In the 11th May 2019 Digital Bytes edition, we looked at how Blockchain technology was being used by Pepsi to help make money being spent on digital advertising to be more efficient. Pepsi had found that it was paying for “click” advertising, where up to 48% of the “click-throughs” were wasteful. Earlier this year Lucidity, which been working with the International Advertising Board Tech Lab’s Blockchain Pilot program to help improve the efficiency and cut down on the waste in digital advertising, claimed:
· Only two out of three in-app mobile impressions could be confirmed, with nearly one-third of impressions were flagged as questionable inventory.
- Overall, impression match rates improved by 13% and click match rates improved by an average of 22% when optimizing campaigns against these discrepancies. For example, one campaign experienced a conversion rate increase of more than 214% by eliminating discrepant impressions and clicks.
Therefore, it was with interest to read the announcement this week that MacDonald’s, Virgin Media and Nestle are collaboratively working on a Blockchain-project, with an aim to create greater transparency regarding online advertising.
Kat Howcroft, senior media and budget manager at McDonald’s, said:
“This technology offers us the opportunity to see a truly transparent picture of our investment across the digital supply chain. We are also eager to understand the potential impact that this may have on out ROI and efficiency”
and is designed to address the challenges that have long been a factor for online/digital advertising – fraud, inefficiency and lack of transparency. Originally, online/digital advertising promised precise accountability with accurate detailed data. The problem is that there are so many players involved in an advertising campaign — each with their own systems and procedure — that the advertiser ends up with a lack of transparency.
Jicwebs is using a specialist London-based tech firm (Fiducia) with its Blockchain expertise, to enable collaboration with other different parties in order to reduce wastage of non-impressions, bad practices, and fraud, together with the aim in rebuilding trust and offering greater transparency.
Earlier this year, Procter & Gamble chief marketing officer, Marc Pritchard, called on the industry to create a new digital ecosystem and admitted that brands had been “overwhelmed by big data and intimidated byalgorithms“.
The fact remains that there are two key problems in the digital advertising world that could be solved through Blockchain technology – clarity and billing verification. If, by using Blockchain technology advertisers can have more trust and greater transparency, their advertising spend can hopefully be more efficient and create better results.
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