Marketers to pay attention to cryptocurrency now
What is cryptocurrency, and why is it going to interfere with your current marketing system?
Despite the fact that the technology is relatively new, cryptocurrency is already booming in multiple industries and in private users. Many analysts assert that the face of marketing and finance will be forever changed by cryptocurrency technology.
The marketing world has quite significantly been impacted by cryptocurrency despite its relatively new. even as experts work to understand the benefits and the risk involved. Here are some reasons and facts u need to understand about the technology.
what is cryptocurrency?
Lets get the meaning before we talk on why cryptocurrency is important for marketing.
Cryptocurrency is a form of blockchain technology, which involves currencies(coins) the technology that bitcoin and other distributed ledger systems are based on.
Basically its a massive ledger of transactions, blockchain operates in a decentralizes network model. Its an open and shared network which allows users to add and transfer information anonymously without compromising on the contents. Information is absolutely immutable
That is to say cryptocurrency, like Bitcoin and other crypto coins are anonymous financial system that employs blockchain technology to operate. Now users can use Bitcoin or another form of cryptocurrency to pay online instead of the credit cards. This is receiving more attention presently. The market capitalization of Bitcoin and other cryptocurrencies has reached $13.8 billion since November 2016 and it has moved further this year.
Many uses of cryptocurrency in advertising is necessary to note, though still a few years away, However, there’s no harm in being ahead of the trend and time.
Cryptocurrency may make it tougher to access consumer information.
Its going to be difficult for marketers to collect the type of data on consumers that often structures or determines their advertising strategies by cryptocurrency. In this regard, cryptocurrency will deplete the amount of consumer data available as 86% of internet users have tried to remove or decrease their digital footprint online. It will make this more possible than before.
Presently, its easier to get many information on potential customers to attract qualified leads. This is mainly possible because facebook and Google owns the data and it was sold to us as we use their platforms. So its quite easy for marketers to ascertain the kind of ads as the figure out the kind of audience that the ads will work on well and predict customer reactions.
With cryptocurrency, as a matter of fact , many leads and buyer’s information will become anonymous, secure and encrypted . This will make it impossible for marketers to understand peoples reaction to a product, the tactics of the ads and customers responses. Individual information will be anonymous and more in control of their information making it almost impossible for marketers to create marketing strategies and their ads on this info.
if they marketers wants to be abreast and keep up with consumer wants and needs, they need to start finding out new ways to collect information to effect their strategies.
Consumer attention and information may cost more.
Marketers could redirect the lack in potential consumer’s data by paying users directly for their personal information, to be allowed to market to them online, instead of paying the platforms used by consumers.
Users will be in control as no entity or organisation can own or control networks, therefore, the model of blockchain network is still maintained. There will be no way to know who bought any product or services as companies may pay directly to customers for their information on those platforms.
For example, some social media platforms can boost of thousands of current potential users account , like 21.co as an stance has over 30, 000 current user accounts in their platform. If the allow marketers to engage the users for the purpose of getting their personal information and to drive their market to them, this won’t be possible due to cryptocurrency.
The other effect of this pattern here is that the average customer will want to be compensated more for his or her purchasing and other information than a platform might charge for that same information.
That not withstanding, the benefit here is that customers are more likely to be interested in your stuff since they have allowed you access to their information.
The case of crypto and marketing is still at the imaginary stage as many are yet to know or guess the state of marketing with the emergency of cryptocurrency.
Although cryptocurrency may not affect your own business marketing pattern, but this is a strong indication as to where digital trends are heading in the next few years.
Even though the changes are yet to fully manifest, if u as a marketer, understands, integrate and explore the full potentials of cryptocurrency so that it won’t be a sudden surprise and also to make your business already on top of the trend before the changes arrive.
You can comment on some other ways you think cryptocurrency might affect marketing in the years to come.?
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