Cryptocurrency is continuing to grow in popularity among both established businesses and startups. Thanks to great products and ICO marketing, we’re going to see even more companies put themselves in a position for an ICO, which stands for Initial Coin Offering.
What is an ICO?
Basically, it’s a fundraising method a startup can use to build a cryptocurrency business. Using a crowdsale platform, early supporters can get a percentage of that startup’s cryptocurrency. Bitcoin is the predominant currency used to facilitate ICOs, but certainly not the only one.
If you think ICOs are like Initial Public Offerings, or IPOs, you’re not wrong. In both counts, successfully ICO marketing either one can be equally rewarding or complicated. ICOs are definitely the newer thing though, although quite a few technologists and startups think they’ll grow in prevalence in the coming years, as more startups explore how cryptocurrencies can be implemented and applied.
Keep reading to learn 6 tips for successfull ICO Marketing
1) Get A Handle On Your ICO Market:
An ICO isn’t a smart move for every business. The concept is certainly fresh and invigorating, but it’s the implementation of cryptocurrency isn’t getting warmly embraced by every industry. While proponents of cryptocurrency maintain the belief that blockchain systems are going to inevitably influence every major industry in positive ways, if this happens, it won’t do so overnight.
One of the very first things you need to ask yourself when contemplating an ICO is how you would integrate any digital tokens specifically into your existing business model. If including a digital currency doesn’t add any inherent value to your service or product offering, then it might be safer to take the IPO route. ICOs right now are still usually the domain of the blockchain world, but that won’t stop more verticals from testing out these waters soon enough.
2) Know The Rules when Marketing an ICO:
The startup investment world long considered the realm of cryptocurrency to be the Wild West. However, as its mainstream acceptance has grown, so too has its regulation. In July of 2017, the SEC even ruled that certain digital coins are technically securities. Existing securities law is as complex as it is thick, but you should at least learn the basics and fundamentals. You do need an attorney in your corner for highly advanced rules and regulations, but having your own basic knowledge means you can be certain your business will be legally compliant from the get-go. That July 2017 ruling is often seen as the tip of an inevitable iceberg, meaning that the SEC isn’t going to let ICOs stay under their radar forever. If you’d like to position your business to have a successful ICO, then you need to learn that the criteria of the SEC are for what comprises a security at the time in the larger digital coin landscape.
3) Know Who You Are Talking To:
The world of cryptocurrency is often a confusing place for those not already in it. As you prepare your ICO, you’re probably going to be simultaneously reaching out two a pair of distinct audiences. One has tremendous knowledge about digital currency, and the other couldn’t tell you the difference between blockchain and Bitcoin. However, even the second group is likely to know how cryptocurrency is growing in status, even if they don’t fully comprehend the technicalities.
It’s on your shoulders to come up with PR and block chain marketing materials that can speak to both of these groups. A combination of conventional PR hits, social media use, and thought leadership can deliver a refined message to your full spectrum of potential audience.
4) You Have A Story, Share It:
It’s one thing to offer your own unique insights about your ICO marketing strategy, but it’s not enough. Also, provide prospective investors with your insights. If your business has a sincere story about its purpose and mission, share that. It might just compel some to be a part of your cause. UTRUST is a recent instance of this, as they are someone who got well-known for having a socially conscious goal of lifting up emerging economies through banking systems that were secure, accessible, and easily used.
Don’t just roll out your mission statement. Give your possible investors actual reasons to put their money into your business by making them part of your story. Nearly 70 percent of the Millennial generation wants companies to make it easier for customers to engage in social issues, and quite a few investors also want this too.
5) Make Sure Your Website Is Up To Date:
On top of social media, you need to be sure that your website is updated, with content reflecting your business’ current news. When you’re in the thick of an ICO, you’ll get tugged in many different directions, so it’s crucial that potential investors have a centralized source where they can research your business. Communication is always the most critical skill, even in the digital world.
6) Offer The Data You Have:
Data is of crucial importance. At the time of writing, there were an estimated 2.7 zettabytes of data floating around the world. Statistics and trends are both critical components that can demonstrate how valuable investing in your business is. Investors like having solid proof, and when you provide analysts your data throughout your offering, you’re providing them with evidence that your company is going to succeed. On top of this, you’ll also generate more exposure just because your business will get reported on routinely, so long as analysts and reporters are getting your data.
It’s no small feat to execute a winning ICO. It takes a lot of coordinating and preparation to be sure that your newly public business is able to land as many investments as it possibly can.