The advent of blockchain and cryptocurrencies gave the world a new tool to raise capital- The initial coin offering or the ICO. While ICO’s provided an opportunity for blockchain projects to raise millions of dollars in seconds, not every ICO gets the trick right and the key difference between a successful and a not so successful ICO is the way they are marketed.
Key Marketing Strategies for ICO success
For every ICO, to be a success, it needs to be pitched to the right set of audience and investors who actually would understand the future potential and would be ready to invest. And for the reach out to the right investors the project has to deploy the right marketing tools and strategies. Some of the key tools used by successful ICO’s for promotion include
- Great Website: A detailed and a great website is a near necessity for any project to promote its ICO. It’s the website that attracts a lot of investors who come hunting for information. Keeping the site updated is another crucial aspect for a project to portray its capabilities and remain transparent. The information provided must be easy and accessible enough to bring traffic to the website
- Use of Social Media: Investors in the crypto world are still not that sophisticated and hence covering a huge ground across social media platforms is becoming a must. Investors usually keep a track of the social media activity of projects and usually invest in the once that are updated across platforms. The major platforms that investors track include Reddit, Telegram, Quora, Facebook and specialized forums that write and discuss ICO’s.
- Bounty Promotions: Bounties in the crypto world mean giving out incentives and rewards in form of free coins to individuals for doing tasks. If managed well these programs give a huge boost to an ICO by creating awareness around the ICO.
- ICO Listing: There are a few recognized websites that rate ICO’s and list them and are frequently visited by investors. These websites provide a wide exposure and help in placing the ICO at the right level among the investors. Some of these websites do charge for comprehensive services.
While a project can do some of these activities to expand its reach to people, it has to keep in mind certain key strategies that make an ICO successful. These include
- Targeting the right audience: While ICO’s open new doors, marketing ICO’s to everyone might not achieve desired results. The team needs to understand what kind of investors it wants and where its investors could likely be. Having a focused and segmented approach stands a key for a successful ICO marketing campaign
- Hiring a right advisor or a firm: A lot of advisors and firms now offer ICO marketing services. These firms are connected well to investors and also provide the necessary Do’s and Don’t’ s. Hiring one of those could be a good option if a project feels it does not have enough resources to market its ICO itself.
- Transparency: In the world of cryptos where scams are still pretty rampant. Hence transparency holds the key here. The project that communicates well and stays transparent with investors is the one that garners more traction as investors feel comfortable and safe.
- Tell a story: Investors usually love to associate with projects that have a great mission and vision and something which they can connect to. So if the story surrounding the project is interesting and enticing chances of getting investors is much higher.
While there could be a variety of strategies that could be built around in making an ICO successful one has to note that ultimately it’s the team’s effort and dedication in the project counts. A strong project, with a strong team and right marketing strategy, can make an ICO a real successful one
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