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The Impact of Blockchain & AI Technology to the Marketing Industry

7 October 21

Written by : Renda Haniefa

 

Technology has been evolving rapidly in the last few years, it has been used to fill in the gap as a problem solver for many disciplines from business to health sectors. When it comes to marketing, technologies give multiple benefits and efficiencies to identify and to assess customers better (“Martech”).

Most of the time Martech is using AI driven and blockchain technologies that give capabilities and benefits for business to deep dive on consumer behavior, provide efficiency, transparency, in real time manner which led to end results for business to save cost and secure consumers’ data.

When it comes to marketing, technologies give multiple benefits and efficiencies to identify and to assess customers better (“Martech”)

 

How does blockchain technology actually impact the marketing industry in the bigger picture?

 

  1. Authenticity & Transparency

When it comes to digitalisation: data breaches and cyber-crime are the monsters in the digital world. Consumer and businesses are protective with their databases, no one wants to compromise on data security. Entering the digital marketing era, in order to know your customer or so we called it KYC, customers provide significant personal information regarding themselves to businesses and each of these customers have the rights to know how all those data to be used and accessed.

By using blockchain technology, it has the capabilities to verify authenticity of each user to determine the real audience. It is a game changer, causing companies to save more money on their marketing budget due to its efficiency, especially when it applies to digital marketing advertising spend.

2. Data Protection

Due to its technological enhancement, currently Blockchain is the most secured and advanced innovation for data protection. Blockchain technology offers encryption and validation on their networks. According to Raturi, “Blockchain is the best way to secure the data of the shared community.

Utilizing the capabilities of the blockchain nobody can read or interfere with any sensitive stored data” (Raturi, 2020). For instance, in the marketing industry CRM stores lots of consumers’ personal information. Hence, using blockchain technology will save business from data theft headaches, at the same time it can boosts company or business credibility for having secured data storage.

3. Relevant Advertising Content that is Cost Effective

When AI driven technology is combined with Blockchain capabilities, this dynamic duo can be beneficial for advertisers or business. This is because of several reasons:

  • Once a company or business has done their KYC process and stores their consumers’ data securely, AI technology is able to read their consumer behavior, giving advertisers options to provide and to display their audience with the right content ads which means zero marketing waste.
  • Since blockchain technology has the ability to verify the user, there will be no spam click ads for the advertisers, again resulting in cost efficiency.

Thus, the company will be more efficient, precisely targeting their consumers with more tailor-made content ads for each segmented audience based on their user behaviour.

In conclusion, based on my professional experience for almost 10 years working in the marketing industry, seeing how technology has impact marketing itself, it is mesmerising. Especially in APAC market where most of the countries are emerging with high populations, Martech and blockchain have big potential to grow in the nearly future.

The key challenges are to educate businesses or companies to use AI & blockchain technology and consider them as long-term investments because at the end of the day, these technologies will save them from total headache especially, currently the trends after COVID 19, all business plan to go digital.

AI & Blockchain technologies are something they should consider to have in order to leverage their business as well as maintain credibility.

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