There have been 852 ICOs in the first quarter of 2018 which has raised over $5B in funding. Due to this growth in the interest for ICOs, this sector has become crowded, making it harder for new ICO companies to catch the attraction of the investors and to build an active investor community. Projects which raise funds through ICO are mostly decentralized in nature and it is vital to have a token governance model in place to engage with its investor community. Community building is a prerequisite for ICO Marketing and with an active community, it is a huge advantage for the growth of an ICO to get more funding from potential customers. Most of the unsuccessful ICOs failed because they put close to zero efforts to build this community.
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Despite having mainstream attention, the crypto world is still a closely-knit community of developers, small-scale investors, and supporters who still comes into the same online circles. It is very important to build a community of enthusiasts who believe in your project, engage with them actively. In this article, we’ll see how to make it possible.
The first step towards a successful blockchain project is to generate buzz about your project and outreach it to the target market. The best way to organically reach out to your potential investors is through social media channels. An active presence on social media platforms like Facebook, Twitter, Instagram, as well as blogging and sharing contents over Medium, Reddit and LinkedIn will help in reaching out to your potential audience. Apart from being active on social media, Sharing and publishing informative contents that help readers further understand your project should also be given prime importance.
Joining groups relevant to your project in all social media, sharing your whitepaper in these channels, sharing updates and informative contents to these channels etc helps the potential audience to grab attention on your project.
There is a reason why telegram ICO community is widely famous in the Blockchain society. The telegram has a brilliant ability to keep an open-ended communication while also controlling your interactions with trolls. With the easy interface they provide, cryptocurrency community novices can easily learn about your project from it. The easy two-way communication allows users a sense of connection with the team. The participants will end up staying for your ICO since they are getting high-quality answers from the most eminent people in the project. This leads to gain trust from the participants and making them spend their money on the ICO. Using Telegram as the foundation for building up the community is a great option. Telegram itself has a large team of technical savvy who clearly knows the position they’re in. Most cryptocurrency enthusiasts will question the legitimacy of your project if you don’t already have a Telegram.
Apart from the several traditional marketing strategies to promote the ICO, influencers marketing tool can be used as a powerful tool to increase the community strength and supporters. Most of the people go to Youtube for crypto-related news. Partnering with the ICO promoting youtubers to speak about your ICO can make their subscribers follow your ICO as well.
Youtube channel is the most prolific one. ‘Cryptovers’ a YouTube channel is an example of this. It covers all the aspects about ICOs and their ratings. The live streaming about the ICO, interviews about the ICO to the team members etc will provide the relevant information an investor looks for in order to gain trust in your project. They have this great ability to represent your ICO in a better way in front of a larger audience. These Youtube channels already have a pool of cryptocurrency community which follows them. They can tap into the community of yours and root for your ICO as well.
If you don’t have the time for building up the community of your own then you can outsource the work. Outsourcing community management is an excellent choice for multiple reasons. Firstly they already have a structure in place which is proven to be effective and also you don’t have to spend time building up a strategy for community building. Secondly, there are many agencies which already have a lot of cryptocurrency communities and have an access to a lot of members. They help in bringing up your ICO to the standard. This is the easiest way to build the community of your without having to spend time or energy.
Leveraging the existing community for increasing the strength of the community is another possible action you can take. the following programs are proven to be very effective in increasing the strength of ICO communities.
Here, the community itself is marketing your ICO to reach to a wider audience. The word of mouth advertising is used for endorsing the ICO. This means loyal customers refer the ICO to their friends and family so as to increase the community strength and in return, they’d get rewarded for the efforts in building up the community. This, in turn, increases the ICO’s popularity among people. These rewards encourage the participants to stick to the community and promote it.
Bounties are actually incentivized reward mechanisms offered by companies to the individuals. Rewards are given to those people who help to develop and promote the cryptocurrency project. The rewards are given for a number of tasks such as spread the word, bug reporting or even improving aspects of the cryptocurrency framework. This help in building the community as well as developing it with the help of the individuals.
Airdrops are basically free tokens. It is a way of spreading awareness about the ICO to the potential investors. The ICO team provide free tokens to the people in order to join the community. This program is attracting more investors due to its ability to double the tokens for the investors who already have invested in the ICO. This attracts more members to join the community and by growing the community.
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Email marketing can work well for reaching out to the potential customer. The whitepaper of the blockchain project can be sent out by the ICO founders to the high-end investors to catch their attention. Collecting emails of the potential investors and emailing them the whitepaper works beneficial for the ICO’s growth and building the community.
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An engaging conversation can be maintained with the supporters through common channels such as telegram, facebook groups etc. The key point is – “You should be there always for them”. It is better to have a dedicated community management team which can work in multiple shifts so that the communication through the channels are very active 24*7. This will keep the potential investors interested and makes them believe in the project.
Having a good interaction with the community and understanding their preferences are essential for maintaining a good circle. Knowing the community’s view and taking account of their opinion on matters related to the ICO and project can be taken via polls. Providing the opportunity for the community to engage in the decision making will help in brand building and in winning the trust of the community.
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The effort one puts into engaging with followers determines the success of an ICO and the blockchain project. The contents that are expressed should be informative to novices, Having some AMA (ask me anything) sessions and engaging with crypto-related discussion online will help in gaining followers. Telegram, social media, influencer marketing will help you in gaining wider attention and building a community that values the project as much as you value them.