Launching a new blockchain startup can be pretty challenging, especially with the fierce competition in the industry. According to a report, 492 new blockchain startups were launched last year. Therefore, succeeding in such a competitive market requires more than just an excellent idea. You need a capable team, funding, and of course, proper blockchain marketing.
In this blog, we have shared some pro tips to help you launch your blockchain company successfully.
Research the Market
Blockchain is an evolving space. Hence, it’s crucial to have a thorough understanding of the market before you launch your company. This includes keeping an eye on emerging trends and developments, such as the increasing use of decentralized finance (DeFi) and non-fungible tokens (NFTs).
Additionally, you should research how to promote a blockchain startup and its cryptocurrency to build a strong community around your project. Community engagement and participation are crucial for the success of decentralized systems, and crypto marketing can help you achieve that.
Besides, you must know about the rules and regulations around blockchain systems and cryptocurrencies. As blockchain matures, the regulations surrounding it change. Additionally, these rules keep changing from region to region. Some standard rules include abiding by anti-money laundering and Know-Your-Customer (KYC) laws.
Get the Funding
A blockchain startup will require funds for application development, server management, cryptocurrency marketing, etc. Hence, securing funding is a crucial step in launching a blockchain startup.
One way to secure funding for your blockchain startup is through an initial coin offering (ICO). One of the most successful examples is EOS. EOS secured over $4 billion in a year-long ICO. However, not all ICOs find the same degree of success. You may need to seek help from a blockchain marketing expert to promote your ICO.
Another way to secure funding for your blockchain startup is through traditional venture capital or angel investment. According to the State of Blockchain 2021 Report, blockchain funding from venture capitalists grew 713% in 2021 compared to 2020 to reach over $25 billion.
In this case, startups should be prepared to present a detailed business plan and demonstrate traction in the market, whether through a working prototype, paying customers, or blockchain PR.
Build Your Team
Without a strong team, your blockchain startup is going nowhere. Blockchain technology is still relatively new and complex. Hence, your team needs a deep understanding of the technology’s technical and business aspects.
It’s crucial, therefore, to have a team that has a strong background in blockchain and distributed systems. They should be well-versed in the underlying technology, including consensus algorithms, smart contract development, and cryptography.
In addition to technical expertise, it’s also important to have a team with diverse skills and expertise. Some of the key roles you should look to fill quickly include the following:
- CEO/Co-Founder
- CTO/Lead Developer
- Blockchain Developer
- Product Manager
- Legal and Compliances
- Crypto Marketing Team
Develop Your MVP
The purpose of an MVP (minimum viable product) is to gather feedback and validate assumptions about the product or service. A startup can use this feedback to improve its blockchain apps and systems. This will allow it to get its product to market quickly and test its viability with a small group of users.
An MVP can also help with further funding. Startups can show the MVP to potential venture capitalists, allowing them to get hands-on experience. This makes explaining the concept and gaining trust easier for the startup.
Don’t Underestimate Blockchain PR and Marketing
You may follow all of the above steps, but your startup may still fail if you ignore blockchain PR and marketing. Regardless of how innovative your blockchain project is, no one will know about it if you don’t leverage blockchain marketing to spread the word.
Moreover, the biggest challenge for most blockchain startups is gaining the trust of users. This is because blockchain is still a foreign concept to many investors. Crypto PR helps you not only achieve this trust but also educate your target audience about your product and technology. It also helps you establish a solid online presence, which is vital for success in today’s digital era.
When top crypto and blockchain news platforms publish your startup’s story, it will take your project to new heights. Additionally, if it’s an authoritative publication like Cointelegraph, CoinDesk, or Yahoo Finance, the readers will naturally start trusting your project.
You can also leverage other blockchain marketing tools besides PR to promote your blockchain startup. These include social media marketing, influencer marketing, email marketing, etc.
Final Words
While steps like securing the funding, developing an MVP, etc., are all essential, it’s blockchain marketing that can make or break your brand. However, developing and implementing a flawless blockchain PR and marketing strategy is easier said than done. Moreover, if you lack the budget or expertise to build a dedicated in-house team for this purpose, it’s best to consult a professional crypto marketing agency.
Digital Nod is a premier crypto PR agency with years of experience in blockchain marketing and PR. Consult with our team today to let us help you build a fool-proof crypto marketing strategy that delivers guaranteed results. You can leave the burden of spreading the word about your startup to us, while you focus on other aspects like team-building and securing funding.
