The main challenges in building a blockchain and cryptocurrency product such as a crypto exchange application or a token are legal challenges – depending on your location, the lack of technical expertise, and probably a lack of customer base or community with which to start the product launch stage. Other challenges include a lack of standardization for products and services.
Unfortunately, due to these challenges, more than half of the crypto tokens and projects will die off within five years of starting. To survive, then you would need to think about how to overcome these and other challenges from start and along the way. You need a strategy and help from experts in blockchain development and marketing services.
Create an Outstanding Blockchain Project
The first step to overcoming many of these challenges is creating a crypto product or service that stands out from the over 10,000 crypto and tokens now in the market.
You need an idea and the implementation of that idea to fix a problem with the end-users. That helps to create a product or service that sells and that you do not struggle to market trying to tell clients what it is. Let it market itself. Here, you need brainstorming, wide research, and wide knowledge of the crypto market.
Differentiation is a well-known tactic for winning companies. Therefore, ask yourself how your crypto and blockchain innovation or product differs from all the others. For instance, you may want to have a token innovation that helps your end-users overcome the problem of costly remittances across countries.
Like with any other development process, you will need to code solutions from scratch or use open-source software and change code. You will need to test and audit code, develop prototypes, and keep redeveloping the product to reflect the needs of clients.
Invest in Market Research, and Commit Experienced Coders and Marketers
Converting a project idea into a marketable product is not in any way a simple thing. Many plans fall through and others derail.
A market research will help you to find out the actual market size, business opportunities and your internal or external business strengths in relation to your project ideas, the challenges for actualizing those ideas, what competitors there are and how to win competition, and the business risks involved in actualizing your plans.
While you might have an idea, organized code development will see every idealized feature actualized into a prototype and then a real product.
You need experienced coders who will not only deliver the promises by coding in all the features, and who understand the best and cost-effective methods of actualizing those features, but also will not derail the project.
The marketers, ICO promoters, ICO listing companies, ICO partner exchanges, and third parties you hire for the project also matter in helping your project to succeed. Experienced marketers will help better than would beginners.
It is advisable to work with ICO partner exchanges that have huge public appeal because it could cut down your marketing and advertising budgets.
Have a Strategy and Plan Laid Out for Your Project
The overall plan from starting to launch, project timeline, marketing strategy and budget will be influenced by you and your team even as your experts advise you on these matters. Ensure you are ready with the budgets before starting.
Research shows it may cost about from $3,000 to about $300,000 to build a crypto product depending on its nature and complexity. However, costs might go higher due to marketing and advertising costs.
The overall decisions relating to the product type, blockchain consensus mechanisms, algorithms, and channels to use in marketing among other things will definitely be determined by you and your team.
Make sure to base all decision on in depth research and wide consultations with partners and industry experts. These will help you to understand the best practices in the industry, discover important and necessary expertise and tools you can leverage in developing the product, and the necessary professional support to help you and your team.
Invest Heavily in Marketing
Many people who want to launch a cryptocurrency or blockchain project forget that marketing is as important as product development and use their entire budget on product development and forget marketing. A good ICO marketing strategy will help you get customers to support your future development and expansion plans.
It helps you to move from having a good software project packed at your office into a project adopted by real people and companies.