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Blockchain: How Will it Impact Digital Marketing?

The marketing industry generates billions of dollars every year. After all, every company needs ads and various marketing strategies in order to reach their target consumers.

Forrester, a leading market research company, even said that by 2021, digital marketing costs will reach $120 billion. Unfortunately, about half of ad traffic is created by bots. It’s a decidedly dishonest practice, especially when you consider how much money companies put out just to reach prospective clients. But this practice might soon come to an end once businesses have a greater capacity to focus on specific customers.

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It’s a good thing then that digital marketing is very dynamic and open to change. It easily adapts to new technology and the shifting perceptions of customers. At the moment, there’s one tech advancement that has the potential to change digital marketing (and the world) like never before – the blockchain.

What is Blockchain?

Blockchain might seem too technical for most people to fully grasp, but it’s a fairly simple concept. The technology is essentially a public ledger that stores and distributes data. More importantly, everyone that uses blockchain can see and share all its data and by doing so, each user plays a role in keeping it updated and transparent.

The system works by keeping data stored in a chain-like pattern and the transaction history is stored in “blocks.” Information stored in a blockchain can only be added to. It can’t be changed or copied. If someone were to attempt to change the history or hack the system, the ledger would have to be updated on all the users’ computers. Considering the number of users in a blockchain, this would be almost impossible to do, making the service very secure.

How Will it Impact Digital Marketing?

Blockchain is often linked to cryptocurrency. It’s decentralized nature, the freedom it offers, and heightened cybersecurity features makes it perfect storage for virtual money. However, blockchain also has a major impact on digital marketing.

It Will Take Out the Middleman

There’s always a middleman in digital marketing which means businesses only get half the value of what they have paid. Blockchain can do away with these intermediaries and help create better value for marketing campaigns.

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With a blockchain, companies can forego the ad buy process and just target their prospective customers directly by paying them to view the ads. Businesses can use “microcurrencies” that customers can avail of once they’ve proven that they have watched the ad. The Brave browser has already started this, using their Basic Attention Token (BAT) to ensure that companies only pay for the ads that have been viewed by a real person.

Trust is Built With Transparency

One concern that companies have with online advertising is that it’s virtually impossible to know if the stats provided are accurate. There’s no way to check if the counted site clicks or followers are real customers, or even real people, for that matter. After all, ad companies can hire “clickers” or use bots to boost ad stats so distributors can charge higher fees.

Blockchain will definitely have a significant impact here. Since the system is encrypted and transparent, companies can easily check if those viewing their ads are part of their target audience or not.

Improves Accountability

There’s nothing more disheartening than spending your hard earned cash on a counterfeit product. Blockchain can lessen the odds of this happening by improving merchants’ accountability in every step of the supply chain.

Blockchain’s vaunted digital ledger system enables transparency that cannot be tampered with. Customers can check details like where the product came from, if it’s legit or fake, whether it’s bought from a physical store or an online action. Simply put, blockchain empowers the customer and improves their buying experience.

There’s no question that the idea behind blockchain is a powerful one. The technology has the potential to impact cryptocurrency, digital marketing, and customer experience. The system is still in its infancy but is expected to see significant growth in the coming year.  

The post Blockchain: How Will it Impact Digital Marketing? appeared first on WebProNews.


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Should You Outsource Digital Marketing for Your Business?

For most companies, digital marketing is essential to growing and retaining their customer base. Unfortunately, a lot of businesses are in the dark when it comes to implementing and managing this type of marketing strategy. As a matter of fact, an informal poll conducted by Smart Insights revealed that half of the businesses that use digital marketing don’t have a working marketing plan to go on.

But before you hash out the details on when and where to launch your digital campaigns, you’ll first need to figure out who will get the job done for you. There are two approaches to tackling this problem: go in-house or outsource.

The Case for In-House Digital Marketing

A lot of companies take advantage of the abundant resources, current online technology and available information on strategies and techniques to manage an in-house digital marketing group. After all, there are several advantages to going this route, most important of which is saving money. Hiring a third-party marketing agency can be relatively expensive considering you’ll need to cover their costs as well as their “markups”. Another advantage would be having a dedicated team who knows the company’s specific goals and are working on a documented digital marketing plan. 

However, one major problem that an in-house team often encounters is the steep learning curve employees without the relevant skill set face. More often than not, this would cause a slower ramp-up time for marketing campaigns. It’s also a sad fact that more than half of in-house digital marketers are ineffective because they learned about the system on-the-job, and did not undergo any official training.

Choosing to Outsource Digital Marketing

Outsourcing your digital marketing needs can be very beneficial, particularly if this task is not your forte. Tapping the services of a digital marketing group can give you several advantages, like having a team of experts readily available. This means that you won’t have to worry about a marketer going on a vacation or taking a sick leave. Your marketing needs will always come first, regardless of whether there’s a holiday or not.

One big advantage of using a digital marketing agency is the insight it can give your business. Employers are often so consumed by the day-to-day running of the company that they don’t have time to understand the business more deeply, like studying what brings prospective clients to the site or how to optimize the company’s online presence. An unbiased set of eyes will give you a new outlook on how to handle your marketing needs. These marketing experts are also likely to be more up-to-date on the latest techniques and strategies being utilized in digital marketing circles.

Perhaps the most important benefit outsourcing your digital needs give is that you get to focus on what’s crucial to your company. Businesses who opt to outsource do so in order to keep the marketing process separate from the company’s core operations. By being distinct, the marketers have more freedom to develop and execute winning marketing strategies and keep up with changing business needs.

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Should You Outsource Your Digital Marketing Needs?

Before you make a decision on whether to outsource your digital marketing needs, take the time to determine what you really need in terms of marketing. You should also consider the following when you begin your search for an outside marketing agency:

  • Your Company’s Key Performance Indicators (KPIs): Knowing what your KPIs are will help narrow down what you need help with and what the marketing agency can do for you. KPIs will influence the strategy the agency will suggest, as conversions, traffic, cost and revenue per lead are key KPIs for businesses. Which means this is the first question any reputable digital marketing company would ask. Consider it a red flag if the agency doesn’t inquire about it. Conversely, you should also ask digital marketing specialists what they think about your KPIs and how to optimize it. A good company would help you pinpoint weaknesses in your current marketing strategy and introduce new ideas and strategies to help you get the best results for your business.
  • The Digital Agency’s Track Record: Don’t take recommendations at face value. Do your due diligence and check the marketing company’s track record. Ask what types of clients they have handled before and their success record. Most agencies would have case studies and a portfolio on hand. But bear in mind that some clients do ask for non-disclosure agreements (NDAs). However, agencies that can’t provide a single client to show or refer should not be taken seriously.

While there are other factors to consider, the bottom line is that outsourcing your digital marketing needs would depend on what you actually need. If you want to hit targets consistently and predictably then maybe an in-house team is the way to go. But if you want to focus all your energy on the core aspects of your business, then a digital marketing agency can save you time and offer more flexiblity.

The post Should You Outsource Digital Marketing for Your Business? appeared first on WebProNews.


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