• Prepared go-to-market plan for a bootstrapped start-up specializing in blockchain technology • Conducted extensive market research including surveys to identify best target market for initial launch • Determined education was key component for client acquisition due to lack of client knowledge regarding benefits

1. Block512
“Blockchain for Small Business” Partnership Opportunities with Certified Public Accountants
By: Amy Corona, Christina Ortega, Carlos Rodriguez, and Lyndsey Shapiro
Texas State University - McCoy College of Business Administration
MGT 5313 Strategic Management - Spring 2017
April 22, 2017

2. Table of Contents
Executive Summary……………………………………………………………………………….2
Introduction………………………………………………………………………………………..3
Fundamentals of Bitcoin & Blockchain
Bitcoin
Blockchain
Benefits of Blockchain
Historical & General Context……………………………………………………………………..3
Block512
Determining the Target Market
External Context…………………………………………………………………………………..5
Introduction
Market Outlook
Demographic Information
Socio-Cultural Information
Technological Information
Economic Information
Legal/Regulatory Issues
Industry Issues…………………………………………………………………………………….8
Rivals
Security Improvements
Implementation Hurdles
Life Cycle of Technology
Internal Issues……………………………………………………………………………………10
Strengths & Weaknesses
Opportunities & Threats
VRIO Framework
Critical Issues…………………………………………………………………………………….11
Strategy Formulation…………………………………………………………………………….12
Needs Assessment Survey……………………………………………………………….12
Methodology
Survey Questions & Results
Interviews………………………………………………………………………………...15
Introduction to the Interviews
Interview with Andre Mathis, CPA
Interview with Joseph Pintek, CPA
Go-to-Market Plan……………………………………………………………………….18
About the Go-to-Market Plan
Solutions
Pricing & Positioning Strategy
“100 Day Plan”
Alternative Recommendation……………………………………………………………21
Conclusion……………………………………………………………………………………….22
Appendix…………………………………………………………………………………………23
References………………………………………………………………………………………..43
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3. Executive Summary
This document, intended for Block512 and completed in fulfillment of the Capstone
Strategic Management course of the Texas State University MBA program, examines the
feasibility of Block512’s future partnerships with accounting support services, specifically
certified public accountants (CPAs). Ultimately, Block512 intends to partner with CPAs to
assist the small to medium business environment in the Austin area in order to eventually assist
these businesses with incorporating blockchain technology use. Because blockchain technology
is still considered new and emerging, legal regulations in regards to all aspects of the technology
have not yet been fully developed. Changing and developing regulations will continue to lag
behind blockchain development, so the assistance of business support services could be crucial to
the survival of the small to medium business environment in the future, especially with the
implementation of these technologies within business models.
Prior to strategy formulation, a brief introduction to the fundamental aspects of
blockchain is provided in order to obtain a basic understanding of the potential capabilities of the
the technology. A brief, historical background about Block512 is also shared in order to
understand where the firm started and how the firm intends to move forward. Next, the logic and
rationalization behind selecting certified public accountants as a partnership opportunity is
provided. Before fully engaging in the target market research, the small to medium business
environment is examined to justify eventual feasibility in that market, prior to building CPA
partnerships. Furthermore, several aspects of the target market are discussed in order to
determine a starting point for Block512’s market penetration and to gain more understanding of
the CPA environment. Finally, concerns within the blockchain industry, along with the
examination of Block512’s internal capabilities and issues, are compared to develop a strength,
weakness, opportunity, and threat (SWOT) analysis.
Moving forward, the central concern that Block512 wants to address include the market
opportunity at this point in time and the level of service that is the most appropriate for the target
market. In order to gauge the need of the CPA market, a needs assessment survey was
conducted. Additionally, personal interviews with CPAs were conducted in order to continue
developing and understanding the true needs of the market. All survey results and interview
responses are provided. Finally, a go-to-market plan was developed in order to assist Block512
with all market aspects to consider, if the firm ultimately chooses to engage this market.
While there is still quite a bit of anticipation about the possibilities of blockchain, it is
important to understand that there are several predictions indicating that blockchain has the
capability to drastically change many business processes across multiple industries. Some claim
that businesses and entities will be disrupted by the technology. Instead of the fear of disruption,
businesses should embrace the fundamental and foundational changes in technology that will
inevitably take place, creating new ways for businesses to thrive that are not yet foreseen.
2

4. Introduction
Fundamentals of Bitcoin & Blockchain
It is important to note that blockchain technology is surrounded by a significant amount
of technical jargon, making it difficult to not only explain, but to fully understand. This
introduction provides a simplified explanation of Bitcoin cryptocurrency and blockchain
technology, in order to assist in understanding the value that Block512 strives to provide to its
future customers.
Bitcoin
Bitcoin is a type of virtual currency, or cryptocurrency, that is stored and exchanged
online. While this type of digital currency does have monetary value, there are no actual,
tangible coins that a user can receive as cash. Consumers can, however, exchange Bitcoin for
local currency and can also make purchases with Bitcoin where it is accepted. With the use of
electronic devices, transactions can be made anonymously. Furthermore, banks do not regulate
or store Bitcoin on behalf of users, so the threat of unauthorized individuals accessing personal
information or stealing money is eliminated. Instead, users store Bitcoin in their digital wallets
created online. Since no governmental entity regulates the use of Bitcoin, it is a digital currency
easily used internationally.
Blockchain
A Bitcoin transaction is maintained and tracked through blockchain technology with
cryptography, which makes certain that only authorized individuals involved can view or process
the transaction (​WeUseCoins, 2017​). “Super users” on the network (commonly referred to as
miners) use their electronic devices connected to the blockchain network to verify transactions.
Once a miner verifies a transaction by solving a complex, mathematical algorithm, the
transaction becomes a record (or a “block) and is added to the ledger for all users to see and
confirm. The transaction is linked to a previously verified transaction, creating the “chain”,
therefore increasing the credibility of the transactions and making it impossible to falsify a
transaction after it has taken place​ (BlockGeeks, 2016).
While Bitcoin was the first type of transaction that used the blockchain platform,
currency is not the only exchange that can be transacted on the blockchain. This technology has
the potential to enable the exchange of any type of value, especially information.
Benefits of Blockchain
The following benefits apply not only to consumers, but to businesses as well.
● Automation
● Transparency
● Permanence
● Security
● Decentralization
● Scalability
● No third party intermediary
​Historical and General Context
Block512
Block512 initially emerged as a startup in Austin, Texas, in November of 2016 in hopes
of assisting potential clients with the launching of an Initial Coin Offering, or ICO. With an
ICO, a company sells part of its cryptocurrency (usually Bitcoin) to early adopters and
3

5. enthusiasts in exchange for money to fund the company’s operations. After initial attempts were
made, Block512 quickly realized that the majority of potential clients were not aware of the
technology nor had a solid understanding of Bitcoin and blockchain.
Block512 decided to modify their strategy to focus on educating potential clients on the
technological fundamentals. Currently, in addition to education, Block512 is preparing to
present at Austin’s Small Business Festival taking place May 1-5, 2017. They are researching
compelling data and statistics to present to the audience in order to support their case for Bitcoin
and blockchain adoption. Block512 partnered with Texas State University’s MBA Capstone
program in January 2017 in order to develop a target market and a go-to-market plan in
preparation for the Small Business Festival. Ultimately, the goal is to reach a position where
they can assist firms in initiating an ICO for funding, once the target market is educated on the
subject matter.
Determining the Target Market
Because young firms are in need of capital to support growing business operations,
Block512 is ultimately striving to assist startups and small-to-medium businesses (SMB) with
ICOs for funding purposes. However, because cryptocurrency and blockchain are still
considered as emerging technologies, other industries will need to be involved in the
collaboration efforts of blockchain implementations. These industries include legal services,
financial services, and information technology services. These industries were further
researched and explored in order to determine which target market would be the most viable at
this time.
To determine which specific industry to target, a recent survey, commissioned by
Deloitte, was studied, shedding light on the current state of blockchain awareness and adoption
amongst US senior executives. The survey was conducted online from November 14 to
December 1, 2016, polling a sample of 308 senior executives at firms generating over $500
million in annual revenue ​(​Piscini​ and Schatsky, 2017​). ​Significant statistics are shared below.
● 42% of senior executives believe that blockchain will disrupt their respective industries.
● 55% of senior executives believe that their companies would be at a competitive
disadvantage if they failed to adopt the technology.
● 39% of senior executives have little to no knowledge about blockchain technology, while
61% of senior executives claim some knowledge about blockchain, ranging from broad to
expert level.
Of the 61% of senior executives who have some knowledge about blockchain, over 25%
of those executives claim that their companies view blockchain as a “critical, top-five priority”,
while about a third of these knowledgeable executives believe that the technology is overhyped
(Wall Street Journal, 2017). I​t can be concluded that the potential of blockchain technology is
not yet fully understood, since it is still in its early stages of development and adoption. While
there is still some doubt about the full benefits of the technology, of the 61% of knowledgeable
executives, 21% of their respective firms have already started piloting blockchain technology
and 25% plan to do so in the upcoming year, indicating that there is still a significant amount of
growth to come.
4

6. Furthermore, 12% of financial services companies have invested in blockchain research
and/or pilot programs this year, while 24% of financial services companies plan to do so in the
following ye​ar (Wall Street Journal, 2017). No data was mentioned about research or pilot
programs for legal services, leading to the conclusion that adoption by the legal industry would
be significantly slower compared to financial services.
Even though the financial industry has spurred the interest in piloting blockchain
technologies, more opportunities are being explored by a multitude of industries. Because of
this, companies in consumer products and manufacturing have started to lead their industries to
begin to file for blockchain patents (Wall Street Journal, 2017). The following statistics indicate
that a collaboration effort is needed across multiple industries in ​order to assist in a mass
adoption of blockchain technologies.
● 56% of survey participants believe that​ “technical standards would create the tipping
point leading to widespread adoption” (Wall Street Journal, 2017).
● 48% of survey participants believe that “federal regulations that ​support the use of
blockchain for business purposes such as contracts and financial audits would likely tip
the scales in favor of mass adoption” (Wall Street Journal, 2017).
As can be noted from the above statistics, three major industries are at a crossroads. The
collaboration of technology, the financial industry, and legal services is required in order to fully
develop blockchain adoption on a larger scale, as initially anticipated.
Because Bitcoin and other cryptocurrencies were the first use cases of blockchain
technology, it was only natural that the financial industry was the first to dive into the use of
blockchain. According to a McKinsey report, a key take-away is that financial services should
be the first to move in unison in order to fully grasp the benefits of blockchain technology
(Rizzo, 2015). Due to the nature of the trickle down effect, it is highly speculated that certified
public accountants (CPAs) will be one of the next support services to be affected.
On the other hand, one lawyer believes that blockchain will develop a new niche practice
area for lawyers wanting to specialize in blockchain (Moon, 2017). ​ While this is a viable
prediction, this will ultimately take more time, as adoptions will need to take place and analyses
on these adoptions will need to occur in order for lawyers to fully understand the implications of
blockchain technology. CPAs are already being immersed at large companies; smaller
companies will soon seek to imitate the early adopters.
External Context
Introduction
Before determining if accounting services would be the best initial partnership for
Block512, an examination of the SMB environment was conducted in order to justify Block512’s
value offering, specifically in the Austin area.
The Austin-Round Rock Metropolitan Statistical Area (MSA) consists of five Texas
counties surrounding the capital city of Texas, that includes Travis, Williamson, Caldwell, Hays,
and Bastrop counties. According to the U.S. Department of Commerce in 2016, the
Austin-Round Rock MSA was identified as the second fastest growing large metropolitan area in
the country. The Austin-Round Rock MSA growth has attributed to the development of
professional and business services.
5

7. In 2016, Austin ranked first in “Small Business Vitality”, according to research
conducted by American City Business Jour​nal (Thomas, 2017). Although Austin slipped to fifth
place on this same list in 2017, the city still maintains the favorable environment that is required
for startups and small businesses to thrive. Currently, the Austin-Round Rock area is home to
45,747 small businesses, which are classified as firms with less than 100 employees (Thomas,
2017). The number of small businesses in the area grew by 4% from last year, further
representing that Austin continues to be an attractive destination for small business (Thomas,
2017).
Furthermore, Austin scored first place in the “CNBC Metro 20: America’s Best Places to
Start a Business” in 2016 (Pofeldt, 2016). Coupled with low taxes, and the mild cost of living
relative to other major metropolitan areas, Austin is an obvious destination for entrepreneurs
(Pofeldt, 2016). Because of the positive climate and continued growth of the small business
market in the Austin area at this time, it is assumed that emerging small businesses will need
accounting support services. After assessing the SMB climate, CPA services in the targeted
geographic area need to be examined to determine the market outlook potential.
Market Outlook
The table to the left details the
number of CPAs from the national to the
local level. These numbers serve as a
starting point for market penetration in the
Austin area. There are 15 CPA firms listed
on the Austin Chapter of the Texas Society
of CPAs website that indicate they service
small businesses and startups. Granted, not
all CPAs that service the small business
sector are members of the organization.
Demographic Information
6

8. The table above specifically lists the 15 CPA firms specializing in SMB in Austin, who
are members of the Austin Chapter of the Texas Society of CPAs. After visiting each listed
website, it was determined that there are at least 28 CPAs employed at the 15 firms listed above.
Out of those 28 listed CPAs, 16 are female, 11 are male, and one is unidentified. Similarly, 57%
of CPAs are white, 39% are unidentified, and 4% are black. The age range of the listed CPAs is
late-20s to mid-50s. Finally, 40% of the firms currently have additional office and support staff,
while the remaining 60% did not list support staff or associates on their respective websites.
Socio-Cultural Information
Out of the 13 listed firms that had available information online, four of the firms stated
that trust, integrity, and/or transparency are major values in the services they provide. Five of
the firms with available information stated that personalized services are of the utmost
importance to their firms. The attitudes towards trust and personalization can lead towards a
healthy environment for potential partnerships between Block512 and accounting services. Most
importantly, 12 out of the 15 SMB specializing firms provide business consulting services to
their clients. This potentially puts Block512 in a prominent position, since CPAs do have an
influence in their clients’ business strategies.
Technological Information
Out of the 15 listed firms described above, eight of the firms mentioned favorable support
of technology and/or innovation on their respective websites, alluding to the importance of
staying current with technological improvements. This also places Block512 in an advantageous
position as an educator and advisor for CPAs. Knowing that CPAs will be receptive to
upcoming technological trends increases the likelihood that they will also be receptive to the
services Block512 intends to provide.
Another aspect to consider is the target market’s stance on technological adoption. This
is important because Block512 will need to partner with a support service that tends to categorize
as early adopters, rather than late movers. A survey (described in the strategy formulation
section) will provide more data and insight into CPA adoption trends.
Economic Issues
On a basic level, one of a CPA’s main roles includes auditing. ​Because the auditor can
play a significant role in a bu​siness decision-making process, the public must rely on the auditor
as a basis for investment decisions (Lazanis, 2015). While it is the auditor’s job to remain
neutral during the process, it is important to understand that “an inherent bias” exists, due to the
collection of fees from its clients in order to complete the auditing process (Lazanis, 2015).
There are many accounting processes in place that are both time and labor intensive. These
laborious tasks are undertaken in order to ensure that truths are verified and any forgery is
revealed.
All auditing procedures involve the confirmation of transactions on a company’s
accounting ledger. The integration of the blockchain would be able to automate this process
entirely, without the use of an auditor. Since transactions on a blockchain can be confirmed, the
redundancy associated with manual accounting is eliminated and speeds up the auditing process
(Medium, 2016). T​he costs associated with auditing would also be significantly reduced due to
the accelerated automation process.
7

9. “Since all entries are distributed and cryptographically sealed,​ falsifying or destroying
them to conceal activity is practically impossible” with the use of the blockchain (Andersen,
2016). This eliminates the need to trust an auditor with not only correct information and
recommendations, but also eliminates the inherent bias involved in the auditing process as
previously described. Additionally, this greatly enhances the integrity of the auditing process
altogether. After blockchain becomes more developed, audits can become completely
automated, eradicating the trust issues currently prevalent today.
In addition to automating the auditing processes, the amount of time, effort, and costs of
an audit would decrease dramatically. Auditors would have the opportunity to spend time on
other areas to add more value to a company, such as complex transactions or internal control
mechanisms (Andersen, 2016). The use of blockchain “shows great promise for boosting fiscal
accuracy, reducing fraud, and improving data transparency” (Scott, 2016). This technological
trend could virtually eliminate the need for bookkeepers and auditors, “creating greater
economies of scale and efficiencies within the business and financial worlds” (Scott, 2016). The
role of an auditor could be completely transformed with the integration of blockchain. In
essence, accountants will have the ability to continue leading more proactive roles, rather than
reactive efforts with the elimination of traditional auditing processes.
In a personal interview, Andre Mathis, CPA and auditor at Deloitte in New York City,
stated that blockchain technology will “level the playing field” for all businesses. He elaborated,
stating, “small businesses will now be able to compete in the global market.” The ability to
transact internationally will fundamentally change not only the small business environment, but
how a CPA assists his/her small business clients.
Legal/Regulatory Issues
According to Accenture’s 2017 technological trend report, “65% of business executives
believe that government regulations have not been able to keep up with the pace of technology
advancement​” (Accenture, 2017). ​Additionally, in a Block512 post focus group interview with
John Shumaker, a patent attorney at Lee & Hayes in Austin, Shumaker exclaimed that “the legal
field is slow to adapt to new technology.” This will be a significant matter in which Block512
will need to stay extensively informed, especially about tax implications of digital currencies, as
this will be technical knowledge that CPAs will need to support future blockchain clients. Since
cryptocurrency regulations will begin to develop after more blockchain adoptions take place, the
rules are still to be defined, with uncertainty ahead. Changing regulations could negatively
impact the blockchain industry in unanticipated ways.
Industry Issues
Rivals
Block512 is in a unique position, given that there are not many firms proposing the same
services within the Austin area. Large corporations like IBM and Deloitte are investing time and
research into blockchain technology. Because their intent and target market does not parallel
that of Block512, the threat of direct competition from these large firms is not present.
The blockchain space is still young in the Austin environment and therefore, not many
blockchain startups are well known in the area. Upon doing a Google search of Austin
blockchain companies, the only company that populates on the first page of the search results is
Factom. Block512 will not be competing in the same space, since Factom intends to build
8

10. platforms for enterprises. Since their offerings do not match, Factom may not be considered a
similar rival, giving Block512 a first mover advantage.
Security Improvements
As more industry-specific applications become available, security improvements add to
the opportunities that Block512 can capitalize upon. Blockchain directly addresses the concern
of security, which affects all industries and provides another opportunity for the firm to capture
the attention of small and medium sized businesses; the added security that blockchain brings to
processes and transactions can be used as a selling point. As the market realizes the full potential
that blockchain can bring to each industry, more opportunities for Block512 will present
themselves.
Blockchain technology has been in use since 2008 due to the prevalence of Bitcoin
transactions. However, beyond this use, it is still relatively new in terms of integrating it into
other business-specific applications. The threat that blockchain faces in the current environment
lies with the technology that small and medium sized businesses are currently using. If these
firms are unable to see the potential value that blockchain can bring to their organizations, they
will not be willing to interrupt their business operations in order to adopt the new technology.
Current technology that is in use by these target firms represent the substitutes in the market for
blockchain.
Implementation Hurdles
Implementation of new technology for any organization can be challenging, expensive,
and slow-moving. These circumstances are further amplified for the SMB environment with
limited resources. With small budgets allocated to technological resources, these businesses
cannot necessarily afford to make significant changes to their infrastructures frequently. In order
for Block512 to successfully convince firms of the value that blockchain technology brings, they
should also persuade those firms to abandon previous investments, whether partially or
completely, in order to invest in blockchain implementation. This part of the process will be
difficult to do with organizations that have limited funds and not a lot of time to spend in training
and downtime for implementation. In this regard, small and medium sized businesses do not
have any bargaining power as buyers when it comes to the investment of the technology within
their organizations.
Life Cycle of Technology
Source: Donald A. Norman, Nielsen Norman Group, 1998
9

11. It is assumed that blockchain technology is in the early adopter phase, approaching the
chasm. As can be seen on the graphic above, the early adopters are a small percentage of the
market compared to customers needing solutions and convenience ​(Norman, 1998).​ Therefore, it
is likely that Block512 will be able to tap into new markets in the future. Because the industry is
still in the early adoption phase, there is still a gap in awareness of the technology. Moving
forward, Block512 can fill this need and capitalize on this opportunity.
Internal Issues
Strengths
● Early entrant to the industry, with first
mover advantage
● No direct rivals at this time
● Network of experts around the globe
● Knowledge of graphic design;
marketing materials are appealing
Weaknesses
● Undefined target market
● Has not defined the specific needs of a
target market
● Has not clearly defined the firm’s role
within the industry
● Unable to explain blockchain simply
and succinctly to audiences
Opportunities
● Blockchain guidance will be needed
● Headquartered in a strong startup
climate
● Strong technology enthused
environment
● Potential CPA target market is
becoming more receptive to emerging
technology
● Opportunities for increased data
security through blockchain
● Could potentially tap into new markets
Threats
● Difficult to understand the technology
● Changing regulations could negatively
affect the industry
● Volatility of Bitcoin could deter
potential customers from ICOs
● Implementation processes could be
slow or too expensive
● Third party intermediaries (i.e. banks)
will be slow to adopt, slowing mass
adoption phase entirely
Strengths and Weaknesses
The SWOT table above depicts many of the various aspects already mentioned. In
regards to strengths specifically, it is worth noting that Block512 has an established network of
experts globally, not limiting the firm to one specific geographical area. Block512 also has
strong knowledge of graphic design, making their marketing materials, like their website and
PowerPoint presentations, appealing to audiences.
However, since Block512’s inception, it has yet to clearly define a target market, as the
firm has been focusing on educating general audiences of various industries about the potential
implications of the technology. Because the firm has not focused their energy on a specific
target, they have been unable to identify the direct needs of a market and therefore are unable to
fully capture customers. Additionally, Block512 has been unable to clearly define the firm’s role
within the blockchain industry. In a Block512 post focus group questionnaire previously
mentioned above, John Shumaker stated that he did not “feel competent to elaborate” on the
services that Block512 provides. When asked to rate his basic understanding of blockchain
10

12. technology on a scale of 1 to 5 (with 5 being the most understanding and 1 being the least) after a
blockchain introduction provided by Block512, Shumaker answered “2-3”. He said that he “had
a difficult time coming up to speed with the technology, and accordingly, had a difficult time
following the examples presented” in the focus group discussion. This example indicates that
Block512 has yet to be able to explain blockchain simply and succinctly to audiences, potentially
leaving them unable to fully understand the benefits of the technology.
Opportunities and Threats
It is also important to note that while there are positive opportunities with the
development of this technology, there are also concerning threats to address. One potential
threat that Block512 should be willing to address to future clients is the volatility of Bitcoin in
the marketplace and the direction of the digital currency’s future. In a personal interview with
Joseph Pintek, a senior auditor at Deloitte in New York City who is currently working with a
blockchain company, he stated that there is popular belief that Bitcoin could go away and be
replaced by a digital currency that is more secure. Because of this, Deloitte has not been
focusing on Bitcoin, but on understanding the blockchain platform itself. Pintek also believes
that third party intermediaries, such as banks, will be the biggest hurdle in mass adoption, as
these players “don’t want to decentralize the system”. He elaborated by stating, “as soon as a
bank finds a way to monetize the system, the rest [of the banks] would start caving”. Until that
time, people are going to continue searching for viable solutions to that particular threat. This is
a particular threat to Block512 because it prevents full clarity of what is to come in regards to
blockchain adoption, leaving many questions for future clients unanswered.
VRIO Framework
When analyzing Block512 from the VRIO perspective (value, rarity, imitation,
organization), it is easy to see that due to the firm’s access to industry experts, employees with
unique skills and capabilities, and no direct competition at this time, the intangible resources of
the firm are considered valuable. Additionally, it would take competitors time to build a network
of experts, something that is not easily purchased, so Block512’s resources are also considered
rare. The knowledge gained through presentation experience is not easily imitated, as this
process certainly takes time. Block512’s intellectual property can also be patent protected,
making it more difficult for competitors to copy. Finally, the networking, partnership building,
and client obtaining processes are all aspects that will take a considerable amount of time,
ultimately determining that Block512’s resources are not easily imitable. At this time, the only
aspect that Block512 is clearly lacking in order to obtain a sustained competitive advantage is
organization. As the firm begins to fully develop its value offerings, it should establish a solid
strategic management process. ​ Not taking advantage of this aspect will only leave Block512
with a temporary competitive advantage in the blockchain industry.
Critical Issues
11

13. This graphic, captured from Block512’s website, encompasses the service offering that
the firm intends to provide to its future customers. With the Insights service, Block512 hopes to
generate a prospect list for marketing and communications and create an online subscription
package that includes education and training modules. With its Advisory service, Block512
would provide customized readiness and preparedness assessments and additional value-added
custom services for future blockchain clients. Finally, at the Acceleration level, Block512 would
assist with the launch of a turnkey ICO package as an alternative capital raising method. Based
on the external, industry, and internal analyses described above, all of these service offerings
would benefit from the assistance of CPA services. However, the critical issues at hand lead to
these questions:
1. Are there opportunities in the market at this point in time?
2. If so, what level(s) of service is/are the most appropriate?
3. If not, when would be an appropriate time to launch the service(s)?
In order to address these issues, the next section will discuss a needs assessment survey to
determine the level of need in the market at this point in time, personal interviews conducted
with CPAs, and a go-to-market plan detailing an informed method of successful market
penetration.
Strategy Formulation
Needs Assessment Survey
Methodology
Using Survey Monkey, a needs assessment survey was created that included six multiple
choice questions, two “check all that apply” questions, and two fill-in-the-blank questions, for a
total of 10 questions. The final fill-in-the-blank question allowed respondents to provide their
email address, if they were interested in receiving the survey results and a blockchain white
paper provided by Block512.
Email addresses were acquired from the Directory of American Accountants on
cpa-accountants.net/intro​. The database contains 55,047 unique accountant email addresses,
with over 97% being licensed certified public accountants (CPAs) for a cost of $245.00.
However, there were a total of 5,773 of those emails returned as “undeliverable”. In addition to
sending the survey requests to the purchased directory, a total of 54 additional requests were sent
to email addresses gathered from the Texas Society of Certified of Public Accountants,
specifically the Austin, Houston, and San Antonio Chapters, to firms that specialize in servicing
startups and small-to-medium businesses.
The survey was conducted from March 28, 2017, through April 21, 2017, and a final total
of 437 survey respondents were collected, for a 0.89%​ ​response rate. ​According to Practical
Surveys, a typical response rate for the general public is 1 to 20%, indicating that this survey did
not meet this minimum to be considered successful ​(Ray, 2015)​. However, considering the
timing of the survey being concurrent with the busiest time of the year for accountants, the
number of responses received was a significant number and the results provided insightful
feedback.
It can also be concluded that the email campaign could have deterred responses, as the
introductory email mentioned that the survey was in regards to “the emerging technology,
blockchain”. Since the survey results did indicate that there is not a widespread awareness of the
12

14. technology, CPAs receiving the email could have opted out because they do not have knowledge
of blockchain. Regardless, the survey results are intended to set a basis for broad, preliminary
research. The following i​nformation lists each survey question, the purpose of the question, and
a brief result of the question. To view all graphs associated with the survey responses, see
Appendix A.
Survey Questions & Results
Question #1​: Where do your businesses operate? What size of businesses do you service in
revenue? (Check all that apply.)
Purpose​: The purpose of this question is provide demographic information of the survey
respondents, as well as, a method to filter results from other questions based on the target
market.
Results​: The results indicated that 61% of survey respondents serve domestic clients, while 39%
of respondents serve global clients. Furthermore, 81% of the respondents serve clients
generating $50 million in annual revenue or less, while 18% serve clients who generate more
than $50 million in annual revenue. This is relevant because Block512 intends to eventually
service SMBs generating less than $50 million in annual revenue.
Question #2​: Is your firm in a position to influence or make recommendations to improve your
clients’ business strategies?
Purpose​: The purpose of this question is to determine if CPAs view themselves in positions to
provide strategy recommendations to their clients outside of their financial roles.
Results​: An overwhelming 90% of respondents claim, “Yes, I already provide
recommendations”, indicating that CPAs are in a great position to offer advisory services to their
clients and further indicating that partnership opportunities would be ideal.
Question #3​: In regards to innovative technology, how would you describe the position of your
business?
Purpose​: This question provides a basis to measure how receptive respondents are to the
adoption of innovative, emerging technology.
Results​: 5.5% of CPAs prefer a first mover advantage, 37.8% prefer early adoption, and 35.9%
prefer adoption with the majority of the industry. The amount of CPAs who classify themselves
as first movers and early adopters is a positive sign towards the potential adoption of blockchain.
Question #4​: What is your opinion towards Bitcoin as a cryptocurrency?
Purpose​: The answers to this question will showcase the current awareness of Bitcoin amongst
CPAs.
Results​: Results of the survey indicated that 7% of respondents have a positive opinion towards
Bitcoin, 34% have a negative opinion, 38% have a neutral opinion, and 21% are unaware of the
cryptocurrency. This leads to the conclusion that there is not enough awareness of the
cryptocurrency. This could also mean that bad press has caused CPAs to develop negative
opinions.
Question #5​: ​Have you worked with a client to raise startup capital or capital to expand? If so,
check all applicable.
13

15. Purpose​: The responses to this question would ultimately provide an idea of how many of the
respondents have assisted their clients with ICOs.
Results​:​ The results indicate that only 2 CPA respondents have assisted clients with an Initial
Coin Offering. If Block512 is ultimately trying to service the SMB environment with ICOs, the
reality is that it is probably not viable until there is more awareness of blockchain and
cryptocurrency in general.
Question #6​: Do you believe your clients need to implement blockchain technologies within their
businesses?
Purpose​: This question addresses the following questions. Do CPAs currently understand the
potential disruption of blockchain? If so, have they thought about how it might affect their
clients and will ultimately affect them?
Results​:​ The results indicate that there is a 67% of unawareness, meaning that CPAs are not fully
educated about the possibilities of blockchain technology.
Question #7​: ​Would you find it beneficial to have access to relevant educational information,
market trends, and strategic insights about Bitcoin and blockchain as it relates to you and your
clients’ businesses?
Purpose​: Again, the response to this question is to see if CPAs currently feel that it is necessary
to learn more about blockchain.
Results​: 32.5% of respondents answered “yes”, 30% answered “no”, 30.9% answered “unsure”,
and ​5.8%​ claim that they already have access to educational information. Four individuals did
not respond to this question. Again, this means that CPAs may not necessarily understand the
impact of receiving insights about this technology.
Question #8​: ​How much do you or your firm invest annually in professional development
opportunities, outside of your required continuing education to maintain your professional
license?
Purpose​: This question shows how much money CPAs could potentially be willing to invest on
the Insights service that Block512 would provide, indicating a starting point for monetizing the
service.
Results​:​ As can be seen on the graph below, there is a wide range of investment in professional
development outside of required trainings. It was also determined that this question could use
more clarity in order to find a smaller range. Some respondents answered as an individual, while
others answered as a firm, so it was difficult to distinguish between the two. More investigation
is needed on this topic in order to better justify how Block512 can monetize their Insights
service. However, there are an overwhelming amount of CPAs who do not invest beyond their
required annual trainings. This could be an issue within the target market.
14

16. Question #9​: ​Would you be interested in learning about blockchain / cryptocurrency partnership
opportunities to provide your clients with additional advisory services?
Purpose​: Feedback from this questions will showcase CPAs’ willingness to partner with
businesses outside of their industry, especially if they anticipate the move towards implementing
blockchain in their clients’ business environments.
Results​: 51% of respondents answered “no’; only 23% answered “yes” and 25% answered
“unsure”. Five individuals did not respond to this question. Again, it can be concluded that
CPAs may not understand all of the benefits to a partnership at this time.
Question #10​: ​Please provide your email if you would like a free blockchain introduction and
overview whitepaper.
Purpose​: This fill in the blank question will further determine the target market’s interest in
blockchain.
Results​: 140​ survey respondents provided email addresses, indicating that they wanted additional
information. These emails can be considered as potential leads moving forward.
Interviews
Introduction to the Interviews
The large accounting firms (also known as the Big Four), which include Deloitte,
PricewaterhouseCoopers, Ernst & Young, and KPMG, have already begun leading research in
blockchain development. Because of this, Andre Mathis, a Texas State University MAcy
graduate currently working at Deloitte, agreed to take part in a personal interview about his
exposure to blockchain from a CPA and auditor perspective. After his interview, Andre
recommended seeking out the expertise of Senior Auditor at Deloitte, Joseph Pintek, as he is
currently working with a blockchain client. These personal interviews are intended to provide
more insight into the needs of CPAs and how Block512 can position themselves to fulfill these
needs. The highlights and most compelling insights are provided below. To view the remaining
questions and responses not represented here, see Appendix B.
Interview with Andre Mathis, CPA
➔ What is your experience with Bitcoin?
15

17. Andre has no experience with Bitcoin. However, Deloitte keeps its employees engaged
in the “emerging growth market”, so that they can stay informed about new technologies. One of
the ways Deloitte does this is by issuing “Deloitte Coins” (or D-Coins) to employees to exchange
amongst each other. For example, an employee can be rewarded a D-Coin by gaining expertise
within the firm. Employees are able to complete peer-to-peer transactions among each other
with these coins. They have no monetary value, but allow employees to fundamentally
understand how digital currency works.
➔ Do you see opportunities to utilize blockchain/Bitcoin technologies in your business?
Yes, companies need to house a lot of data. In order to do their jobs, auditors need to
access data, which is difficult to do. Information needs to be collected from clients, which is a
time-consuming process. Traditional databases are utilized; but many processes are tedious and
outdated. Andre sees blockchain as a way that will help with record keeping. The “ability to
effectively house data” is on the horizon.
➔ When do you think blockchain will trickle down to small businesses?
Andre actually believes that blockchain will hit large and small businesses alike at the
same time. He believes that legacy companies will be much slower to move, as they will release
changes more slowly, due to the complexity of their systems and processes. He believes that
smaller firms would have the ability to move (or adopt) faster.
➔ How do you think small businesses should be targeted?
Small businesses can be approached from a cost reduction standpoint. The
implementation of blockchain will omit the need of a “middle man” in the data collecting
process. For CPAs, this will dramatically increase the efficient use of time. The ability to
transfer and house data will change, which will ultimately lead to more positive and efficient
changes, such as, how information is received and processed. The change in how data is housed
will occur due to the “digitization of assets”, allowing for information exchange to happen
instantly. Blockchain will allow for not only the exchange of money, but for the exchange of
“information of value”. While the billing hours of CPAs could be greatly reduced due to
maximized efficiency, CPAs would have the capability to service a greater number of clients.
Interview with Joseph Pintek, CPA
➔ When did you first hear about blockchain/Bitcoin and how did you hear about them?
Joseph heard about blockchain about a year and a half ago. To become more familiar
with the technology, he “watched a series of videos to wrap [his] head around it”. At the time,
the videos were technical/not user friendly. Deloitte wants to be positioned, especially in its
advisory practice, with workshops and training programs for clients, because the firm wants to be
an industry leader.
➔ What were your initial thoughts about the technology?
It took time to “get [his] head wrapped around the technology.” At first, he “didn’t get
why everyone was so excited about it” initially. He realized that the potential in regards to what
people can do with it is exciting. He believes it will require a “complete overhaul” and “will
change what we can do on a day-to-day basis”.
16

18. Then, he looked at it from more of a use case standpoint, and believes there is “still a big
question mark”. He goes on to say, “there’s going to be a big change and we need to be ready
for it.”
➔ How do you think CPAs’ jobs will be affected by the adoption of blockchain?
Joseph believes that auditors’ jobs would change more than simple bookkeepers’. There
are still grey areas in regards to what the final [blockchain] product would look like. He believes
that blockchain wouldn’t completely replace bookkeeping, but it will “slim it down”.
“K.Y.C.” (Know Your Client) metrics are massive processes that take a long time to
develop, with departments that are dedicated to this. Because the technology allows for
direct-to-direct exchanges with no intermediaries (if implemented correctly), “you don’t need to
know everything about a customer [any more]”. This will increase efficiencies in the industry,
but current people would still need to have training, so the transition processes would be slow.
Companies’ investors could look up transactions online (if blockchain is public). From
an auditing standpoint, it “would change what we would be looking at”; auditors would be
“looking at a distributed ledger as opposed to bank statements”. Auditors would be able to
reference the blockchain, but they would also need to know how to look up the information.
From this standpoint, auditors would need more of a “tech background”.
➔ How can CPAs stay informed about blockchain/Bitcoin changes that will take place?
Deloitte wants to keep the firm more informed through emails with white papers, events,
and workshops. Joseph recently sent an email to the firm with a link to a podcast about
blockchain. Deloitte is concentrated on growing the practice to be ready to adapt when
blockchain begins to move forward. Joseph is also helping to plan a training session for Deloitte
employees. Deloitte will host networking events, allowing people to ask questions and have
conversations. The firm is working to “figure out how important this (blockchain) could be until
someone has a definite solution”.
➔ Do you think that alternative capital raising methods like ICOs will become more popular
for startups and SMBs?
It has been done. A UK based company, Lykke, launched an ICO with “Lykke coins”,
which are digital representation of assets. In order to create a trading platform, there might be
need for a combination of companies to collaborate. For example, IBM is working with banks.
If they made one marketplace (for trading), it might work. Joseph believes that there are enough
educated people in the space to buy into this. “The question is: would people do it?” Joseph
believes that educated investors will, but the general population won’t because they don’t
understand ICOs like they understand IPOs.
➔ Do you think that a partnership with a blockchain company would be attractive to SMB
CPAs? What would they find value in a partnership?
“Yes, people are going to be reaching out. Partnerships are ideal. People are going to
come together.” Deloitte is already trying to talk through through these problems, as there are a
lot of questions with blockchain. As far as understanding and implementing these changes,
“someone will need to be willing to address them”.
17

19. Go-to-Market Plan
About the Go-to-Market Plan
The go-to-market plan can be utilized to assist Block512 in launching their
blockchain/Bitcoin education and support services to the CPA target market. Not only will the
organization’s services be introduced for the first time, Block512 as a brand will receive
exposure as a result. The goal of the go-to-market plan is to bring awareness of blockchain and
Bitcoin applications to the target audience in the hopes that it will spark interest and encourage
those interested parties to fully implement the technology within their existing business
operations, a long-term goal in terms of product offerings for Block512. The information
provided below are sample passages from the plan. ​ To view the entire plan, see Appendix C.
Solution 1: Insights - Education & Training
The online education subscriptions will be sold to small to medium accounting firms
consisting of 2-15 partners. Online subscriptions about blockchain/Bitcoin information relevant
to the financial technology industry will be provided by Block512 in order for CPAs to gain
knowledge about the technological trends, as well as the development of financial and tax
regulations, which will affect not only their industry, but their clients’ businesses. Block512
should place most of their efforts and promotion on selling the education services, as this
currently represents the greatest need for the target market. Education will drive the ability to
offer more services to CPAs, and eventually to offer these services to their clientele.
The firm partners will be the ultimate decision makers in the organization as to whether
the organization will proceed with purchasing these services from Block512. This product
offering can be also be sold to leads compiled from sources such as the Texas Society of CPA
Chapter websites and survey respondents, who indicated they were interested in receiving more
information on blockchain and Bitcoin applications.
Solution 2: Advisory - Evaluate readiness & preparedness on a custom level ​
The advisory and consulting services that can be offered to customers, once they are
educated on blockchain and Bitcoin applications, will be sold to accounting firms consisting of
2-15 partners as well. Once again, firm partners will make the decision as to whether or not their
organization will continue down the path of working to incorporate the technology into their
operations and introducing it to their clientele. Block512 will have to work to build relationships
with CPAs in these firms in order to ensure long-term success of the business model. Time will
be needed for the CPAs to understand the full extent of how blockchain will allow them to be
more efficient, how they can present the information to their clients at a simplified level, and
how they can use it in their own firms.
Solution 3: Acceleration – Turnkey ICO packages and implementation
Block512’s ultimate goal and basis for their revenue model is to assist small to medium
sized businesses looking to raise funds by launching Initial Coin Offerings (ICOs). In order to
do this, both the CPA firm and their respective client will have to adopt blockchain technologies
in order to continue to do business with one another and to be able to receive funding via
Bitcoin. An ICO is not possible without blockchain. This product offering will be introduced to
accounting firms with the end result of CPAs presenting the funding options to their clients.
Firm partners will decide whether or not their firm will continue to partner with Block512 in this
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20. stage of the business model. Additionally, Block512 will participate in direct sales to small to
medium sized businesses based on leads provided by the CPA partners. Block512 will target
small to medium sized businesses with annual revenues of less than $50M. The ideal candidates
will have indicated to a CPA partner that they are looking to raise funds and have already
integrated blockchain applications into their organization. The decision maker to move forward
with an ICO for the SMB will be the owner, or CEO, if applicable.
Pricing & Positioning Strategy
Small businesses and CPAs in small firms have limited budgets for information
technology. For this reason, it is imperative that Block512 price their services in such a way that
their target audience will find them as affordable and feasible options.
A monthly fee for the online education tools is reasonable and a pricing model that the
target audience would perceive as familiar. Given that CPAs are required to obtain Continuing
Education (CE) credits in order to maintain their licensure, pricing the education services that
aligns with the average cost of a CE course or subscription is a way to ensure that Block512 is
not pricing themselves out of the market. Survey data indicated that the average budget allotted
to additional CE courses, outside of the required CEs to maintain licensure, ranged from
$1,000-$2,000 per CPA. Some also indicated that limited funds are allotted to continuing
education, which substantiates the notion that Block512 must keep their services affordable as
the target market tends to be price sensitive.
Illumeo is an organization that offers online Certified Professional Education (CPE)
courses to CPAs and other financial professionals; it is accredited in all 50 states and accredited
by the National Association of State Boards of Accountancy, or NASBA. Currently, Illumeo is
offering unlimited access to over 15,000 courses for 12 months for $99 (Illumeo, 2017). On the
other end of the spectrum, Becker Professional Education, also accredited by NASBA, offers
on-demand and webcast subscription access to over 300 CPE course offerings for an annual price
of $295-$395 per year (Becker, 2017). Based on this information, Block512 should consider
pricing their education services in a similar fashion, but not to exceed $400 per subscription.
Given that the content offered will be specialized and enable CPAs to gain a competitive
advantage in their field, pricing the services on the high end of the range is reasonable. However
in order to spark demand and establish a customer base, an early partner rate should be offered.
At this point it is difficult to gauge how the advisory and acceleration services will be
positioned and priced. It should be assumed that each customer will have unique needs in terms
of how they will implement blockchain and Bitcoin applications and to the extent it will be used.
For this reason, a flat fee service model does not seem relevant. Pricing these services based on
a percentage of revenue would be a more effective model for Block512 and still allows for a
“standardization” in pricing while also taking into consideration the unique situation presented
by each customer. A revenue model based on a percentage of revenue also allows for an
increase in transaction pricing, given that the customer maintains their relationship with
Block512 on a long-term basis. The assumption here is that the customer becomes more
efficient by implementing blockchain services, thereby increasing revenues, which results in
higher fees for Block512.
Retention Strategy
To ensure that Block512 is able to retain long-term partnerships with CPAs in order to
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21. build a customer base, the value they bring to the CPA will have to be obvious and clear upfront.
If the value of the relationship is not apparent from the start, it will not thrive and will not lead to
new business for Block512.
The CPAs will benefit from the knowledge they are gaining regarding blockchain
applications. This will allow them to differentiate themselves in the industry and provide them
with a competitive advantage. This added knowledge can be passed on to their own clients,
providing another potential profit opportunity. The ability to brand themselves as blockchain
subject matter experts within their respective field will prove to be monumental in the years
ahead as the technology becomes ever more prevalent. Once the CPA has gained value through
Block512’s education services, there must be some added value to them to continue their
relationship and want to encourage their clients to look into blockchain and Bitcoin solutions.
The value that they see in services offered by Block512 is what will result in the CPAs
continuing to refer their clients to them. Without this factor, the distribution channel is lost. In
the long-term, when steady revenue can support it, incentive plans can be established in order to
continue to engage CPAs into actively identifying clients who they feel would benefit from
Block512’s services. However, a legitimate referral must be defined; only a referral that leads to
a new customer for Block512 would produce an incentive reward for the CPA. It is assumed that
Block512 will reach this phase approximately a year from launch in order to allow time for the
CPA partners to feel comfortable enough with the material and that they feel they could discuss
the topic of blockchain and Bitcoin with their clients.
A finder’s fee is a commission paid to another party that has assisted or facilitated in
discovering a sale. Finder’s fees of a flat rate could be offered to CPAs that successfully refer a
client to Block512 for services. These incentive payments would initially start off minimal, in
order for Block512 to retain revenues to build the business. But as this service line matures and
grows, the fees could also increase, based on a few factors, such as how long the CPA has been
working with Block512 and the amount of business they refer in a given amount of time.
If this finder's fee policy is established to ensure long-term relationships with CPAs, it is
in the best interest of both parties to execute a contract that explains the referral process and the
extent of the CPA’s relationship. More specifically, this means that once the CPA’s client is
referred to Block512 to pursue further opportunities, the CPA will have no involvement in that
process. Additionally, this agreement will also document the amount the CPA will receive upon
a “successful referral”. Not every client the CPA will refer to Block512 will turn into a
transaction, so characteristics of a successful referral are to be addressed and identified in the
agreement. Industry experts suggest setting finder’s fees within a range of 5 to 35% of revenue
to be produced by the prospective customer (Roth, 2015). However, this can also be negotiated
amongst parties to come to an agreement that best suits the dynamic and relationship.
“100-Day Plan”
Block512 will need to collaborate with not only financial services, but legal services as
the rules of blockchain and Bitcoin are still being developed. Block512 is in a great position to
influence the development of these rules and regulations. Below is a 100 day plan, influenced by
Accenture’s 2017 technology trends report, to assist Block512 with the best method of moving
forward.
● Organize roundtable conversations focusing on Block512’s potential influence on society.
Reach out to the target market by offering a free seminar to begin the education process. If
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22. possible, provide a live-stream option for those unable to attend in person. Spread the word
about any and all roundtable meetings through Block512’s website and social media
channels. Also reach out to Austin Bitcoin enthusiasts for additional support.
● Build a conscious strategy for influencing the social contract with a governance structure that
ensures responsible and ethical influence. Continue to pursue legal support services. Reach
out to local regulators to begin building relationships and collaborating efforts in order to
best service future clients.
● Take inventory of data inputs to Block512’s organization. Focus on areas where Block512
can receive personally identifiable information and enumerate the potential risks to highlight
areas where new governance, for Block512 or the accounting industry, may be needed.
● Highlight areas of innovation that Block512 is engaged in, where improving or updating
government regulation or industry/ecosystem rules would help to encourage innovation or
economic growth in the Austin area.
● Create a small advisory team of CPAs and regulators at the local level. Efforts should focus
on education, information sharing, and responsible growth of alternative capital models.
Commit to true collaboration with these stakeholders and to address areas of concern.
Alternative Recommendation
Continuing Professional Education for CPAs
If Block512 feels strongly about being a part of the blockchain awareness and education
movement, a clear promotional avenue to reaching the CPA market is through Continuing
Professional Education, or CPE. According to the National Association of State Boards of
Accountancy, “CPE is required for CPAs to maintain their professional competence and provide
quality professional services. CPAs are responsible for complying with all applicable CPE
requirements, rules and regulations of state boards of accountancy, as well as those of
membership associations and other professional organizations” (AICPA, 2006). In Texas
specifically, CPAs need to obtain a minimum of 20 hours of CPE annually (NASBA, 2016).
The driving force behind this recommendation stemmed from one of the survey questions
that asked: ​How much do you or your firm invest annually in professional development
opportunities, outside of your required continuing education to maintain your professional
license? The responses were numerous, ranging from $0 to $250,000 annually. Because there
were several respondents who do not spend any additional money outside of their required hours,
it can be concluded that those respondents may not necessarily seek out more education beyond
their state requirement. If that is the case, there could be a small market of CPAs that could not
be reached with Block512’s services. In order to expand Block512’s market penetration,
Block512 could seek to provide official CPE credit for CPAs.
How to become an official CPE provider
In order to become a CPE provider, Block512 would need to register with the Texas State
Board of Public Accountancy, or TSBPA. All information in regards to becoming an approved
provider can be found on the TSBPA website at ​http://www.tsbpa.state.tx.us/​ under the “CPE
Sponsors” tab. Additionally, Block512 could also provide credit hours to CPAs as a
non-registered sponsor, as long as participating CPAs submit a “Claiming Continuing
Professional Education Credits from a Non-Registered Sponsor” form, along with justification
for the CPE credits and benefits to the licensee (NASBA, 2016). Preparing this form, with
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23. justifications and benefits, is something that Block512 could provide to their CPA participants,
as an additional incentive for attending blockchain education classes.
Mutual Benefits
Not only does Block512 assist in helping CPAs obtain their required CPE credit hours in
addition to their gaining of knowledge about the blockchain industry, Block512 has the
opportunity to brand the firm as a professional expert to CPAs. To take it a step further,
Block512 could add a blockchain enthused CPA to their team in order to collaborate on CPE
presentations. This would not only increase Block512’s credibility, but the firm would add yet
another expert to their team. Block512 could set up their cost structure similar to other CPE
sponsors and would have the opportunity to rely on less free webinars, since these classes would
be funded by CPAs or their respective firms. Going this route would generate revenue sooner
and could generate leads quicker.
Conclusion
Referring back to the critical issues previously stated:
- Are there opportunities in the market at this point in time?
- If so, what level(s) of service is/are the most appropriate?
- If not, when would be an appropriate time to launch the service(s)?
Based on the results of the survey and the feedback received from personal interviews, it
can be concluded that yes, there are opportunities in the market at this point in time. To reiterate,
it was determined that a healthy percentage of CPAs do service the small-to-medium business
environment, that is, businesses generating $50 million or less in annual revenue. CPAs are also
in a favorable position to make recommendations to their clients and tend to be supportive of
innovation and technology, specifically. At this point in time, CPAs are needing more education
on cryptocurrency, the possibilities of Initial Coin Offerings, and specific blockchain use cases in
small to medium businesses. When CPAs begin to visualize how business processes and legal
regulations will change with the implementation of blockchain and cryptocurrencies, they will
become even more receptive to educational opportunities. Because of the need for more
awareness, it is concluded that Block512’s Insights service is the most appropriate at this point in
time.
Ultimately, CPAs must see a benefit to the educational opportunities. Whether that is by
obtaining Continuing Professional Education credits, achieving a competitive advantage, or
branding themselves as blockchain and cryptocurrency specialists, the Insights service provided
by Block512 should satisfy an essential need for the target market. Emphasizing these benefits
to CPAs will greatly assist Block512 in obtaining CPA clients.
Inevitably, collaboration efforts and partnerships will develop through these beginning
stages of blockchain adoption. Block512 is currently in a great position to be one of the first to
market in the blockchain space in the Austin area. Focusing on a target market will allow the
firm to be branded as a legitimate specialist and to obtain a large market share, should the firm
decide to act now. Regardless of Block512’s decision, blockchain technologies have the
capability to foundationally change business processes moving forward. Taking advantage of
this opportunity at this time in the Austin location along with strategic direction will assist
Block512 in achieving a long-term success.
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24. Appendix
Appendix A - Needs Assessment Survey
Question #1​: Where do your businesses operate? What size of businesses do you service in
revenue? (Check all that apply.)
Question #2​: Is your firm in a position to influence or make recommendations to improve your
clients’ business strategies?
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25. Question #3​: In regards to innovative technology, how would you describe the position of your
business?
Question #4​: What is your opinion towards Bitcoin as a cryptocurrency?
Question #5​: ​Have you worked with a client to raise startup capital or capital to expand? If so,
check all applicable.
24

26. Question #6​: Do you believe your clients need to implement blockchain technologies within their
businesses?
Question #7​: ​Would you find it beneficial to have access to relevant educational information,
market trends, and strategic insights about Bitcoin and blockchain as it relates to you and your
clients’ businesses?
Question #8​: ​How much do you or your firm invest annually in professional development
opportunities, outside of your required continuing education to maintain your professional
license?
25

27. Question #9​: ​Would you be interested in learning about blockchain / cryptocurrency partnership
opportunities to provide your clients with additional advisory services?
Question #10​: ​Please provide your email if you would like a free blockchain introduction and
overview whitepaper.
A total of 140 email addresses were provided.
26

28. Appendix B - Interviews with CPAs
Interview with Andre Mathis on April 11, 2017
Currently a CPA, Andre started working for Deloitte full time in 2016, after an internship
in 2014 and graduating from the MAcy program at Texas State University. He started as an
analyst and has transitioned into an auditor. Andre works with clients in both the public and
private sector, with mostly international businesses generating over $100 million in annual
revenue.
➔ Have you worked with a client to raise startup capital or capital to expand with an ICO?
No. Andre has assisted a client with an IPO; he describes this time as being “hectic”,
“risky”, and “stressful”.
➔ Would you or your clients consider alternative capital investment models such as crowd
sales?
Not at this time.
➔ What is your opinion/Deloitte’s opinion towards Bitcoin/blockchain?
Deloitte views blockchain as an area of substantial opportunity; they currently have
clients who they categorize as “emerging growth clients” specifically dealing with
blockchain.
➔ Do you think there is an opportunity for increased data security to improve your
business?
Yes. A question that comes to mind is how does a company house its records? What are
the security implications to this method? How do we address the ability to get hacked?
➔ How would you best describe the position of your business?
First mover.
➔ How do your competitors and peers view blockchain and Bitcoin?
Competitors include PWC and KPMG. These firms serve big clients. Deloitte needs to
be prepared to serve the blockchain space or else they would lose market share.
Interview with Joseph Pintek on April 15, 2017
Joseph has been with Deloitte for three years and has been in the audit practice serving a
blockchain company in the northeast (name cannot be disclosed). When Deloitte first took on
ablockchain, it made headline news. So far, Joseph has had one year of audit with his blockchain
client. Deloitte has been looking at future target clients, which is currently looking like 30-50
players. He is finding that they are all racing to do the same thing; how/when is different among
the different cases.
➔ How do you assist your blockchain client?
Not particularly. The partner working specifically with the blockchain client talks to
them about strategy. From an auditing standpoint, he mostly says “this is what we are
doing, what do you think?” From an auditor’s perspective, “we can’t tell them what to
do.” Auditors provide feedback on what they do and intend to assist them long term with
resources that will help them.
➔ What do you think it will take for mass adoption to happen? Where do you think the first
adoptions will take place outside of financial services?
The purpose of blockchain is to provide more security and to get rid of intermediaries.
“If tech is set up correctly, there’s no hand holding to be done.” The technology is
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29. immutable/not changeable and regulatory/legal is not the biggest hurdle. While he
believes this is all great news for investors (faster transactions, security, transparency),
the biggest hurdle (from financial services perspective) is that “the people who need to
make that happen are those that don’t want to decentralize the system” (i.e. banks, as they
are the intermediary). They will be slow to want that [blockchain]. “As soon as a bank
finds a way to monetize the system, the rest [of the banks] would start caving.” But they
have not yet found a solution that would be beneficial, so everyone is still looking for that
right answer. He also believes that corporations would be slower to adopt than
consumers.
➔ Do you think that CPAs serving SMB are aware of or have some knowledge about
Bitcoin and blockchain?
“It depends on what CPAs you’re talking about”. A local tax firm might not know about
it. The likelihood is higher with a larger company or a company with more technology
background. Most employees at Deloitte actually don’t know about; only a small
percentage of employees do.
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30. Appendix C - Go-to-Market Plan
Go-to-Market Plan
Block512 & Certified Public Accountants (CPAs)
Introduction
The following information consists of a go-to-market plan that can assist Block512 in
launching their blockchain/Bitcoin education and support services to a target market. Not only
will the organization’s products and services be introduced for the first time, Block512 as a
brand will receive exposure as a result. The goal is to bring awareness of blockchain and Bitcoin
applications to the target audience in the hopes that it will spark interest and encourage those
interested parties into fully implementing the technology within their existing business
operations, a long-term goal in terms of product offerings for Block512.
A market analysis and survey data were utilized to define the target and establish a
strategy that could be used to successfully introduce this new line of services. The survey
assisted in identifying the specific needs of the intended market and building a means to
distribute the product offering in an efficient manner that would allow for long-term growth.
Once Block512 has successfully penetrated this target market, this plan can easily be replicated,
with minor modifications, and introduced to other industries as well.
Target Market
Because Bitcoin and other cryptocurrencies were the first use cases of blockchain
technology, it was only natural that the financial industry was the first to dive into the use, and
have invested resources in researching blockchain and its applications. Financial services should
be the first to adopt in order to fully grasp the benefits of blockchain technology (Rizzo, 2015).
Due to the nature of the trickle down effect, certified public accountants (CPAs) will be the next
sector to be affected by the widespread use of blockchain technology within the financial
services industry.
Block512 will seek to partner with local CPAs in order to provide insights and advisory
services, in hopes of assisting CPAs with servicing the acceleration of blockchain technology in
the small-to-medium business environment.
Role of Partners
Block512’s long-term goal is to target startups that need to raise funds. In order to
accomplish this, Block512 should seek out a partnership that already services this demographic.
All startups, regardless of industry, need legal and financial services (including such things as
accounting services, tax preparation, and methods to raise capital). The pros and cons were
weighed between these two service industries in order to determine the best partnership
opportunity for Block512. Since Block512’s long-term revenue model is built upon
startup/small business ICOs and crowdfunding, along with other reasons, the CPA partnering
relationship makes the most sense for Block512 to pursue further. A partnership with CPAs and
accounting firms will provide awareness and credibility building, prospecting/lead generation,
sales, delivery, and implementation of Block512’s solutions.
Market Perspective – Business Issues for the Decision Maker
Clients may turn to alternative capital building models as Bitcoin and blockchain become
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31. more prevalent. CPAs need to be educated about these technologies and how it will affect their
industry and their clients. It is only natural for them to question how the implementation of new
technologies will benefit them and their clientele. The following consists of a compilation of
questions in order to prepare Block512 for discussions with CPAs on the topic of blockchain,
Bitcoin, and the services they wish to provide to the industry.
Topic and Questions
● Productivity​:
How will blockchain education and insights affect productivity in the firm’s workplace?
How long will the education service last?
● Expenses​:
How expensive will these education services be?
Will these service fees work with our budget?
Are we in a position to negotiate?
What makes this service different from free educational resources that we can find
online?
● Revenue:
Will investing in these educational services increase our revenue model?
How will we measure this?
● Profits​:
How will this investment ultimately affect our profits?
Will our accounting services become more valuable to our clients?
Would they be willing to pay more for our advisory assistance with blockchain
education?
● Customer Satisfaction​:
Will we be considered as having a competitive advantage over our competitors because
of this investment?
How will we ensure that our customers/clients are satisfied with our accounting services,
after receiving blockchain education?
Is there a way to measure this?
How will we approach customers with discussions about blockchain/Bitcoin?
● Partnership​:
What do I gain from a partnership with Block512?
Is there an incentive for me to peak interest in my clients about blockchain and Bitcoin?
● Long Term Effects​:
How will blockchain affect our industry?
Will this change the nature of our jobs?
If auditing becomes automated, will CPAs be positively or negatively affected?
How do we stay up to date on the tax implications of Bitcoin and other cryptocurrencies?
Should we create a position in our firm where a single person or small team specializes in
this niche market?
US Market Opportunity
Austin ranked first in “Small Business Vitality”, according to research conducted by
American City Business Journals in 2016 (Thomas, 2017). Although Austin slipped to the fifth
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32. position on this same list for 2017, the city still maintains the favorable environment that is
required for startups and small businesses to thrive (Thomas, 2017). Currently, the
Austin-Round Rock area is home to 45,747 small businesses. For reference, small businesses are
identified as those with less than 100 employees (Thomas, 2017). The number of small
businesses in the area grew by 4% from last year, further representing that Austin continues to be
an attractive destination for those looking to start their own business (Thomas, 2017). Other
cities that also nurture and sustain the small business sector include Miami, FL, Denver, CO,
Provo, UT, and Boise, ID (Thomas, 2017).
CNBC also placed Austin first in their search for the “Best Place to Start a Business”. In
addition, Texas has a corporate tax rate of zero percent and the cost of living in Austin is
substantially lower than other major metropolitan areas (i.e. New York City, Silicon Valley, and
Boston, MA) (Pofeldt, 2016). Austin is also attracting technology giants to establish a presence
in the area, such as Amazon, Google, and Facebook (Pofeldt, 2016). Companies such as these
will attract a talented workforce from the technology sector to the area. All of these reasons
substantiate that Austin is an ideal location for Block512 to present their services to the small
business sector.
As of April 2016, there were 664,532 licensed CPAs in the United States (NASBA,
2016). The number of licensed CPAs in the state of Texas as of March 10, 2017 was 74,227
with 77% (57,155) of them serving in the major hubs of Houston, Dallas – Fort Worth, San
Antonio, and Austin. The numbers alone define the numerous partnership opportunities
available to Block512 with local CPAs.
Database
Preliminary research indicates that there are currently 15 Austin CPA firms that have
indicated to the Austin Chapter of the Texas Society of Certified Public Accountants (TSCPA)
that they work with small businesses (Austin CPA, 2017). These CPAs would serve as a starting
point for Block512 to build a foundation of partnerships. A list of these current CPA firms is
provided below. The recommendation is to target these CPAs first, as they would be the most
cost-effective and time-effective leads.
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33. Market Maturity
The founder of Digital Currency Group and the Bitcoin Investment Trust, Barry Silbert,
said there are five phases to Bitcoin adoption:
1. ​Experimental
2. Early Adopter
3. Venture Capital
4. Wall Street
5. Consumer Adoption
He claims that Bitcoin went through the Venture Capital phase in 2013, because several
venture capital groups invested in the technology; since 2013 a total of $1.14 billion has been
invested (Silbert, 2016). Wall Street began to adopt the technology in 2015 when the New York
Stock Exchange (NYSE) invested in Coinbase, the largest Bitcoin wallet provider. Other Bitcoin
companies exchanging on the NYSE include Bitcoin Investment Trust and Bitcoin Tracker One.
In an article dated from 2016, Silbert said that he believes the consumer adoption phase has
begun and that its adoption graph appears to be similar to other recent technologies, like
Facebook and cell phones (Silbert, 2016).
Image Source: Cryptohustle.com (Silbert, 2016)
Well-known companies that are already accepting Bitcoin payment as of June 2016 are as
follows: Whole Foods, Wordpress.com (blog website), Overstock.com, Subway, Microsoft (buy
content with Bitcoin on Xbox and Windows store), Reddit, Virgin Galactic (Virgin Mobile and
Virgin Airline), Expedia.com, Dell, Tesla, Wikipedia, Domino’s Pizza (through
PizzaForCoins.com), Bloomberg.com, Square (payment processor for small businesses), Home
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34. Depot, Dish Network, and Intuit (99bitcoin, 2017).
Customer Needs Analysis
A needs assessment survey was conducted in order to determine if there was a gap that
Block512’s services could fill within the CPA/Accounting industry. The survey was initiated on
March 28, 2017 and ran through April 21, 2017. Those who participated in the survey are CPAs
located in the United States and are members of varying size accounting firms. In total, 437
CPAs participated in the survey. Thirty-two percent of respondents thought it would be
beneficial to have access to relevant education materials and industry insights regarding Bitcoin
and blockchain. Furthermore, 67% of respondents indicated that they were unsure or unaware if
their clients need to implement blockchain technology within their business operations.
Additionally, the majority of respondents indicated that they are in the position to provide
business strategy recommendations to their clientele.
The data referenced above clearly defines that Block512 should focus their initial efforts
on promotion and distribution of the education services within their product offering. In general,
CPAs have limited knowledge or awareness of the subject matter. In order to do this, Block512
will first work to educate the CPAs on blockchain and Bitcoin in order to help them understand
how the technology can positively influence their industry while also adding value to their
clients’ businesses. Once knowledge about blockchain and Bitcoin is established, the CPAs will
then be in a position to recommend education and implementation of blockchain to their clients.
Product Offering & Distribution
Outlining what Block512 is selling, whom they are selling to, and how they will sell it are
key factors in determining the success of their business model. Not all members of the target
market will be interested or in need of all that Block512 offers, so insuring that promotion of
relevant products to the applicable demographic will increase efficiency and growth of the
business. The distribution model of Block512’s solution services will require direct sales,
meaning that the firm will need to participate in face-to-face interaction to build relationships
and trust among all partners and decision-makers involved.
What to Sell? Who to Sell to? How to Sell? Sales Channel?
Online Education
Tools via monthly
subscription
CPAs &
Accounting firms
Leads compiled
from
research/surveys;
Block512 database
Direct sales, face to
face meetings (1:1)
Advisory/consulting
services
CPAs &
Accounting firms
Partnerships with
CPAs
1:1 selling on
relationship
Bitcoin/Blockchain
applications
CPAs/Accounting
Firms & Small
businesses (SMB)
Partnerships with
CPA
1:1 selling on
relationship and
direct sales to SMB
Solution 1: Insights - Education & Training
The online education subscriptions will be sold to small to medium accounting firms
consisting of 2-15 partners. Online subscriptions consisting of webinars, courses, and training
modules about blockchain/Bitcoin information relevant to the financial technology industry will
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35. be provided by Block512 in order for CPAs to gain knowledge about the technological trends
that will come with blockchain adoption. These online courses will also address the development
of financial and tax regulations, which will affect not only their industry, but their clients’
businesses. Block512 should place most of their efforts and promotion on selling the education
services, as this currently represents the greatest need for the target market. Education will drive
the ability to offer more services to CPAs, and eventually to offer these services to their clientele.
The firm partners will be the ultimate decision makers in the organization as to whether
the organization will proceed with purchasing these services from Block512. This product
offering can also be sold to leads compiled from sources such as the Texas Society of CPA
Chapter websites and survey respondents, who indicated they were interested in receiving more
information on blockchain and Bitcoin applications.
Solution 2: Advisory - Evaluate readiness & preparedness on custom level​
The advisory and consulting services that can be offered to customers, once they are
educated on blockchain and Bitcoin applications, will be sold to accounting firms consisting of
2-15 partners as well. Once again, firm partners will make the decision as to whether or not their
organization will continue down the path of working to incorporate the technology into their
operations and introducing it to their clientele. Block512 will have to work to build relationships
with CPAs in these firms in order to sustain long-term relationships. Time will be needed for the
CPAs to understand the full extent of how blockchain will allow them to be more efficient, how
they can present the information to their clients at a simplified level, and how they can use it in
their own firms.
Solution 3: Acceleration – Turnkey ICO packages and implementation
Block512’s ultimate goal and basis of their revenue model is to assist small to medium
sized businesses looking to raise funds by launching Initial Coin Offerings (ICOs). In order to
do this, both the CPA firm and their respective client will have to adopt blockchain technologies
in order to continue to do business with one another and to be able to receive funding via
Bitcoin. An ICO is not possible without a blockchain platform. This product offering will be
introduced to accounting firms with the end result of CPAs presenting the funding options to
their clients. Firm partners will decide whether or not their firm will continue to partner with
Block512 in this stage of the business model. Additionally, Block512 will participate in direct
sales to small to medium sized businesses based on leads provided by the CPA partners.
Block512 will target small to medium sized businesses with annual revenues of less than $50M.
The ideal candidates will have indicated to a CPA partner that they are looking to raise funds and
have already integrated blockchain applications into their organization. The decision maker to
move forward with an ICO for the SMB will be the owner, or CEO, if applicable.
Messaging Framework: The Value Proposition
Block512 could make improvements in their value proposition and product offering. The
website, albeit visually stimulating, is vague and does not articulate exactly the service that is
being offered. Visitors to the site could be discouraged by the lack of information available.
The majority of the target market already has limited to no knowledge of blockchain and Bitcoin
applications, so being clear about how Block512 will help future clients and what they will offer
them is important.
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36. Value Proposition
A value proposition should be included on the website and should be accompanied by a
relevant image that their target market can find relatable (Forbes, 2017). If the intent is to target
CPAs and their small-to-medium sized business clientele, relaying this message with an image
will clearly communicate their product offering. The following example outlines the basis for a
value proposition that Block512 can use:
Block512 is a network of professionals that provides education, support, and assistance to
businesses and support service providers with blockchain solutions that will add value and allow
such firms to gain a competitive advantage within their respective industry.
Our experts are available to assist small businesses, startups, and support service providers that
wish to learn more about blockchain and Bitcoin applications. Once ready, organizations can
receive advisory services that will allow them to integrate blockchain and Bitcoin solutions into
their existing business models.
List of benefits:
● First mover advantage
● Education and Insights
● Process efficiencies
● Lower operating costs
● Fast & Secure transactions
● Startup funding options
The terms “Insights”, “Advisory”, and “Acceleration” were purposely left out of the
proposed value proposition because they already appear on the website. Overuse of these terms
could cause the target audience to misinterpret or miss the message altogether, especially if these
terms remain vague without explanation.
The image of the woman on her iPad shows prospective customers that although she may
have implemented blockchain or Bitcoin into her business, she is still using technology familiar
to her (Forbes, 2017). Images like these will take away the fear some may have that the
technology will totally change the way they currently do business.
Soundbyte
A sound byte is important to further communicate the value and product offering Block512
can bring to their clients as well. They will be targeting a market that has limited knowledge of
the technology, so the more they present information about it and their services in common
terms, the better off they will be. The sound byte example below is simple, but effective in
clearly stating what it is that Block512 does:
“​Blockchain for small business​”
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37. Pricing & Positioning Strategy
Small businesses and CPAs in small firms have limited budgets for information
technology. For this reason, it is imperative that Block512 prices their services in such a way
that their target audience will find them affordable and feasible options.
A monthly fee for the online education tools is reasonable and a pricing model that the
target audience would perceive as reasonable. Given that CPAs are required to obtain
Continuing Education (CE) credits in order to maintain their licensure, pricing the education
services that aligns with the average cost of a CE course or subscription is a way to ensure that
Block512 is not pricing themselves out of the market. Survey data indicated that the average
budget allotted to additional CE courses, outside of the required CEs to maintain licensure,
ranged from $1,000-$2,000 per CPA. Some also indicated that limited funds are allotted to
continuing education, which substantiates the notion that Block512 must keep their services
affordable as the target market tends to be price sensitive.
Illumeo is an organization that offers online Certified Professional Education (CPE)
courses to CPAs and other financial professionals; it is accredited in all 50 states and accredited
by the National Association of State Boards of Accountancy, or NASBA. Currently, Illumeo is
offering unlimited access to over 15,000 courses for 12 months for $99 (Illumeo, 2017). On the
other end of the spectrum, Becker Professional Education, also accredited by NASBA, offers
on-demand and webcast subscription access to over 300 CPE course offerings for an annual price
of $295-$395 per year (Becker, 2017). Based on this information, Block512 should consider
pricing their education services in a similar fashion, but not to exceed $400 per subscription.
Given that the content offered will be specialized and enable CPAs to gain a competitive
advantage in their field, pricing the services on the high end of the range is reasonable. However
in order to spark demand and establish a customer base, an early partner rate should be offered.
At this point it is difficult to gauge how the advisory and acceleration services will be
positioned and priced. It should be assumed that each customer will have unique needs in terms
of how they will implement blockchain and Bitcoin applications and to the extent it will be used.
For this reason, a flat fee for service model does not seem relevant. Pricing these services based
on a percentage of revenue would be a more effective model for Block512 and still allows for a
“standardization” in pricing while also taking into consideration the unique situation presented
by each customer. A revenue model based on a percentage of revenue also allows for an
increase in transaction pricing, given that the customer maintains their relationship with
Block512 on a long-term basis. The assumption here is that the customer becomes more
efficient by implementing blockchain services, thereby increasing revenues, which results in
higher fees for Block512.
Website Development Process & Marketing
Business Objectives
Block512’s website already depicts several services the firm provides to businesses,
developers, and service providers, including “Education & Insights”, “Strategy & Planning”, and
“Marketing & Awareness”. Furthermore, the site elaborates on these services with a bulleted
list.
Target Audience
If Block512 chooses to pursue partnerships with CPAs, they should consider adding a
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38. new section to their website, preferably in the navigation bar at the top. The clickable link on the
navigation bar could be entitled “Clients”. Upon opening that page, two more categories could
populate, one being “CPAs” and the other being “Small Business & Startups”. The CPA section
of the website should include information about Block512’s partnership objectives. The
following example showcases a starting point:
“Block512 relies on the collaboration between technology, support services, and
regulatory bodies in order to best service our clients. Block512 intends to partner with CPAs
servicing the small-to-medium business environment to assist with blockchain Insights,
Advisory, and Acceleration services.
Join our mailing list to be included in our compelling updates about blockchain. Contact
us if you’re interested in joining our online subscription package for education and training about
how blockchain will affect your industry and your clients’ businesses.”
Website Strategies
Currently, Block512’s website provides information in regards to the services they intend
to provide, the Block512 team, and their intent to grow their blockchain network. One of the
main strategies is to obtain personally identifiable information from a user; when a visitor goes
to the site for the first time, an opt-in prompts, asking if the visitor would like to join Block512’s
mailing list. Again, at the bottom of the page, there is another opportunity to opt-in for more
infotmation.
User Experience
One of Block512’s strengths is their competency in graphic design and the ability to
create visually appealing materials; Block512’s website reflects that. The website is easy to use
and visually stimulating, which is imperative in sparking interest and ensuring visitors stay on
the website.
Website Features
● Short term features: obtain interested individuals/parties, introduce visitors to the
possibilities of blockchain
● Long term features: provide customer testimonials and reviews, update the company
headquarters location, create an FAQ section by compiling questions at presentations,
seminars, round tables, meetings, add list of partnerships (CPAs in this case) ​
One short-term recommendation to consider is to connect all social media channels to the
website, like Block512’s Twitter and LinkedIn accounts. Currently, only team members’ contact
and social media account links are provided, but not Block512’s social media accounts.
Success Measures
It is unknown if Block512 uses metrics to monitor visitor traffic to their website. If metrics
are not being used, these tools should be implemented to make sure their website is effective at
promoting and marketing the firm. Examples of metrics to be used on the website include:
● Track website visits over time
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