Better access to audiences, enhanced transparency, and improved ROI tracking, the influencer industry stands to gain from blockchain tech
With the rise of niche tech industries, San Francisco is no longer the sole hub of the tech world. The boom in cryptocurrency has led to the rise of a “Blockchain Valley” in Southeast Asia. As blockchain technology continues to grow, it is poised to tap into new markets and product domains.
At the same time, the social media revolution has brought with it a new wave of celebrities who have cultivated their followings on mass media platforms. These artists primarily use websites like YouTube and Facebook and apps like Instagram and Snapchat. Composed almost exclusively of millennials, they have been able to accumulate large fan bases who regularly watch for their new content.
Due to the decentralised nature of these influencer markets, brands and small businesses are having a tough time navigating the wide variety of marketing tools at their disposal. The blockchain offers a perfect solution for many of the problems that arise with influencer marketing, putting the technology in a unique position to revolutionise the influencer economy. Let’s take a look at some of the trends in this burgeoning field.
1. Influencer content will become assets
Though a variety of companies utilise blockchain-based influencer marketplaces, not many provide tools for those outside of direct media transactions. A few companies, however, are unveiling platforms that turn these ad campaigns into assets that investors can buy and sell in an open marketplace. One of the most interesting of these companies is Starflow, the brainchild of 21-year-old serial entrepreneur and disruptive-technology specialist David Gabor.
Starflow sets itself apart from similar companies through its support for both institutional and casual investors. Tools are provided for large-scale investments, while a mobile application simplifies investments for the average person. With influencer content becoming increasingly valuable in the modern marketing economy, investors should have their eyes on how blockchain technology is making investment in marketing campaigns a possibility.
As blockchain technology continues to manifest itself in more new industries, it will be important to pay attention to where it can have the most impact. Marketing’s decentralised nature makes it a perfect candidate for simplification via the blockchain.
Decentralised ledgers and smart contracts will allow for comprehensive marketplaces that contain influencers from every major social media platform. Blockchain transactions are by nature incredibly quick, and that speed will certainly be brought to tracking campaigns as well as media purchases.
In addition, the blockchain network provides a great framework, allowing investors to participate in the marketing economy and offering a completely new type of diversification. Taking all of this into account, it is clear that blockchain is uniquely poised to revolutionize the influencer economy, and in turn the larger marketing industry.
2. Tracking campaigns will become faster
Another advantage that blockchain technology has over traditional systems is its ability to streamline a myriad tasks across a variety of industries.
One of the applications of this speed advantage in the influencer marketing economy is that blockchain allows for simple and swift tracking of data about companies’ ad campaigns. Blockchain ledgers and smart contracts allow data to be collected from all platforms as a campaign is running, and can aggregate that data for collection at lightning-fast speeds.
With data from any social network available in one central location, it will be easier than ever for companies to obtain real-time data analyses on the status of their marketing pushes.
3. Media buys will get quicker
In addition to streamlining the process of gathering data from scattered sources, blockchain technology also streamlines media buys and sells. Although many of the marketplaces that are cropping up have their own protocols for negotiation, decentralised ledgers will allow money transfers to occur more rapidly than ever before.
In the world of influencers, where these stars depend on the ability to quickly secure returns for their content, an improvement in transaction speeds could prove to be a major draw, bringing influencers to the blockchain.
4. Marketplaces for influencers will appear
One of blockchain tech’s biggest advantages is that the technology is able to take data from a number of sources and present that data in a single place. This will prove invaluable in the world of influencer marketing, where stars are spread across half a dozen platforms. Influencers will be allowed to list their services in a marketplace where both large brands, and small businesses will be able to search for the perfect candidate for their marketing campaign.
Many of the platforms cropping up in this area are offering keyword searches that make finding the right fit for a brand easier than ever. By applying the blockchain, users will be able to quickly navigate among many different kinds of content creators on one central and simple platform.
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