PATHFYNDERS SAYS: THIS IS A MISTAKE THAT MANY BLOCKCHAIN SOLUTIONS MAKE
There is no denying the amount of interest ICOs (initial coin offering) has increased exponentially in 2018. Both people and companies alike have begun testing and implementing ways to utilize the fundraising tool. ICOs crowdsale refers to companies releasing cryptocurrencies or “tokens” with a goal to attract user participation. It is to be seen but is highly likely that the era of ICO is here to stay. Even though ICO has developed its foothold in the modern technology world, there are still projects that manage to fail.
The primary mistake that many recent ICO companies make is promoting their use of blockchain technology rather than committing efforts into building great products. While building brand awareness falls by the waist side. Users value a well-built platform, but they choose to use one’s platform over a competitor’s because they appreciate the company behind the technology. It is a common mistake to overlook the importance of giving technology a face. A person or team behind the brand who is passionate about the product their putting out. Apple had Steve Jobs and his signature black turtleneck. Here’s what we know:
A project’s long-term sustainability requires an active community and strong brand.
Branding is a big factor in generating user value and loyalty, but branding does not work by itself as it requires a compelling business and product experience. In today’s noisy, competitive, and overcrowded marketplace, consumers have the pick of the litter. A consumer will now buy from you simply because they care for your presentation, brand, and company values over a competitor’s. Contrary to how people perceive branding, it is not just an endeavor reserved for “how you look” nor is it an old-school tradition. It is equally essential for young project startups and SMEs (small/medium sized enterprises) in the cryptocurrency and blockchain space.
Branding, similar to a website. It is a constant investment of time and money. It’s worth the effort as it presents the blockchain project in the way for it to stand out within its marketplace. With branding, a platform utilizing blockchain and ICOs is able to develop a digital footprint for users to easily find them. For example, if someone cannot Google a company’s name and find it on page 1, then the value of the company to the consumer searching has already decreased.
As a sum, a strong brand increases the value of a company’s services and products, which in turn leads to user loyalty.
We at Pathfynders strive to brand ourselves as a future leader in blockchain technology while focusing on building our amazing products and servicing our users within communities first. Our goal is for our platform and its communities to speak for themselves. Our branding will fall align with how users feel about their experience, not what we tell them to feel.