As a crypto entrepreneur who wants to create the next Binance or Ethereum; your first instinct is to assemble a team of highly qualified blockchain developers. You know it’s an expensive endeavor, and it could take months to come up with the perfect product. But isn’t that what entrepreneurship is all about?
In this day and age, a white label solution might be your best option. Creating your own product from scratch is not a bad idea. But if your goal is to launch a crypto exchange or a new payment network, it might be easier to hire someone to build the product for you.
First, a white label solution helps you avoid:
- Making the same mistakes other companies made while building the same kind of product you want to develop.
- Spending too much time in the development of a product you could purchase and begin to market immediately
- Wasting money and resources to develop solutions that have already been created.
- Spending too much money on developments while you could use it on marketing or service delivery
These mistakes can be avoided by partnering with the right white label solution like AlgoLead. You’ll get your crypto exchange created, and you can then concentrate on solving those problems that inspired you to launch a trading platform in the first place.
Although white labeling is relatively new in crypto, it works in nearly all industries. From fashion businesses to grocery stores, antivirus solutions to tech gadgets—your favorite brands today probably sell products manufactured by different companies.
Of course, not all businesses have their products scrutinized by investors and customers similarly to blockchain products. So, if you’re in doubt whether white labeling is a good idea for your next crypto project, consider these benefits:
#1: It makes Branding Easy
With white label solutions, you don’t get to worry about research and the development process. This gives you plenty of time to think about how you’ll market the product. Your only concern is to create an identity for your company and promote it to the world.
Despite this, you can stay in contact with the development team throughout the process. You may also offer valuable ideas you want to be added to your project so that when the product comes out, you’ll have an easy time marketing it.
#2: Saves Time and Money
CNBC describes the process of creating a new crypto project as “a complicated, time-consuming juggernaut with a high rate of failure for investors and creators.”
It sounds harsh, but nearly half of all ICO projects ever created failed. While there are many contributing factors for the high failure rate, lack of enough resources and time are major reasons.
It’s easy to underestimate the cost of building a blockchain project from scratch when you’ve never done it before. And even if you have good financiers to work out the prices, you’ll probably need to polish up software, create new systems or revamp the entire network.
The whole process can be expensive and time-consuming. But if you delegate it to a white label solution, you save tremendous resources and vital time you could use to market it. This also helps you avoid trying to hurry up your project or take shortcuts that could haunt you later on.
#3: Lets you Focus on your area of Expertise
People with zero programming skills run some of the most successful crypto businesses. They are administrators, finance experts, or marketing gurus. So, how do they make it in a sector dominated by blockchain specialists?
They leave out development work to people trained to program and instead concentrate on what they’re good at the most.
Your strong point could be customer services, marketing, or the ability to tailor services to different kinds of investors. That’s what you should work hard to achieve. A white label service allows you to focus on your core strengths. After all, this might help define your business’ identity.
Of course, you have to trust the developers to produce a splendid product. You must also learn the technical aspects of your project so that you know can communicate about it to your customers more effectively. But a prepackaged solution lets you invest your time where you’re best suited to serve.
#4: Keeps your Customers Happy and Loyal
Although many crypto investors expect excellent services from providers, they can be impatient. They want quick and helpful customer support at all times. But if you can’t provide it, they will easily leave you for your rivals.
But why let your customers leave when you can white label nearly any service? You could hire an independent customer care brand to help handle your investors’ questions. If it’s an app that you require, a white label solution will build you a robust app fast.
Put simply; a white label solution is an easy way to keep your customers happy and loyal to your business. Most of them come to your business seeking better services than are offered elsewhere. But if you take too much time trying to create better systems instead of providing these services, they will leave.
#5: Gives you the Convenience of Choice
White labeling introduces you to a world filled with numerous solutions that could interest your customers. Maybe your exchange requires a chatbot or a forum where they could interact and share trading tips.
Must you create your own chatbot? White label and choose from an extensive list of chatbot software providers. With forums, there are even solutions specifically designed to bring crypto investors together. Create a sub-Reddit or a Bittalk.org thread.
When you have white labeling in mind, all you do is evaluate what companies are offering you and choose from the best. After all, purchasing prepackaged products is mostly cheaper than developing these resources from scratch.
Imagine having an in-house development department that costs a fraction of your current team. That’s what you get by white labeling. The company developing your product may be based in a different country, but you can always talk to them.
You can offer your input, ask for revisions and provide proper directions when you think they’re pivoting from what you want. But at the end of it, you pay them a fraction of what it would cost you to have a full-time development team.
Six years ago, you’d have to pay millions of dollars to get someone to develop you blockchain-related payment network or market exchange. The costs are still relatively high. But with a slew of white label companies competing for your attention, you have no reason to spend half your budget on development.
Find the right white-label, and you’ll probably pay a fraction of what it would cost you to recruit a team of software engineers for in-house development.
White labeling is not a new thing. It’s been around for decades, helping grocery stores, tech companies, and service providers cut costs and focus their efforts on their areas of expertise. If you’re a team of crypto enthusiasts that want to provide a service to investors, consider purchasing a prepackaged product.
You won’t have to spend months developing something that has been built before. You’ll avoid the mistakes every startup goes through while creating products and focus your efforts on selling a prepackaged service.
And because you can offer your input about the new product, it will be like a product you created in-house. You’ll be able to save time, money, and make your customers happy.
This author could be anybody, but he/she is not a member of staff coingape.com and opinions in the article are solely of the guest writer and do not reflect Coingape’s view.