Blockchain-Based Solutions for Advertising Analytics
Like many industries, advertising is still trying to find its way with blockchain technology. However, several companies are already using blockchain to address advertising challenges, Brave browser being one well-known company. Brave aims to improve the web browsing experience by removing pop-ups and giving people a choice on whether or not to watch ads. Brave rewards consumers with BAT tokens for viewing ads.
Today we're going beyond the forward-facing application of blockchain technology in advertisements to talk about how businesses can analyze the data from those ads to their advantage.
Businesses often shy away from using blockchain. That’s understandable as blockchain is a newer technology that many have yet to grasp. However, it may be helpful to consider that blockchain technology is merely a tool to help you achieve the desired outcome.
Dragonchain uses blockchain to help businesses obtain quality and provable data from disparate systems. On-chain data gives businesses a better line-of-sight into their advertising supply chain and provides the tools necessary to obtain and analyze key performance indicators (KPIs).
On-chain data allows advertisers to:
- Track and trace data
- Reconcile transactions
- Provide immutable proof
- Fine-tune processes
- Prove authenticity of analytics
When businesses have quality data on the effectiveness of their advertising campaigns they can optimize ad placement and allocate resources appropriately.
Data Analytics in Advertising
To analyze the effectiveness of an advertising campaign businesses will collect data on market conditions, consumer response, competitor activities, and outcomes from multiple channels.
Ad campaigns often run in print media, social media, websites, TV, and radio. Information about the performance of an ad campaign will come from each of these areas and businesses must analyze what worked and what didn’t.
Dragonchain uses patented interoperability technology to connect any platform in an advertising supply chain to give businesses transparent and provably authentic data. The user-friendly platform allows advertisers to launch their own blockchain with just three clicks. Specific applications are written in any code language and deployable to any environment. This flexibility makes it easier for businesses to compile and consolidate all data coming from multiple channels used in an ad campaign.
Real-time Analytics with Blockchain
A significant benefit to placing advertising data on-chain is the ability for trustworthy real-time analytics. Businesses can establish a dashboard that lets advertisers analyze KPIs such as market conditions and consumer response as mentioned earlier. Analyzing ad performance quicker increases ad efficiency.
For example, if data from an ad campaign across print and social media shows the social media ad is underperforming the print ad, advertisers can stop funding the social media ad and reposition resources to other better-performing channels or campaigns. Advertisers can use blockchain technology to quantify success in real-time.
Dragonchain uses smart contracts to track ads allowing businesses to only pay for real-time verified impressions which can save the business from spending ad dollars on empty or fraudulent clicks. It's the data that comes from authentic verified impressions that have far-reaching implications in analytics. Knowing what ads are actually resonating with consumers and which aren’t will allow businesses to fine-tune their campaigns.
Predictive Analytics in Advertising
With ad performance and metrics on-chain, Dragonchain can then help advertisers use predictive analytics to better prepare for future outcomes. Predictive analytics uses historical data from both the advertiser and competitors, past overall market conditions, environmental conditions, and consumer trends with current conditions and trends to predict future outcomes.
Advertisers can use past performance data such as sales and marketing data, viewership, and consumer behavior to identify market trends from the past that will potentially shape consumer behavior in the future with great accuracy. This allows the business to identify effective and ineffective ad spends and adjust their strategies as warranted. Using blockchain in predictive analytics provides immutable proof that data sets are authentic and creates an environment of informed data-driven decisions and measurable outcomes.
Identity and Anti-Fraud
Like other industries, advertisers are not immune to data breaches, fraud, and regulatory requirements.
Dragonchain’s hybrid architecture allows for the segregation of data so that advertisers can track the viewership and performance of ads without exposing sensitive data. This mitigates the risks associated with storing sensitive data on consumers.
Advertisers know all too well that click farms are detrimental to their brands. These empty clicks offer no return on investment and zero engagement. Generally, large platforms like Google and Facebook do an acceptable job of identifying and removing bots for their biggest advertisers. However, large platforms can apply 90% of their bot detection efforts to large well-known brands, and not even address the smaller brands. So, how can smaller companies protect themselves against bots?
Dragonchain offers advanced behavior and proof-based capabilities to prevent click fraud and click farms. Our identity features can indicate whether or not the viewer is human. We aggregate data to determine how many clicks are being made if they are a match to other bot activity, and if there is a connection to anyone that we know is real all without exposing sensitive information.
Dragonchain also uses blockchain to transparently track the authenticity of the performance of the ad, the vendor of the ad, and the ad itself. This ability allows businesses to provide measurable proof to the SEC they are not engaging in any misleading ads when they file their annual disclosures.
Behavior and Motivated Engagement
Advertisers can increase engagement with ads by employing behavior incentives that go beyond views and clicks. Motivating consumers to take the next steps in an ad campaign increases the ad conversion rate and increases the potential for a long-lasting relationship between the brand and the consumer.
Dragonchain can help your business implement blockchain technology for better data quality and measurable analytics. Contact us today to get started.