Blockchain is an extremely complex and very impressive, very layered technology. Because it is new, no one really knows everything about it, but everyone seems to know a little something. But at any point in time, a quick Google search and multiple articles can give you your own perspective on the subject.
From a digital advertising point of view, the question that marketers are really asking today is whether Blockchain simply is just a new digital advertising buzzword, or does it really work?
It is a fact that in today’s day and age there is lack of trust and this technology really promises plenty of benefits.From enabling 100% transparent buying & selling to putting the audience first, Blockchain truly creates an environment devoid of ad-fraud.
It lets the consumer control the information that goes back to the advertiser. With users remaining anonymous, the advertisers still get an opportunity to know more about who their potential consumers are, based on who is engaging and interacting with their ads. This helps an advertiser to plan better & optimize even better.
Because there is a record of transactions between all involved parties, there is complete visibility of where and how the allocated marketing rupees are being spent. This enables a more accurate attribution of media deliverables and eliminates a lot of pain-points / issues in the process.
NOW COMING TO THE REAL QUESTION IS, DOES IT WORK?
Giants like Unilever and P&G have been executing a series of pilots and experiments to determine best use-cases of the technology. Unilever quite recently completed their regional pilots where they used the technology for tracking advertising spend, with “zero leakage” in media investments. In-fact there are a lot of other global examples on the application of this technology in digital advertising. Brands like Nestle, Mc Donald’s, Virgin Media have also begun their testing.
In India, we tested it out with CEAT Tyres by launching a first in category blockchain campaign. We were quite impressed with the kind of media efficiencies it drove. It reduced the effective cost per viewable impressions by a very large percentage, thereby delivering an additional 52% value on the media plan. With the success that we saw, we have begun to test this for other brands too, with modified applications.
THEREFORE, WHAT IS THE VERDICT?
With the success that we have seen, we can establish that this technology truly has the potential to evolve the traditional way of media buying and planning. With digital being at the centre of all media, including traditional, this is a big trend to watch.
The question is, can it deliver everything that it promises, even at scale? And consistently?
Does it also have the potential to deliver on an idea?
The answer to both questions is a big deterministic YES. The technology is very new, which means we would see a lot of creative applications. As it evolves, we would see media efficiencies being delivered at scale. Therefore, it is wise to test, learn and accordingly invest.
Authored by Prachi Karan, Sr. Media Director – Isobar India