Initial coin offerings or ICOs are one of the most happening events in the world of blockchain and companies and teams need to get their funding done without sacrificing equity or long wait times. As such, every individual and every organization with an idea is trying to conduct their own ICO for one reason or another. However, few succeed, and others fail for some reasons, but most often, its due to having a poor marketing plan. They either don’t put enough thought into it or they just try to invest all their financial resources on it. Apart from that people are increasingly becoming more aware of the plethora of “pump and dump” schemes, which were largely the main reason for central bank interventions to happen in the first place.
If you are planning to launch your ICO soon, here are the few essential checklists for your ICO promotion:
- Create an effective marketing timeline
Definitely the most important step in your ICO promotion list. If you haven’t created a timeline for your marketing activities yet, then it’s a bad time to launch your ICO. Often many people come under the impression that marketing and advertising are the same. But this is far from true, in broader terms Advertising is part of marketing and com under one umbrella term. The marketing timeline you intend to create should be connected to your product development timeline.
- Craft an effective White Paper
The Second most important piece of your ICO promotion. The white paper offers insights on every aspect of the project, the concept, the technology behind it, the distribution of tokens, as well as user rights and other critical information. The Whitepaper you draft should basically sell your project to prospective investors. An ICO without a white paper always raises suspicion among participants flags.
- Excellent team composition
Organizations who are pretty serious about launching their own Initial Coin offering will have no problems in revealing their team details. A small bio about each team member will boost the confidence of the angel investors as they will be able to witness every individual’s contributions and credentials. Make sure that you have a strong development team, people with a strong background in cryptocurrency development and business executives that have exhibited past successes.
- Continuous community engagement
The team created should continuously communicate with its target audience and portray their accountability to future investors. This can be usually done through social media or through their official blogs. Getting into discussions with industry experts of the online community will help in understanding the potential of the market and intriguing industry trends that can change the landscape in the future. Speculation about the price of the tokens must be completely avoided, instead, you can focus on communicating its value proposition. Additionally, constant interaction with the communities through social media will help your ICO to gain some credibility.
- Completely equated Token distribution and fund allocation
Information about the tokens available for pre-sale should be provided to the ICO participants as they will be able to understand the value behind these tokens. If the value of each token is relatively high, and there are already billions in circulation, the company’s funding goals are totally unrealistic. The value of each coin relative to its foundation (like Ethereum or bitcoin), as well as how they are split among investors, is extremely crucial for gaining the confidence of your investors. Well, planned organizations will destroy all the unsold tokens in the investment window. Also, make sure you display your fund distribution appropriately so that the investors will know where the maximum amount is being invested.
Final thoughts
It could be really hard to formulate a winning ICO these days, but it’s not a far-fetched idea. Smart organizations and strategic investors will still be able to participate in exciting new technological advancements and be a part of a revolutionary future but playing it hastily without any thought behind it is a quick way to get scammed. By doing your groundwork and research before launching your ICO, you can determine the promotion is all worth your money.