We’ve already discussed in previous posts about how ICOs are the most popular method for startups to raise funds for their project or idea. A well-tailored marketing strategy – the bounty program can make your ICO reach to a large group of potential investors and increase your value. It is old school but still very effective. In the crypto world, these programs provide incentives to existing customers who were able to generate the best leads. They allow companies to leverage their platform tokens to maximize their marketing effort for the growth they desire.

Bounty Program

The concept of bounty programs originated from the online gaming world, where a bounty is an incentive or reward given to an individual or to a group of people for accomplishing certain goals. People who work for such rewards are referred to bounty hunters. It’s the same in the case of startups. They follow an incentivized reward mechanism for people who help their company for its betterment.

Bounty programs are like the ‘barter trade’.In order for the company to gain popularity via their prospective investors, the company has to offer them something in return. If the company offers something so attractive and unique, the ICO would go viral which is, at times, essential for the success of the strategy.

ICO bounty programs

In the crypto economy, bounty programs have helped the startups a great deal. The idea of ICO bounty programs is to provide tokens to people who help the startups in reaching their ICO goals. There are several tasks that are available for the people, such as bug reporting or improvising the cryptocurrency framework, promote news and contents of ICO on social media platforms. With bounty program, you can gather a loyal support system and reach out to the maximum potential investors.

There are two ways by which the bounty programs can be conducted. Pre ICO bounties and Post ICO bounties.

Pre-ICO bounties

As the name states, pre-ICO bounties are bounty programs done before the launch of an ICO. This mainly focuses on creating a buzz about the ICO in social media and make your ICO popular on the internet. You can use the following activities

• Reach out to famous Blockchain or ICO YouTubers to talk about your ICO.
• Create content related to your ICO and post it as blogs, website articles, newsletter generation.
• Give social media attention through Facebook, Twitter, and Instagram.
• White paper translation.

Post-ICO bounties

This mainly concentrates on improving the Blockchain product or service by utilizing the feedback from people.

Post ICO bounties include:

• Bug reporting.
• Improvements and suggestion for the product.
• Community management.
• Web translation.

How to Join in ICO Bounty Programs

This is extremely easy. All you have to do is find a project from an ICO platform and simply complete the tasks that are assigned. A platform like Coin Factory, perhaps which is touted as the most promising, ultra-secure ICO platform that is available in the market.

A good bounty program will have these qualities:

• Terms of agreement.
• Requirements to be a member of the program.
• Sample posts to mailing out.
• Specific time to run the program.

These are some qualities you should check in the ICO project before engaging with its bounty program.
Also, here are some of the red flag cases of ICO bounty programs where you should avoid participating.

• No whitepaper of the ICO.
• Advertisements in Google or other social media sites.
• Low budget for the Bounty program (<500k)

Benefits from ICO bounty programs

The crypto economy proved to be a conducive environment for making use of bounty program. The investors, as well as the ICO founder, will profit from such programs and help companies to improve as well as reach out to their potential investors.