The launch of an ICO is a very exciting process for new startups. It gives a hope that your latest project can get all the required funds and investments easily. Smooth going, right? One would think so since last year startups raised over $5.6 billion in funding through ICOs which is really huge. The downside to that is only 48% of those ICOs were actually successful.
In 2018, Blockchain and cryptocurrencies are making wonders in every field. With the popularity of blockchain raising in every field, your project idea should be unique in order to attract a large audience. At the current situation, a good PR strategy is the only solution that is available which can help you make a name for yourself. It doesn’t mean that it is easy to promote an ICO through PR. There are many challenges faced in PR promotions, let's look at some of those challenges.
The challenges of the PR campaign
A successful ICO campaign has many challenges that need to be overcome for it to get the attention it desires. Let's take a look at the pain points each and every startup face in a PR campaign.
Press campaign: While startups think about doing a press campaign for their ICO, most of the time they don't know what that means. Not every journalist would be willing to write about your ICO unless it is interesting and newsworthy. Your idea should be appealing to them. But it is really hard to write about something that doesn't really exist yet. Ideas are plenty and they can lead to great things but they don't constitute a news story.
Bans in advertising and regulatory restriction: Social media one of the easiest and the fastest medium that can help reach your potential audience. With many fraudulent ICOs in the market, big time social media players like Facebook, Instagram and Snapchat have banned the advertisement of ICO promotions. This means you have to be very careful about how you define and promote an ICO.
Lack of consumer trust: Even with widespread recognition, Blockchain and cryptocurrencies enjoy, a layperson would have doubts about trusting this system. That means you have to work harder to earn the support and trust from your audience by validating your project with a strong PR campaign.
PR strategies to overcome challenges
There are many challenges that have to be overcome, a brilliant PR campaign can help you resolve them. Let's take a look at some of the strategies that can help.
Strong PR team: PR is about finding the right kind of market for your Blockchain startup to communicate with. A smart and expert PR team who is knowledgeable about the latest trends in the crypto and Blockchain space would be a great boost. They can spread the word about the ICO project in a way that would reach your target audience anywhere in the world. While this is expensive, it is an investment that will surely bring you to manifold returns.
Understand your audience: Having a crypto-based startup means proving yourself in the complex field of cryptocurrency. There should be a proper understanding regarding who you are speaking to in order to appeal to them right away. This is really important when it comes to pitching your idea.
Write about your ICO project: People think PR is all about getting press attention. Well, that’s just a part of it. Firstly you should create literature about you and that should showcase ‘what you are about’. This will get you more investors when they are published through different media like blogs, replying to emails and by social media sharing. The outcome of such constant content sharing will increase the number of investors who hear about you through these either directly or indirectly.
List your ICO on dedicated platforms: When it comes to marketing the internet offers a wide range of possibilities. There are many free sites, publishing and containing ICO listings. These websites will help your ICO to gain more recognition.
Leveraging these strategies will help you become more successful in increasing the popularity of your ICO. They can help you establish a connection with your audience and bring you the backers you need to kickstart your project.
