Over the past number of years, the digital marketing landscape has swelled by leaps and bounds. Compared to the days of analogue advertising, digital marketing offers brands more insight into:
- Who their customers are,
- How well their campaigns are performing, as well as
- The value for money which they get from their spending.
However, the consensus is that publishers – as well as digital companies – could do more to be transparent about the results which brands get from their spending in addition to the way that they use their users’ data for targeting.
The proliferation of sophisticated e-commerce platforms – in addition to with mobile apps – has kindled growth in business-to-consumer (B2C) commerce, redesigned organisational structures, and revamped value-creation processes. At the same time, new technologies have altered the dynamics of brand marketing and enabled a broader reach as well as more personalised targeting which are aimed at increasing brand trust and enhancing customer loyalty.
The Effect Of The Internet
Today, the Internet allows digital marketers to penetrate deeper into their current markets, create new online marketplaces and to create new demand. This dynamic market engagement makes use of new technologies in order to target consumers more effectively.
More specifically, blockchain technology acts as incremental innovation, so empowering the consumer-centric paradigm. Moreover, blockchain technology fosters disintermediation, helps in combatting click fraud, reinforces trust and transparency, enables enhanced privacy protection, empowers security, and enables creative loyalty programs. We present six propositions that will guide future blockchain-related research in the area of marketing.
What Exactly Is Blockchain Technology?
Blockchain is a distributed electronic ledger which can be used in order to securely record transactions, contracts as well as other data. A number of different records of each transaction are stored on various independent computers within a decentralised network.
The benefits of blockchain technology include the following:
Records are revised across multiple computers in real-time when a transaction happens. More than one party is required to verify a record before it may be changed. Each change is time-stamped in the ledger. For instance, when one individual sells some bitcoin to another, everyone’s copy of the ledger is updated in real-time. In addition, both parties need to approve the transaction.
Transactions may not be altered or removed from the blockchain record. One party to a transaction may deny that the transaction took place or try to reverse it. If you would like your bitcoin back after you sell it, the buyer will be required to agree to sell it back to you.
The blockchain makes use of strong cryptography in order to ensure the integrity of each transaction. Only the intended recipient will be granted the key to access to the record or the financial value which it stores.
The utility of the blockchain may be extended by means of smart contracts which allow transactions to be settled when particular conditions are met. For instance, if one person sells a concert ticket to another, the funds may be released to the buyer only after the ticket’s validity is authenticated.
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