Expert Perspectives on ICO Marketing Strategy at the BVS
During the Webrazzi and Bitrazzi-hosted Blockchain Venture Summit, a session titled ‘ICO marketing strategy: how to promote your ICO’ saw experts from the industry discuss and share perspective on the do’s and don’ts of an ideal ICO marketing strategy. Moderated by Mihriban E. Tekmen (FintechTime), the panel included Daniel Chang (Cobinhood), Patrick Makedonas (iCoin Paddy) and Yagub Rahimov (7marketz).
The session threw the spotlight on various aspects of ICO marketing, including:
- What matters most when marketing an ICO
- Community building via social media channels such as Telegram, Twitter, GitHub etc.
- The ugly side of ICO marketing
What Matters Most When Marketing an ICO?
Asked about the most important part of an ICO marketing strategy, the panel’s opinions collectively pointed towards gaining trust as being the most important aspect of an ICO marketing campaign. Since ICOs are unregulated, gaining investor trust in the project and its future potential is key to successful marketing. While Rahimov considers a good team and scalable vision as holding more importance than ICO marketing, Chang pointed to the changing nature of the ICO market. Makedonas likes to look at ICOs as tools to raise money and not the goal. Both Rahimov and Chang stressed the importance of gaining trust as holding the utmost importance in an ICO marketing strategy. Rahimov even went on to recommend 3rd party whitepaper audits as an effective measure to achieve investor trust when marketing an ICO.
Community Building – Role and Importance
With community building on social media outlets such as Telegram, Twitter, GitHub etc. steadily becoming an inseparable part of an ICO marketing strategy, we got the views of these experts on what role these communities actually serve and if they’re as important as people deem them to be.
Most cryptocurrencies have established (or are establishing) social communities these days. While these communities play their part well in generating awareness and PR, however, gaining investor trust on the project itself remains most important. There is “no recipe to be a successful community,” commented Chang. He did, however, recommend (1) finding a way to generate hardcore supporters and (2) launching a campaign as two steps that could help establish a solid community. Rahimov likes to give due importance to acting on feedback received from the community. Makedonas prefers communities that care about the opinion of community members and considers frequent updates to be very important.
The Ugly Side of ICO Marketing
The panel also touched upon some don’ts of ICO marketing. Rahimov strongly recommends avoiding bad comments. All bad comments posted on a community should be answered with patience. He also stands against offering monetary benefits to a blockchain or crypto expert to get him to serve as an advisor to your ICO. Chang doesn’t appreciate ICO projects which are expected to engage in pump-and-dump activities. He sees the majority of these originating from the Chinese market.