Why Blockchain Companies Need a Marketing Strategy

​Blockchain is an electronic based ledger that contains records referred to as blocks which are designed strategically to lower the likelihood of any single record being altered without triggering the alteration of all the records, hence the term Blockchain. This structure delivers a high level of stability and by extension security to blockchain technology.  Blockchain companies create software that record important data and can also be used for commercial transactions, however competition is becoming stiff as many people are starting to see its value in many fields.
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Blockchain’s Growing Popularity Means More Competition and Increased Need for Marketing
            As with any business, marketing is an extremely important tool for blockchain companies’ financial success. The increasingly competitive environment has made the need even more important in recent times. A marketing strategy is, in a nutshell, an organized set of methods put in place by a business to improve said business’ financial status and create a positive image to associate with the business’ name. Marketing strategies can be carried out through multiple means, including advertisements, public services, and discounts.

A Marketing Strategy Provides a Competitive Edge
            A marketing strategy is imperative to a business that offers blockchain related services and products because it allows prospective buyers to see what makes one provider better than the other. Blockchain companies don’t only makes profits from providing software. They also provide personalized software, sign contracts to only provide services for one organization and they also earn from transactional fees. These are all variables that may help a buyer decide which company they will work with. A buyer is most likely going to choose the option which gives the best service and has a reasonable price to go along with it. A good marketing strategy also gives an insight to the type of people the company would mainly be targeting. It helps to ensure that the business is paying attention to the right niche market in order to maximize its profits.  
            Included in a good marketing strategy should be the pinpointing of weak areas or in other words areas in which the company may lose sales. During the process of putting together a marketing strategy it is natural for the offered incentives to be highlighted, such as low or reasonable prices, discounts, promotions, additional complementary services and so forth. When all of these items are highlighted then they can be compared to the competitors who are already in the market. Of course, the marketing strategy used by a blockchain company should be informed by reliable market research.

Reputation Management for Blockchain Entities
An effective market strategy helps to establish and maintain a good reputation for a business. An advertisement of the business is the quite possibly the first thing most if not all of the customers will see. This will represent the nature of the business whether good or bad, the reputation is staked on whether the company is advertised properly or not. Purchases will most likely be dependent on how easily understandable the content of the advertisement is and its tone.
If the blockchain company is marketed to the public in such a way that their workers seem knowledgeable, friendly and helpful then investors will gravitate towards its services and products. If the company chooses to embrace ethical marketing strategies, this will also paint a positive picture of the brand in the eyes of potential investors and increase the chances of success.
To really compete in today’s blockchain industry, companies must strategize and implement strategies that are geared at boosting brand awareness and by extensions ales.  Not only can a marketing strategy assist in gaining more buyers, but if executed correctly it can also win the loyalty of customers and create strong bonds with them. 

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