Managing an Initial Coin Offering (ICO) is quite challenging these days. One of the main reasons for such hardships lies in the hyper-competent crypto sphere today. In the first three months of 2018, $6.3 billion has been raised by ICOs, which is about 118% rise compared to 2017. To get that in the perspective, only in the first quarter of 2018, there have been approximately 350 ICOs. That is slightly more than 3.5 ICOs a day. Quite a number, huh?
This newly created environment calls for new approaches in ICO marketing as well. The main goal is to get recognized as a stable and unique project in the industry. A traditional marketing campaign just doesn't appeal to the needs of those quick changes. Lack of recognition is the problem, and people have been trying to solve it with a new marketing approach which involves bounty campaigns.
What Is a Bounty Campaign?
Bounty Campaign is a great way to spread the word about the ICO project. This program can build a strong community which will be committed to sharing ideas about the project through social media, original videos and articles, and other exciting ways which can help a company to get a large and passionate community. In exchange, those people will get rewards, usually in native tokens or coins.
What Does the Bounty Campaign Consists Of?
Bounty program consists of multiple simultaneously run campaigns, each with its specific goal. Participants fulfill certain tasks each week and earn tokens for successfully completing them. The goal of these tasks is to promote the project to the wider audience and help to grow the community. Typically, there is a master spreadsheet where the participant can follow their progress. The spreadsheet is usually updated once a week, where earned stakes from the previous week are added. Bounty management team checks the promotions participants did during the week and updates the stakes accordingly. There can be a range of specific bounty campaigns, depending on the project, but some of the most common ones are:
- Social media (Facebook, Twitter, Reddit)
- Content creation (Articles, Blogs, Reviews, Videos)
- Chat groups (Telegram, Discord, Slack)
- Translations (whitepaper, website, BitcoinTalk ANNouncement, Video subtitles)
- Other (BitcoinTalk Signatures, Local community, Official Company Blog support)
What Is the Benefit of a Bounty Program for the Participants?
Bounty participants can earn really nice rewards by participating in their preferred campaigns, whether that may be social media, content creation, translations or any other campaign. Each participant can choose which campaigns he or she wants to participate in. It can be just one campaign or all of them. They can post something on social media, write articles, create videos, be an active member of the community etc. The more the participant contributes, the higher the reward will be.
What Is the Benefit of a Bounty Campaign for the Company running an ICO?
Launching a bounty campaign means that ICO founders tackle a few different issues with a single move. Bounty campaign will bring significant social media following, a large community on the Telegram and other chat platforms and great Google search results due to a large number of quality articles about the company. Also, there is a possibility of creating a large YouTube community which will provide a lot of creative videos that describe the project in details.
Another great thing for the company is that bounty participants will truly care about the success of the company. This is because the company’s success is also their success. They are proud to be a part of a successful project and there is also a financial effect since if the project is successful the native tokens will be worth more bringing more value to the bounty participants. This creates an engaged and dedicated community around the project.
How to Participate in the Bounty Campaign?
BitcoinTalk Forum is Mecca for the aspiring bounty hunters. In there you can find all the relevant information about the new exiting bounty campaigns. Once you found a campaign that fits your taste, the procedure for signing up for the participation in the bounty is very simple. For each specific campaign, there is signup form where participant enters certain relevant information such as their BitcoinTalk Profile, Wallet Address, Social Media Profile, etc. The information required is different depending on the campaign. If the information is legitimate, the user gets approved and that's it, the work-hard part can start (party-hard part is coming later, obviously).
Once the participant is approved, he should read all the relevant rules of the bounty campaigns he is participating in, as well as the general rules of the bounty program. These typically involve a required number of social media posts per week, rules and guidelines about creating videos and articles, information about payments, complaints and similar. From then on, everything is in the hands of the participant. More work will bring higher rewards, and the quality of the project will determine the future financial benefit.
Conclusion
Bounty programs are a low risk but high reward endeavours, both for the company owners and bounty hunters. One of the rare (possibly even the only one) marketing strategies that benefits both the company and the community. The community members get (usually) high rewards for supporting the project they already like, and the company gets more support and investments through this model without a lot of extra expenses. In the end, everyone is happy, like one true Blockchain family, as it should be.
Still have questions? Post them in the comments, we are here for you. :)