Top 7 Mistakes in ICO marketing
When it comes to running any business, effective marketing is the key to ultimate success in reaching out to the potential customers. ICOs and the companies associated have revolutionized the way in which the startups are created, funded, and conceived. The conventional venture capital model is completely disrupted. As per the figures stated by CoinSchedule, recent investments in the ICOs have soared from millions in 2016 to billions in 2017. In 2018, around $2.8 billion has already been associated with brand-new token offerings which suggest that ICO boom is assured in the coming times.
We are quite aware that the advent of the ICOs has modified the way in which startup projects are created & funded. The modern marketplace is a crowded network of high-end, innovative ideas which make it difficult for the ICO agencies to stand out from the crowd. While some of the ICOs might be immensely successful, drawing the attention from the right investors and achieving the expected funds, there are others in the market that are struggling to reach the starting block.
Top Mistakes in ICO Marketing
There are various reasons for any typical ICO failure with major failures in marketing efforts serving as the primary culprit. Therefore, if you are an ICO marketing creator or looking forward to embarking on the given roller coaster journey, you must make sure that you are not making the following mistakes:
1. Fewer efforts on Brand Awareness:
If you are not telling about the project, how can you expect the target audience to know about it? One of the fundamental aspects of ICO marketing is to let the target audience know about your ICO project. As the ICO business owner, you are required to showcase the existing best parts of the business idea and present it to the potential audience. Without any major awareness strategies, it is not possible to reach out to the target customers that you wish to convert for your ICO business.
Most of the ICO owners out there tend to believe that as soon as they would put the respective website or social media platform online and implement web design trends, they will start receiving thousands of users at the doorstep every day. However, this is one of the biggest mistakes that most of the ICOs make. The lack of proper understanding through which you will be marketing the products & services could be detrimental to your success. Therefore, you must aim at strengthening the respective marketing strategies.
2. Lack of Proper Planning & Consistency:
Proper planning, strategizing, and consistency are the key factors to ensuring ultimate success for any ICO venture. Planning the marketing strategy for your ICO business serves to be an important tool. However, it is useful only when you are consistent with your marketing efforts in the given industry.
Therefore, the experts recommend that you should always devise a marketing plan that will serve as your point of reference while starting the marketing activities. Then, you can start building the social media presence and other aspects of your ICO business.
3. Insensible Branding:
If you are required to explain your ICO business & its services to the end users, your marketing efforts are not working properly. When you are thinking about your ICO business as a brand, it must be consistent with the products & services that you aim at offering to the end users.
Therefore, you must come up with a proper brand name and brand objective to be in line with the ICO offerings. While branding your ICO business, you can ask for relevant feedback on the given project or brand name before publishing.
4. Lack of Social Media Presence:
When you do not have the social media presence for your ICO business, there is no proof of your reliable business online. Social media presence holds vital importance in the scenario of modern businesses. As an ICO business venture, you must aim at being active on the leading social media platforms including Facebook, Twitter, Instagram, LinkedIn, and others wherein you can reach out to the target audience easily.
An active social media presence allows you to reach out to the target audience easily. It brings your business close to the target audience towards offering the assurance of increased business in the future. Set up social media accounts for your ICO business and try being active.
5. Not Taking Proper Feedback:
There is no denying the importance of proper feedback from the customers for any business out there. While starting your ICO venture, if you think that you know it all, you are probably making the biggest mistake. Feedback serves to be a great way towards ensuring that you are paying attention to the comments of the end users and taking relevant actions to improve your business infrastructure.
The experts recommend that when the end users are willingly offering relevant feedback on your ICO offering, you must take it as free advice and act on it if needed.
6. Not Adapting to Changes:
Changes are inevitable in any business scenario. For ensuring ultimate success, any business must adapt. If, as an ICO business owner, you think that your business idea is the best out there, it could only be hazardous to the overall reputation of your business.
Be adjusting and adapt to the changes that come your way of business. Most of the times, the changes might come in the form of potential investors or VCs. Therefore, it is suggested that you should not miss out on them.
7. Lack of Budget:
You cannot imagine running a successful ICO venture without the lack of a proper budget. Only once when you are ready with ample budget in the backup fund, you should aim at launching your ICO business.
Conclusion
ICO business ventures are vulnerable to certain mistakes. Learn from it and do not repeat them to ensure ultimate success.