As one of the biggest trends in tech, blockchain took last year by storm. Although things have changed a bit since then, this is still one of the strongest sectors of tech, leaving many entrepreneurs concocting new blockchain technologies every day. And if this has been a project you’ve been interested in, then we’ve compiled a few helpful tips on how you can get started. Check them out below:
Establish A Market Need
Although crypto saw a huge rush in 2017, things have since slowed down in regards to the hype train. After investors were burned on ICO failures, as well as the crashes of Bitcoin and Ethereum, we started to enter a bear market. While that doesn’t necessarily mean people are backing out of blockchain in general, it does mean that a certain level of normalization is happening that mirrors the rest of the tech industry. After all, can you name one blockchain product you’re using in your day-to-day life? Most likely not, which is why your project needs to establish its market need first.
Don’t get us wrong, establishing market needs is perhaps one of the biggest hurdles most startups face. In fact, according to CB Insights, nearly 42 percent of all startups fail due to not finding a market need, meaning they couldn’t find the customers necessary. To prevent this, ask yourself not only why there’s a need for your product and who would use it, but why this project needs the blockchain. As much of the goal with blockchain is decentralization, and if you’re putting your project out as a token or coin as a fundraising mechanism, then you might need to reconsider why you need to be on the blockchain as well as how autonomous it is.
Branding Is Everything
Once you’ve established the market need for your blockchain project, it’s time to start assessing the branding for this. While an often overlooked aspect of building consumer trust in tech, branding is everything, especially for blockchain companies. As your aim is not only to get people to try something new but do so with a currency they’ve never used before, there’s going to be a level of skepticism you need to move past, which is why branding is such an important aspect for building that relationship.
A good place to start with branding your blockchain company is first by looking at the impact or change you want to make in the world, as well as why others are going to want to be a part of it. According to LucidPress, 64 percent of consumers cite shared values as the primary reason they do business with a brand over any other, which is why mastering that commonality is so crucial. Take the time to map out a brand mantra or mission, including why you exist as well as the impact you’re looking to make. Even if it’s just by a little bit, the change you want to see is something your potential audience will want to resonate with as a big part of blockchain is feeling as though you’re on a new frontier.
See What The Experts Are Investing In
While it’s not always wise to try and mimic what’s already being done (unless of course, you have the resources and experience to do it better), it’s not a bad idea to see what has been invested in to ensure you’re not entering too crowded of a space. According to Coinschedule, there’s been approximately $21.7 billion invested in ICOs this year alone, which is a pretty staggering figure considering how many companies that truly is. However, as there are only so many avenues to go down with crypto, you need to be strategic with your approach to what you’re doing as well as how you’re going to market yourself.
A smart strategy is to get in the habit of checking crypto news daily, such as who is getting investment as well as what’s happening in terms of regulation. Make a list of experts who are actively investing in the space and sharing their investment advice, such as Tom Zaccagnino. As you start to get in the habit of these practices daily, you’ll start to pick up on bigger picture trends, allowing you to stay ahead of the curve in regards to what’s coming next in blockchain.
Don’t Forget About Social
Finally, as you’re starting to get ready for launch, it’s important to get started on your social media accounts ASAP. Not only will this prevent scammers from making dummy accounts at hopes of getting people to send them wallet addresses but it will also give you a chance to start developing an audience with some engagement. Plus, as one of the primary ways to start building a customer base (as well as potentially those who will buy into your ICO), it’s never too early to start constructing your strategy for social.
When analyzing your audience for social, start out by asking what demographic would be the most advantageous to target. For example, if you’re going after a younger generation, then as noted by Pew Research, Instagram would be your best bet, bringing on approximately 71 percent of 18 to 24-year-old social media users. It’s also wise to come out of the gate with engagement; agencies like Social Gone Viral can help with developing authentic audience behaviors. Remember, as social can be a great way to build your audience, it’s also a strategy for learning more about what they think about your company, so make it a concerted effort to hop on every day and engage with them.
What are you most excited about in launching your first blockchain project? Comment with your insights below!