With applications for digital tokens being discovered almost every other day, ICOs seem to be mushrooming under every tree, rock or cranny. Companies are coming up with tokens and coins for some aspect of their businesses that nobody could have ever imagine being tokenized.
We have seen a huge number of success stories in 2017, and 2018 so far seems promising too. But we have also seen our fair share of failures. Not all projects live up to their promises and technologies sometimes fail, while teams disintegrate at other times. A major chunk has also been of scammers and frauds, who have duped people and stolen millions of dollars.
So, how do you make your ICO stand apart from this crowd of wannabes?
Importance of Branding
There have been ICOs that have had solid technology and teams in place but have failed in establishing a brand identity. ICO launches should be as much about branding and marketing as they are about innovation and technology.
Of increasing importance is estabising transparency and credibility in the market, without which it won’t matter what solution you have to offer through your token. Perception counts and people need to perceive your token as something worth investing in.
Elements of Branding
Investors and crypto enthusiasts will first look at the representation of your product, before they delve into the technology behind it.
Logo and Colors
This will be the token’s identity. It is likely to figure on exchanges, published in journals and papers, articles and press briefings. So, choose the design wisely. The color and logo design will have to be associated with the technology and the solution and should be memorable.
This will be the place where people go to for all the information about the token. As soon as they land on your site, you need to impress them, and prove that you are serious about what you are trying to achieve. All the information should be easily accessible here, including the whitepaper, videos, details of team members, investors, venture firms, experts on board, ICO timeline, token distribution plan, development roadmap and press links.
Here is your chance to get all technical. The whitepaper is your business proposal for investors, just as you would have prepared if you were looking for venture capital. Choose the right format, include a lot of diagrammatic representations and tell them your backstory and relevant ideas.
An industry expert criticizing token sales and warning people against them – sounds familiar? There are a dozen of those articles doing the rounds on social media and they won’t help your ICO at all. You will have to get included in the right articles by the right people. Celebrities promoting ICOs may seem to be a good idea, but recently the SEC has been cracking down on these kinds of promotion in a big way. A good article by the founder is a good place to start. People should get the idea that you are here to stay.
There are dozens of options here, from Reddit to Telegram and Twitter to Medium. You need to promote your brand on these platforms. Don’t forget to include informative videos on YouTube or Periscope.
The people behind the project have to introduce the product at important events, seminars, webinars, interviews, Q&A sessions, conferences and more to get across to the media and catch the public’s attention.
At the end, it is all about transparency and getting your message across. This will be only the first of many battles to be won.