Have you ever wondered why only 25% of new businesses make it to 15 years or more? According to the Bureau of Labor Statistics, five of the six causes mentioned in the report are related to difficulties in familiarizing themselves with their market. And because the crypto-verse is relatively new and unexplored, any crypto startup is most likely to face these problems.
The novelty of blockchain, in addition to the initial and most dominant focus of a crypto company — the optimization of the core business during its first years — ultimately overlooks the importance of generating a feasible and executable marketing plan. How can you prevent it?
AmaZix is here to help you overcome these challenges by creating a marketing plan customized to the needs of your crypto project.
Two Reasons Why Your Startup Can Fail
1. Not Following a Business Plan
No doubt, a successful firm is built on a solid and practical business strategy. A crypto startup — and any startup in general — needs to establish attainable business goals, a strategy aimed at achieving them, and identifying potential challenges and solutions. Conducting research and surveys will help you determine the demand for the business, required expenses and inputs, and consequently, the strategy and deadlines.
There are other ways to determine your business plan, but the most crucial factor here is to stay consistent from beginning to end — stick to your crypto marketing strategy once it’s set and simply roll with it. You are setting yourself up for failure if you start increasing your expenditures or altering your methods.
Stick loyally to your company’s strategy, and only stop to review and realign if you've discovered that the plan or execution is faulty. The latter makes sense as opposed to modifying your business model based on a few observations. That’s not only a hassle but a genuine mistake on your side. Remember that the more errors you make, the more expensive it gets — and the higher the chance of failing. So you better have a clear plan.
2. Not Listening to the Market
Market research is required to set the basis for a successful crypto startup. It detects the needs of a niche market, conversely validating the relevance of your product/service in the ecosystem.
Nevertheless, according to Investopedia, 20% of new companies fail during the first two years, 45% within the first five years, and 65% within the first ten years of operation. Here are the main reasons:
- Failing to conduct market research
- Lack of an online presence
- Not connecting with the target audience
- Ignoring the needs and shifts of the market
- Missing out on expansion opportunities.
Establishing an optimized crypto marketing strategy parallel to developing the core business from day one can set the course of your company towards success or failure.
Factors to Keep In Mind When Establishing a Customized Marketing Strategy
Some say that a business is nothing without sales, and this is true — how can a company measure its success if there isn’t any activity that proves it? However, to fulfill this primary purpose, other factors come into play, determining the extent of its achievement:
Reputation: Being open, connecting with (potential) clients, and employing smart techniques in online marketing and advertising will significantly improve your reputation. In today's hyper-connected world, a favorable reputation can make a difference.
Audience: Good crypto digital marketing allows you to collect data and metrics to understand your target audience(s) better. This helps you stay focused and up-to-date with the needs of your audience.
Validating your product/service: Effective marketing techniques may assist you in evaluating if the market continues to validate your product or service. When you're running a series of campaigns, analytics help you figure out what to do, when to do it, and what to avoid.
Marketplace: It's essential to understand the market in which you operate and to know your clients. Based on this, consider creating different crypto startup brand personalities that allow you to position and price your products/services to get the most out of the market.
If you don’t have enough time or resources to design and execute a marketing plan, we recommend finding a marketing agency specialized in startup projects to outsource these activities. Luckily, you need to look no more — AmaZix can offer you the best services in the crypto sector, and here is why.
AmaZix Helps You Position and Stand Out
It’s been five years since AmaZix has been leading the development and implementation of specialized crypto marketing strategy in the crypto sector, helping companies in the industry to thrive and stay afloat by targeting and communicating effectively with their audience.
Research and analysis, brand identity, positioning, and adequate exposure strategy are some of the services we offer split into the following categories:
We know that your company needs to stand out from the start, and at AmaZix, we’ll help you do it from day one!