ICO Marketing Checklist – Initial Coin Offering Best Practices in 2020
When you are launching an ICO, you want it to be the best. Startups all over the world are starting to use ICOs as their first choice way to raise capital. An ICO (Initial Coin Offering) is when companies offer digital coins or tokens in exchange for investment.
They offer these tokens to specify exactly what the terms and conditions of the offering are and include the kinds of returns investors might get back. At any point in time, investors will be able to cash in their tokens and get their money back, which they hope will get a greater return than they initially put in. As a result, they are able to raise funds that they need to build their projects. While many successful ICOs have been launched to raise money for blockchain-based cryptocurrencies, it can also be used to raise funds for literally anything the company specifies.
There is definitely no obligation for investors to purchase these tokens, they will only invest in ones that are a good idea and have been marketed well.
In this article, we will look at:
- Common FAQs about ICO Marketing
- What is an ICO Marketing checklist?
- Creating a good initial coin offering checklist
- Implementing an ICO Marketing Checklist
Common FAQs about ICO Marketing
Before you begin your ICO marketing strategy, you definitely need to take a step back and answer some common questions before planning an ICO.
- Do you need a blockchain?
There are quite a few businesses that are jumping on that blockchain life, but the thing you need to ask is whether or not you actually need it.
2) Do you need a cryptographic token?
If you do need a blockchain, you need to really question whether you need a cryptographic token and whether you are offering a product or service that requires a crypto token. The other questions that you need to consider are whether anyone else offers the same product or service without a crypto token and whether you can think of actual businesses and viable for your planned crypto token.
3) What kind of crypto token are you offering?
Now that you have decided that you want to offer a crypto token, so now you need to figure out what kind you are offering. Word of caution is that if you are using your token only for utility value, you need to exercise caution when marketing your ICO.
It is important that you do not promise something that you can’t achieve. You cannot promise significant financial gain to investors if that is the case because while its value can appreciate over time, it is just part of a normal supply-demand equation.
You can instead offer a “security token” or “securities investment contract” by promising noticeable gain to investors over time instead of significant. You need to comply with the securities regulations in your country or jurisdiction. You may not even be able to launch an ICO depending on securities regulators.
4) Are you on the right side of the law?
Before you rush into anything, you need to make sure that you are legally allowed to create cryptocurrencies. Many countries are currently working on framing their crypto regulations and they are evolving.
What is an ICO Marketing Checklist?
Since marketing is one of the most important and hardest things about an ICO launch, you need to spend a lot of time and effort to make sure that you get it right. You should be looking to develop your ICO marketing strategy from around the time that you finalize your idea and begin writing your ICO white paper.
Creating a good initial coin offering checklist
A good checklist should cover each step of how you market your ICO so that it helps you build and implement your marketing strategy from the beginning.
Things to consider before starting your ICO marketing checklist:
- Make sure you have a great idea and a product to match
It is important that you first make and create the best possible product to sell. You need to spend time evaluating your product in full before you begin. The questions that you need to ask yourself is whether there is a need for such a project, how big is the market and is your solution the best answer. You should also evaluate competitors to help you understand the strengths and weaknesses of your project.
- Make sure you have a great team
Having a solid team to launch your ICO is very important when you are developing your project. It is important that you hire people that have experience in ICO Marketing like:
- Project strategist & Organizer
- PR Specialist
- Social Media Specialist
- Certified Public Accountant who is familiar with digital currencies
- Technical support team
If you don’t have access to these individuals, it is smart to bring in a professional ICO marketing company. It might be an expensive option, but if you invest in ICO marketing services, you will get and generate a successful ICO.
- Outline a basic marketing plan and start building it
- Market Research – Find out the market size and where your project fits in
- Legal Research – Make sure you know the law with it comes to ICOs
- Target Market – Who is the target audience? What are their business models?
- Product – Analyze your product. Identify its strengths and weaknesses
- Competition – Who are the competitors?
- Budget – Do you have enough money to launch your ICO in the way you desire?
- White Paper/Mission Statement – Defines your project to potential investors
- Marketing Strategies – After examining past examples of successful ICOs and what marketing strategies they used
- Price, quantity, and returns – Define exactly what your token sale will be
- Clearly define your goals – What is your project capable of?
- Where do you plan to be in the future?
You should definitely allocate time slots for the team to work on specific tasks rather than trying to do them all at once. Establish a marketing strategy timeline that details when certain parts of the plan need to have happened.
Implementing an ICO Marketing Checklist:
- Start the ball rolling
You have completed the basics of the planning stage, from there you should keep it going. The ICO investment community is generally based on the internet, so you should focus your strategy towards digitally minded individuals. Online advertising actually works to your benefit because it is cheaper than traditional advertising and you get more for your money.
At the same time, you should start creating all the necessary logos, photos, and videos that you will need to advertise your project. Appearances are everything so you should make it look as professional as possible. From there it is time to open up social media accounts on every major social media platform. Arrange an email and start building an email marketing list and get your team to build a captivating website.
- Growth Hack your ICO
You need to generate the buzz to make your ICO a huge success. If you have used an ICO marketing company, you need to tell them to get things moving at this time. You can also start spreading around a few guest postings to talk about your project. Not only will it help get more investors and lead t some real exposure. All the posts and advertising you put up should refer to your website and include contact details.
You can target your ICO marketing strategy on:
- Social Networks/Forums
- Direct marketing with flyers
- Publicity/press releases
- Trade shows
- Guest post articles
- Answer all queries quickly and professionally
Customer service is one part of a great marketing strategy. During your launch, you will be contacted by all types of people asking for more information and you need to make sure you are answering the questions quickly and accurately.
After your launch and your marketing strategy, you need to keep the positive energy going. This moment can be one of the most exhausting of your life, but the rewards for maintaining a market buzz about your product can be huge. By adjusting your marketing strategy to meet the long-term goal of maintaining interest in your company, you will not only make a bigger impact when you launch your project but will also have the chance to pool investors if you decide to expand your project even more in the future.