Creating awareness and increasing adoption is an ideal approach in an emerging / growth space. The Lightning Network (LN)is growing at a fast clip. There are 3 questions to address when it comes to shaping and growing the space. Why? How? and When?
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Why? Future proofing your life.
This is to enable individuals to plant a stake for the next generation and collectively share the fruit of their labour.
How? Be part of a community where fair exchanges of value take place. In addition, what you earned may be hedged against inflation.
When? Now
Some of the important milestones in the market building phase would include:
- demo site showcasing the LN as a fast, low cost payment processing platform with an additional unique feature as programmable money
- event management –be with the flow. Showcasing the ease of use of the peer-to-peer payment processing flow to the merchants/providers of goods and services, and how they can extend their market reach beyond traditional boundaries
- educating the general public on the ease of use of the LN wallet(s) and how they can benefit from such micro-payments both as users and providers
- promoting the various use cases of the LN that demonstrates the fair exchange of value among stakeholders
The first phase of the market building is to identify mavens and key opinion leaders who are early adopters of the underlying value proposition. They are likely be owning at least 1 smartphone/device e.g. iOS / Android. They will test drive the Lightning (LN) Bitcoin (BTC) wallet and appreciate the key features i.e. receive, send refill and withdraw. In addition they would learn the ease of use to make payments/donations to online stores. As the LN wallet handles micro payments with ease ( fast speed and low cost), these individuals are likely to be piqued by the value proposition of the crypto-space is bringing to the table. The key takeaway is that it can serve as programmable monies opening the floodgate to numerous use cases / applications .
Mavens, key opinion leaders and influencers
There are various steps to take into account for this phase of on-boarding these early adopters
- Beliefs and behaviors – given the brand messaging of future proofing your life, the appropriate go-to-market forum will include consultancy, workshop, infrastructure. These early adopters must be already aligned to such beliefs and ensuring behaviors are consistent with such beliefs
- Demo website to showcase the unique features i.e. peer to peer payment processing, online shopping, point of sale,crowdfunding, smart contract, programmable money , of the infrastructure and empowering these early adopters to evangelize the mission/purpose of the project
- With easy to use tools (online demo), such early adopters can easily demonstrate the power of the value proposition to their network of contacts, leveraging on first mover advantage
- Six degree of separation will allow the early adopters to penetrate the target market
- With an exciting value proposition, it is easier to reach tipping point and exponential growth can kick in thereafter
It is hope that by winning over these stakeholders, it will make the subsequent phase of brand building easier to achieve.