1. Incorporating Blockchain Technology 

The very first obstacle is simply the decision whether to integrate blockchain into the 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.

| Photo by Darren Chan on Unsplash

This obstacle 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 overcome these 2 obstacles.

4. Building Your Community 

Community is the pillar of any blockchain companies throughout the business life cycle.

If you have been involved in the crypto community, you know that community is a solid success key for decentralized solutions. The community supports and unifies businesses by providing a strategic networking and communication channel throughout your business development.

Building a network of supporters will require time and energy and may not be successful without the right platform. Moreover, traditional marketing does not work when building a crypto community. What does work, however, is transparency. Your community would value regular updates and assurance by being on top of crypto news. Therefore, having a thorough understanding and expertise in the crypto-sphere is essential in building a strong community for your startup.

5. Gaining Funding

The last, but definitely not the least, is the financial fuel of your business to maintain operational functions.

| Photo by Pepi Stojanovski on Unsplash

Any startup would agree that gaining funds has been one of their major decision impacting their success. There are many elements to be considered, such as how much to raise and distribute and what types of investors to source from. However, as a blockchain-integrated startup, there are more funding challenges to overcome. For instance, getting ICO funding brings on additional legal challenges that makes funding from traditional investors impossible.

Moreover, there is a stark difference between traditional crowdfunding and ICO. Learn more to understand the difference. Due to structure and process differences, blockchain integration definitely calls for a different marketing approach to successfully reach and gain potential investors.

A specialized agency in the crypto field is your solution in performing well-targeted marketing campaigns for your startup.

Those five obstacles are only a few of the many challenges that lie ahead in the blockchain landscape. From deliberating the need of incorporating blockchain technology to building strong brand awareness and community, they all entail a substantial level of expertise both in the crypto and marketing field for your business to adopt blockchain technology and thrive in the market.

Contact us now to engage our expertise.

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Obstacles are meant to be overcome.

Let Principal Strategic 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 interesting blockchain projects we have worked with.

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