ICO PR - 8 Misbelieves About Token Sale Promotion
>> 1. Conducting an ICO is over $1M worth
If you decide to make an ICO and ask for prices, it may seem that you cannot afford a TGE (Token Generation Event, which is synonymous to ICO). Here the point is, how much money you want to raise. In 66% of cases, to launch a working beta version, a startup would need $1M or less. And you must not have a big budget to raise such a sum.
I would recommend a ‘1 to 10’ ratio. It means, if you have a good team, a strong strartup background, a creative idea, and you have a MVP on hand — you will need $200 K for marketing purposes, to end up with $2 M.
>> 2. Success is guaranteed as we are the first to…
Another quite common ‘disease’ among founders (at least those who I happened to meet) is the greed and inflated ego.
People trust blindly in the exclusivity of their product, and are sure that it is quite obvious that they have a bombic product which cannot but win. As a consequence, their PR & promotion budget is fantastically tiny, and everything ends up in a hole.
>> 3. You shall undertake yourself the Asian PR
Penny-wise, but pound-foolish. If you buy publications in Asian mass media on your own, you will pay not a double, but a triple or even quadruple price.
Asia is the key region for ICO targeting, and for the purposes of brand awareness, PR is imperative.
If you negotiate with Chinese media in English, the price will be overrated a priori. You’d better work through an agency or a private intermediary on site (you can find one via LinkedIn).
>> 4. The Bounty program will save money
Not often, but still, there are some marketing directors and startup founders who put great hopes on the cheap labor for tokens — this would be the right definition of the Bounty. The practice shows that as a rule, the workmanship here will be quite poor.
For instance, you should not instruct somebody to translate your White Paper into various languages without any well-developed community (providing you a chance to select a better applicant thanks to wider sampling).
>> 5. Funds in the focus
Institutional investors are able to make an ICO a success, but counting solely on them would be reckless and unwise.
It’s reckless because their number is limited, the conversion might fail, you might ‘draw a bad card’. It’s unwise because you’ll have to pay for the bigger volume: at the private sale stage, funds request a 50% bonus and a buyback, subject to 100% investment preservation.
In the worst scenario, they will force you to cancel the lockup, or you will give the institutional investors more than 50% of the token sale. Without any lockup, they can waste the tokens straight after the listing, and with their majority holding, it would be extremely difficult for the startup team to control the rate.
>> 6. Bonuses are an efficient tool to lure investors
Until recently, discounts and bonuses on the private sale stage (the earliest ICO stage, prior to Pre-ICO) of 50% and higher were good in attracting major investors. Now, the big premiums are rather perceived as a sign of future scamming of the project; they rather scare funds away (like a big share in bounty token allocation does).
Don’t offer a bonus/discount in excess of 20 to 30%, and if you have still provided the same, don’t hesitate to change the rules of the game. A crypto bank which raised end 2017 over $50 M, repudiated a sale deal exceeding $1 M, executed at the private sale stage with a fund and contemplating a big bonus. And that was right.
>> 7. It is cheaper to employ people on a full-time basis, rather than to engage and agency
Amazingly, there are still some teams who try to cover their ICO marketing and PR needs by full-time employees. I will not write again that agencies have wholesale pricing for media publication purchase, a well-established content generation process, wide experience in completed ICOs, and may other resources.
Even if you’re going to employ experts on a full-time basis, the headhunting practice as of May 2018 shows that they are very hard to find in the labor market.
>> 8. Copywriting may be outsourced to mass media
There are 2 common publication forms in crypto media: a press release and an editorial/ sponsored article. In the last case, as a rule, the question is, to outsource the writing to the media journalist. As a consequence, this option is more expensive. But in this case, expensive does not mean better.
Daily, 60 ICOs are held globally. Every day. This means about 350 ICOs weekly. Imagine the high load experienced by journalists of leading, and even mid-size, crypto media. If you do not write it yourself, be ready to correct lots of errors.
By Kirill Bezverhi, Author of FinPR ( http://finpr.ru )
FinPR.ru is a media about marketing and PR of ICOs - ininitail coin offerings of blockchain projects.
Name: OYJC 'FinPR'
Adress: Polyanka st, 6/12, Moscow, Russia
Contact: Olga Vasieleva, Senior copywriter
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