The inception of new technology has significantly altered the dynamics in marketing, leading to a broader reach and personalized targeting. The approach has increased brand marketing whereas maintaining consumer trust and loyalty (Boukis, 2019). Nowadays, marketers can penetrate deeper into existing marketers through the creation of a new online marketplace. This new technology has been considered a practical approach to target consumers efficiently.
On the other hand, Blockchain technology has enhanced transparency, accessibility, and security in digital marketing. Consumers are now able to own and sell data directly to advertisers (Boukis, 2019. In this sense, they have created more trust and usability of consumer data. Blockchain technology gives powers to consumers to collect data where people can opt to view advertisements in the exchange of tokens (Ertemel, 2018). Hence, the consumers will be directly compensated in the process of considering the advertisements.
Role of Blockchain in bridging the gap between marketers and consumers
Through marketing, Blockchain technology has ensured that all intermediaries have adapted their business models. This approach will give consumers more control over their personal information since they can spend time interacting with advertisers. Some of the notable advantages will include preventing phishing and spam scams (Ertemel, 2018). For example, the control will control the marketing efforts and understanding the consumer behavior.
Similarly, the advertisement exposure will ensure that each of the transactional payments will be imposed on the affected individuals. Consumers will have the incentive to post an aligned social profile describing their interests (Ertemel, 2018). On the same note, marketers will pay the consumers directly without intermediary involvement. This will translate to higher incentives from high-value customers.
Consequently, Blockchain technology has helped societies to become more empowered and attain high levels of trust. It has also increased visibility and connected parties due to their contributions to transactions. Both marketing and advertising have been considered fundamental parameters in consumer dynamics. They have designed ways and measures which have impacted financial, strategic, and technological decisions. This move has helped companies develop new trust levels with consumers, which ultimately (Ertemel, 2018). Finally, it has connected the consumers with the products and services in a manner that is impossible without Blockchain technology.