5 Errors of Storiqa’s Pre-ICO
It was that one day you would never wish yourself but it was the day without which you can’t win, it was October 12, 2017.
For STORIQA’s team, it was the day of the pre-ICO Launch, during which 1,209.40 ETH was generated — great amount, however the numbers could been three times more if not some of mistakes. We want to share our experience through our own story for you to know what actions better not to take while we are getting ready for the ICO which starts October 25.
Mistakes we made during our pre-ICO
1. The PR is not enough
“From my observation, I think u guys did not advertise this project/ICO, just very few exposure on youtube and the few are not in english language, the project seem interesting but I think the awareness is poor”. It’s easy to understand that your PR is not strong or does not exist at all when your posts have been liked only by some bounty hunters and chats enslaved by the dead silence. For the campaign kickoff we’ve been waiting to replace our landing page, the whitepaper, then landing replacement one more time and due the time we were about to start our PR-campaign it turned out that all communication channels were booked and media take so much time to prepare everything we need. High quality PR campaign is what you need longtime before the ICO kickoff and we really lacked it a lot. Cover all the relevant media, work with the opinion makers and go to conferences with no indifferent audience.
2. Work with the community
ICO is a community thus it’s very important to involve those who may be concerned and support the project. Furthermore, mainly the community may have people who willingly can share their experience and ideas, take a look from a different perspective, and become a part of the team. People were writing to us “The information I gave you ran out your credit line. This kind of decisions have to be taken in a split second. Rewards have to be public, so people would strive to be as dynamic as you are” and we think that we did not pay enough attention to those people. As a result, we got a pretty silent community. In addition to that we had to pass through the difficult point of networking via Telegram Chat. After the lottery announcement of the 14 ETH we got a lot of people in our chat, moreover we’ve mixed Russian audience with the international one, which has led to chaos.
By the way, bots are not bad for administration but it turned out that they harm you more than giving some benefits. Firstly, they do not block all spam messages and you have to clean everything up manually and secondly, each of them is trying to reach settings or language and then it’s almost impossible to stop this kind of flood. Thus it’s much simpler to moderate the chat by yourself.
We do understand that network is the most important part of the ICO, and we already started our way to fix those mistakes we’ve made.
3. Not on time WhitePaper
Please do not laugh, but at the very beginning our WhitePaper had only 2 pages! Nevertheless, with the development of the project, our Whitepaper was growing and now it has more than 35 pages. You can’t even imagine what has happened while we were preparing our main document: for example, we had a wrong price of token (extra zero), and only thanks to watchful community we pointed that out beforehand. We payed attention to our partner’s advices, altered the WhitePaper where we provide market analysis and justified token, added answers to all the questions investors may have. Unfortunately, at the launch of pre-ICO campaign our updated WhitePaper was not available, thereby many investors who had questions just passed by without answers.
4. System Testing
Tech realization is super important and the difficulties which come during the most responsible moments lead to despair and panic, taking away a lot of power, thus it is necessary to test the system many times and beforehand for tech issues don’t let you down at the campaign kickoff. We know that through our own experience: First minutes after the launch our system reported an error during registration and it took some time to fix it. Even though we resolved the problem it still was very unprofessional and stressful.
Check how your fundraising tracker works. Small starting amounts can scare away many investors. We did not check this point in advance, and in the end it turned out to be ridiculous. In the beginning the counter showed 700 ETH, then 106, then 88 … the participants of the pre-ICO were dazed, and we hurriedly tried to adjust the correct display of the information. Don’t do that!
5. Pre-ICO Launch
Since Storiqa is a global marketplace, we chose 00:00:00 UTC as the best international time for the pre-ICO Launch. We thought it was pretty good and very symbolic but it was 03:00 AM local Moscow time. As a result we’ve been working all day October 11, then all night and after that all day October 12. We were super proud of ourselves and we had an incredible support from the community («You must be sleepy, thank you so kindly for your reply to the end… take care your health too!»), but the best time to start is the best time for you and your priceless team!
We know that STORIQA is a great project that will work out anyway and becomes an important market player, but it’s very important not to forget paying attention to the opinion of more experienced one, especially in such a new area as ICO. We did not consider some issues important enough — and our pre-ICO helped us to realize this.
We are grateful to all of those who support STORIQA and are ready to take into account our experience. The best is yet to come! Follow us and watch our presentation live at the Mercury Space on October 18 19:00.