Having a successful ICO marketing has proven to be very challenging in the last few years. And one of the good reasons behind this is the increased regulations instituted in the crypto community. In the first quarter of 2018, top-tier social media like Facebook, Twitter, Instagram, YouTube, Google and so on have all banned crypto related advertisement( with some leeway) and this action has led so many startups into serious confusion.
Another solid reason making it impossible for some ICOs to pull through is competition. Ever since smart industries all over the globe perceived the potentials lurking around implementing blockchain technology, there has been an exponential increase in the number of ICO event. In 2017 alone more than 5.6 billion dollars was raised via ICOs but stunning enough, in the first two months of 2018 over $1 billion dollar has been successfully raised from 50 ICOs.
Technically,competition breeds innovation.In other for an ICO to survive the heat of competition, it needs the right tactics to succeed. Meanwhile, do you know that only a ‘killer project idea’ can’t guarantee a successful ICO campaign? Do you also know that even with a huge marketing budget an ICO marketing can still fail? You need more than just an idea to convince people to put in their hard earned money on an ICO project; what you need is the right marketing tactics.
No wonder Darren Marble, CEO, Crowdfundx at StartEngine ICO2.0, said : “ The essence of any great marketing campaign is an incredible story..and the story is so overlooked in this whole industry… Storytelling is the missing piece to a lot of these deals. People think marketing, let’s go spend money, let’s buy ads… What about the story? If you can’t emotionally inspire somebody, everything else is irrelevant.”
Apparently, the major difference between a successful and unsuccessful ICO is the marketing tactics implemented while running the campaign. Yes, it is no longer a disputing fact that ICO is revolutionary, but still, how can we compare Bancor, an Ethereum- based blockchain project startup that raised over $153 million dollars in just 3 hours and BAT who also raised $35 million via ICO in 30 seconds to UET( Useless Ethereum Token — it is a “joke coin”) that raised about $40,000 in 3 days. Obviously, the difference is very clear. Bancor and BAT ICOs successes are mind blowing compared to UET; and this is because they were able to develop a competent ICO marketing strategy and also, effectively execute them. They literally left no stone unturned.
However, here are vital stones you need to turn when gunning for a successful ICO marketing campaign:
- You need to evaluate your competitors. Evaluating your competitors will enable you to define how far ahead or behind you ICO marketing efforts has gone compared to your competitors, in other words it defines your current position in the market. Now, your result will enable you strategize on how to go further on it.
- Correctly table your project and the problem it is going to solve.
- Make sure you take proper note of the legal and financial aspects.
- Mapout and properly allocate the budget for paid promotion.
- You need to build a strong relationship with the crypto community at large.
- You need to carry out every necessary technical implementation.
- And finally you need to prepare every necessary internal documentation.
Actually, there are so many marketing tactics that can lead to successful ICO marketing campaign, but here are the best used by successful ICOs.
#1 Leverage the Social media and top-rank communities:
Marketing on social media and top-tier cryptocurrency communities are one of the most effective marketing tactics used by successful ICOs. To begin with, marketing your ICO via social media is one of the most cost-effective strategies that any crypto startups can use to reach out to their target investors. Its effective result has lead over 97% marketers to use it as a sure medium to reach out to their audience.
Achieving a successful ICO through social media marketing isn’t a walk in the park. Just like you give in your best while preparing your favorite dish, same effort and seriousness will you channel on it if you really want a resounding result. Besides, are you aware that over 30% of millennials affirmed that they are engaged with brands on social media at least once a month? Should that be the case, then, your effort on creating awareness on social media for your ICO will obviously end in success. In the meantime, here are few tips on why you need to use the social media to market your ICO:
Your potential investors are on social media: This is one of the core reasons why you need the social media. Social media like Facebook, Twitter and so on is where most of your potential customers spend much of their time on. According to the survey carried out by Statista, about 70% of the U.S population was recorded to have at least one social media account; and also by 2018 it was expected that the worldwide social media users should amount to about 2.5 billion people. Apparently, with so many prospective customers on social media, outsourcing this task to the right team with the know-how knowledge about social media marketing will make the best out of this opportunity.
There is a high probability for customers on social media to be more receptive to your ICO idea: Due to the fun most users derive from social media, most of them are often active to not just stay connected but to also keep in touch with friends. In the process of staying connected with friends if they happen to find any ICO or brand with valuable, they follow it. So, since social media gives room for anyone to publish contents without charge, leveraging this opportunity will enable you demonstrate your ICO’s voice which is something potential investors are responsive to.
Social media soars ICO recognition: Considering the volume of users on social media it is clearly another medium of boosting any ICO recognition. Do you know that your project’s social media profile is an avenue to inform potential investors about the idea on which your ICO is based? Hence, posting compelling and engaging content about your ICO adds more value and make it easier for potential investor or your target audience to have access to your ICO. For instance, some of these your potential investors might not have heard about your ICO, but through the content about written about the ICO on social media, they can learn more about the ICO and perhaps develop interest to invest on it.
Furthermore, the crypto community is also an efficient strategy that can yield positive result when implemented properly. Successful ICO in the past made use of crypto platforms/ forum like BitcoinTalk and Cryptocurrency Talk. In fact, potential investors make use of these top-tier crypto forum/community a lot especially when researching on ICOs to invest on.
You can maximize this medium by maintaining a more positive threads about your ICO by giving your potential investor the best answers to their every-asked questions. By so doing, you are setting your ICO apart from your competitors.
In addition, you can also start a discussion about your ICO on Quora — it’s a powerful avenue to start a discussion about ICO.
#2 Create a stop-at-sight website:
This is one aspect every successful ICO does not joke with. Do you know that your website is equivalent to a fashion shop window? If you walk past the transparent glass of a fashion shop and finds it unappealing at sight, you’ll definitely have a second thought about shopping there; that is the same feeling that surfaces anytime a potential investor comes across untidy ICO websites. So, if your ICO website is slow, unappealing, or designed in a higgledy-piggledy manner, people will swiftly lose interest on it.
Hence if you want to leverage this medium maximally, you will do what successful ICO did. You will pay total attention to your website’s design — the layout, the content arrangement and the ease of navigation. Honestly these are aspects where your attention is needed the most especially when you’re gunning for a successful ICO result.
Websites are core-center of concentration when it comes to creating awareness about an ICO and it literally determine the first impression your potential investors will have towards your project and you cannot afford to be careless about it.
However, here are the must-add major ingredients present in successful ICO websites’:
Clearity: Your ICO website must be clear enough that even a lay-investor will be able to understand what your project is all about.
Concise: Every information that you’ll have on your website must be very concise. A detailed information about whatever point you’re trying to explain should be on the whitepaper.
Navigation:Your website must be easy to navigate in other words whichever direction your visitors or investors would want to navigate to, they should find it easy.
Every information on how to invest on the ICO should be well presented and easy to access.
Your website should have your team members on it: This aspect is also a distinguishing factor that sets your ICO apart. The experience of every team member must be written in details so as to solidly back your ICO up more. You can as well include their social media for further verification.
Make sure that every promises your ICO is promising is something it will be able to fulfil.
Your ICO website must feature your ICO’s whitepaper– it must be well written and easy-to-understand. It must also have on it a short video that summarizes what the ICO is all about.
Also you need to strategically on the website a CTA( call-to-action) section: This section is designed to persuade and convince investors to become whitelisted, for example like taking part in the early pre-sales.
The last but not the list, successful ICOs websites usually features the ICO vision, a road map and perhaps schedule of events that will be held along the line.
#3 Hire the know-how team:
The know-how team is another powerhorse behind every successful ICO. An ICO’s project idea is not enough to guarantee a successful ICO result. You need the right team to make it a dream come true. Sadly enough, several developers and some ICO campaign managers or directors are ignorant of this section — they just hire a team without thorough background research.
With the wrong team, the chances of achieving a successful ICO is very slim even if you invest hundred thousands of dollars to make it happen. So in other not to end up pouring a farfetched water into a basket, its advisable to hire and set up the right team members. With the right team members with the know-how skills and experience, your chances of success are clearer. To further authenticate your successes, it is very much advisable that you get your team members profile on Crunchbase — a place where successful team can be found.
Note: Some people today claim what they are not on the internet. Someone who has no experience is technological affairs might claim to have done several jobs related to technology, while he hasn’t. In other not to end up hiring such members, carry out an in depth research on them, use Linkedin to know more about their experience and look through their recommendation from other companies they’ve worked with.
#4 Create a high quality video and content:
Creating a high quality content and short videos is another effective marketing tactic that successful ICO implemented. Through video marketing, you can illustrate what the ICO is all about. Not every potential investor has the all time to read through the whitepapers, so by creating a short high quality video about your ICO, they can easily digest and understand what you’re talking about.
Recently, study reveals that 70% of consumers say that they have at least shared a brand’s video, and this is good news for ICO companies using it as a means of promoting their brands. In addition, MarketingCharts also confirmed in their study on “why people share content online, ” is because of their desire to connect with people, and probably share new knowledge they come across. And this is commonly done through intriguing videos. Wyzowl, also confirmed in one of their survey on video marketing, that over 72% of business said that video have dramatically enhanced and improved their conversion rate. However, with all this fascinating results about the impact of video marketing, it is crystal clear why successful ICOs adopted the tactics.
High quality content also have gigantic impact on the success of any ICO. Content is king of marketing, and if well written, and positioned where it should be, it’ll surely yield an outstanding result. On the contrary, it could also ruin all your effort especially when written by inexperienced writers, bloggers or a freelancer. So, in other not impair your chances of success, it is advisable that you outsource it to professionals to assist you on creating high quality content for your PR(press release) blog content, bounty content, and so on.
#5 Create awareness through Roadshows:
Roadshows is no doubt one of the most effective means where ICO can gain strong opinion. It is obviously the most costly form of marketing because its budget ranges from $5000 — $100,000. Most successful ICO made use of this tactic– they setup exhibition on blockchain to discuss about their ICOs and also travel to speak about their ICOs in international conferences. More importantly, in other to fully harness the opportunities lurking around roadshows, it is advisable that you hire professional to work on the required material needed for the success.
In conclusion, if you are gunning to make any ICO a success, make sure that you have a solid plan before kick starting. This will enable you tackle any issue that might arise while working on the campaign.