Last month was a major win for cryptocurrency companies who wanted to advertise on Facebook. Previously, any advertisements around cryptocurrency had been banned due to Facebook deeming them a “misleading or deceptive promotional practice”. Late in June, however, they reversed their decision and decided to allow certain pre-approved companies to promote cryptocurrency with advertisements on their platform.
Cryptocurrency ads on Facebook will roll-out slowly to start. Any advertiser who wants to run a crypto ad will need to submit an application. In addition, ads for binary options and initial coin offerings will remain banned for the time being, although Facebook is open to further changes down the road.
If you’re running a marketing campaign in a crypto-based company, the implications are obvious: you have an important new channel to leverage. It may also have an impact on companies such as Google and MailChimp who followed Facebook’s crypto advertising ban.
While previous Facebook changes have been a bit simpler to adapt to this is a bit trickier. However, there will be an impact for marketers in other companies, too. Cryptocurrency and marketing are surprisingly intertwined. Here are four of the most interesting implications that cryptocurrency will have on the marketing industry:
1. Proprietary Information Will Be More Valuable
As cryptocurrency and blockchain use increases, it could become more difficult to gather information on consumers (who are already trying to decrease their digital footprints). This is because their purchases will be anonymous and impossible to track back to them. Because of this, platforms that do have valuable information will be able to more judicious with whom they share it with and how much they charge for it. It’s important to gather and use all the information you can right now while it’s still easy and affordable to obtain it.
2. Smart Contracts With Third Parties
Contracts built on top of blockchain technology will change the way that third-party contracts are executed, especially when it comes to marketing. Smart contracts can be created that issue payment automatically upon completion of a task. This could change the way marketing contracts are written. Affiliates could be paid automatically for each acquisition. Consultants could be paid bonuses when a specific metric is hit. You’ll have more freedom than ever to control your outcomes with controlled goals and budgets.
3. Ad Delivery Will Be More Powerful
Blockchain has the chance to ensure that the reports you pull are completely accurate. For video advertisements, you can confirm that your target audience watched a video for a specific amount of time. Ads that get delivered to non-active browsers can be scrubbed automatically. You’ll be able to target in real-time and enjoy more accurate information to analyze performance. Best of all, you won’t have to pay for impressions that have no chance of converting.
4. Access to a Powerful Cross-Platform Customer Views
The last thing you want to do is oversaturate customers will ads or content. If they see something too many times, it’s likely that they’ll be turned off. If they don’t see it enough, you’ll minimize your chance of converting them. Furthermore, you don’t want to pay for multiple impressions to the same person. Blockchain can help you track customers across multiple devices and platforms, allowing you to optimize delivery to levels you never before dreamed of.
As we wrap up, it’s important to understand that blockchain will not change the world overnight. Blockchain is a foundational technology, not one that can be layered on top of an existing structure. Because of this, many of these implications between cryptocurrency and marketing may take five, ten, or even more years to take hold. Facebook’s decision, however, was not made lightly. It shows that cryptocurrency and blockchain are likely to be a major part of our future. In order to make sure you’re ahead of the curve, it’s important to be ready too early rather than too late.