Releasing a successful ICO to the market is a difficult exercise. Take a look at our top list of sins to avoid so you don't scare away contributors, and brush up on our tips on how to ensure your ICO is a success!
Sin #1: Not Suiting the ICO Model
Make sure that you are 100% confident that an ICO is the best option for your business. Without an appropriate business model for the blockchain, you’re not going to be able to attract the right people to look at your product and are set to miss out on a large portion of your potential market!
Does your business suit an ICO model? Ask yourself these questions:
- Will you reach your target audience on the blockchain?
- Is crowdfunding important for your business model?
- Is currency inflation going to be deemed valuable by your contributors?
- Do you have the background and experience to be competitive in this market?
- Would your business encounter significant competition on the blockchain already—what makes you different/better?
If you believe that an ICO is still the way to go for your business, make sure that you continue reading to be certain you aren’t sabotaging your success.
Sin #2: Not Understanding the Blockchain—Its Strengths and Weaknesses
Okay, so you’re confident that an ICO is the best option for your business model. Now it’s important that you understand the strengths and weaknesses of the blockchain.
Perform a SWOT analysis to be certain that you are aware of the pros and cons of blockchain-based operations. Having systems in place to take advantage of the positives and mitigate the negatives is the mark of a competitive business model.
Sin #3: Online Presence—Not Watching Your Webspace!
Be sure to keep an eye on your online presence. Potential token buyers want to see that you are engaged with the online community and committed to your ICO.
These are some of our tips and tricks to ensure that your online presence (or relative lack of!) won’t scare aware potential contributors—an invaluable tool in spreading the word about your ICO and connecting with potential buyers:
- Make sure that your website is well-constructed, easy to follow and has no errors.
- Post important updates and relevant information across a number of channels to reach as many potential buyers as possible and be sure to build hype around your ICO before its release date; for instance, be sure to make yourself familiar channels such as: Telegram, Medium, Reddit, Facebook, Github, etc.
- Skim your accounts for anyone who may be pretending to represent your company! There are plenty of scammers operating on the blockchain; try to deal with anyone suspicious ASAP so that your following can continue to feel that they are safe and secure contributing to your ICO!
Sin #4: Having a Bad Whitepaper—Make It Count!
Your whitepaper is the first point of call for potential token buyers. Contributors are not going to want to contribute to an ICO that is represented by a poorly structured and confusing whitepaper, which doesn’t give them quick access to all of the relevant information they need to know (and which isn’t clear and to the point!).
Make it count! Your whitepaper is incredibly important for attracting and maintaining potential buyers—keep its structure and content relevant and easy to follow.
Sin #5: Using Too Much Crypto-Jargon
While it is essential to show token buyers that you know what you’re talking about, you don’t want to make your messages inaccessible! If prospective buyers don’t understand what you’re saying, they aren’t going trust or contribute to your ICO.
Keep the jargon to a minimum! And avoid using buzzwords unless they are completely relevant and are valuable to the conversation.
Sin #6: Not Having a Strong Representation of Your Team
Having a strong team—and communicating this to your audience—is an important factor in an contributor’s assessment of your ICO. They want to see that the team have the necessary industry knowledge and experience to operate in a professional manner and uphold accepted standards.
Be selective when choosing your team! And be sure to showcase their strengths to potential buyers—trust encourages participation in your ICO.
Sin #7: Keeping Secrets from Your Community!
Make sure that you remain transparent with your following—when something changes be sure to let them know what the change was and why it had to occur so that they remain informed and happy throughout the process!
Changes that aren’t explained may lead potential buyers to become uneasy and unsure about how your business is operating …
Build trust with potential buyers by being open and transparent about any changes have occured in the time preceding your ICO; reputation is everything in this market.
Be sure to watch out for these sins and follow our tips and tricks to make sure that you don’t scare away potential ICO contributors!
At Mo Works Creative Agency, we specialise in ICO Marketing and token sale launches, and our vetting system is here to ensure we are working on legitimate projects with great potential. With full-stack in house capabilities across design, development, marketing and community management, you can trust Mo Works to fuel the success of your ICO.
To find out more about Mo Works' ICO services, please contact ico@moworks.com.au