After the ICO is where the work begins
What if I tell you that conducting a successful ICO is not the end, but where your actual work begins? Companies put in a lot of hard work during the ICO stage perceiving it as the most important element in the startup building life cycle. It’s true, that successfully convincing the investors to buy tokens and meeting the capital requirement is like a battle won. However, what comes next is more critical and can be the reason for the success or failure of your company. As per a study conducted by bitcoin.com, approximately 31% of 902 tracked ICOs by Token Data failed after successful fundraising. Improper planning and execution can be a disadvantage even after a successful ICO. Lack of strategy development, PR, marketing, community management and feedback can negatively impact your business functions and devalue your company and the tokens.
At this stage, your company is not just the employees and advisors, but a whole community of consumers and investors that backed your idea and trust in your product. In addition to this, your company is part of the blockchain space along with various other stakeholder, competitor and potential consumer.
Adopting a multi-tasking approach
While working on developing the product or service, it is your responsibility to manage the community at the same time. Keeping them updated on the day2day business functioning and addressing their queries. Due to high vulnerability and uncertainties in the blockchain space, many investors/consumers get cold feet if kept in vague. They need to be updated about your progress, success and even shortcomings and failures. The more transparent you are with your community, the better it is for your company. They want participate and give input not just during the whole ICO process. Even more right after.
Once you successfully complete the ICO, other investors, consumers and audience in the blockchain space will be watching out for opportunities to be part of your success. They might be interested to buy your tokens and join the community. This makes the post ICO stage even more crucial for the success of your company. This is the right time to boost your community management, PR and marketing and keep the various stakeholders aware and updated about your daily activities through effective communication across various platforms.
Communication is the key
Communicating the daily work updates and strategies can be a difficult task for most of the companies. Usually, the actual product or service is highly tech-driven and involves scientific learning and understanding. However, it is not necessary that the investors/consumers possess that level of knowledge as most of them might not have a tech background to understand the technology behind. So, communication is one of the key elements and the responsibility of your company to address queries, notify on updates and keep them in sync. Leave them in the dark is one of the most common mistakes that startups doing after conduction their ICO. Do not stop at the completion of the ICO, you just managed to build your own community. Whether it came from a FOMO, a serious interest towards your idea or just for speculation purposes, what your company does in the post ICO process can be the deciding factor of the success of your tokens, product and the overall company.
At the same time, it is important to maintain an active online profile on the appropriate platforms common in the crypto community. Publishing updates through social media and at your community platform are important for the success of your tokens and the company. Prioritising communication of relevant information through the right platforms can assist in maintaining the trust of the community as well as gaining the trust of the new audience. Following the product roadmap, it is important to inform investors/consumers about your progress on a regular basis. In short, your company needs to adopt rigorous marketing strategies from blogs, social media management to community management and more.
Content Generation for Online Platforms
Content creation is important for communicating your mission and showcasing your business expertise. Platforms like Medium can be used significantly to post content and drive audience towards your company. Blogs play an important role as they provide a brief insight into your product or service. Generating informative content that is relevant to the audience, easy to understand and can deliver your message across a diversified audience is important. This can attract a new audience while educating them about your idea or concept, which in turn increases the value of your tokens.
Similarly, Facebook, Twitter and LinkedIn can be simultaneously used to notify the various stakeholders about latest updates that can divert traffic towards your website and blog. Management of social media platforms through the right tools and strategy are crucial parts of social media content generation. Tools and strategy help in organising similar content distribution across platforms. The wider your choice of platforms, the more is the outreach of your idea.
Online Community Management
An important element of communication in the crypto community is online community management. Almost every blockchain company has a Reddit and a Telegram community that is actively used to update investors/consumers and solve their queries. Companies frequently use them during the ICO phase. The value of such platforms increases several folds after the ICO. Reddit and Telegram should be actively used 24/7 to update the community, who is based in different countries, on daily activities. Moreover, blogs and social media can be used to drive the traffic towards online communities. Once the interested members are part of your community, assigning community managers that handle queries on a personalised scale is highly effective in terms of positive ROI and consumer/investor satisfaction for your company. A widespread community implies increasing interest of members in your company which brings positive valuation of the token and future success of your company.
At last, remember the fact that every member of the community is there to gain benefit from the final product or service. For investors, it is the monetary benefit that comes with the increased value of the token, for consumers, it is the viability and usability of the product and for you, it is both successes of your idea and increased valuation of your tokens. Everything depends on how your company approaches the post ICO process and handles the marketing activities and community management.
If you are one of those that have successfully completed the ICO phase or entering it, get in touch with us and we at THE RELEVANCE HOUSE AG will provide you with one-stop shop solutions for your marketing and community needs.
