Blockchain technology is set to disrupt digital marketing in unprecedented ways, making it essential for marketers to keep a close eye on blockchain innovations. In a conversation with Ameer Rosic, CEO of Blockgeeks, he stated that the real revolution in cryptocurrency isn’t bitcoin but the potential for innovations due to blockchain technology. As a serial entrepreneur, I’m paying close attention to how blockchain is going to impact digital marketing.
Blockchain Technology Returns Control to Consumers
Blockchain-based protocols will impact purchases, delivery, metrics, and value of your future digital marketing campaigns.
“Blockchain will allow consumers to take control of the ads they see and, hopefully, give advertisers a modern, sophisticated means to producing high-quality leads,” Brian Hart of Inc. explained.
How? The integration of the Basic Attention Program, or Basic Attention Token (BAT), has the potential to shift digital marketing from the middleman to the user.
What is Basic Attention Token (BAT)?
Basic Attention Token (BAT) is a blockchain digital marketing technology that will send the middleman packing. It is the token used by BRAVE, a new browser launched by the creator of Firefox. Its main utility is to let consumers maintain total control of their personal information and browsing history. At the same time BAT allows marketers to get more accurate consumer data.
The current state of digital marketing involves far too many middlemen who simply sell off consumer data with little regard to accuracy, or personal security. BAT can disrupt this.
Using “micro-currencies,” companies will vie for actual audience “attention”—not just imprints,” Daniel Newman of Forbes explained. “And they’ll be able to prove they’ve gotten that attention before the currency is exchanged.”
Before understanding Basic Attention Token benefits, let’s dive into the present problems digital marketing faces.
Digital Marketing Problems for Consumers
Consumers are served ads that are correlated with their browsing history. This is why you see non-stop ads for something you may have recently searched for on Google. Personal information of consumers is being sold off for profit, but those profits are not going to marketers.
For consumers, this is a problem. Hackers can also create fake ads and expose unknowing consumers to malicious software and online security breaches, like ransomware. This can seriously inhibit your current digital marketing efforts.
Digital Marketing Problems for Marketers
Due to a perpetual delivery of ads and the danger of clicking on malicious ads, many consumers are have turned to ad blocker programs. In fact, more than 600 million Internet users have ad blocker programs installed. Ad blocker use also increased by 30 percent in 2016.
That equates to a lot of digital marketing budget wasted. The rise in ad blockers has also made ad delivery to target audiences very challenging. Where’s that ad spend going? Into the pockets of middlemen who are feeding marketers often inaccurate consumer data that may or may not be useful.
However, this is all set to change as BAT begins to disrupt digital marketing. The future is bright for both consumers and digital marketers.
BAT: The Future of Digital Marketing
Integrating BAT into the digital marketing landscape will put consumers back into the driver seat while giving marketers a cost-effective way to deliver ads to an already interested audience.
The future of digital marketing will evolve into an opt-in ad platform that will eliminate the current digital marketing problems. The biggest impact of BAT will be that consumers can choose who gets to access and use their personal information and browsing data. This lets them opt-in for the ads they want to see, and pass on those they aren’t interested in.
How is this good for marketers? Well, any consumer willing to give you their information is already an interested, qualified lead. Instead of serving up ads to a target audience based on middleman data, you get to interact with the consumer directly.
This will have a positive impact on your digital marketing spend and ROI. Consumers then receive BAT tokens based on their level of interest, or in the case of BAT, their level of attention for an ad.
How BAT Works
The Basic Attention Token is supported by the Ethereum blockchain (ERC-20). It is also paired with the Brave Browser, an open source browser that blocks ad popups and tracker malware. In the case of digital marketing, it acts as a ledger system that calculates the attention of consumers in order to reward them with BAT tokens.
To wrap it all up, consumers see the ads they want, get rewarded, and marketers receive better consumer data and net more qualified customers, thus increasing ROI.
How to Integrate Cryptocurrency into Your Digital Marketing Agency
Beginning your blockchain-minded digital marketing journey is actually simpler than you may think. The popularity of cryptocurrency and the many uses for blockchain technology have led to the creation of many online digital wallet platforms.
Here’s how to accept cryptocurrency for your digital marketing agency:
- Set up an account on a cryptocurrency exchange or platform.
- Once your account and digital wallet is set up, generate a number of receiving addresses for the cryptocurrencies you accept as payment.
- Once a client is ready to pay, distribute a unique receiving address for them to pay.
- Once payment is made, exchange the cryptocurrency in your digital wallet to your preferred currency.
As cryptocurrency value goes up, you can even hold onto a portion of your digital currency payments as future capital for your agency. This allows you to diversify your cryptocurrency portfolio, so you may want to accept more than one digital currency as payment.
Wrapping It All Up
Adopting blockchain technology via BAT and the Brave Browser is a step into the future of advertising. Marketers that integrate this technology into their marketing strategies now will enjoy the benefits of being an already established blockchain-minded agency in the future.