What Cryptocurrency Means for Marketing

Cryptocurrency might change the way our economies work and become a new foundation for future financial systems. This is far from being a fact at this point, but the disruptive potential is definitely there. E-cash might not end up being the paradigm shift many think it to be, but that is no reason to underestimate the change.

But what does the advent of cryptocurrency and blockchain technology mean for the future of marketing? Here is what we think the marketers should keep in mind.

A large part of the of the cryptocurrency’s appeal is a promise of anonymity. As privacy concerns grow among the consumers, it is not difficult to understand why a lot of them might turn to blockchain technology in an effort to reduce their digital imprint. This means one thing – the wealth of information we currently possess on users due to the platforms like Facebook willing to sell their data might be a thing of the past.

The information about the transactions has the potential to become completely anonymous, and that is a serious blow to marketers’ ability to study purchasing habits to determine customers’ preferences. The rise of new networks like Steem or SocialX means that there’s now an alternative to the established social behemoths, and while it might take a while for the general populace to catch on to this new world, dismissing it would be unwise.

This means two things:

• Marketers will need to figure out new ways to collect data about their customers and bolster their current strategies to stay afloat.
• In the decentralized future where blockchain technology has been widely adopted, marketers might need to go directly to consumers for the information they need.

Regardless of the impact of the cryptocurrencies on our current systems, we should be able to adapt to the future. It’s reasonable to assume that consumers will not wish to part with their data as easily as the platforms do now, not without a fair compensation. On the other hand – what could be a clearer indicator of interest in your brand than a consumer making a conscious decision to give up personal information?