When ICOs took off in 2017, PR campaigns didn’t need to be as slick and professionally managed as they are this year.
There are now so many ICOs available for investors to choose from that it may fail to reach the investment required to proceed with your project. As many ICOs are expected to hold funds in an Escrow account, you will be forced to return the money if your ICO flops.
What are the Fundamental Components of a PR Campaign for your ICO?
Analysis of successful ICOs
Outsourcing your campaign? By providing detailed reports on what make some ICOs more successful than others your PR agency demonstrates that they fully understand their role, which is specific to raising finance via a coin or token offering. PR campaigns for ICOs are significantly different to general PR campaigns and the reports the agency provides you with relating to elements of a professional campaign will be invaluable.
Analysis of ICOs that performed badly
Equally important is an analysis of why some ICOs failed to reach the investment targets that were set. Perform an in-depth analysis of these ICOs to ensure that yours runs smoothly and that your campaign has the best results possible for the budget that is agreed with them.
Market Research specific to your ICO
Have a clear breakdown of the merits and potential pitfalls of your proposed ICO before you proceed to the pre-ICO stage. The market research will include comments and appraisals from potential investors which will allow you to fine tune the ICO before it’s released to the wider general public.
Bounty schemes, where individuals receive your tokens in return for them promoting your ICO, are currently very popular. Discuss bounty schemes with your PR team to ensure it is covered as part of your overall campaign
Your PR team should have a schedule of press release dates and details of the content that will be in each one. Ideally, it will also show which journalists and publications they will be sending them out to. Expect to see the names of journalists and publications from the general finance and investing sectors but also those with a strong bias towards specialists in the blockchain sector. Be aware that some publications will require your press release up to a month before publication, so ensure that you take this into account when you set your date for the ICO.
The press release schedule should extend to cover status updates for your project beyond the ICO stage as investors will be seeking reassurance that you are on schedule with the timeline that you set for the project. Without these reassurances, the value of your tokens is likely to fall, post ICO.
If you have a PR company handling the campaign, you should agree with how the agency will handle day to day enquiries regarding your ICO, in addition to the press releases. You might for example, decide that you will handle comments made on social media networks, but the agency will take care of questions or comments from the mainstream media outlets.
It’s quite common these days to also arrange publication of articles about the core members of your team. It might just be your CEO, or equivalent, but can extend to profiles on several individuals from different parts of your business, such as project development and finance. Investors like to know who they are dealing with and even though you will be expected to provide details of the team members as part of the ICO, it’s much better if you have built up the reputation of your team well in advance of your actual ICO.
Your PR campaign will have a clearly defined token promotion stage which in part, will involve the press releases but it may also include face to face meetings with potential investors. These meetings might be formal appointments with specific investors or general presentations at conferences and roadshows. You will need to arrange a schedule of the dates and venues to ensure that they are available as well as your core team members.
“A clear content marketing strategy is vital for blockchain startups conducting a token sale as you will be competing against the token sales of many other businesses at any moment in time, due to market saturation” said Elad Mor of MarketAcross a global Blockchain PR agency.
“The strategy needs to be unique, consistent and created specifically for diverse target audiences”. “This might mean two sets of media for ICOs, where there will be some investors with a good understanding of the blockchain technology behind your token and others that have very limited knowledge but still wish to potentially invest” Elad adds.
Competitor analysis is an important element of your ICO as that is what investors will be looking at when they are making their investment decisions. You certainly don’t want to be launching at the same time as strong competitors in your field. Make sure to check on a regular basis to see if there will be any competing ICOs around the date of your launch.
ICO Listings and Rating Agencies
Ensure that your PR campaign includes a listing on the top ICO listing sites as they are very popular with investors, especially those short of time. You should also look to have your ICO audited and rated by at least one of the ICO rating agencies. The rating agencies will provide an assessment of the level of appeal your ICO is likely to have and you can use this within the content marketing campaign.
The days of simply producing a whitepaper and a website with the expectation of a successful ICO are long gone. It’s now more important than ever that you allocate sufficient resources for your PR campaign.
What we hope you will take away from this article is that launching a successful ICO is becoming much more challenging. Whether you do it in-house or via an agency, you need to have the precise details of what will make yours more appealing to investors than all the other ICOs available to them.
In our follow up articles, we will cover the challenges of ICO PR including some of the big mistakes being made.
Disclaimer: This is not an investment advice. It is of paramount importance that everyone should do his or her own due diligence before investing in any product, platform, tokens etc. Cryptocentral.io does not endorse any content or product published on this page. Our aim is to simply provide all the readers with the latest information in the field of cryptocurrency / blockchain industry that might be of interest to our readers.