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Though ICO (Initial Coin Offerings) have become infamous methods for cost-effective fundraising, improper communication and mistargeting advertisements affect the brandu2019s name. Let us have a more deep look into the marketing mistakes made by firms while interacting with their users.
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Not Having a Proper Vision nor Any Concrete Idea About the Product Future • The investor will definitely skip investing in an ICO if he is unclear about why they have launched their project on the blockchain network. • It needs a convincing whitepaper to get a favourable decision from the investor. • Lack of a proper roadmap for the product to be launched in the market will lead to ambiguity in the minds of the prospective investors. • Their skepticism of investing in the project would ultimately lead to a point of no return.
Having a Poorly Designed Promotional Video • If the promotional video is shoddy, investors will lose the interest to participate and invest money in the project. • There is a need to team up with a reliable marketing agency to create an effective and impactful video. • The video should disclose the long-term vision of the project and give a clear picture of how the project will work. • The investors should be instantly hooked by the content shared in the video and this would lead to positive results.
Not Possessing a Solid Team of Advisors • A reliable team needs to be hired by the firm for working in the ICO project. • They must have relevant industry experience and understand the different applications of blockchain technology. • Every firm must do a rigorous check of each team member’s background by following their respective social media profiles and asking them serious questions. • Most of the ICO’s fail miserably or turn out to be outright scams due to the evil intentions of bad and non-committed team members.
Non-Availability of a Rock-Solid Marketing Plan • Multiple channels of communication need to be activated simultaneously to reach the minds of the target audience. • Investor’s queries and doubts need to be sorted out swiftly. • If remarketing and retargeting tools are not adequately used, it ends up affecting the entire marketing campaign. • Hence, engaging content needs to be shared regularly for optimizing the performance of each channel.
Lack of Focus on the Value of the Token • Not having a solid token distribution strategy would prove to be a huge disaster for the firm. • The token should be used for a multitude of activities such as purchasing a product, exercising voting rights, running the smart contracts, and connecting with other users. • It requires an in-depth understanding of tokenomics and how it integrates with the firm’s operations. • A certain number of tokens would be reserved for the founders of the project and the team members.
No Personal Cap for Investors • If investors do not have a limit set on their amounts, it indicates that the money can be used fraudulently. • This can lead to a market collapse for the token where a whale will influence the token by dumping it after satisfying his interests. • Hence, the investors need to check if a proper investment structure (hard cap) is put in place by the firm undertaking the execution of an ICO. • This is needed to prevent their money from being swindled off.
Other Factors That Affect the ICO Marketing Campaigns • Not interacting frequently with the cryptocurrency community can leave them disinterested. • Not having an in-built referral system would lead to problems in adding new users to the platform in the long run. • Not handling crisis situations such as hacking and scamming effectively leads to a huge loss of reputation and affects investors’ confidence. • Displaying sub-standard forms designed for registration and KYC verification would instantly put off the investor.
