So things didn’t go as well as you had hoped or planned on – at least that’s what we’re assuming since you are reading this article. You probably spent tons of your advertising budget on a pre-sale ICO and ICO to see less than favorable results. Now what?
Turns out, you might not be doing as badly as you think you are. Hundreds of crypto companies experience a huge dip in value during and right after an ICO launch.
The first thing to realize is that your expectations might have been skewed from tales of outrageous success. We’ve all heard about ICOs that raised over $50 or even $100 million at the beginning of 2016. Now, with thousands of ICOs occuring every month it’s lofty to think that anyone could raise that much money during an ICO.
But to be honest, does your crypto start-up really need $50 million before it can start turning out a profit? A $5 million ICO will probably give you quite a bit to work with, and might be a much more realistic goal, unless you are lining up a good chunk from institutional investors.
In the book Nail It then Scale It: The Entrepreneur’s Guide to Creating and Managing Breakthrough Innovation, the authors explain that too much money allows entrepreneurs to execute a flawed business plan far too long, rather than stay focused on the market and adapt.
It’s important to remember that your crypto company’s main goal is to build a product/service, get customers, and turn out a profit. The goal is not to fundraise $50 million.
With that being said, you still need to stay relevant in the crypto investing world (especially if your business plan is tied to the blockchain technology). At some point you will need more investing in order to grow your profitable business and if your token price hasn’t mirrored the growth of your company, you’ll be in a world of hurt.
Here are 5 tips to market your business and get it back on track after a poor ICO performance:
- Show Resilience: The worst thing you can do at this point is give up. If you have an excellent solution to a real problem, people will begin to see it as well. Take a minute to gather yourself, put out a positive public statement thanking those who did support you, and promising new information. Take a good look at what needs to happen to be successful. Do you need to add a few more prominent advisors? Do you need a better explanation of your tech? Do you need to land some new partnerships? Revise your roadmap, and make sure your timeline isn’t too rushed. The best thing you can do is show that you’re making strides the right way, checking off all the boxes, and ensuring that the community can be confident you’re taking all the right steps.
- Go On a Roadshow (Maybe): One of the big reasons crypto companies fail to reach their fundraising goal is largely because they failed to get in front of the right people. Roadshows are a vital part of reaching key partners and investors. If your company failed to go on multiple roadshows before your ICO, it will be beneficial to go on some in order to meet potential investors and partners. Let them know that your team is still capable and working on creating a winner product/service. If your company had a good showing at multiple roadshows before the ICO, this point may not be as important but should still be considered. this largely depends on how many roadshows you did before your ICO.
- Come Up With Great News… Quickly: You need to create some buzz about your company. Give people something to talk about. Key partnership, break through innovation, working prototype are some quick ideas. Let the public know that you haven’t been wallowing but working hard. Make the news irresistible to potential investors but make sure it’s genuine and credible.
- Grow Your Community: In a previous article, we talked about the important of building a strong community. This is an important marketing tactic for several reason but fundamentally it serves as a starting point for you to spread news. Of course, there are the obvious places to build a community (facebook, twitter, and youtube) but also make sure that you are really honing in on the niche area that are really going to move the needle in terms of investments into your company (bitcointalk, reddit, telegram, and email newsletters). Also, don’t just post content and news but be an active participant in online communications and forums.
- Good Performance: There is no substitute for positive results backed by credible numbers. At the end of the day, numbers and tangible growth will speak louder than words so if you build a successful business the investors will come flocking.
In conclusion, the longevity and overall success of your company is not determined by start-up investments. There are hundreds of companies that failed after securing large investment backing. On the other hand, many successful companies began from meager beginnings. The bottom line is, the faster you can start turning out a profit the faster you will gain the trust of investors. Money talks.