, customers will be pointed in the direction of relevant content according to the data available. This will allow marketing campaigns to focus on customers who are interested in what they sell. It might also decrease the amount of segmentation that marketers currently need to do since the system will be segmenting customers to some extent on its own.
Though this technology is going to improve the marketing automation industry, there is no way to know just how far that improvement will go. Much more time is needed for the technology to adapt to marketing as well as other industries. In the meantime, keep pressing through with current effective strategies, and begin making plans for adapting to Blockchain technology when it finally takes over the marketing automation industry. Learn as much about it as you can so that you will be educated and prepared when you need to be.