This article tackles the different tips on creating your ICO marketing strategies in order to properly introduce your initial coin offering to the market.
Tips on Creating Your ICO Marketing Strategies
Recent technological advancements have made an impact on the digital industry. Cryptocurrency has attracted the interest of the masses, due to the rise in popularity of Bitcoin and other altcoins. Because of this, more companies are hoping to create their own cryptocurrency or launch their own ICO.
An Initial Coin Offering (ICO) is similar to an Initial Public Offering (IPO) in the stock market. The ICO is the cryptocurrency equivalent of making a crowdfunding campaign to fund a company’s development, operation, and innovation instead of going through the traditional means of looking for investment firms and angel investors. ICO marketing strategies are necessary to help the company get the most out of their ICO in order to receive the financial support they need for their ventures. How much time should you dedicated to marketing your ICO? On Yavin’s ICO marketing rule of thumb is to allow between 1-3 months of lead time to create and implement a successful marketing campaign for your ICO.
Developing Your ICO Marketing Strategy
It’s true that marketing an ICO is hard work, especially with all the competition that’s out there, and all the coins that are currently in the market. The most important thing to remember with any marketing strategy is that you need to know who your target audience is, and what you should be communicating to them.
If your ICO has something that sets it apart from the rest, your communication materials should convey that uniqueness in order to effectively distinguish your company from your competitors. It is important to do a fair amount of research to know what your competitors are offering and to pinpoint how your ICO is unique. Here are some of the things to remember in making your ICO Marketing Strategies:
- Know your target market and audience. Before embarking on a marketing strategy, it’s important to know the people that will be investing in your coin (target market) and the people who are going to listen to what you have to say about them (target audience). On most cases, the target market and target audience are the same, but sometimes they do not share the same demographics.
- Polish your detailed white paper. A white paper is like a user manual or a guide for your cryptocurrency, and it is published online for potential investors to read. Make sure that your white paper is clear and thorough.
- Create a short video explaining your offering. A video is one of the many excellent ways to communicate an idea in a short amount of time. Creating a 1-minute video explaining how your company works and what people would be investing in is a sure way to jumpstart your marketing campaign.
- Build a community. Go into the digital platforms, like social media and tap influencers in the industry that you’re planning to build in.
- Create an email list. One of the best ways to market an ICO is by creating an email list of potential clients and sending them to all concerned parties.
Before Anything, Check Your Product
The best ICO marketing strategy needs to have a good and reliable coin. A strategy only seeks to improve the awareness of an existing asset in the market. Before embarking on a marketing campaign, make sure your ICO can withstand any problems. Marketing your ICO will bring increased scrutiny and having a bad product on a good campaign will have an undesirable and often permanent effect.