Despite their exponential growth in popularity, Initial Coin Offerings (ICOs) aren’t right for all companies. In fact, some startups who seek to launch an ICO could see their time and money wasted on an unsuccessful campaign. For this reason, seeking expert advice is essential to ensure the success of an ICO.
What are the key factors to ensure your ICO is amongst the growing list of success stories?
Planning an ICO
Before launching an ICO it’s important to draft a detailed plan outlining the project, its goals, the team working on it and timeframe for key milestones. Not only will this ensure that you have a coherent plan in place but can also be used to entice and reassure investors that your ICO is being well managed and on track to being a success. Unrealistic or unclear project goals will act as a deterrent for investors and therefore you need to ensure you give them confidence that their investment is worthwhile.
Timing is key
A common mistake that many companies make when launching an ICO is that they jump in too quickly before considering the timing of the project. It can be tempting to launch as soon as possible but ICOs are often limited to time constraints and therefore timing the launch is fundamental.
Promoting your ICO
Another important aspect of an ICO campaign is getting enough attention to get investors on board. As the market becomes more saturated, this can be difficult but the key is to constantly communicate the progress of the project with your audience. This will enable you to get more people on board and gain valuable feedback for your project.
Social media is an essential channel for ICOs. Not only are these cost-effective but due to the online nature of the investment model, it is the best way to directly reach your audiences.
Seeking expert advice
Navigating the ICO landscape can be a laborious task. There are a number of risks associated with launching a campaign and it’s important that companies are aware of the pitfalls of this model.
Seeking professional consultation would be advised, particularly if a company has never dealt with an ICO in the past. These professionals will be able to advise on all aspects of the project, including putting together a viable plan, marketing and legal advice, that will enhance a business’ chance of a successful ICO.
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