Can blockchain solve a marketer’s struggle to reach the consumer
As marketing evolves, there are also ways to reach the consumer or in other people’s communication with the customer. Most recently, content seems to have played a major role when it comes to brands communicating with consumers, and now it is believed that blockchain-based marketing can benefit businesses and organizations in the field of content optimization.
According to Linkedln, a social networking website, the blockchain market is predicted to reach over $23.3 billion by 2023 and $176 billion by 2025. Furthermore, the digital advertising sector was projected to grow to $427.26 billion by 2022. “I believe the use of Blockchain has been expanding into various sectors and marketing is one of them. With the use of blockchain, organizations can offer targeted advertising that is based on a secure platform and provides monetization opportunities,” Prashant Kumar, founder and CEO, weTrade, a cryptocurrency-based platform, told FE Blockchain.
Insights from market research have shown that Web3.0 can influence marketing and brand engagement through factors such as immersion, personalization and decentralization. As reported by Gartner Digital Markets, a market-based research organization, around 84% of digital marketers stated that using artificial intelligence in Web3.0 can help their marketing functions. “With Web3.0, users can now access their data, which will enable brands to manage things without relying on big tech companies and middlemen. Similarly, metaverse can enable brands to create a space for a new world powered by AR/VR to emerge and develop opportunities for creators and brand collaboration,” highlighted Sumit Gupta, Founder, Viral Pitch, an influencer marketing agency.
Reportedly, companies such as Provenance, ALICE, Loyyal, BlockPool, among others, have added blockchain applications to their marketing strategy. As for other sectors, banking, supply chain, e-commerce, tourism and hospitality have also benefited in this context.
Moreover, it is predicted that blockchain-supported marketing will give rise to new innovations in digital marketing. Despite market analysts’ emphasis on blockchain’s inception, the technology is expected to be pivotal in the global marketing landscape. As stated by the Blockchain Council, a blockchain-oriented platform, companies like Google aim to expand the functionality of their marketing solutions by using decentralized resources.
“The future of blockchain in marketing will likely be shaped by the development of new technologies and platforms that make it easy for marketers to use and integrate into their existing workflows. It is also possible that regulatory developments and industry standards will play a role in the adoption of blockchain in the marketing, concluded Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange.
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