Cryptocurrency and Digital Marketing
Let’s face it, COVID-19 changed everything. From the way we work to the way we grocery shop, our world has been changed by the global pandemic. The digital realm grew by leaps and bounds, and this is especially true for cryptocurrency. It’s grown faster than ever in the last 18 months, yet its future has never been so unclear. One thing’s for sure—it is affecting digital marketing for good as we move into 2022.
What is cryptocurrency?
This may be a little basic, but let’s start at the beginning so we’re all on the same page. A cryptocurrency, or crypto, is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions. Some companies issue their own currencies, often called tokens, which can be traded specifically for the goods or services that company provides. Imagine the arcade tokens from your youth—you can’t use them at a different arcade, but they’ll get you far at that location.
Cryptocurrencies work using a technology called blockchain, which is a decentralized technology spread across many computers that manage and record transactions. This blockchain is what enables all cryptocurrency users to have a copy of their recorded transactions. In essence, this computer code automatically logs every transaction as it takes place, and then updates the blockchain with the new information.
Currently, there are more than 14,500 different cryptocurrencies, totaling in value at more than $2.5 trillion. With those numbers alone, you can understand why it’s such a hot topic today.
The relationship between cryptocurrency and digital marketing
Now that we have a full understanding of cryptocurrency, let’s talk about something we are all familiar with—social media. Currently, over half of Americans get news from social media platforms, and truth be told, social media has directly resulted in the immense popularity and growth of cryptocurrency.
The potential influence of crypto on the digital marketing landscape is enormous, and blockchain technology is at play here as well. You’re seeing ads on social media platforms, and these are benefiting you, the user, as well as the platform it’s posted on since they receive ad fees.
But it goes deeper than that.
The primary benefit of app monitoring for a marketing organization is that it allows them to collect vast volumes about consumers’ preferences and decisions. Also included is the ability to tailor the user experience to the user’s specific requirements. The user can indicate what types of content and ads they want to see using blockchain technology.
Even though these display ads are beneficial in that they raise awareness about available products and services while benefiting the platform, publisher and consumer, they can become irritating when products we are not interested in pop up repeatedly while watching an enticing video. Enter digital marketing with a crypto twist!
How cryptocurrency’s blockchain technology can help digital marketing grow
Blockchain technology could disrupt the current social media construct for the better, at least in the eyes of marketers. In fact, many of the core blockchain concepts are perfect solutions to many current social media pain points.
Truly decentralized social content: A blockchain-based social media network will be decentralized with no central server. This gives control to the users and the content they choose to post and view. The entire network itself will oversee the management of the social network, which means marketers wouldn’t have to bend to the whims of Facebook or YouTube to get content in front of the right people.
More secure social network: From hackers to government-sponsored information sharing, current social media networks are gathering user information and selling it to the highest bidder, but crypto-based social platforms can allow users to maintain their personal and online data and habits. This enhanced security is, in many ways, a breath of fresh air for social media users.
Better consumer payment options: Consumer transactions that happen over social media can be cumbersome since there are only a handful of ways to make payments. This is also bad for marketers who spend a hefty amount on social ads with poor ROI. A crypto-based social platform can change this. Users will get more ways to pay securely. Advertisers and marketers can net better leads and attain consumer data using Basic Attention Token (BAT) processes. BAT is one example of how blockchain tech and crypto are disrupting social media, and it’s all thanks to ad blockers. But that’s a different topic for another day.
At Epic Search Partners, we keep ourselves educated in trends and emerging technologies that dramatically affect how digital marketing is applied to the marketplace and its consumers, like cryptocurrencies and blockchain technology. Collaborate with us, and together we can overcome your hiring obstacle or provide new opportunities for professional advancement.