New ICOs continue to proliferate as companies look for flexible ways to raise funds that can boost their business and, when done right, establish a vibrant community of loyal investors.
As a bonus, cryptocurrencies launched through an ICO can often be traded through digital currency exchanges, and many companies have secured additional capital this way. For example, at the beginning of last year, Ripple and its accompanying CRP token were worth less than $0.01. Today, it boasts the second largest cryptocurrency market capitalization, and its founders are now as rich as some of the most legendary techies.
Even as successful as they are, ICOs are not a perfect mechanism. In December, SEC chief Jay Clayton released an official statement that appeared to simultaneously endorse the crypto ecosystem while reminding investors of the risks associated with it. Furthermore, the class action lawsuit against Tezos represents one of the worst faces of the ICO boom.
With this in mind, if you are considering launching an ICO, there are some critical steps you need to consider before going live. By doing so, you can give yourself the greatest chance of success while mitigating the chances of failure.
— 1 Make a plan
Like any business, a successful ICO crypto launchpad development requires you to understand your product, target audience, and growth strategy.
Usually this starts with an information document. This document is a first-class overview of your project and serves as a blueprint for your project. Your white paper should be accompanied by a roadmap that documents your timeline and gives investors reasonable expectations for your launch.
Of course, ICOs are not launched in a bubble. There are a host of resources available to help you research the field and prepare your investment presentation.
Once your product and purpose are established, develop a plan that includes a pricing and protection strategy for your investors. Depending on your product and purpose, there are certain legal qualifications that provide parameters for your release.
There are several pricing models including open price, fixed price, Dutch auction, and price gouging ICO. Perhaps most importantly, the development of investor discounts and rewards can be key to attracting early investors.
— 2 Get help
You and your business partners are probably incredibly talented. Otherwise you wouldn’t have gotten this far. However, you cannot do this alone. You need a team of talented professionals who can account for every aspect of launchpad development company an ICO.
Experienced developers, marketplaces, strategists and established legal advisors can help you turn your ICO ambitions into a full launch strategy. Freelance platform Upwork identified Blockchain-related skills as the second fastest growing skill on their platform, so there are plenty of alternatives if you don’t have everything covered at your company.
There are even entire platforms contacting ICOs to help fill the talent gap within their companies.
— 3 Spread the word
Marketing and public relations are essential tools to help you stand out in an overcrowded field of ICs. Before you begin, set a solid marketing budget to ensure you can effectively spread the word about your launch. While the numbers vary widely, the US Small Business Administration recommends allocating up to 5% of gross receipts to your marketing campaign.
For ICOs, a marketing campaign includes traditional social media and web advertising, but also direct communication and proven industry influence.
Use your platforms to communicate your goals, progress and future opportunities. Popular social networks, including Facebook, Twitter, and YouTube, are obvious accounts, but many ICOs are also developing channels on Slack, via Telegram messages, and on Subreddits. These are valuable marketing tools for an IDO Token Launchpad Development. These channels also form communities that allow you to connect with your customer base after your launch.
The most important thing is to demonstrate your experience in the industry by participating in the strong online crypto communities. Well-placed articles on influential platforms can go a long way in proving your value in the industry and gaining the trust of your investors.
The product will always be the most important component of a successful ICO, but a combination of a compelling product, a skilled team, and an effective marketing campaign are all necessary elements to make your ICO launch a success.
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