Life in a digital world has created challenges for authenticity, where it’s near impossible to identify the origin of data and who has control over it.
Consider the recent Cambridge Analytica and Facebook scandal, which saw the harvesting of Facebook users’ profiles to predict and influence electoral votes in the Trump campaign.
As Facebook rushes to implement new privacy policies for its users and regain favour with advertisers, the damage may already be done.
This case unfortunately shows that the misuse of data is becoming increasingly common and at the expense of consumer trust.
Trust is an invaluable currency for brands, and is the main objective for marketers to build and maintain.
Blockchain is one of the most talked-about areas of technology today, but if we look beyond the hype and the headlines, this technology holds the promise to transform marketing and resolve the trust crisis.
Blockchain is a game-changer for marketers because it allows a single source of information that all parties can reply upon.
The ability to share a single, immutable set of records could be transformational in a wide range of marketing use cases, from content distribution to the transparency of ad exchange data.
New blockchain platforms for advertising, such as Bitcomo, ensure the entire cycle of exchange from publisher to advertiser is transparent and protected from fraudulent activity.
Power can be restored to consumers with secured personal data, while marketers can create a more targeted approach with greater visibility.
Accenture Interactive has outlined three steps for marketers to understand and harness blockchain’s potential to deliver transparency and re-build trust between brands and customers.
Act now
Marketers must take blockchain off the “too hard to do” list and educate themselves and their workforce (all employees, not just those in technology roles) about its potential.
Blockchain is not just a “deep technology” phenomenon, it’s a key tool for data democratisation.
Design for trust
To earn trust, marketers must be transparent. It will be important to design new navigation systems that simplify complex business processes and demonstrate transparency.
Once the trust crisis is addressed, we will see new services emerge, which will capitalise on far deeper levels of trust.
For example, marketers will experience greater transparency from the ability to track an actual impression (i.e. actual viewing, which is still under debate) and the ability for advertisers who make use of agencies or platforms to audit ad campaigns.
Open up for collaboration
Despite significant investment, scaled implementation of blockchain technologies in marketing is slow due to concerns about privacy, governance, protection and the high degree of collaboration required to share and store data. Marketers must collaborate with trusted partners to maximise blockchain’s potential.
Blockchain technology offers opportunities for transformative innovation in marketing in its ability to manage and control personal data. However, making the shift to blockchain requires more than action: from the outset, brands must utilise the technology to provide full transparency to both consumers and brands and ultimately solve the trust issue.
Accenture Interactive Australia and New Zealand MD Michael Buckley
Want to know more about blockchain? Carat chief digital officer Sarah James and head of innovation Robert Tilt will deliver the WTF is blockchain and why should media care? session at Sydney Media + Marketing Summit on May 4. Get your tickets here.