In the crypto world a Bounty campaign is a rewards program that should be the part of the marketing campaign. It is designed to incentivize participants to spread the word about an upcoming Crowdsale, and compensating them with the tokens, issued after the ICO is successfully finalized.
How Bounty Marketing Works?
A Bounty campaign includes the following types of activities:
BitcoinTalk Signature and Avatar Campaigns:
Users of BitcoinTalk who have earned a certain rank within the platform can participate by using avatars and signatures suggested by the program. Usually users are required to make a minimum amount of posts in order to give exposure to the signature or avatar they are wearing.
Social Media :
This may include posting, sharing, liking, commenting, following on platforms such as Facebook, Twitter, Instagram, Reddit, YouTube, and Telegram.
Translation, Moderation & Community Management:
Users are asked to translate whitepapers, websites, announcement threads, and other materials into the listed languages. They are also asked to manage the bitcointalk.org community threads for their chosen language.
Participants are compensated for inviting others to join the crowdsale.
This is a good option for companies who haven’t performed a proper audit of their smart contract. Users in the community are asked to help identify vulnerabilities and bugs in the code.
Participants are encouraged to write articles, distribute information via newsletters, and record YouTube videos. The higher the impact, the greater the reward.
Commonly users are compensated via the company’s future currency, though many companies also offer Ethers or Bitcoins. While this practice may be effective, it’s advisable to motivate and reward users with your tokens rather than liquid currency. This reinforces the fact that the most important element of a successful crowdsale is community building. You want to surround your project with supporters who believe in it’s success and are ready to commit their time and effort into its growth — which is the ultimate goal of a smartly designed bounty campaign.
A participant’s acceptance of the company’s token as a payment for their work also proves their faith and confidence in the company’s future profitability. Spreading the word about the company is in their best interest since they want the ICO to be successful and their tokens to gain value. This also explains why 40% of bounty participants will eventually buy your tokens — they put their sweat into it and so it’s logical that they’ll put their money into it too. It’s as rational as an employee of a publicly traded company acquiring that company’s stock. He works for the company therefore he believes in its profitability.
Being involved in a Bounty campaign gives people a chance to become part of something new, innovative, and transformative. No paid campaign will ever result in such dedication — it will buy you manpower, but lack real motivation.
Wouldn’t you be proud to say that you were an early supporter of Ethereum and were among the selected bounty participants — wouldn’t it be flattering to know that you have an instinct for recognizing great ideas?
This is the power of a Bounty and it should be the core initiative of any company that considers an ICO as a fundraising mechanism. No other PR initiative or advertising campaign will yield such results.
To plan your Bounty campaign answer the following questions: where is your target audience, who are the potential users of the product, and what community will utilize it best. This will provide lots of ideas for what components your bounty should consist of.
Some quick examples: If your future users are techies, then you need to allocate most of the awards to the signature and avatar initiatives within bitcointalk.org. If your users are more likely to hang around social media, then design a campaign that involves and awards social media influencers.
Don’t copy somebody else’s campaign — it won’t do you any good. You have a unique set of goals, so your campaign should be custom tailored to fit them.
Based on our experience, knowing whom to award, determining the critical mass of influencers required to receive the necessary exposure, and making the campaign attractive to them will make your crowdsale succeed.
Remember, launching and managing a Bounty campaign is just as important and crucial as having a smart contract — don’t underestimate it. Your Bounty campaign’s success is proportionate to your crowdsale’s success.
If we omitted something important please leave a comment. We would be happy to update the article with useful suggestions and make a clear roadmap for anyone seeking advice on Bounty campaigning.
Sincerely BigBreak101.com Team
Author: Victoria Liset
Originally published at bigbreak101.com on September 26, 2017.