Cryptocurrency technology is quite new but it does create huge waves in various industries. Most specialists agree that cryptocurrency is going to change marketing and finance but most marketers still do not know that this is the case. The marketing world was already heavily impacted by cryptocurrency as experts work hard to understand the benefits and risks involved.
If you are a marketer, you need to pay close attention to what is happening in the cryptocurrency industry. This groundbreaking technology will make you approach campaigns differently sooner rather than later. While using cryptocurrency in advertising is still a long way away from being widely adopted and not much is actually happening at the moment, smart marketers know that they need to be ahead of trends.
So how does cryptocurrency influence marketing? Some of the things to learn more about are presented below.
Accessing Consumer Information Might Become Tougher
According to cryptocurrency experts at Cryptoext.com, digital currency use can make it tough for the marketer to collect consumer information that is paramount for advertising strategies. Statistics show that 86% of online users took steps to decrease or remove online digital footprints. Cryptocurrency can help this as it depletes how much consumer data becomes available.
At the moment, it is really easy for the marketer to gather a lot of information that can be used to attract new leads. It happens because of the platform that is used, like Google and Facebook. Such companies actually own data and you have access to it. Audience segments can thus be determined and marketers can easily test various ads in order to see what works best.
Cryptocurrency use means that buyer information is anonymous, encrypted and secure. Marketers will find it hard to actually figure out who made a purchase. People will end up being able to anonymize themselves and control disclosed personal information.
Due to potential problems with accessing consumer information, marketers now have to figure out brand new ways to get the data that is needed to create efficient campaigns.
Consumer Information And Attention Will Be More Expensive
One of the methods that can be used to go around the consumer data lack problem mentioned above is to directly pay users to gain access to personal information. With blockchain technology, it is the user that is in control. Since cryptocurrency use makes it incredibly difficult to see who bought a service or a product, directly paying users might be the only method that will be available, especially initially. This would obviously cost a lot more than using platforms like Facebook.
The advantage of directly paying someone for the information is that this creates a better relationship between the brand and the consumer. The disadvantage is that the platform that has access to personal information might end up charging more because of the value of such information.
Conclusions
To sum up, marketers that do not pay attention to what is happening in the cryptocurrency industry may quickly end up with huge difficulties in creating strategies and campaigns that actually work. Although at the moment we are at a hypothetical level, the two scenarios mentioned above actually have a really high possibility of happening.