Experts say that crypto currency is going to affect digital marketing in a big way. Well, its implications are already visible as consumers now feel more in control compared with their transactions compared to companies that have so far enjoyed their dominance. With digital currency in use, brands won’t have it easy recording the transactions and critical information of customers. Companies thus can’t have monopoly over customer’s data or information.
Thanks to the every-growing popularity of crypto currency, there is more use of encryption technologies to regulate the currency without any interference from companies or government. Digital currency has ensured three major changes; first, it has increased the level of consumer participation to transactions; second, it has forced brands to show more transparency with transactions and; third, it has ensured recording of every transaction with little chance of tampering
- Bitcoin was the first known crypto currency to enter the digital world
- Bitcoin is in existence since 2009 and now it helps customers digitally transfer their funds to peers
- Bitcoin is a safe platform and saves users from any risk of identity theft
- Blockchain technology is the pillar of the peer-to-peer digital transaction
- Blockchain is the power behind the source of digital currency
- Blockchain’s presence is the reason behind the ever-growing digital currency transactions
Evidently, crypto currency is like a breath of fresh air to the market and its usages and popularity are going to challenge the conventional mode of transactions. Since the craze of crypto currency is going to go up by the days, marketers are their task cut out and if they did not prepare to face the challenges, it would be tough for them to survive the cut-throat pace and the changed dynamics of the market. So, you should plan accordingly and play along with the change.
Here are some of ways in which crypto currency will impact digital marketing –
1. Crypto currency will make it difficult for marketers to access consumer data
Marketers are already feeling the heat ever since the crypto currency has shown its authority on the digital world. They are finding it harder to get or receive information from customers. With digital currency in use, there is a premium on the data and information of buyers and this surely does not bode well for brands.
Let alone small companies, even top global bands like Google and Facebook too are not having it easy when it comes to collecting consumer information. Nobody is allowed henceforth to make merry with the consumer information and sell them to the advertising companies for free. Media monitoring has intensified and sharing of information is going to cost money.
The user data is made private and anonymous by crypto currency so not everyone is going to have them that easily. More, digital currency platform is going to be more secure in days to come and this is where digital marketing companies need to brace up for challenges.
2. Consumers are going to get paid for their information and data
Crypto currency is empowering consumers and putting them at the forefront of transactions. In fact, in coming years digital marketers need to cough up money to consumers in lieu of using their information and gaining value out of it. With all the transactions on the Blockchain visible for everyone and with consumers staying anonymous, there will be challenge for digital marketers to find any data on users and if they did, to evade paying for that.
Clearly, the power has shifted changed due to digital currency and much of its impact will be seen in the way digital marketers approach consumers and their data. More so, marketing ads won’t be allowed to bother customers as they have been with only relevant ads going ahead and doing any interactions with their target.
3. The concept of middle-men is going to extinct in near future
Digital currencies are going to take out middle-men forever as any transactions would eliminate the need of third parties and involve only buyers and sellers. The use of cryptocurrency will leave redundant the banks, data companies and insurance firms that have been the key to digital payment.
Third parties are not going to have any role to play in our transactions on the Block chain technology and this will help save a huge sum of money in the process. The money thus saved will add cost-effectiveness to the entire digital marketing platform and both consumers and brands can gain out of that.
Clearly, digital marketing is going to witness a sea change to their profile in terms of transactions with buyers having more dominant role and companies taking the back seat. If you run a digital marketing company, you should be ready to adjust to the changes else there won’t be much left to rue over.