07 Apr How a Blockchain Development Company Can Be Adaptable in 2020
In a volatile and unpredictable financial market, a blockchain development company must be adaptable in order for it to be successful in 2020.
Should a setback be presented to the entity and it is unable to respond, it will cease to become viable for customers, commercial partners, investors and other key stakeholders who could stand to benefit.
The good news is that there are past examples where these companies have been able to be adaptable and respond to challenges without seeing the entire enterprise collapse.
Establishing The Business Strategy First
Having a clear and coherent business strategy is what helps to establish long-term viability for a blockchain development company in a volatile marketplace. This will be inclusive of a proof of concept (POC) as it enables participants to proceed forward without taking half measures or empty promises. Once this point has been reached, it is important to schedule testing sessions and return for collective meetings to ensure that everyone is following through on the implementation. People need to know their designated roles, which programs can be run in-house, which should be run externally and creating a timetable for all parties to adhere to.
Taking a Step-by-Step Approach to Development
There is a common theme for those who are able to successfully run a blockchain development company – they put an emphasis on being right rather than being first. This is where a step-by-step practical program is essential, ensuring that the technology has been tested and that there is not a rush to open the doors for public consumption. There will also be models for private and hybrid blockchain models that will have their own designated targets, so utilising a scalable framework is essential to prevent costly errors from taking place.
Aligning Commercial Expectations
Expectations that are set too high or too low can be the end of a blockchain development company if they have not got this provision in check. Undue pressure from these outside parties can see a lack of oversight with the testing process. What could appear like a future-proofed system could be flawed, leaving the key players to pick up the pieces because expectations were not set accordingly.
Focusing on a Target Market While Exploiting Market Weaknesses & Opportunities
Bitcoin remains the standard for those who wish to begin and succeed at a blockchain development company. This is a case study which points to two direct approaches – having a specified target market that centers on one issue for consumers, and exploiting weaknesses and opportunities along the journey. Optimising the capability of the technology is about having a key area of focus, whether that is enhancing the security of business-to-business (B2B) transactions or creating a financial transaction app for shared economy participants. Weaknesses and opportunities can then be sourced by taking note of other models and seeing where they have fallen short, ranging from the platform itself to the programming or its integration across digital platforms.
There are three marketing demographics that have to be executed for a blockchain development company – corporate marketing, customer marketing and product marketing. Each phase is designed to either position, explain or leverage the brand according to where it is situated in its lifecycle. Yet these demographics cannot be broadcast to all at once, requiring a timely scheduled process that does not appear rushed.
Time is one of the great commodities that a blockchain development company will have. If they fail to do their due diligence in these departments then they won’t have created an adaptable operating model that ensures their long-term viability for the years to follow.