Navigating the rapidly evolving world of Web3 and crypto requires more than just technical know-how. For business development teams engaging directly in crypto-native projects, these survival rules are crucial for success. Here are ten essential principles:
1. Master the Industry
To thrive in the crypto space, you must understand its intricacies. This industry is inherently technical, and developers can easily spot misinformation.
You need to grasp key concepts like modular vs. monolithic architecture, the importance of re-staking, and the extraction of Maximal Extractable Value (MEV).
If these terms overwhelm you, start with the basics—learn about Proof-of-Work (PoW) vs. Proof-of-Stake (PoS), historical block size debates, and foundational blockchain knowledge.
2. Embrace Curiosity
Your primary goal should be to learn as much as possible about the teams you interact with. Understand their work, KPIs, project vision, and needs.
Your interactions should be driven by genuine curiosity rather than a mere sales pitch. Each conversation is an opportunity to build a meaningful and long-term relationship.
3. Be a Value Provider, Not Just a Salesperson
With a solid knowledge base, focus on providing value. Instead of pushing a service, aim to make your clients’ lives easier, save them money, and support their growth. When approached from this perspective, collaboration will naturally follow, and so will the rewards.
4. Write It Down When in Doubt
Writing down your thoughts is a powerful way to expose and address gaps in your reasoning. Before selling anything, draft a detailed document about your service/product, your target clients, and the value you offer.
This approach applies to internal decisions as well—whether it’s hiring, new products, or market targets. Written memos often provide clearer, more disciplined thinking than verbal discussions or polished slides.
5. Incentives Matter
In the crypto industry, having a well-structured commission system is vital. Ensure that your top business developers are well-compensated, with their performance linked to key success metrics.
Different clients and leads have varying values, and a one-size-fits-all compensation plan doesn’t work. Designing an effective compensation structure requires time and thought but is crucial for your team’s success.
6. Product Development Involves You
Business development teams interact more with external stakeholders than anyone else. Every conversation is a chance to gather insights for product or service improvement.
Incorporate feedback from these discussions—understand their views on competitors, and relay this information to your team to continuously enhance your offerings.
7. In-Person Meetings Are Essential
While the crypto industry boasts numerous global conferences, don’t rely solely on these for face-to-face interactions. Build and nurture relationships beyond Zoom calls. Attend or organize local meetups, dinners, and events.
Allocate budget for your team to visit key cities for in-person meetings with potential clients. The investment in travel is often minimal compared to the potential gains from significant deals and collaborations.
8. Avoid Being the “That Person”
Refrain from overindulging in alcohol at meetings. While it may seem like a way to unwind, it often impairs your ability to engage effectively.
Reflecting on my early years, I recognize that maintaining composure and staying organized would have yielded more value than a temporary sense of relaxation.
9. Don’t Confuse Personal Accounts with Trading Expertise
Constantly checking prices can undermine your productivity. Task-switching is a major productivity killer, and frequently looking at intraday charts can disrupt your focus. It also drains your emotional resources and affects your mental health over time.
10. Personal Growth Equals Professional Growth
Time away from your computer is not wasted. Your efficiency, focus, and confidence are directly related to your overall well-being. Activities like meditation, journaling, walking, and genuine relaxation are crucial.
Scheduling these activities and committing to longer retreats can significantly boost your productivity and output.
Conclusion
By adhering to these principles, you can navigate the complexities of the crypto industry more effectively and set yourself up for long-term success.
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