Gibraltar’s interest in Fintech start-ups and the whole world of blockchain technology promises to make it one of the foremost jurisdictions in Europe, and perhaps the world, for ICOs. It is certainly the first country to create comprehensive regulations for DLT or blockchain businesses, which is seen by blockchain experts as giving it ‘first mover’ advantages.
As a full service marketing and advertising agency based in Gibraltar, MINT has been following this news with interest and preparing marketing strategies for this new market sector. We have condensed some of our ideas into five useful tips for Initial Coin Offerings (ICOs), which as many will have become aware during 2017, are the key fundraising mechanism for DLT companies.
1 Tell a great story
We have seen some ICOs in 2017 raise millions in minutes. We’d wager that this is because they have a product and mission that excites an audience. They tell a story that galvanises people into action, not just because they are going to make money from the venture, but because they really believe in what the business wants to achieve. There is a more than a strong whiff of revolution about the blockchain, and it does largely appeal to the so-called Millennial generation, and this is an important factor in how you relate your vision and mission.
Present it in a way that it not only attracts potential backers, but also turns them into supporters. If they connect with your vision and mission, they will be much more eager and willing to tell other token fans about your ICO. It’s a very tight-knit community, so any time you can leverage your story, the better marketing reach you’ll get.
Don’t forget that ‘The Team’ is very important in ICOs. Supporters want to put faces to names and the human connection in this emerging market is very important.
2 Make sure you target the right audience
Although ICOs have been growing like wildfire, this doesn’t mean that the mass market is your target audience. In reality you need to target a very specific group of people, who understand what blockchain is and its potential. All efforts should be focused on reaching that specific group, which you can split into two: those who are experienced in cryptocurrency and blockchain, and those newbies to the cryptoworld, but who have an interest in the niche your product promises to streamline and expand.
3 Find an expert
Marketing has always looked for ‘brand ambassadors’ and the same approach can benefit an ICO launch. The reasoning behind this strategy is that many ICO Teams may have the technological know-how, but are undertaking their first token launch. If you can get someone on board as a spokesperson who has already successfully launched an ICO, or has credentials in the crypto industry, even if it is just in ‘advisor’ capacity, it will give your marketing message some serious solidity. The role of ‘advisor’ is now an integral element of ICOs and there are few White Papers published that don’t include several prestigious advisors. Where can you find one? Networking on LinkedIn and sending an invitation plus compensation package is one way forward with this element of your ICO strategy.
4 Be transparent
ICOs have come in for some criticism, because there has been fraudulent activity. It is exactly this problem that Gibraltar is seeking to remove and create a truly credible DLT market. Therefore, every ICO must be transparent in all its marketing materials. This is essential for inspiring confidence in ICO investors.
One very simple way to achieve transparency is to publish extensive bios of every team member and make them public on the ICO website. Include pictures, a comprehensive biography (but keep it succinct) and even links to each team member’s social media accounts. Also ensure that you have team members on sites like Reddit or Slack to answer questions – you can create dedicated channels for your ICO here.
5 Be compliant
Make sure your marketing complies with the regulations. Of course, MINT is your partner in helping you with any questions around this aspect. For example, you must be clear about how the token will be issued and who is eligible to take part in the ICO.
If you’d like to chat with the team at MINT about your upcoming ICO or any of your marketing requirements, simply email Jade Thompson firstname.lastname@example.org