The decentralized and “trustless” exchange of value that Blockchain technology affords is ultimately poised to influence the trajectory of any industry where significant value is captured between transacting parties.
This outlook addresses that influence on Marketing, and more specifically the marketing technology (MarTech) ecosystem, which has seen dramatic year-over-year expansion.
Traditional vs. blockchain stacks.
Blockchain technology has a myriad of potential impacts and implications to MarTech and Marketing. In this outlook, we have only truly scratched the surface of a number of these topics, but it must be considerate the discussion with deeper explorations on key topics, including:
- The CMO and Marketing Skillsets
CMO needs to prepare for forthcoming changes to the role of Marketing and the re-balancing of control with the consumer, as well as the necessary polarization of their skillsets. CMO must be attend to implications of tokenization (coins) to the marketing process and the opportunities for marketers and other topics as downstream impact of blockchain on traditional marketing vehicles including TV, radio, outdoor, etc.
- MarTech Applications
While the timing of the impact of Blockchain technology on MarTech applications is certainly to be determined, the progression of marketers to frictionless transitions between MarTech suppliers will be imminent. As a corollary, we will also discuss the challenges of the entrenched MarTech suppliers in their decision to migrate to blockchain technology. In addition, it will must be considered the interplay with other current disruptive technologies on this paradigm shift – from big data and machine learning, to artificial intelligence, to virtual and augmented reality, and quantum computing.
- Customer Data, Permissions & Privacy
Marketers will they must focus on the value exchange of data between the marketer and consumer and how this will directly affect several example marketing scenarios across industries. They will also must consider the potential benefit to marketers in the inversion of their current burden of data quality management to an advantageous environment of leveraging certified data from the blockchain. Increasing customer desire for Privacy – exemplified by regulations such as GDPR – will continue to fuel this change and will potentially be enabled by blockchain.