88% of Marketers Believe Blockchain Technology Can Disrupt Marketing

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According to a soon to be published survey of 600 marketers by Emerging Insider Communications, “88% of respondents believe that blockchain technology has the potential to disrupt multiple areas of the marketing ecosystem in positive ways.”

Their main focus lays in loyalty programs, ad verification, consumer data and relationship management, with 85% of those surveyed being “open to receiving information from new or established vendors regarding blockchain capabilities,” suggesting a very high level of interest.

The survey further shows that “25% of brand marketers feel the technology will make impactful changes within the next year, 60% think widescale blockchain capabilities are three years down the road and around 20% believe it will take five years to advance that far.”

Interestingly, hardly any marketer knows much about Initial Coin Offerings (ICOs). 70% of brand marketers are unfamiliar with the ICOs while 63% of those familiar with the practice think promoting it should fall within investor relations firms and not traditional marketers.

Lack of education is of serious concern, with only 15% of marketers feeling sufficiently capable to speak to an audience about blockchain technology, while 75% think there needs to be an independent association which focuses on the blockchain space.

Strikingly, “72% of marketers across PR, advertising and social media firms believe their agency’s account managers do not understand blockchain’s capabilities,” with this lack of knowledge giving rise to fears among 39% of them that “scammers will look to take advantage of the marketing industry’s lack of information regarding blockchain technology.”

Only 10% of marketers have received information via an event or webinar, while 40% of those surveyed claim to have read an article about blockchain utilization in the past month, suggesting a gap in outreach.

The overall results, therefore, show there is strong interest in blockchain technology with almost everyone believing it has huge potential to disrupt the marketing industry, but there is lack of information and education, by which they probably mean there is no detailed book they can go and read to understand how blockchain tech can affect the marketing industry.

They therefore have to rely on websites like Trustnodes or scattered events, since formal educational resources are in very short supply due to the industry being at a nascent stage.

Their strong support for an industry association is also interesting. It’s what we’ve long been arguing for here at Trustnodes, some voluntary non-governing organization that can vet ICOs for a fee as well as provide best guidelines and other educational resources to act like a think-tank of sorts.

ConsenSys is probably best placed to set that up, or maybe even the Ethereum Foundation, as otherwise there’s a vacuum which would need to be filled by regulatory agencies or scammers may take advantage.

As this is a very new and developing space where innovation moves fast, it is best leadership is provided within this space at this stage, especially as outside it there is a lack of knowledge.

Moreover, educational resources are also required for new developers with some criticizing the scattered current approach which may increase barriers to entry when talent is in very short supply with far more skilled blockchain developers needed.

Especially since demands appears to be very high, so supply of educational resources in particular needs to follow, with the Ethereum Foundation and ConsenSys now sufficiently wealthy to be able to fund such industry association or educational outreach.

 

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