3 things an ICO needs in order to shine in the tight crypto market
The term “wild west” is still frequently used to describe the blockchain industry and the world of ICOs. But that description may not be accurate anymore. The free-grazing cattle herders can already see the writing on the wall as an increasing number of settlers move out into ICO country.
In fact, the market is getting so full and competitive that ICOs have little chance of success without a polished, professional (but still personable) approach, which hasn’t been the hallmark of ICOs up to this point. ICOs have been started in the last few years by a handful of tech enthusiasts with great ideas and lots of energy, but relatively few business skills.
The beauty of the ICO in its infancy was that it allowed these intrepid entrepreneurs to potentially raise large sums quickly more-or-less working out of their garages. Many of these projects failed, but that says more about the lack of business experience that creators have had in the field than it does about the viability of the ICO model. Today, the market is getting so crowded that even a skilled businessman may struggle to break out with a new project.
As in any industry, when competition increases entrepreneurs need to find new solutions and take on new tools to give them an extra edge. Here are 3 things today’s ICOs need to have in order to break through the noise:
Have a unique idea — You won’t get very far without an idea that really stands out. It used to be that just about any blockchain-based project was by definition unique, but blockchain and cryptocurrencies are as novel as they once were. You need an idea that will get people talking. Be the first to introduce a blockchain model to a specific industry or create a product that will drum up excitement from people who’ve never heard of blockchain or cryptocurrencies at all.
Get professional marketing — No matter what kind of product you have, it won’t have much of an impact these days without a proper marketing effort. Once upon a time, a CEO could be active in the crypto forums and consider this the core of his marketing campaign. But ICOs today need to reach a broader audience and work to onboard more people into the world of blockchain to use their product. The only want to do that better than everyone else is by working with marketing experts who can back up their actions with experience.
Build a community — Good marketing means build a loyal and interested community. Communities are the future of marketing in any industry, and building one around your ICO will give you a big leg up over other projects. A lot of marketing efforts focus on making an immediate impact on potential users, but building a community gives your outreach longer life by giving users a platform to have a personal relationship with your brand.
With these three tools, you should have what it takes to get an ICO off the ground. But that’s not all. You’ll also need to be flexible and prepared to change with an industry in constant flux. Whoever said being a pioneer would be easy?
