3 Keys to Survive in the Blockchain Landscape
Get yourself prepared before adopting blockchain in your business.
It is undeniable that blockchain and cryptocurrency have gained popularity in most business conversations in the past years. Its huge potential and prospect have not only given confidence to investors but also piqued the entrepreneurial side in all of us to start a blockchain business. According to recent statistics, the average number of monthly ICO went up from 8 to 200 and ICO investments have increased 16 times — all within one year.
Despite this tremendous growth of blockchain adoption in various industries, numerous startups have also bore witness of the great challenges in starting a blockchain-integrated business. We can learn this fact from Jack Ma, the founder of Alibaba, about starting a business.
“Today is hard, tomorrow is worse, but the day after tomorrow will be sunshine” — Jack Ma (2016)
Running a startup is never easy. Adding blockchain technology into the mix would introduce different kinds of challenges. But to get to that sunshine, what better ways than to get yourself prepared by anticipating the upcoming obstacles?
Here are the 3 survival guides to venture the blockchain landscape:
1. Incorporating Blockchain Technology
The very first key is simply to assess whether the integration of blockchain is feasible and optimal for your business model.
There has been a common misconception that this digital world is free from regulation and legal processes. But that is not the case, because extensive and relevant knowledge of blockchain regulation is critical to avoid future legal issues. Regulatory issues is a widespread problem for blockchain adoption globally, because different countries have different frameworks to regulate its application.
Correct understanding about the terms and processes are also part of this obstacle. Since the market has been flooded by enthusiasts & incorrect information floating around, misinformation became the risk for interested parties. The most common mistake is people just diving into the market without familiarizing themselves with the intricacies of blockchain.
Any new blockchain company has to familiarize with the blockchain legalities & technicalities before incorporating blockchain technology. Thorough process of assessment is crucial for a sustainable growth of your start-up.
Due to these legalities and technicalities, new blockchain company should consult with an expert in the field when deliberating the decision.
Interested to incorporate blockchain? Find out where to start here.
2. Promoting Brand Awareness
Like any other businesses — or even more for blockchain businesses — market presence is key to success.
This key may sound simple because great marketing skills may just do the trick, but there is more than just marketing that any blockchain startup needs to build a strong brand and sustainable user acquisition.
The current best way to build brand awareness is through thought leadership. Whether it is writing syndicated blog posts, contributing op-eds and quotes or participating in education and commercial conferences, businesses should aim to get themselves be seen in front of many eyes as possible. High traffic websites and engaging social media accounts are also a part of the digital marketing efforts that would need to be maintained throughout and strategically targeted to the correct audience. Hence, the need for not just any marketing team, but one with an understanding of blockchain, must be addressed.
3. Talent Sourcing
Finding the A-Team may not be as easy as putting up a job opening announcement in a shopfront.
As what the previous obstacle proves, the challenge for blockchain company is to reaffirm its legitimacy and market position to their community. This entails the need of establishing a high-performance team with real experience and strong technical skills. However, this becomes an issue as there is a scarcity of talent with good blockchain knowledge today.
Especially with the evolving nature of the blockchain technology, your blockchain-integrated business must stay relevant and informed with the latest crypto updates. A team with the hearts and mind for blockchain becomes key to grow your business.
Getting attached with a blockchain marketing consultant is the best solution to conduct these 3 key processes.
From deliberating the need of incorporating blockchain technology to building strong brand awareness and talent team, they all entail a substantial level of expertise both in the crypto and marketing field for your business to adopt blockchain technology and survive the market.
After you have done these 3 key processes, your blockchain business may be up and running.
But the question rises: “For how long?”
The blockchain landscape is no newly furnished highway. There are numerous obstacles to be anticipated before venturing further into the blockchain landscape.
You would not want your business to simply survive, you want it to grow and prosper.
This is why a complete guide about the challenges of starting a blockchain business will be your primary key to success.
Turn your blockchain business idea into a real success by learning this ultimate guide to overcome major obstacles in the blockchain landscape!
People fear the unknown & miss the opportunities.
But you don’t have to be. Let us plan your next move!
At Principal Strategic, we talk, discuss, brainstorm and execute innovative ideas of marketing blockchain projects. Our extensive knowledge about blockchain and priority of your business growth allow us to provide tailored and innovative solutions for you to propel your business beyond these obstacles. We have worked exclusively with revolutionary enterprises such as Tokenize Xchange and World Trip Singapore. Check out our website to see more interesting blockchain businesses we have worked with.
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References
D’souza, V. (2018, April 5). Five Challenges Blockchain Companies Face While Working With Banks. Entrepreneur. Retrieved 11 January 2019, from https://www.entrepreneur.com/article/312489
Milosevic, V. (2018, August 13). 7 key challenges that all blockchain startups should know about. [Cofound.it Blog]. Retrieved 11 January 2019, from https://blog.cofound.it/7-key-challenges-that-all-blockchain-startups-should-know-about-4e40b0b208d6
Radocchia, S. (2018, February 16). 4 Challenges Facing New Blockchain Companies — Chronicled. [Chronicled Blog]. Retrieved 11 January 2019, from https://blog.chronicled.com/4-challenges-facing-new-blockchain-companies-f9cd8911d9d8
