The evolution of traditional contracts to smart contracts for Digital Marketers.
I previously wrote about an upcoming PCADE Profile feature. It is now time to talk about how this could be used in a new Digital Marketing Marketplace on the blockchain.
There is an argument to be said, if it ain’t broke don’t fix it. To many, the traditional contract between digital marketer and client functions just as it’s supposed to and there is a lot of corporate processes in place to operate just fine. So is there really a need to even create Digital Marketing Marketplace on the blockchain? Will digital marketers even interact with smart contracts? Given today’s circumstances I would say no, but that contradicts every “forward thinker” cell in my body, because all signs point to, yes, traditional contracts will be replaced with smart contracts. Let’s dive a bit deeper.
Here is a list of inefficiencies that currently exist in PPC that can be solved with smart contracts:
- Re-usable contract templates — each time you secure a new client, paperwork has to be drafted that lays out the legal language that says both parties promise to do and not do certain things. Sometimes lawyers have to get involved to red-line things that are ambiguous, unclear or lopsided. Often times you may even find yourself shooting yourself in the foot by submitting to a clause you don’t really think is necessary but sign anyway just to get it over with. Imagine if you didn't have to do that anymore, instead you spawned a smart contract where the conditions were clear-cut, the time frame was set, success was measured by certain metrics and paid when those metrics were met.
- On time payment — client’s will sometimes delay their checks, argue about hours clocked in, or even ghost you entirely (especially if you are just starting out). Smart contracts can make sure you don’t run into these issues by accepting the deposit first or you can create your own conditions for the such as getting paid every 7 days automatically.
- Audit Tracing — this is huge in the regulatory world, where compliance is everything. Everyone is scared of the legal review team or medical legal review (MLR) team and everyone is ready to point the finger. Higher education wants to keep their accreditation and Pharma companies need to follow strict rules to avoid fines and penalties. Agencies who take on these accounts have many sleepless nights because of the amount of pressure hence the need to have 50–100 sized teams just to make sure nothing goes wrong and to have a layer of responsibility on each level. Smart contracts might be able to simplify this process and cost-contain just by using the blockchain ledger. Nothing can be edited, you’ll know exactly who did what at what time and no one needs to point the finger. It’ll make for a much easier conversation where both parties can realize where the mistake happened and improve.
- Tracking Campaign Optimizations — have you heard your client say the following, what do I even pay you for? do you really do anything to the campaigns?, how come I am not getting any sales? I need to see a report we need to get on a zoom ASAP? And you find yourself rage quitting? Getting such changes to the campaign would updates transparent and easy to understand so you aren’t repeating yourself, the client isn’t making assumptions and you let the performance speak for itself.
Add the ability to verify a digital marketers creditability, experience and reputation via a public and shareable PCADE profile, you may actually have the birth of a new Digital Marketing Marketplace on the blockchain.
Here is a list of inefficiencies that currently exist in PPC that have potential solution already on the blockchain
Click fraud — BRAVE browser has actually come out with their Basic Attention token, where you get paid a BAT token for looking at ads and hence you are more likely to click on the one your interested in. Instead of being forced to consider top search results being placed there by your highest bid and having a bot just run through your clients budget with automated clicking via anonymous bots.
My aim is to educate digital marketers so they aren't confused by the blockchain but instead, embrace it. The concept of blockchain is to decentralize so we build a platform based on the ideas of the community, that benefit all of the users of the community and not just a few top individuals. We have a discord where we discuss these ideas and our team is actively engaging in discussions to execute real ideas together and to make the Digital Marketing Marketplace on the blockchain a reality under our terms.