Cryptocurrency is the hottest of hot topics. Even if you’re living a nomad existence, it’s likely that you won’t be immune from the avalanche of publicity, good and bad, surrounding crypto and blockchain. You might be a promoter or a detractor. You might be a current or past investor or you may have never invested and wouldn’t wish to do so. Whatever your personal situation, it’s unlikely to be something that you haven’t seen on Facebook, LinkedIn, news alerts or somewhere else online.
Whatever your opinion, as to whether it’s a scam or the best thing since sliced bread, there is no doubting the fact that Crypto, in its broadest sense, has been an incredible success. Whether blockchain has the potential to change the world or not is, to some extent, immaterial. At least it is for this blog.
What is interesting is that there are several things that marketers can learn from rising and falling and the rise of these alternative ways of carrying out transactions. We’ve detailed a few below:
Innovation is crucial
It seems obvious but it’s true. Blockchain and Cryptocurrency are new ways to do business and new ways of paying for things. Not so long ago, they didn’t exist except for in the minds of the creators. Those creators started with a vision to change the way traditional things are done. We could say the same for disruptive solutions such as Amazon, Uber and Airbnb amongst others.
What have you got to shout about in your business? How can you innovate in your market? That could be new product or service innovation but it could also just be a new way of packaging what you do.
Risk is everywhere. Embrace it.
Is there really such a thing as a dead cert? Unless you have a one horse race, that isn’t generally the case. If you invested in crypto at the right time, you possibly made a fortune. And, you lost your shirt if you invested at the top of the curve. You can almost never guarantee success. Business is a risk and you need to take calculated risks to grow. Some decisions will prove wise. Other options will be poor choices. Yet, successful entrepreneurs and business people continue to take risks. They take decisions. They accept the ups and downs. And, if it doesn’t work, they brush themselves down and start over again.
Survival of the fittest
There is so much talk in the financial press about whether bitcoin, ethereum, ripple or one of the many other cryptocurrencies will be the ultimate winner. No one actually knows. Maybe there’s room for more than one, or many, winners. Each cryptocurrency has its own unique aspect. They don’t all do the same job. And, even if they did, investors may have different requirements for their investment choices. Traditional business is the same to some extent. Competition is everywhere. You can’t hide from it. And, you can’t just sit back and wait for competitors to take your place. You have to be focused in terms of your market. You need to believe in the benefits of your solution over others.
Being alive to change
The blockchain is a disruptive influence on business. It is likely to change the way we operate and may lead to the demise of some elements in the supply chain. It will probably enhance the way we do business in the future and many shake up traditional processes and industries. It may even change the dynamics of your business. Change is everywhere. The workforce is being invaded by millennial and their new ways of thinking and their changed expectations. Technology is ever advancing with AI, VR, AR and other concepts that will forever change the way we work. Not every change will be relevant to your business, or be relevant right now. But, If you don’t keep up, you will get left behind.
GSA helps businesses, large and small, become more effective in their marketing and business development. We run outbound telemarketing campaigns into the UK, Europe and further afield. Also, with our experience, we provide telemarketing training to help sales teams improve their results. If you’d like to know more, give us a call.
