ICO Marketing: All You Need To Know
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Currently, the age of ICOs is on the rise. News outlets can be seen talking about ICOs of newly emerging cryptocurrencies, on a daily basis. By the end of 2017, the average number of ICOs were about three every single day. While many of these ICOs remained unsuccessful, those that employed the right marketing strategies bagged away all the attention. Today, competing with an ever-increasing number of new ICOs has just gotten tougher.
Presently, the ICO market is a multi-billion dollars market. With the greater development in blockchain technology and the rising awareness for cryptocurrencies, it does not look like this industry is shutting down anytime soon. Instead, it will continue to grow and show the massive potential for success to emerging coins.
Contemporarily, if one outsources the marketing work to an ICO to a marketing agency, the top tier would cost at least $300,000 along with legal fees that range from $20,000 to $40,000.
Why is marketing the most important aspect of an ICO?
Nowadays, since there is a high level of competition among ICOs, the right marketing strategies are highly crucial for success. For instance, a great number of emerging coins have had great success simply because they succeeded in capturing the interest of their audience. Moreover, companies behind such coins started out with a mission which was made very clear during the ICO. Indeed, investors tend to fall for companies that carry a vision rather than those that are dependent purely on luck and speculation.
Bancor would be a great example of a successful ICO. Within just three hours, Bancor managed to raise about $153 Million through the ICO which is a surprisingly a significant amount, given the time frame. Bancor was successful primarily because it had a vision which was made very apparent to the audience. The vision was, to provide a platform that would make it very easy for startups and companies to manage/launch and trade their own cryptocurrency tokens. Having more than 10,000 investors, it had the single largest purchases of as much as $27 million, which is indeed a big milestone!
Who should you target when marketing an ICO?
ICO marketing is quite different as compared to the traditional form of marketing. An ICO marketer must be aware of all current ICO trends and the current behavior of the investors/traders. For the success of an ICO, it would be important to take notes and to narrow the target market so as to increase the chances of bigger investments.
When listing down the marketing strategies, one of the key factors that should be considered is the location that the ICO will target. The location includes a single country, a number of countries, or perhaps an entire region such as Europe or Asia. For instance, many ICOs were previously set in China and USA due to a higher number of interested audience in these countries. However, with the USA bringing strict regulations requiring thousands of dollars as a legal fee, and with China putting a ban on the ICOs, the target market for many ICOs have shifted to Japan. This is because Japan embraces a number of exchanges and is slowly internalizing the popular Bitcoin (it currently controls about 56% of the Bitcoin’s exchange amount).
Other target countries that are usually chosen depending on the majority of the target audiences include Australia, Slovenia, United Kingdom, Russia, Brazil, Ukraine, Malasia, South Korea, Israel, Europe, and Venezuela.
Usually, most people that are interested in cryptocurrencies (a higher number of the audience) can be found in regions including Japan, Israel, Malaysia, Ukraine, and the United Kingdom.
Regardless of the country/region/location where an ICO is primarily targeting, there are four different groups of people that are likely to be interested in a new ICO.
Pump &Dump Investors
Pump and Dump investors can be considered as the whales of the cryptocurrency industry. These investors tend to invest in whatever comes in their way and tread the entire process as a game of gambling. The biggest number of pump and dump investors are from Japan, China, and South Korea.
Intelligent investors are those who tend to think rationally and make highly calculated market guesses before investing into a cryptocurrency. These investors usually take into account a range of different factors because they care about their funds. Such factors include the capabilities of the team, the market potential of the coin, and the minimum viable product. Careful investors are harder to get. However, these investors tend to put in a huge amount of money in case they find interest.
Among all types of investors, a small fraction of those include people who carry a lot of technical information. These are the people that have a wide knowledge of the way blockchain technology works. Such people can usually predict whether a coin carries the potential for success or not, simply by looking at the whitepaper and the concept behind the cryptocurrency. However, their reviews can usually be brutal because they tend to care about the blockchain ecosystem. This is the lot that is the hardest to convince. But generally, these investors do not invest in a lot either way.
The fourth and the final major part of investors includes the hobbyist investors. These are the investors who are neither highly technical people, nor are they necessarily experienced enough. These investors simply tend to invest a little in anything that catches their eye simply for the sake of investing itself. These are the kind of people that need the highest level of encouragement and engagement, in order to invest. Nevertheless, hobbyist investors do not bring a huge deal of funds in investment anyway.
How to promote an ICO?
For the success of an ICO, PR (public relations) is of extreme importance. In case you do not know what PR is, it revolves around spreading information between various entities and the general public, so as to create positive awareness on both sides.
In order to run successful PR campaigns for ICOs, it is highly crucial to consider the groups of people targeted in an ICO (see the groups mentioned above), along with good customer engagement via different channels.
The channels that can be used for ICO promotion and PR include the following:
Although expensive, there are a number of great PR websites for ICOs currently operating. Also known as ICO promotion services, websites like these can help a lot in developing customer engagement.
With millions of people use services such as Facebook and Twitter, the importance of marketing an ICO on the social media cannot simply be ignored. In fact, promotion of an ICO via social media would perhaps be one of the most efficient ways of marketing.
There are various social media platforms through which an ICO can be promoted in an organic way. These include Facebook, Twitter, Reddit, and Instagram. Since each social media platform carries its unique characteristics, the general mood of the audience on each of these platforms differ. Hence, it would be best to hire a number of social media marketers that are expert in at least one or more than one of the most popularly used platforms.
If a capitalist would look to invest a big amount in an ICO, he/she would surely invest in an ICO that is listed in a well-known and high-authority ICO newsletter. Hence, getting registered with a number of newsletters would be a great step to heavy bag investments.
Newsletters such as List ICO, Bestcoins, Top ICO List, The Tokener, ICO Map, ICO Champs, ICO Hot List, CoinMarketPlus, ICO Alert, ICO Watclist, Coin Schedule, and ICO Rating are among the most reliable ones.
Cryptocurrency forums where both nerd investors and hobbyists tend to share their experiences, opinions, and thoughts are perhaps a gold mine to market an ICO. However, since cryptocurrency forums are usually full of nerd investors that carry a lot of technical knowledge, the ICO is susceptible to harsh and brutal comments in case the investors do not see the potential. Their opinion could affect the decision of other less experienced investors on the platform. Hence, marketing an ICO on forums could be a risky move unless and until an ICO carries a great vision and shows great potential.
PPC (Pay per click) is a good way to get an ICO spread among those who might be interested in it. The PPC algorithm usually looks for relevant searches and displays the ICO advertisements to a targeted audience. Using this marketing model, it is possible to increase the visits to the ICO website. However, more of these visits happen to be unintentional, and only a couple of them are likely to be organic. Hence, PPC is not a reliable marketing strategy for ICOs even though it is good enough to spread awareness about the ICOs existence. However, since most people find ads annoying it is highly likely that they will all ignore and move on despite their inclination towards cryptocurrencies.
Media buying is perhaps the most efficient method of marketing for ICO. However, this method is quite expensive as media outlets with a good number of the audience can charge a thousand dollars or more for a single article written in favor of the ICO. Similarly, television channels dedicated to business and cryptocurrency can also be used for advertisement purposes if affordable. People usually tend to believe whatever news they hear on the television or read on the internet if it comes from a popular source. Hence, media buying is an expensive yet a highly efficient method for ICO marketing.
SEO services for ICOs
SEO (Search Engine Optimization) for ICOs is one of the most crucial aspects of ICO marketing that usually go ignored. An ICO website not only needs to be designed for ease but also needs to show up consistently on the first page in the search engines. This is where SEO services can save the day. Hence, ICO SEO services are of great importance, without which any business on the internet simply cannot flourish.
For long-lasting sales via the ICO website, there needs to be a well-built and solid SEO plan. Usually, a high amount of value can be added to the ICO website by linking it to other high authority websites. These well-reputed websites are usually visited by millions of users every month. This aspect of SEO is called link building.
The benefit of link building for ICO includes the following:
- Traffic of a high volume of the target audience to the ICO website.
- Backlinks to high authority websites are valuable to find investors in future.
- It increases brand recognition hence increasing the interest of the potential investors.
In a Nutshell
For the success of an ICO, the ICO marketing needs to be done in the right manner, and the target audience should be narrowed down to a scale as small as possible. In this regard, cryptocurrency startups and companies should not hesitate in investing in PR firms and SEO services so as to gain a significant level of recognition. Without the necessary recognition, however, it would certainly not be possible to find enough investors due to which an ICO would fail miserably.
In general, one needs to consider a range of different factors so as to make an ICO’s promotion more efficient. These including targeting the right audience, engaging with the audience in interesting ways, and the overall idea/concept of the ICO itself. Together, these marketing factors reflect whether an ICO would raise enough capital or not.
We hope that you did find all the information about ICO marketing that you were looking for. To learn more about cryptocurrencies and blockchain, feel welcomed to check out the other sections of our websites, thank you.