Last year roughly 930 ICOs were launched and this time the number is somewhere around 800. So, with so many ICOs being launched every year, how do you know if you’ll make it through? How can you ensure the success of your project?
As most of the ICOs launched go the dumpsters, meaning they fail, it got us thinking. In a world of repetition, how does one maintain their edge? It is not necessary that you’ll come up with something revolutionary that might end up changing the world. No, you don’t have to be the next Satoshi Nakamoto to be successful.
We decided to observe similar ICOs and thought why one did better than the other. Well, there were the different reason behind each of them but we did notice a pattern.
Yeap, no, not the show.
BUT. As humans, we’re likely to prioritize the person we’re getting most out of. So, unconsciously there’s more focus on the investors and ways to attract new ones. What’s important is to remember that you have to take care of your community as well.
People who are part of your “unit” now do deserve time and attention.
Platforms, such as Telegram or Discord, had success because they were very well-managed either by the founders or the team members. The sense of being connected can help build strong relationships and between the company and the investors. Plus, it goes a long way because they’d be there to support you if you want to try out something new.
By creating a sense of inclusion, either by communicating with them or taking their queries into consideration, can lead to stronger bonds and decreased desertion by investors.
Not updating is often viewed as bad news and can worry the investors which can result in them selling. Great communication can cause your token to plummet easily.
It doesn’t get easier than this. I know it sounds really easy and straight-forward, which by the way it is. But it is often compromised. The easiest way to follow this is to first, have a clear goal in mind and second, be able to translate that onto a whitepaper; much more detailed and that answers all potential investors’ questions too.
If you don’t have a sense of direction of what you want to do, how can you convince someone to support you? They are putting their money at risk and least you can do is sound persuading by communicating what you want.
Fair enough, right?
Don’t skip this
This is probably the most compromised bit when it comes to tokens. A market which is plagued by scams and duds, how can you appear trustworthy?
You’ll struggle to get away with an ICO that has a sketchy-looking website and lack of social media presence. I mean, why do you have to dress up when you go for an interview? Its simple, the first thing your interviewer will see is how you appear to be which will set the mood of the interview even before you start talking.
DRESS TO IMPRESS. So, you better do the same to your website.
An ICOs branding extends to its founder’s branding too. Wise investors always check-out the credentials before investing into a new cryptocurrency.
Furthermore, even the way you market your token can help you stand out in a crowd. Smart yet effective marketing strategies come in handy when you want to attract people. Even if your ICO is weak, a lot can be made up for by branding it the right way. Make your cryptocurrency sound like a need more than a want.
Follow these three golden rules when you’re launching a new coin and you’ll be good to go.