Since the last years, the Bitcoin and other popular cryptocurrencies advanced slightly to the moon. So did the new model of fundraising. Back in the days, IPO was the typical way to achieve money for your company or project, but the blockchain technology involvement in world’s processes had influenced and changed that.
Over the few years that caused a global increase to the technology itself as well as to innovative and revolutionary (well, as most of them humbly present themselves) Initial Coin Offering (ICO) projects in different fields. More and more cryptocurrency startups join the race every day, influencing almost every area of human activity as their aim had shifted from tech-only.
As of Summer 2018, the latest researches suggest that the market dynamic is definitely positive. The volume of funds attracted worldwide through the ICO for the first quarter of 2018 was $ 3.3 billion. For comparison, in 2017 with the help of ICOs, $ 6.1 billion was raised due to the ICORating provided data.
Moreover, most researches indicate the usual investment amount made per ICO project is about $1 million.
Anyway, to gather such substantial money one had to come up with the decent set-up. There can be no success without a serious plan with all the competitions present around. We are going to analyze and define the main points to look up when working on effective solutions and marketing strategy for and ICO project.
I. Get tracked on social media
Nowadays, any modern project is hard to imagine without some serious social media engagement. Of course, no need to go surfing through the whole network, but you have to get to of the major resources like LinkedIn, Facebook, and Twitter, which are crucial to promote the business idea and convince potential investors.
Moreover, you need to establish communication and partnerships with social media networks as well. These, however, should be the resources which know how to attracts your target audience. Apparently, the bound between your social media communication and influencers’ word of mouth marketing should be enough to get you more new and fresh leads and create decent publicity.
However, work with the social media marketing is a time-consuming business itself. One can rarely perform such a job in constant 24/7-mode, and in that way hiring a marketing agency for blockchain social media may help for this purpose, which will let your hands-free and let you focus on the things that really matter for your project.
II. Make the Whitepaper right
No doubt, that the Whitepaper is the core element for any startup aiming at ICO. This document will be examined both by the tech professionals with the background in blockchain industry as well as many newcomers who are willing to invest in your perspective idea.
First of all, you need to be transparent and let potential investors know more about the payment methods and the potential return as well as the investment protection mechanism and the commercial policy of an ICO.
Besides, people who invest in a project expect to gain a profit need the explanation of the existing market potential. That way, the investors will get the idea about the approximate investments return in a specified period of time and the token value.
The perfect balance is required here, so you need to work out the documentation which will satisfy both sides. Describe how your product works and what kind of problem it can solve. This is the part where you really need to impress expert investors.
There are some vital elements to look for when preparing the Whitepaper, however:
*The business model explained and detailed
*Working MVP (minimum value prototype) model
*Decent team credentials with bio and links to social network accounts
*Roadmap with actual and real dates
*The overall idea popularity and demand within the market
The post-production Whitepaper audit may also be required to make everything look perfect, and no tricky questions may be asked later. A high cost should not stop you in order to gain the positive feedback afterwards.
III. Build a strong community
Today the army of ICO followers are very keen on engaging in the new projects as they see new opportunities for themselves to get rich by investing, participate in bounty & airdrop programs and so on. You should take advantage of this fact and build a group of digital supporters for your startup. Online forums and social networks are the places where the work should be provided.
That approach may help in getting to know the public opinion, small or significant improvements, or you just will a get hints about the idea how to do your project, or it’s performance better. Interactive threads including chatting with the community may also help.
By production of live blog videos speaking about the campaign details, the developers may add points to their score as many users won’t miss an opportunity to engage in discussions.
IV. Keep up the website updates
After seeing the commercials all around, the official website is the first place where enthusiasts and investors will go, so that needs to be continuously updated and fresh content is required. Don’t hesitate to publish valuable information about the campaign and follow the development through blog posts.
Besides that, you need a special FAQ page to answer the most common inquiries. That goes from the primary explanations for those who invest for the first time, going to more complex and technical-related stuff as well as legislative regulations questions.
V.Target Audience analysis
No matter what project type you are working on at the moment, the target audience had to be analyzed before you begin to work with it, and that goes double for blockchain startups as well.
At first, the marketing strategy should be adapted to the blockchain industry. You need to try to align your strategy with the latest trends in this field and match the taste of key opinion leaders.
Besides that, you should know that blockchain technology is still a new thing, which means that many people don’t do anything about it. Yes, they heard of it before but can’t explain how it works or understand the mechanism behind startups.
In that regard, you need to promote the project in a way that is equally logical both to cryptocurrency experts and amateurs who would like to try their luck in this field. This is crucial because you will hardly ever accumulate enough funds without the participation of both sides. Therefore, marketing communication should be two-fold and aim at these two target groups simultaneously.
VI. Get the Paid Advertising
Undoubtedly, the best way to increase the business revenue is through the native searches, but sometimes it’s impossible to achieve it without paid advertising. You shouldn’t save money on this activity because it will probably bring you a bunch of fresh investors in the early stages of the project.
You can research to find the most popular industry-related forums, web pages, and online communities. This is where serious investors spend much time, and they will probably notice your banners or floating ads.
However, even if you don’t find too many interesting niche-related pages to promote the startup, you can always turn to sites specialized in cryptocurrency topics. There are dozens of high-quality options in that regard, but we strongly recommend checking out pages like Coindesk or Cointelegraph and so on.
VII. Reveal your Team and Advisors
Nowadays, most clients tend not to trust “innovative ideas” that had already brought many people to bankruptcy and only some – to million dollars in their bank accounts. They, however, tend to believe the authoritative people standing behind those ideas. It would be smart to reveal the names and resumes of professionals who develop your startup as the part of your marketing strategy in. These steps can certainly adds credibility to the project and reassure the investors.
Nothing questionable about it: if you are an baker and you don’t know anything about this group of individuals and their key developers, how can you trust them? The people from the business industry will always conduct thorough research prior to making any moves.
In that regard, you need post resumes of all team members on the landing page. Include their academic background, work experience, and previous results in the blockchain industry.
Another way to strengthen the reliability of your staff is to add links to their social media profiles preferably LinkedIn – so that everyone can send them a message to learn more about this startup. Of course, you should not forget other partners like official sponsors or expert advisors.
VIII. E-mailing actually matters
A lot of new entrepreneurs forget that email campaigns still represent a decent marketing tool. You should generate emails from your website and send segmented messages for different types of potential investors. Segmentation is critical – as we explained already, some people know more than others about ICO campaigns, so you need to adapt emails to match their knowledge and interests.
When it comes to the first-time investors, try to emphasize commercial aspects of the story because that’s what they know and want to explore even more. On the other hand, blockchain professionals require expert approach, and you need to provide them with technical explanations. Keep them informed about each phase of the project development, and they’ll be ready to start or keep supporting your project further on.
Considering the given tips one should perform well well launching the project idea. Make sure to follow these or other steps – the main things that matter is the general plan, and its decent execution. Working step-by-step on the project you will be sure that everything is smooth. Knowing how to attract the investor to your project properly you increase the chances of your project’s success greatly. Do not hesitate to fail, but keep in mind the things that matter.