In the past, compelling brands developed their messaging through a shotgun approach in which messages, targeted at a broad audience, were disseminated through fairly predictable sources. Branding occurred on billboards, newspapers, and other mediums such as storefronts where celebrities, models, and other intriguing endorsers peddled products to a knowing public.
Fast forward to the present where things have changed substantially. Today, technology allows brands to not just know their target audience but to intimately know about their target audience. This distinction is subtle, but it has significant implications for the way that consumers interact with the products that they love the most.
To accomplish this, businesses are purchasing incredible amounts of user data from internet platforms that are tracking users’ every click, view, and like. Advertisers translate this data into targeted marketing campaigns that reach consumers right where they are – online.
This arrangement is extremely lucrative for technology companies. For instance, two of the most significant online engagement platforms, Google and Facebook, collectively earn more than $100 billion in ad sales each year.
However, what was once a well-guarded industry secret is quickly making its way into the forefront of the public consciousness. In other words, consumers are starting to notice the not so inconspicuous advertising following them around the internet.
As consumers are becoming more aware of the messaging tactics being used on them, it might be time to reconsider the relationship between internet platforms and marketers. Just like the internet ushered in our current wave of digital advertising, a new technology, the blockchain, is improving businesses’ ability to target their customers in a more fair, equitable, and effective way.
Here are a few ways that the blockchain can improve your businesses’ ability to reach consumers with a compelling message and intentional branding:
The blockchain equips businesses to interact directly with consumers
So far, internet platforms and marketers have engaged one another in a lucrative business arrangement. Websites collect data as users navigate the site, and they develop comprehensive profiles that are sold to advertisers.
Meanwhile, advertisers use that information to inform targeted advertising campaigns that are deployed on these same digital platforms. It’s an endless feedback loop that leaves out the most important person – the consumer.
Although they possess the most critical commodity, their only compensation is free access to a website. This hardly seems like a fair deal, and, even worse, businesses are missing an opportunity to interact with their customers more directly.
New blockchain platforms are reorienting that relationship by putting the emphasis back on the consumer. For example, Wibson is a decentralized marketplace where users can sell their personal data directly to advertisers.
In this way, users are more adequately compensated for their information, and businesses get to purchase that information directly from their customers. By engaging in that relationship directly, businesses are setting a new ethical standard for customer relations, which is free advertising in itself.
The blockchain improves the quality of user data
There are a lot of ways that user data can be less valuable than it seems. For instance, if parents let their children use a computer to surf the internet, targeted advertisements for toys and other kid-oriented content are likely to supplant ads that could otherwise be directed at the actual consumer.
With platforms like Wibson, user data is authenticated and willfully provided, so it’s as accurate as possible. By purchasing access to validated data on Wibson, a business can attain location data, purchase history, or traffic patterns. What’s more, this information is sold using supply and demand principles, so everyone gets fair value for the exchange.
With the blockchain, what you see is what it is, and what you get is undoubtedly accurate.
The blockchain respects users’ privacy
As the cultural battle over internet privacy continues to heat up, businesses are leery about being caught on the wrong side of the fight. The blockchain allows users to tokenize their information so that it is simultaneously specific and authentic but also private and secure.
Moreover, the decentralized blockchain network secures user data from common threats like DDoS attacks that often compromise user data and cause embarrassing headlines that plague companies’ branding and messaging. By moving to the blockchain, businesses are respecting consumer’ privacy without compromising their need for information and data.
With the blockchain, businesses can build a better brand that engages directly with their customers while improving data quality and protecting user privacy. It’s a better experience for everyone, and since the technology is available today, the winners of this movement will be those who embrace it first and differentiate themselves from the legacy brands of the internet age.