While ICO’s (Initial Coin Offerings) have acquired a lot of name and fame for being an effective method for cost-effective fundraising, enterprises often struggle to determine the right budget to allocate for their ICO marketing strategy.
The budget allotted may have to increase depending on the growth prospects and the community being targeted.
Some of the Major Areas Where Resources Have to Be Allocated Are
- YouTube influencers – Your marketing strategy must aim at partnering with popular influencers as they have a tremendous reach online. They are highly trusted by the cryptocurrency communities. Many buyers purchase products considering the opinion of their influencer. Around $10000 to $50,000 have to be allotted for influencer marketing on YouTube. Different types of YouTube influencers will have access to different types of communities enabling you to focus on the right audience at the right time.
- Community engagement – It is one of the cornerstones to guarantee success for your ICO. The questions asked by the investors will have to be cleared promptly to fetch a significant amount of investment. Community engagement can be boosted by organizing bounty programs, airdrops where free tokens are given to investors, and sharing engaging influencer videos. This will enable a meaningful and long-term connection with the interested participants. Instant messaging applications like Telegram can be used for planning community management and to keep investors in the loop. Hiring a professional team of community managers to keep communication intact across all channels. Details such as updated information on token sales and upcoming crypto events can be shared to the community. At least $15,000 would have to be spent on maintaining community engagement. Community engagement should be focussed on building trust, gaining much-needed exposure, and cementing the brand identity in the minds of the target audience. Since the investors will be located across different parts of the world, communication has to take place 24×7.
- Publications and advertisements – Due to the advertising restrictions on ICO’s by big technology companies such as Facebook, Google, and Twitter have forced publications and their affiliation businesses to increase their prices. Around $20,000 need to be allocated for sharing content through well-known publications. It will involve spending a significant amount of time and resources to choose the right publication for executing your marketing campaign successfully. Paid advertising will cross around $150,000 for Google Adwords. Popular social networks such as Twitter and LinkedIn also permit paid ads and sponsored posts. Display ads can also be published on crypto-focussed websites.
- Website optimization – With most of the investors searching online while looking out for information, your website should be SEO-friendly. Otherwise, investors may view you as a waste of time and as a scammer. Focus on keywords to improve your rankings on the major search engines such as Google and Bing. Websites that are built from scratch have a higher chance of customization than those built using existing templates.
- Public relations – Connect with blockchain journalists working with the leading media outlets and industry analysts. The word about your ICO can reach the whole world only with the help of exceptional communication skills. Even guest posts on websites will involve paying hefty charges. The costs for PR can shoot up depending on the aggressiveness with which you target investors and the timescale for communication.
- Social media promotion – The online activity of the firm can be streamlined by targeting the right audience through a well-defined social media strategy. Platforms such as Facebook, Twitter, LinkedIn, Instagram, and Telegram must be used actively. Exclusive discussion groups and pages can be formed. It will help in generating plenty of organic attention. A full-time social media manager should be hired for responding to the comments made on different threads and posts. The more buzz generated by the firm during the pre-launch phase will help it to create strong momentum during the post-launch phase.
- ICO listing sites – The cost can range around $200 to $3000 for each listing. Pay attention to the target audience before submitting your application. The information that you share must be self-sufficient and self-promoting.
- Discussion forums – Platforms like Quora, Reddit and Bitcointalk can be used for promoting the ICO. It helps in having direct communication with investors. Good quality content should be targeted at users regarding the product.
- Organizing events and conferences – The product can be displayed in the form of an attractive package at any well-attended event or conference. The cryptocurrency industry will host a lot of interactive events regularly. Visit such events and get feedback about your ICO from potential investors and industry experts.
Business firms would have to keep in mind that the product will always be an integral part of a successful ICO. But a combination of factors such as a captivating product, a well-trained team, and a result-oriented marketing campaign across different communication channels will make your ICO launch a huge success.