Ever since the concept of cryptocurrency and blockchain came to fruition, it's popularity seemed to gain interest at a remarkable rate, now becoming a widely talked about, widely accepted form of finance.
That's not to say that it's been an easy process; and there's still more hurdles up ahead before these new technologies are accepted globally. But at the moment we're seeing a noticeable difference in how digital strategies are compiled, with crypto and Bitcoin payments being the new addition.
Like nearly all industries, we're seeing a big impact from blockchain and cryptocurrencies, that will no doubt change digital marketing in many different ways. We'll talk about where we'll see this change first and how you can be better prepared for the future.
What's changing
Digital marketing is still going from strength to strength, with a projected market value in excess of $660 billion this year. So, it's safe to say that the need for this service is still in high demand.
The main point of digital marketing has always been it's ability to stay at the forefront of new technology and innovations; just as it did with Google Ads, social media, short-form video and so on. Cryptocurrency is really no different. It is new technology with a lot of potential and for those that take the time to look into this will quickly see where digital marketing can fit in with it.
One of the largest instances of this is crypto payments. Woocommerce, Paypal and many other brand names are allowing payments using crypto, which opens up the door to more invovlement. Crypto works on blockchain technology, and while this is fundamental to the finance aspect, it is also used for a number of other things. Notably, having ads run on a blockchain allows for more accurate data to be collated and analyzed, allowing for quicker updates to campaigns. The benefits of this speak for themselves, as, if programmed properly, it allows for greater ROI at far less cost in the long run.
Gaining pace
Since it's first days, the idea of crypto has gained popularity through social media outlets and celebrity endorsements. Social media is, and will no doubt remain, an effective tool offering a high ROI of over 35% – this we know. Considering that, it's safe to assume that the two will continue to journey forward together, with more and more people being invovled.
Influencers that are interested in this will always promote their go-to crypto, and of course businesses will continue using influencers as part of their marketing plans. Just as certain e-commerce allows for new crypto payments, we can expect fees and wages to be paid in crypto too (we are not there yet of course, but it's certainly around the corner). As influencers in this field gain traction, crypto and marketing campaigns will both benefit.
Just as cryptocurrency gained its popularity via a small community, the influencers who promote this technology will be approached by similarly minded people. If you wish to be involved and able to attract this audience, it's important to become fully aware of the process.
Smart-contracts would also play a part in this. Where the process of engaging marketing assets can involve the time consuming process of reaching out, agreeing to a time to talk, going back and forth on what is needed and everything else that follows, smart-contracts minimise all of this. Automated payments and disputes can occur without the need for manual input. This helps keep your marketing momentum and your resources fluid and effective.
Other technology to consider
Anything done on a blockchain is benefited from its transparency, it's accuracy and its security. In this sense, it fits in well with digital marketing. To support this, it can benefit from an automated tracking system, that autonomously monitors and adapts according to the data it stores – and of course AI. By using AI in this case, you are again minimising manual input, therefore saving time and costs.
As AI is already in full swing where content is concerned, it has also taken a set in data analysis, helping you adjust and even predict conversions and ROI. Like all of digital marketing, there's a syndergy involved where the tools and technologies used often complement a whole array of services on offer. This is evidenced by the fact that 77% of marketers see blockchain as a better attribution model.
When big names start to incorporate Bitcoin and other crypto into their payment methods, it's clear that there's a willingness to push these new features forward – and quickly. It really won't be long until your larger competitors will soon be doing the same, potentially leaving you behind if you're unable to stay on top of things.
There's a great amount of potential in store with any new technology that comes into play. Like with anything new, taking it on means heavy adjustments and a dubious transition period. But it seems very clear that blockchain technology, when accompanied by other tools, is sure to add considerably to digital marketing's reach and effectiveness.
The important question is how able are you to adapt. In fact, that has always been the question for digital marketing.
