If you are a marketer, it’s time to do some research on … Blockchain. It may be the wave of the near future in marketing to consumers as well as when buying ads. Let’s start with the most basic question, what is blockchain? It is probably one of the fastest growing markets currently available and is irrevocably connected with the Internet of Things. The entire market was recently quoted as being worth about $600 million but could grow to more than 10 times that amount in the next seven years or so.
Jupiter Research said in a recent study that 57% of large corporations are either in the process of implementing or considering doing so with blockchain tech and by the end of 2018 as much as 66% plan on full integration of it. As of October 2017, each Bitcoin, the most recognizable blockchain, is worth nearly $4.4K.
Why Understanding is Important
Blockchain is basically information on the value and rules updated on a regular basis. That doesn’t sound unusual for financial information, but in this case, it is not held in one central location, but in thousands or more locations on the web. Once information is added, it is immediately duplicated across the web and cannot be changed thereafter. Because of this, hacking or compromising the information is virtually impossible. That’s the great value of cryptocurrency.
Transferring assets through blockchain becomes easier, and no third-party is needed. And because of its widespread nature, robbing someone would not really work, you’ll have to hit the entire blockchain at a time. So using it as a marketing tool will become very useful.
Jeremy Epstein, CEO of Never Stop Marketing, in his e-book The CMO Primer for the Blockchain World, said: “Right now, I go through my 55 different intermediaries [when buying an ad]. You don’t need that in a world of blockchain. We’re going to have a way to guarantee that the advertising you’re buying is showing up on the site that you intended it to and your software is going to provide you assurances that it is displayed on the space you purchased. … It can be a pretty big game changer for marketers.” As great as that sounds, as of yet, there is no strong blockchain provider of marketing tech.
If you don’t get a good understanding of this now, you’ll end up behind the curve. Experts say that the change it will soon make for marketing is something near to what the internet has done with marketing over the last 20 years. The people who got in early and built from there are almost always the biggest winners.
You don’t need to be in first, wait only long enough to get a good understanding and what possibilities it has for marketing and then start. Learn as much as you can early on, test ideas and theories. Then with everything you learn, use it wisely.
Among many other successful firms in the space, 5WPR is a mainstream firm working extensively in the bitcoin arena.