Many think of Bitcoin or cryptocurrencies in general when speaking about blockchain, but this powerful technology is much more than just that, it has the potential to positively transform many existing business areas.
Among the areas designed to take full advantage of the thriving technology, a major one is advertising and marketing, especially influencer marketing.
What is Influencer Marketing?
Influencer marketing is a form of marketing within which the main target is on influential people instead of the target market as an entire. It identifies the people that have influence over potential consumers and orients marketing activities around these influencers.
Influencer marketing is used by brands to get their messages to a wider audience, while blockchain technology provides the necessary regulation for transactions between brand and influencer, ensuring transparency and ultimately providing security to all stakeholders.
Bloggers are the people with a big number of active, loyal followers on social networks, in the blogosphere and on other media on the Internet. They often recommend products and services and their audience usually responds positively, looking for and buying the same products and services.
It is this, positive response that marketers seek. The right influencer can bring huge dividends to a brand, but the trick for marketers and advertisers is finding just that influencer for their products and services.
The decline of traditional TV and the growth of social media have given rise to influencer marketing, now one of the fastest-growing categories in advertising and projected to be a $5 billion to $10 billion
Significant trends that affect growth in the global influencer marketing market:
● Close to a fivefold increase (5X) in monthly influencer marketing interest over
● Collapsing television viewership in the demographics where marketers are spending heavily.
● Time spent on mobile apps (198 minutes) exceeded
● Accompanying the decline in television viewership is the increase in digital ad spend, forecast to overtake television ad spend in 2016.
Blockchain ecosystem: Scalability approach and workflow
Different from other influencer marketing platforms in that its user base is bottom-up, starting from the very small nano influencers. A typical platform struggles with the sheer range of influencers they have to handle and reward, that’s one among the explanations nano and small influencers have fewer opportunities compared with their bigger competitors.
A blockchain-based application with a self-maintained quality verification framework brings an approach that lays the foundation for a highly scalable platform that is able to maintain high-quality standards.
In reality, most influencer marketing companies can’t guarantee demographic targeting or the regular release of electronic communication to strategically insert themselves into the consumer’s expertise. Brand executives might lack direct access to the influencers,
A Blockchain platform provides an opportunity to develop a solution that would leverage technology to add meaningful data and a much-needed structure to the market.