This step falls in line with creating a community to engage with. An ICO’s marketing strategy should revolve around the community they seek to sell to. They must learn their target market inside and out and create a plan specifically tailored to that audience. Research suggests that a large majority of cryptocurrency and ICO investors are millennials. An even larger majority are those under 40 years old. It seems pretty apparent, but letter writing marketing campaigns aren’t going to generate a lot of interest.
What does a marketing team have to do to be successful?
- Identify with the target audience
- Learn their likes and dislikes
- Market accordingly
In today’s technologically advanced society, a website with SEO optimization is a must-have. A technical white paper that explains the ins and outs of the platform will demonstrate that the project is much more than a good idea, and can help win over more sophisticated investors.
In addition, a successful marketing plan will have a well thought out timeline and roadmap. It is not enough to throw out good ideas; teams must have a sounds structure to guide the marketing process. Teams should know the duration, time, and cost of their campaigns, in addition to start and end dates. This not only helps manage costs, it also keeps teams from losing important leads and opportunities due to disorganization.
Depending on the platform and target audience, team’s should consider a social media campaign. This means having a strong presence on reddit, Twitter, Facebook, Instagram, and even Snapchat. A campaign should include user posts as well as ads. There is, however, a fine line that must not be crossed. ICO social media campaigns–and marketing campaigns in general–shouldn’t be overbearing. No one wants to see the same advertisement ten times a day, and this is no less true for ICO marketing. Teams must make sure they don’t overdo it.
One of the best strategic moves in a marketing campaign is team interaction with the public. One of thefirst things investors look up is the company’s team. And while strong and convincing bios might do the trick, nothing beats personal interaction. Video interviews, AMA (ask me anything) sessions, and Q and A’s are great ways for leadership teams to reach out to prospective investors.
In a perfect world, startup companies would run successful fundraising campaigns without a hitch. Unfortunately, it’s common for things to go wrong in the fundraising process, and teams need to know how to respond properly. Whether it’s a scandal involving a team member, the departure of a key developer, or a security breach, teams must learn how to adapt. They must get comfortable managing publicity–good or bad. Every ICO team should have a written plan for how to respond to crises, whether PR related or otherwise. A very practical step that companies can take is hiring a blockchain PR firm. PR firms are trained to manage good and bad press, and the expert advice could come in handy. ICO Bench has a list of dozens of PR, ICO, and marketing companies that can help manage these efforts.
When considering a top tier PR firm, ICOs and blockchain teams need to keep this point in mind—as helpful as these firms can be, nothing replaces intentional community engagement. Communities that are 100 percent behind a blockchain project are an unstoppable marketing force to be reckoned with. In this sense, a PR firm will amplify the momentum created by a solid support community, but rarely is a firm the actual engine behind it.
In sum, what does a strategic marketing plan look like?