In a conversation with Prisila, Correspondent, Asia Business Outlook, Mr. Harry Vu (SotaTek's CRO) shares his views on the biggest challenges facing the adoption and growth of Web3 now. During the conversation, he also discussed how to develop a strategic revenue strategy.
What do you believe will be the biggest use cases for Web3 in the next 5-10 years?
When blockchain technology was first introduced, many people were skeptical and did not fully understand its potential. However, as the number of successful blockchain projects grew, people began to recognize its value and potential impact. Similarly, Web3 is currently a rising trend, but I believe it will quickly become more widespread in the near future.
In the next 5-10 years, we can expect Web3 to be widely adopted for decentralized finance (DeFi) applications, DeFi social networks, and decentralized autonomous organizations (DAOs). These applications have the potential to transform traditional financial systems, enhance user privacy and security, and provide greater access to financial services. However, as with any emerging technology, we can also expect to see new and innovative Web3 use cases in the near future.
What advice would you give to businesses looking to adopt Web3 technologies?
My advice to businesses looking to adopt Web3 technologies would be to first gain a thorough understanding of the technology and its potential use cases. They should also carefully evaluate their business needs and determine how Web3 technologies can enhance their operations and improve competitive advantages. And the other piece of advice is to start small. Instead of trying to implement Web3 technologies on a large scale, businesses should start with smaller, pilot projects to test the technology and identify any potential challenges or issues.
Building a strong network of peers, mentors, and advisors is crucial. This can keep you informed of new opportunities in the industry, and help you connect with potential partners and customers.
In your opinion, what are the biggest challenges facing the adoption and growth of Web3 now?
From my perspective, I believe the main challenges hindering the adoption and growth of Web3 are the lack of awareness and understanding among businesses, as well as the complexity of the technology itself. Many businesses may not see the immediate benefits of adopting Web3 technologies and may be hesitant to invest in something they don't fully understand. Additionally, the technology is still in its early stages and requires specialized knowledge and expertise to implement and manage effectively. As such, it is important for businesses to educate themselves on Web3 and work with experienced partners to navigate the complex landscape of this emerging technology.
Do you feel there is an approach or technique to success in this role? What advice do you have for aspiring leaders in this position who are looking to take advantage of new opportunities?
As a Chief Revenue Officer (CRO) of an IT/Blockchain company, I have some advice for leaders and managers in similar positions. Firstly, even if you are not a technical expert, it's important to keep up with tech trends and develop your technical skills. Having a basic understanding of the tools and platforms used in the industry will help you effectively communicate with your team and make informed decisions about technology investments.
Secondly, focus on developing strong leadership skills, such as communication, delegation, and problem-solving. Knowing how to select suitable team members for different positions will help them to develop optimally.
Finally, building a strong network of peers, mentors, and advisors is crucial. This can keep you informed of new opportunities in the industry, and help you connect with potential partners and customers. Networking is vital in the technology industry and can help you to stay ahead of the curve.
"Having a basic understanding of the tools and platforms used in the industry will help you effectively communicate with your team and make informed decisions about technology investments."
Tell me about how you utilize key performance indicators (KPIs) and other metrics to assess and improve performance in your job, as well as how you develop a strategic revenue strategy. Please describe your procedure.
For me, a highly effective way to track and manage a company's growth is through regular market research and setting Key Performance Indicators (KPIs) based on quarterly market growth. For instance, at SotaTek, the marketing department conducts research quarterly to identify potential markets for development such as Asia, the US, Europe, etc. Based on the level of demand and growth of each region, the sales director then sets KPIs such as the number of leads per month for sales and decides which services to prioritize. This enables us to track our progress and make data-driven decisions in developing a strategic revenue strategy.
Additionally, we develop a strategic revenue strategy by aligning our business objectives with market trends & customer needs and regularly reviewing & adjusting our strategy based on performance metrics and feedback from our customers and stakeholders.