This winter has been a long one for the crypto industry, but it will come to an end. While many believe that warmer months are on the horizon––especially given the rising crypto prices and NFT sales volumes we witnessed early this year––we still remain in a state of uncertainty. To survive the remainder of this bear market, companies must remain disciplined, resourceful, motivated and forward-looking.
Aside from reducing overall operational costs, there are a number of steps companies can take to set themselves up for success—all of which go hand in hand: conduct market research, stay informed, focus on building and developing and remain engaged with the community.
The most common word of advice among leaders in the blockchain industry is “develop.” When the market is down, build because only the projects with the most robust and sound technology will survive long-term. Since business development initiatives remain slow, projects can really double down on technological development, ensuring they can meet user needs and demands when the market rebounds.
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To ensure they are building products that truly address the needs of their target audience, it’s important for projects to understand user pain points and the gaps that need to be filled in the market. Leaders should ask themselves: “Are we serving an essential purpose?” Leaders must have a good understanding of whether or not similar projects are faring well and why.
They must recognize what the changing market means for user interest and sentiment, whether or not the need for the technology is still as strong, and how certain trends will either inhibit or propel their products or services. This information is important in determining whether businesses need to pivot their strategies to meet changing demands or alter the way they market their products. A good example of this is Reddit and its decision to refer to its NFTs as “Avatars” in an effort to not deter consumers who may be slightly dubious of Web3.
Research goes hand in hand with staying informed. This goes without saying, but business leaders should make the time to keep a steady pulse on the news cycle, to understand the ups and downs of the market and see what kinds of projects are struggling and why. Did they not cater to consumer demands? Did they not properly develop robust technology and subsequently fall prey to malicious actors? While sometimes the answer will simply be that they didn’t have adequate resources to stay afloat, it will nevertheless provide useful insights for leaders to make informed decisions about their own company’s roadmap and long-term strategy.
Finally, it is critical for businesses to remain engaged with their communities and leverage different approaches to continue connecting with them. Transparency is always key in maintaining community trust and even satisfaction. Most people would rather be kept apprised of roadmap delays and challenges facing the project than be bombarded with vague marketing language that offers no insight. Projects will also find that their communities are typically very compassionate and try to support them in some shape or form.
Like every market cycle, this crypto winter will eventually end. By making smart, informed business decisions and focusing on building cutting-edge technology, leaders can weather these difficult months and emerge stronger with a renewed sense of purpose.
Anthony Georgiades is the co-founder of Pastel Network.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
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