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The crypto community and the transactions that are conducted within it have been growing exponentially for a while now. Despite the fall in bitcoin price, the interest in blockchain tech and the companies utilizing it to solve problems has not waned. The good thing about the situation is that there’s still a treasure trove of opportunity for companies looking to explore ICOs as an opportunity to raise funds, but the downside is that there’s a massive amount of competition to contend with before getting a chunk of the market.
Even in the most saturated industries though, there are strategies that can be used to stand out and position a company’s products and services to acquire market share. When it comes to ICOs, your marketing prowess will be the biggest determinant of whether you’ll meet your fundraising target. Here are three tips from cryptocurrency innovators and business leaders to implement for optimal results:
1. Maximize customer data The data you’ve collected about your customers can come in very useful in various ways when it comes to optimizing your marketing efforts. The first one is to ensure that you have a solid retargeting system in place to keep your project in the minds of your leads. Whether by ads, social media, email marketing or other systems, you’ll be able to tailor your marketing to ensure that their intention to invest is not overtaken by the latest crypto fad.
In addition, be sure that you scrutinize the data thoroughly to ensure that you’re in full compliance with the law regarding investors. In the words of Christopher Kew-Smith, Head of Fintech Strategy, Financial Services Regulatory Authority (FSRA), Abu Dhabi Global Market (ADGM): “From an entrepreneur’s perspective, the ICO investor market does offer a new source of capital. However, they should remember to be careful who they are taking money from– taking money from the wrong investor might mean irreparable reputational damage or breach of laws.”
2. Build an engaged community Whether you choose to establish your community and engage with your community via Reddit, Telegram, Twitter, Medium, Discord, Whatsapp or any other social network, the crucial thing is to ensure that you have places where you can interact with your followers on a regular basis, give them information on the company’s process and answer any questions they might have.
The more active and engaged your community is, the easier it will be to build the trust they need to invest in your ICO, as well as spread the word about it and get other people to invest. A good tactic here is to get experienced community managers whose sole job will be to direct your social media presence across the various platforms. “Having a professional to handle things will certainly yield significantly better results than you’d get from just asking a team member to take charge,” says Michael Terpin, a key advisor at Skycoin. “It’ll ensure that you’re not overworking any team member and show your community members that they are a priority in your business model.”
3. Use only top-notch marketing materials ICOs have gotten a bad rep in certain circles over the past few months, with the rise in fraudulent projects and scam advertisements. One of the biggest red flags from the perspective of a prospective investor is whether your marketing materials appear to have been painstakingly constructed by a passionate team or put together in a hurry to cheat a set of people before moving on to the next scam.
According to Kevin Murcko, CEO of CoinMetro, “From your website to your white paper and to any email you’re sending to your audience, even the smallest typo could ring alarm bells in the minds of your leads. Thankfully, this problem is easy to solve, simply by ensuring that you hire only the best persons to create your online presence and differentiate you from the teeming competition.”
In all, the thrust of your marketing strategy must be to make it clear to everyone who encounters your business that your ICO is trustworthy, unlike many of the spam ones they might have come across in the past. By revamping your marketing materials, keeping your community engaged and making the most use of the customer data you have, you’ll be well on your way to meeting and surpassing your ICO fundraising goals.