ICOs, or Initial Coin Offerings, are getting extremely prominent in building multi-billion-dollar markets. Currently there is zero sign of this particular sector weakening , as ICOs are undoubtedly offering start-ups in the cryptocurrency and blockchain sector entry to unlimited crowd-funded financing.
Although the competitiveness is very high, it drives the marketing strategy to be a vital ingredient of the ICO. Enticing coin investors and aficionados calls for a well-balanced marketing strategy, including the 5 ideas listed below.
Related: Join Entrepreneurs and Investors at Entrepreneurs Retreat 2018
1. Feature a captivating story to share
Numerous coin projects have excellent ICOs merely because their viewers enjoys their mandate and what it represents.
Captivating and engaging stories serve as magnets, enticing curiosity from individuals that intend to support a coin that imparts the identical qualities and principle as the viewers do.
When you offer a captivating story, showcase it in a manner which not only entices prospective investors, but likewise converts these investors into supporters.
If they can relate to your goal and mandate, they can be so much more enthusiastic and happy to inform other coin investors regarding your ICO.
ICOs are actually a tight-knit community, therefore whenever you are able to leverage your story, the more efficient marketing influence you will attain.
Another popular tip is to emphasize your entire team because this puts a face with the ICO and renders your ICO project to look more human.
With countless ICO projects out there, and much more releasing everyday, the bigger the possibility you have to build a human connection, the higher the possibility you have of delivering a profitable ICO.
Related: 3 Myths of Starting a Crowdfunding Campaign
2. Pinpoint the correct audience
Even if coins are a popular investment in the market today, it does not imply that an ICO needs to be mass marketed.
The reality is, most of the people around the world does not understand just what an Initial Coin Offering is, not to mention blockchain technology . Remember this, it's unknown territory to the majority of the people.
To promote an ICO, you should be laser-targetting a very niche community, therefore your energy should be constructed around that community, and purely that community. Nothing else should matter, particularly when it involves an extremely niche-specific promotion such as an ICO campaign.
It will also be smart to section your marketing work into 2 parts: the seasoned cryptocurrency group, and those who are new and unfamiliar with ICOs.
This move enables you to address all grounds, whilst sustaining very identical projects, that would simply need slight modification and adjustments to draw each segment in.
3. Consider engaging an ICO advisor
The coin industry is still new, and many ICOs are being offered by teams that have no experience launching a coin . With just one chance for a home-run, it's smart to obtain as much expertise in your side as possible.
Take into consideration having a seasoned advisor to assist in overseeing the overall campaign, which will certainly boost the chances of exceeding the funding goal . Knowledge in the cryptocurrency market is difficult to find by, so whenever you can afford to bring an expert onboard that could benefit your ICO, it's a decision that must strongly regarded.
The expense could return 10X, merely due to the support provided, guiding to set up an effective marketing project that delivers the necessary funds raise.
Related: The best and worst places for doing business in Asia
4. Provide a transparent offer
This is actually really straightforward. In the event that your product lacks transparency, it will most likely work as repellent towards potential investors.
Investors that display interest should have complete confidence in the core team responsible for the ICO. A lack of openness and clarity will significantly lower the amount of funds you can potentially raise during the Initial Coin Offering.
An extremely easy method to show transparency is to provide comprehensive profiles of every single team member, and get them public on the main website. Add pictures, a detailed bio as well as url to every team member's social media profiles.
Furthermore, take into consideration having your team involved and available to respond to Q&A sessions on social platforms like Reddit and even creating a Slack Channel for dialogue and Q&A.
Individuals supporting your project are likewise are interested to know exactly how and where their money will be utilized, so make sure to outline all financials, giving even more transparency.
Related: 10 Reasons Why Influencer Marketing is the Next Big Thing
5. Ensure that your ICO is compliant
Currently there are numerous compliancy matters that should be considered in relation to exactly how the coin should be issued and who is qualified to take part in the ICO.
There are very meticulous guidelines that should be followed when marketing your ICO campaign, so it's best to work with a law firm that understands the SEC guidelines and more particularly, SEC guidelines relating to ICOs.
However, one tricky area is celebrity endorsements, which is a popular marketing strategy numerous ICOs have practiced. The SEC has released precautions, suggesting that numerous endorsements are actually breaching securities laws by not revealing the nature of the partnership.
Related: Your iPhone Can Now Send Money Using Apple Pay Cash