Yes, the market is rapidly changing and the volatility of prices are risky. You cannot predict and simply do not know what rules and regulations will next appear that may affect your ICO, or which country will be next to ban ICOs. These are a few variable aspects you cannot control. But don't let that scare you away, that's why you're here! Get ICO ready with Mo Works, and control the factors you can to ensure you're ready to run successful ICO.
What is an ICO?
An ICO is an abbreviation for an initial coin offering which is sometimes referred to as a token generation event or a token sale. Unless you've been living under a literal rock, you've probably heard of the 'meteoric rise' of ICOs. Their value is often much debated due to the stigma cryptocurrency offers and the large amount of scams floating around. A successful ICO is essentially a different method to fund new ventures. Similar to crowdfunding campaigns and IPOs, an ICO solution requires a percentage of the cryptocurrency to be sold to early supporters. This can later be exchanged for fiat, or they can hold onto their tokens to utilise them on the platforms they are built on. The main difference is these early supporters do not get a stake in the company. For legal reasons, ICOs offer no promise of return. Instead, they highly depend on a successful marketing strategy to build trust and adoption of the tokens.
BEFORE THE ICO
With ICOs raising billions of dollars globally it might seem like an attractive solution. However, there is a large amount of work that goes into marketing a successful token sale. With that, the most successful ICOs usually display a long-standing existing team who exhibit real commitment to their cause.
Ask yourself and your team; are you offering a real solution to a real problem? And are you ready for little to no sleep.
Understand the purpose of your token—is it functional? Is it necessary? Yes, there is a large community of backers and investors out there who are ready to hop on board, but don't get me wrong, they know what questions to ask! And if they believe your solution doesn't need a blockchain protocol, you're going to get hassled until they really understand what value you are providing.
Choose a strategic date and tier structure. Choosing a strategic date for your ICO means the attention can be focussed on your announcement, and your completion. Remember, it's not a race and you should take the time to get all your ducks in a row.
Surround yourself you the right advisors and crypto partners being an emerging space, to be considered a crypto expert, you only need to have been in the game for a few years. Picking a strong team comes down to a common vision and commitment to the project.
Partner with an agency you trust, ICOs are fast paced and on demand, they require real commitment and understanding to the cause. While we are strong believers in having a strong in-house team, sometimes it's more economically viable to outsource to a marketing agency. Like Mo Works.
Work with your team and agency to set up an agile marketing strategy. Keep it agile, because you can't predict what's around the corner—but make sure you outline and assign which channels you will be utilising and keep a clear budget.
During the ICO
Drink coffee. If you've done it right, you'll be bombarded with questions on the daily about the use of your tokens, your bounty programs, and what are your staff receiving? The list goes on and on; get your FAQs ready.
Go international. In many senses, ensure your Whitepaper and all other marketing material accommodates the widest audience, this means languages! Currently, Japan and Korea and two of the biggest investors in the ICO space, why would you let that opportunity slide?
Participate in blockchain communities. Communities are expanding across Reddit, Bitcointalk, Facebook and Telegram. Ensure you're active in the community and ready to answer any questions that come your way! We recommend getting a community team on board to assist in a 24/7 capacity.
Establish your KYC process if required—know your contributors are a lengthy process, but they're necessary. Make sure you've got this down pat, it can save you from a tonne of trouble down the track!
Take advantage of those media connections—there is nothing more valuable than a hot press release with a strong call to action. Utilise a good PR team to get the exposure you deserve.
Thank your community—the community are your front line, you'll have early supporters that stand by your side, help promote your ICO, generate content and spread the love, don't forget to thank them as your success grows.
Keep everything secure. Think paranoia levels! This doesn't need an explanation.
POST ICO
Keep it transparent. You've essentially crowdfunded, so don't forget you can get into a lot of trouble if you don't keep your post ICO activities transparent. Keep the trust of the community to keep token adoption levels high and your success ongoing!
Keep the community engaged. The cryptocurrency belongs to them, if they're not engaged, you're on your way out.
There are many more factors to consider, as this is really just a high level review to get you ICO ready. They don't guarantee your ICO will be successful, but hopefully this gives you some better insight into what an ICO is like. If you would like to contact us to chat more, reach out at work@moworks.com.au
Alternatively, you may check out The Ultimate Beginner's Guide to ICOs by Julian Goldie.
Disclaimer: this is marketing material for Mo Works Creative Agency and is not intended to be used as marketing or legal advice.
