The big talk these days is all about blockchain technology. People have said that blockchain technology will be the next big thing. Similar to the internet boom. And as word continues to spread, more and more startups will emerge utilizing the blockchain.
So, if you’re one of those startups looking to catch a ride on the blockchain wave, you’ll need a solid marketing plan to help fund your big idea. And the way to do that is through an initial coin offering (ICO).
An ICO is basically a crowdfunding tool that leverages crypto-tokens as a means for distribution of money. ICOs can be used to rapidly raise funding for blockchain projects. The only thing you need to do is prove to a community that you’re legitimate and that your business idea is large enough for people to actually want to fund it.
It’s an exciting time to get involved in this space. The doors have been opened to new ways of fundraising and technology. And sure there might be a few who abuse the system but there will also be some promising project that will likely make a huge impact in the time to come.
Now, you got your idea and it’s time to market it. Here’s where to start when it comes to creating a marketing plan to ensure a successful ICO.
Create An Effective White Paper
The first thing people will most likely see when they hear about your project is your whitepaper. Your job is to create a white paper that clearly outlines the details of the new coin offering. Things like: commercial, technological, and financial.
One of the most important parts of the white paper is dumbing it down so that everyone who reads it will understand it. Remember, you’re trying to build a following of people who will invest. There is no point in adding technical jargon that no one is going to understand. You want people to fund you right? So make sure they understand what you’re talking about.
The key takeaway here is finding a good balance between being too detailed and complicated, and too generic and leaving out vital information. It’s important that you’re detailed and thorough, but remember, no one likes reading hundreds of pages of documents. Even if it is helpful information.
It’s All About Community
There are several ways to building a strong community, but it’s up to you to find what resonates best with your audience. Through testing different marketing techniques, you can find where you can get the most bang for your buck. However, there is one technique that we have found to work pretty well with most audiences. And that is creating a forum, slack, or telegram group. Here you and your team can interact with community members by answering their questions about the project and share relevant articles that relate to the topics at hand.
You can also use the forum to your advantage by asking members for feedback on the project. Ask them what they would like to see, what they would change, and so on. Your idea might be great but it could be better if you just ask the members of your community. Remember they’re just as passionate if not more passionate then you are about the new technologies and projects that are happening.
Use Email To Your Advantage
One thing you’ll need to make sure happens within the earlier stages of your project is setting up a way to capture an email. The best way to do this is simply providing a form fill out on your website where people can subscribe to your email list. They may not be ready to invest and commit at that second, but as you follow up with them with highly educational content, they might just convert to an investor later down the road.
Make sure to send out a weekly newsletter that highlights the industry insights and information about the ICO. You’ll also want to send out your roadmap. Sending updated reports about the roadmap will help prime your email list for the actual ICO launch date. Getting you more conversions and funding.
And that is it! You’re now off to a great start in putting together the basics of a marketing plan. We hope these tips will help in your ICO marketing efforts.