The initial coin offering is one of the most important events for blockchain startups. Successful ICOs attract investors and help generate more buzz around your project, while a lackluster initial coin offering could stop your startup dead in its tracks.
Launching an ICO successfully depends on a number of factors.
- You must offer a product that people are actually interested in.
- There needs to be a good marketing campaign that draws attention to your blockchain project.
- Information about your startup should be readily available at all times.
We’ve come up with a list of the six important things to keep in mind when preparing for your ICO, so that launch day goes as smoothly as possible.
1. Keep an Active Presence on Social Media
Marketing plays an important role in determining whether an ICO launch is successful. The first step in preparing for an ICO is to build a presence on social media platforms like Facebook and Twitter. Projects like OPEN Platform and SuchApp have both been able to use social media to their advantage by posting updates, promoting events, and sharing information regarding upcoming ICOs.
Your goal should be to hype your blockchain project and create meaningful content that attracts the serious cryptocurrency investor. Not only will this give you more publicity, it’ll also show potential investors that you’re serious about your project.
2. Be Upfront with Your Token Metrics
Serious investors support projects that they understand and know what to expect from your blockchain project. One way to increase investor support is to have your token metrics ready and published in your whitepaper. Moreover, if certain aspects of your token happen to change over time, be sure to keep them as close to your original metrics. Completely changing your tokens could cause problems with some investors who may feel like they invested in your ICO under false pretenses.
With that said, it’s not uncommon for token metrics to change as programs start to grow. OPEN Platform’s token metrics changed a few different times as the team continued to improve their project. Because OPEN stuck to their commitments regarding their bounty contest and sale allocations, they were able to alter the tokens without experiencing any major problems.
3. Set up a Bounty Contest Immediately
Bounty programs are one of the most effective ways to encourage your platform to grow. Not only do they turn your users into loyal supporters, they also attract a specific group of investors known as bounty hunters. In many cases, bounty hunters don’t care about the project as a whole, but support it and help onboard users so they can be rewarded with tokens.
4. Design the Perfect Whitepaper
Until your blockchain project is up and running, your whitepaper is the first impression that people will have of your startup. For this reason, you want to make sure that it’s finely tuned and published before you announce your token sale. You also want to make sure that your whitepaper looks professional and highlights what your project can do in a language that’s easy to understand.
5. Be Effective at Communicating
Customer engagement is an important part of all successful marketing campaigns, but for blockchain startups specifically, good communication is essential. Startups often engage with investors and users on a number of different platforms, like Twitter, Telegram, and Discord. Information travels fast in the blockchain community, and most people expect to receive information as it happens.
The key to good communication is:
- Quick response time
- Honesty and transparency
- Customer service
Creating an outreach campaign that answers questions and notifies users of upcoming events can go a long way in preparing your startup for an upcoming ICO.
6. Come up with a Solid Marketing Strategy
Good marketing is the foundation that every successful ICO is built upon. You want to have your marketing campaign developed and running before you announce your ICO. That way, you’ll be able to generate more buzz around your startup and attract more investors. One of the main reasons why SuchApp and OPEN Platform have been so successful is because of their marketing campaign. Both companies tell their story well, highlighting the value of their projects and attracting more supporters as a result.
Ready to tell your own story? ICOSuccess can help you spread the word about your blockchain project in the months leading up to your initial coin offering. Visit our website today to learn how you can get the hands-on marketing assistance you need to take your blockchain startup to new heights.