New York, 24 May 2018 – Elinext, a blockchain solutions developer and a highly reputed IT company shares its view on the ICO market potential for the rest of the 2018 year. With cryptocurrencies dominating a global market and every possible media channel bursting with tempting numbers as a result, it is hard to stay indifferent to the topic these days.
Although people who are getting hooked on the idea of starting their own crypto journey become discouraged rather quickly. While major players are getting even further ahead, it seems like the market is overcrowded and it is already late to book your ticket to the “business of tomorrow”. Even though we are not denying that this business requires deep knowledge for successful navigation, we are actually very positive about anyone who is following the topic and wants to finally sit in the driver’s seat.
Since we live in the era of startups and crowdfunding campaigns, ICO as an actual successor that follows many of the same basic principles. Therefore, no one should be intimidated by it. To clear many questions a lot of newcomers may have, we present you five tips to help you launch a successful ICO.
5. Set your goals
Every campaign has its objectives, and ICO is not an exclusion. If you want to get ICO investors’ attention and build their confidence in your project, you should make your goals clear and easy to understand. The best way to do it is by preparing a white paper and a roadmap.
- White paper — this blueprint contains all important technical features of your project: goals, timeframe, etc. This way investors will be aware of your aims, as well as help them to value the potential of your company.
- Roadmap — this is a document that captures the timeline of all your project’s activities. It marks every step of your future campaign: from budgeting and PR to price determination and security audits.
4. Develop a pricing strategy
There are four basic pricing methods that all depend on your company’s personal strategy:
- Fixed price — the price for tokens is set, but investors can only trade them after a freezing period.
- Undetermined price — the price for tokens is not set, and every investor receives a specific amount of tokens, depending on their initial contribution.
- Dutch auction — the very first coins are the most expensive ones, but their price gradually reduces during the investment period.
- Price rise ICO — the most nimble investors are getting the best price for your tokens
3. Make investors happy
We all know that “nothing ventured, nothing gained”, however risk-assessment is something investors take seriously. Make them feel safe, by using one of these precautionary techniques:
- Bonuses — investors who were supporting you at the very beginning of the campaign, should always get additional discounts or benefits in the future. The more they give, the better return they get.
- Fund return — it is obvious that you cannot promise a 100% return on someone’s funds, but you should think about some kind of return mechanism for your company.
- Escrow wallet — multi-signature digital wallet that displays the names of all key holders, like project outsiders, and serves as guarantor of other members’ investments.
2. Topnotch team
While building a competent team of professionals is a necessity for any successful business, it could not be truer if we are talking about an ICO. By gathering a group of highly skilled individuals with deep knowledge of the industry, not only you raise your chances for success but also become more trustworthy in investor’s eyes.
Your team should also be respectfully represented on your website. Every member has to have his photo and job position as well as some small bio and their previous projects. Also, add their links to social media (LinkedIn and Twitter preferred) — this way your website becomes more transparent. If you convince partners to trust your team, the crowdsale phase will not be a problem.
1. PR is the key
Since there is a plenty of active ICO campaigns currently on the market, PR strategy should be your striking force. Here are the examples from a huge pool of reliable actions that can help you stand out:
- Often updates — this shows that you are constantly following your project and always open for communication.
- Publications in professional communities – take a huge part in specialized forums, thematic subreddits, and quora discussions.
- Separate yourself from negative — due to the lack of regulations, many ICO scams are getting exposed every day. Remain consistent and transparent in order to differentiate yourself from that type of businesses.
- In your pitch, try to create a FOMO (fear of missing out) to strike a successful round of funding.
- Find a domain on resale that already has some strong domain authority.
- Initial investment from another blockchain investor could lead to a rewarding round.
- If you find a unique solution to a real-world problem, it will be easier to get additional attention and support.
Practice makes perfect, and you will need to work hard if you want your name to become big. We advise you to always experiment with your strategy but also build it on the strong cases of the past. This way you will not repeat any previously made mistakes while remaining innovative and outstanding.