Entrepreneur.com reported on marketing new startups in the blockchain industry. It found that this industry has great potential for immediate, real-world applications. IBM and Amazon are among the most notable companies already employing technology. Few experts doubt that blockchain will be a significant part of the future digital age.
Blockchain Provides Unique Advantages
Blockchain technology is currently being employed by small and large companies alike. The number of transactions is overwhelming at large companies like Facebook, Amazon, Google, and IBM. Such large organizations with immense storehouses of data drive the rapid innovation of new tools in areas like logistics. Specific reasons that so many companies are turning to blockchain includes the advantages in data management and modification.
Blockchain technology provides many significant advantages. In addition to logistics and data management, blockchain provides revolutionary methods for customer tracking. Experts involved in data science are now rarely surprised to see blockchain’s growing popularity among professionals. Nevertheless, how rapidly the industry is changing can amaze even the most knowledgeable experts.
Marketing Challenges to Innovation
It is important to realize that cryptocurrencies and blockchain technology are not the same things. This is evident by the stance that many corporations are taking by embracing blockchain but, rebuking its cryptocurrency applications. The impact of regulators should be considered here as well. While blockchain can standalone from cryptocurrencies, regulations may affect companies that operate in both niches.
Google and other data giants are likely to develop their own blockchain applications. However, this does not mean that they will bring value to cryptocurrencies. In fact, Google actively limits the marketing applications that crypto companies can use. The banning of crypto ads hit some blockchain startups hard. There was little warning that Google was going to target this space other than looming regulations.
Marketing Strategies to Accelerate Startup Development
Binance Labs is the venture arm of Binance, one of the most popular exchanges for the cryptocurrency market. Crypto and blockchain are still young enough that large organizations like Binance feel a need to advance the industry. Another factor is assisting the development of new technology. Maybe the only thing that moves faster than volatility in the cryptocurrency market is innovation.
Blockchain development must occur in the crypto space. This is because all cryptocurrencies must have, or run on top of, a blockchain. As mentioned early, blockchains do not require cryptocurrencies. Think of a blockchain as a place to record data, whereas cryptocurrencies are methods for exchanging value. Transactions that occur within a large organization or among its partners do not always require the exchange of value. For transactions among independent parties, cryptocurrencies are much more essential.
Binance Labs is one of a growing number of blockchain accelerator programs. Crypto accelerator programs do not just find investors and house new projects. They provide additional benefits to startups. One key way to add value is to attract skilled investors from the start. Both blockchain and cryptocurrencies are about advancing development. No one is sure when the industry will stabilize. At present, the more skilled individuals a startup can hire and connect with, the better the chances for the future.
How to Prepare for an Uncertain Future
Invariably, any startup will encounter unforeseeable issues. This is characteristic of new and innovating industries like crypto. Additionally, the increasing competition will tend to push companies to their limits. These are just some of the reasons why intangibles are so valuable for a blockchain startup. It is why Binance Labs makes a point of attracting skilled investors that bring more than just financial resources to a venture. Entrepreneur.com highlighted several advantages facilitated by early-stage investors:
- adding talent
- attracting first-mover customers
- legal resources
- providing guidance
- connections to additional investors.
Of course, capital amounts are crucial. However, mistakes are costly. Correcting issues can overwhelm a company. Each aspect is magnified at a blockchain startup.
How new startups can be marketed is rapidly changing. Blockchain companies must be prepared for innovation from both ends. Startups need to provide a valuable service, as well as, stay ahead of new marketing strategies.