ICO has become standard for the entrepreneur and start-up company to raise the funds by selling tokens in exchange for Bitcoin and Ether. This is based on blockchain technology. There should be the well-executed plan and reliable tokens for the ICO to get success.
The ICO marketplace is becoming crowded and it’s harder to stand out from the crowd. Nowadays, it does no longer just know the blockchain and buzz few words can deliver you successful results. You should have the proper marketing strategy and know how to do an ICO step by step. It’s not rosy when it comes to performing the ICO marketing. But there are some common ICO flaws that have to be avoided when marketing an ICO. Here are some common mistakes that ICO marketers should say “NO”.
- No Idea of Target Audience
Finding your ideal customers is the key to success in the ICO marketing. There should be buyer persona and ideal customer profile to target and reach the right audience who will invest in your ICO. Personas allow you to match the existing customer’s base and social followers and target the right audience.
- Lack of Proper Roadmap
There should be proper roadmap defining the products and services that ICO is planning. Investors should know how their funds are utilized and how the start-up will develop. The roadmap should have all the information keeping record of every milestone during the development process.
- Not a Standard Whitepaper
White paper sometimes lacks the detailed information for the investors. The document of white paper should have the proper information about investing in ICO. It has the terms and conditions before investing in it along with anticipated growth it will have in the next few years. It also contains the team information, advisors involved, Linked In profiles and links to their past project. You should include in-depth detail of information about investment in the white paper so that investors are aware of it during investment.
Investors look for the answers to their queries in the white paper. Thus you should clearly define the problem and proposed solution in the form of answers on the white paper. If you have some technical details to explain then don’t forget to add the secondary document.
- Lack of Strong Team and Advisors
Most of the ICO fails because they don’t have the good team. If you are an entrepreneur or start-up then having an idea means nothing until it gets implemented successfully by the proficient team and advisors. The team should have prior experience. They should have full idea and understanding of blockchain technology and cryptocurrency network. It is important to check the previous experience of the team, their social profiles and Medium pages. If you are sure that they can deliver the good results then only you take them as your team members.
- Lack of Marketing Plan
There are many ICOs who don’t have the right marketing plan to execute. It is as important as for any other industry. Cryptocurrency is already gaining the public eye and you should have the effective marketing plan to reap the benefits of it. The well-structured marketing plan can help to convert the people into prospective investors. You should have the right social media channels to target the audience for marketing. The momentum should be kept going creating buzz and excitement around the ICO, team and product.
- Using Competitor’s Strategy
It is important to have the unique strategy rather than chasing the competitor’s one. You should have your own USP to differentiate it from the competitors. Find your own content and voice to talk about the ICO. You can check askfm 2.0 – reward for quality content.
- Not Using Right Online Marketing Methods
There should be the use of the right set of online marketing methods such as retargeting and remarketing. Nowadays, Digital Marketing is providing many ways to target the right audience such as SEO, guest posting, media outreach, social media management, etc. Every platform has its unique role in the Digital Marketing whether it is traffic or engagement or awareness. Knowing how to effectively use the platform can build the right ICO audience. If the team is right then they will optimize the right content channels of online marketing methods.
- Lack of understanding where to use organic or paid media
The role of organic and paid media is different. For an instance, paid media is helpful in spreading the core message whereas organic media is useful in community management. Have the key point indicators (KPI) for both organic and paid media to play the active roles and complement each other. You should know when to use the paid or organic media.
Now that you know what not to say when marketing ICO, and all the common mistakes and flaws, you should start selling tokens. This will help you to reach the new heights in your project.