This one is for crypto-enthusiasts! Startup Radius interviewed Blockdata – a platform that allows users to dive into world of crypto by exploring crypto projects with all the necessary information on tokens, products, teams and more. Blockdata collects tons of data and invites people to explore crypto market the smart way by avoiding hype, identifying interesting projects, understanding tech behind them, and more. Don’t get lost in a pile of whitepapers and Reddit posts, better browse Blockdata!
Learn why Blockdata believes in blockchain technology, why advertising ruins the crypto market, how community helps them to grow their business, why content marketing matters and more. Enjoy and read below!
Can you tell us about what you are working on? What is Blockdata?
Blockdata is the world’s first resource devoted to understanding the blockchain ecosystem. We let people explore blockchain technology – the projects, the companies that back them, the tokens they use, and the products actually being built. Our aim is to show that blockchain is more than just the current price of bitcoin.
Users can also filter and browse for new projects that they might not have heard of Blockdata is the first tool that allows people to discover projects, rather than just focusing on the price of particular cryptocurrencies.
Why are you building this? Was there a particular source of inspiration or money-making idea?
We believe in blockchain. We think that if we can help people understand the development of blockchain technology, then we can help the technology be adopted by people and businesses all around the world.
We were also frustrated at the lack of appropriate tools for doing research into blockchain and cryptocurrencies. Because of the ad-based revenue model of so many blockchain and crypto resources, finding accurate, unbiased information is a big challenge for users.
Time for bragging! How big you are – traffic, users, anything else?
For our Alpha release, we had 250 people testing the platform, with a total of 1000 people signed up by the time we launched last week. Now, our focus is on gathering more feedback so that Blockdata can be as useful as possible to potential customers. The majority of our early users are on a free trial, so we are aiming to convert them to fully paid members by Christmas.
We also have a heavy focus on content, and through our blockchain platform comparisons, we have reached 200,000 people within our target audience.
Our core team consists of 5 people, and we have an off-site data team of 5 that works on collecting all of the information we publish.
Who are your main competitors, and how good/bad they are?
We do not have any direct competitors, as most information platforms are focused on either cryptocurrency token pricing and market data or ICOs (initial coin offerings). We are looking into partnerships with companies that have expertise in token pricing, industry news, and usage data for DApps (decentralized applications).
The increasing presence of sites devoted to blockchain is a great sign for the health of the industry. We see Blockdata as a resource that can be used alongside other tools, such as news sites and market analysis aggregators.
Who uses Blockdata? What is your perfect buyer persona?
We don’t use personas in our marketing. Rather, we like to focus on 4 different types of research activities: discover, scan, validate, and track. This informs our choice of filtering options on our site.
We want to focus on our data quality and providing features that are valuable for each of these 4 use cases. All of the development we are doing is directed at addressing these categories.
Were there any early ‘growth hacks’ or tactics that have contributed to your current success?
One thing that has really helped us gain traction within the blockchain community is to regularly publish platform comparisons on our twitter account. This achieves two things: it starts conversations by providing useful, objective data to the community; and it reinforces the brand values that are important to us (reliable, accurate, and unbiased data).
What were some of the biggest challenges while building Blockdata early on and how did you solve them?
When we first started, we used Airtable to build a prototype that gave an impression of how Blockdata would work. However, it did take us a little while to gather and figure out what kind of data to publish.
We also struggled a bit with creating our pitch deck for investors. I think we spent way too long trying to make it perfect, instead of just putting something together and iterating from there based on feedback.
If you could give a marketing advice to other companies, what could it be based on your experience?
Our biggest piece of advice would be to focus on providing real value to your users. Blockdata is all about providing objective information that will support the development of blockchain technology. Our focus has been on creating content that is useful for the community and easily shareable (e.g. platform comparisons and blog posts about the ecosystem). We also put a lot of thought into our branding, which reflects our mission and vision for Blockdata and hopefully shows people that we are doing this for the right reasons. We use an astronaut as our mascot because we want people to join us on this journey of exploration.
Which marketing channels you prefer and why?
We primarily use Twitter to keep our community up to date. Blockchain and crypto enthusiasts tend to be big Twitter users, and we try to come up with creative ways to engage our audience and reach new people.
Email has also been a good way for us to convert early users and testers into full account holders. We are also working on growing our audience through our blog posts on Medium.
Is Blockdata monetized? Why did you choose the current monetization method?
We are offering new users a free 7 day trial to check out Blockdata. The idea is to then upgrade to a paid account to continue their access to our data. Users can also earn additional free time by getting friends to sign up for a free trial.
We chose to go with paid accounts because we think that the best way to validate our idea is to see if people will pay for it. Collecting data on hundreds of blockchain projects takes a tremendous amount of effort, so charging for it is a good way to indicate the value of Blockdata.
What are the top 5-10 products/services you use in your company and why do you like them?
We really value the time that our users spend talking to us. It’s probably our most important marketing strategy, so we use some tools to streamline this process a bit. Calendly allows users to easily schedule a 15-minute call with us to give feedback. Users can also instantly chat with us using the Intercom widget on our site. For project management, we use Asana, and for communication within the team, Slack. We use Viral Loops to create and manage our referral system. Landing Lion is really useful for designing our homepage and public (non-logged in) pages. It also allows us to quickly change content and layout without adding to our developer’s workload.