WHAT IS ICO AND WHY IS IT SO POPULAR FOR RAISING FUNDS FOR YOUR STARTUP?
An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies.
- If you are a startup even on the MVP stage but with good idea and opportunity to use blockchain technology the ICO could be a good chance for you to raise funds on earlier stages. ICO works similar to kickstarter but it is focused on software.
HOW TO RUN EFFECTIVE MARKETING CAMPAIGN FOR ICO? WHAT ARE KEYS TO SUCCESS?
The most important factors for the investors to choose a particular ICO project are actually: Team, Market size, problem you solve and of-course use cases on how you do this.
So when you start planning your ICO make sure that within your owned channels (website, whitepaper, social pages) you've highlighted those things.
EFFECTIVE MARKETING CAMPAIGN COSISTS OF 3 CORE STAGES WHICH ARE:
1) Building awareness
Create an offer on ICO marketplaces like icotrecker.
Create social media pages and threads (Twitter, FB, Reddit)
Build presence on the relevant forums – bitcointalk.org
Boost PR on the relevant media focusing on ICO and investments (cointelegraph, coindesk and others)
2) Convert awareness into trust
Organization of the community with real life communication from funders via Slack, telegram or other group-messangers
3) Build your tribe
Convert your investors into influencers and vise versa
Motivate them with Bounty campaigns (specific referral programs)
HOW TO TRACK THE EFFICACY OF MARKETING EFFORTS AND REALLOCATE THE RESOURCES ON THE GO?
- Most of the traffic in ICO comes from the Referral source
- The next big thing is social media influencers as their traffic regularly is seen as just social or referral. It is really important to track their input so it's better to provide them with personal tag (tagging link) so you could identify each of them in GA.
- Size of the tribe (community growth)