4 Effective Strategies Implemented By Domestic Blockchain Companies
Domestic blockchain companies should not be under any illusions about the challenges they face to be viable in the market.
For every success in this industry, there are dozens of failures where common mistakes and mishaps were not acted upon in time.
Rather than reacting to problems down the line, it is valuable to take note of 4 effective strategies that domestic operations can utilise at their own discretion.
Strategy 1: Knowing The Model & The Purpose
Before a prototype can be rolled out and before a red carpet even can be held with investors, blockchain companies need to know their model and their purpose. Why now? Why them? Who is this for? Implementation models commonly fit into four distinct categories: public, private, hybrid and federated. The developers and all associated stakeholders need to understand why their technology will be useful, which corners of the market it applies to and establishing a clear and coherent set of objectives in the short, medium and long-term of the enterprise. This is planning 101 across all startup enterprises, but applies especially to blockchain companies given the unique challenges they will face trying to earn credibility and recognition.
Strategy 2: Highlighting Benefits to Stakeholders
Blockchain companies should understand that there is still a lot of confusion about cryptocurrency amongst the wider public. By its nature it is a fresh concept that interrupts very entrenched financial systems that have been in place for generations. This dynamic can create barriers for organisations who require capital and investment from parties to develop their technology. By highlighting the benefits of the exercise, they will be able to breakdown those common barriers and create a buzz that attracts business.
The advantages are clear for those that have embraced the framework, from improving security measures to accelerating the speed of digital transactions, the inclusion of smart contracts that removes third parties and offering superior transparency. This is a method that should sell well once people are duly informed about what is actually involved. If a cryptocurrency brand can communicate effectively to customers and investors the benefits of the application in non-technical terminology, that will go a long way to ensuring they grow organic business.
Strategy 3: Scaling The Technology
Blockchain companies can only be successful if all participants within the network benefit economically from the process. The reality is that many of these programs stumble and collapse because they are not able to address that challenge satisfactorily. This is where developers need to understand what elements can be stacked and what can be seeded, as well scaling the acknowledging how it applies to certain business models that might not welcome the intervention. These companies can create systems that are designed to meet niche needs in the market, but they achieve the highest gains when they are scaled and given the flexibility to meet a number of needs within the current market, not limiting their capacity in the process.
Strategy 4: Partnering With The Right People
There are many steps necessary to achieve a quality return on investment (ROI) with blockchain companies. For the project to be scalable, tested and promotable for constituents, it really does come down to working with the right people. This requirement will incorporate the developers, the analysts, the PR and marketing arm and those charged with financing and organising the project. Once people have been vetted and verified, they can be positioned to play a key role in the exercise.
Mastering these four key strategies sounds relatively straightforward for blockchain companies, but there are many case studies that illustrates that they are indeed the hardest elements of building the enterprise. A patient, well thought out program will defeat a fast tracked project every time, so due diligence has to be a central priority of the exercise for all parties.