Advertising & Marketing
Marketing is one of the essential business functions of any enterprise that wishes to compete in today’s time where it has become nearly impossible to differentiate oneself on the product level for a prolonged period of time. Digital ad revenue alone is a market worth more than $100 billion every year and it’s growing at staggering rates.
In face of the growing importance of this sector it comes as a surprise that payments, costs and ROIs in this industry often are so opaque, that industry experts have referred to it as a black box at more than one occasion. The problems are diverse. Only a fraction of every dollar spent by advertisers is eventually put to work by delivering ads to the desired target audience. The rest is used up by hidden fees, inefficient or unnecessary intermediaries and fake or bot generated views and clicks. Blockchain technology is capable of instituting verification steps that ensure that only earlier agreed upon fees and intermediaries are included in the process. Discrepancies are automatically reported and can be reviewed by the advertiser as well as the ad agency.
While greatly increasing the percentage of spending that eventually contributes to a measurable ROI, this use case of distributed ledger technology also reduces the influence of middlemen and increases their accountability. Lastly, the significance of crucial marketing ROI metrics is improved: smart contract can automatically issue payments to the ad agency as soon as an impression with pre-defined traits is identified, vastly reducing the risk of fake clicks and bot traffic. The mentioned advantages are crucial for today’s brands that see themselves confronted with the need to monitor and analyze the growing entity big data.
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