Marketing is one of the most important operations in a business.
Without market awareness, even the best product, in any category, will fail to make sales. Naturally, businesses exert a strong focus on their marketing efforts, but it wasn't until the '08 Crisis that enterprises' CFOs began to scrutinize on the budgets of marketing managers.
For long, there wasn't any way to measure the effectiveness of a marketing campaign. It was only when the digital ads made a market entry that the ROI on a marketing campaign became a measurable statistic. Today, businesses keep a close eye on the ROI on any marketing campaign as these are essentially investments. While modern-day marketing is heavily cored on metrics, the truth behind those numbers is quite gray.
Advertisements on digital platforms take many forms; while banner ads have been a staple since the dawn of the internet, cookie-based remarketing campaigns and influencer campaigns are facing tremendous growth in usage.
Many established media agencies have admitted that much of the statistics touted in the ad market are grossly exaggerated. In fact, some estimates put the inaccuracy of statistics in the marketing industry at a staggering 86%. Given the importance of marketing campaigns, and the fact that both small and large businesses must utilize them, such a high degree of inaccuracy in metrics utilized by advertisers leads to immense inefficiency in the usage of funds.
A new marketing start-up aims to disrupt the status quo by bringing blockchain-enabled proof of reach and transparency to metrics.
Setting the Record Straight
Bidooh is extending the utility of blockchain technology into the real world. The start-up's novel idea plugs powerful censors into billboards, and that data is then recorded on the blockchain. As blockchain records are immutable, the statistics/metrics gathered Bidooh's censors would present an honest performance of the billboards.
This will give advertisers a genuine idea of the underlying ability of a billboard located at a specific location.
Rather than just pitching clients to advertise on the maximum number of billboards, Bidooh will keep the metrics visible to them, thereby taking a disruptively honest approach to building an advertising business. Blockchain technology will allow Bidooh to give an innate proof of the authenticity of metrics, something its competitors cannot provide.
Business advertising via Bidooh's billboards will have the opportunity to access genuine data that will allow them to build accurate ROI models.
Meanwhile, the sensors built into Bidooh's billboards will capture valuable data about board viewers. Collectively, these two factors will allow advertisers to build the most effective ads that will allow them to target the locations that have the greatest reach to their target market.
In time, as Bidooh's blockchain-enabled backend will provide transparency to correct market metrics, advertisers will be able to build effective ads and develop positive ROI campaigns. This will help Bidooh build a dedicated client base, paving the way for blockchain's utility to in the physical world.
Essential Links
🌐 Website: https://bidooh.io/
💡 Whitepaper: https://bidooh.io/whitepaper/whitepaper.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=5045547
💻 Telegram: https://t.me/bidoohio
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Interesting - if I was a business owner I would love to know how effective my advertising was. This is easy enough to measure online, but not so much with physical advertising. Billboards have been lacking for a few years now so this could be the way forward.
Will be interesting to see how this one goes!
Very true. This development evens the scale between digital and physical marketing.
Yep! Huge potential, but the crypto space is so overcrowded at the moment that this may not shine through. I hope so because it sounds really good
It has received investments from Okex so I'd say it has earned some (major) industry recognition already :D.
Thats pretty good news then!
blockchain can make most things honest
The transparency factor is a major value offering of most blockchain-powered products.
These days advertiding and marketing agencies are beginning to venture into cryto world.
True, but this is the first attempt to use blockchain technology to target the physical world.
Hi @hatu
It's funny that I believe it now. But in the past I used to work as a programmer and yet I believed that programmers are a core of a business. hehehe :D
ps. I've never heard about Bidooh before. Thx for this informative post. I wonder if this project will really become useful in marketing area.
Cheers, Piotr
People often miss a key point: even the best in a certain niche won't sell if people don't know about it.
The key is making the marketing operations an investment rather than an expense.
I completely agree with you @hatu
Most of the time I have impression that marketing is treated by many as "necessary expense" instead of opportunity.
Thanks for your reply.
Yours, Piotr
I expect as honest metrics make their way into the marketing sphere, the impression of it being an expense would change and it'd be seen more as an investment. Positive change.
@hatu sir, transparency, immutable nature are among key factors of Blockchain, therefore, Bidooh project can be one of the best usecase.
Absolutely!
Really, blockchain technology very helpful for many sectors, and Bidooh one of them!
Bidooh could have a major impact on physical marketing channels, beyond the billboards in its own network. I will discuss this in some detail in a future post.
Thank you for this useful post. Hope you don't mind if I like and share this post :) have a good day!
I welcome all resteems.
I am very bullish on Bidooh, I think they have a great idea here and love that their MVP is working. I wrote a long review piece on them, If you had time could you check it out and let me know what you think?
https://steemit.com/cryptocurrency/@cryptoguru1/bidooh-making-decentralised-digital-billboards-a-reality-a-truly-impressive-platform-in-the-blockchain-space
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