MarketsandMarkets, a B2B research company that studies high-growth emerging industries, predicts that the cryptocurrency market will reach US$1.40 billion by 2024, rising at a CAGR of 6.18 percent from 2019 to 2024. New initial coin offerings (ICO) are expected to pop up frequently in such a competitive market. It has made ICO PR and marketing more challenging than before.
Companies that choose this path must develop an effective PR campaign that veers away from strategies designed for more traditional markets. They must also avoid mistakes that many ICO PR services warn us not to make. Let us take a look at some of them.
Not Building Credibility Before ICO
Do you think you can make people or businesses buy from you if they don’t know you or how you work? Crypto companies must build their credibility and reputation before launching an ICO. Doing this garners positive interest from the industry and the general public.
Credibility is essential in building confidence among your investors, which is particularly helpful for anything new, especially in an oversaturated market. Launching an ICO without first building your company’s credibility might make your potential investors hesitant to take the first step with you.
The advantage of hiring ICO PR services is the opportunity to work with experts. They know that credibility is essential before launching a new product and will help your company establish that.
Launching Campaigns without Set Targets
When you launch an ICO, your main goal is to meet your funding requirements. However, some business owners overlook the smaller goals required to reach the big goal.
A PR or marketing campaign for your ICO is one of the smaller goals. If you want to have a greater chance of successfully meeting your fund requirements, you need to first succeed in your marketing efforts. And to measure success in that aspect, you must set targets. A PR and marketing campaign with no specific and measurable targets will be hard to assess.
PR professionals know the importance of monitoring and analyzing the performance of PR campaigns. They set targets that will ultimately lead to accomplishing the primary goal. When one or more of these targets aren’t reached, they quickly and efficiently tweak the campaign strategies.
Setting the Wrong Timeframe for the Campaign
In the cryptocurrency industry’s fast-paced environment, the timing of a launch is indicative of its success. This is one of the primary concerns of marketing professionals when formulating a plan. With the wrong timeframe or duration set for a PR campaign, the ICO will lack the proper amount of time to generate buzz that will attract investors.
There are no set rules for timing your PR campaign, but a few factors contribute to its success. These include the total funding you need, the amount of build-up you require before the launch, and the exact date or date range your closest competitors plan to launch their ICOs.
Failure to Develop a Clear Strategy
Although cryptocurrency interests the general public, it doesn’t mean you can’t market to a specific audience. PR professionals insist that you identify a target audience for each campaign plan to develop strategies focused on them.
When you don’t have a clear strategy for an exact target audience, you will have a very broad campaign. It’s like shooting anywhere and hitting none.
A focused PR campaign lets you reach the people who will most likely invest in your ICO and not just anybody interested in crypto. A clear, targeted campaign also helps you build a relationship with your audience, which is essential for your long-term growth.
Again, let’s run down those four things to avoid when you’re about to do an ICO:
- Planning an ICO without first establishing credibility in your industry
- Doing a marketing campaign without specific and measurable targets
- Ignoring the timing and duration of your PR campaign leading up to your ICO
- Developing a campaign with no clear strategies for a target audience
Ensure the success of your initial coin offering by working with PR experts in developing the right campaign. ReBlonde Public Relations will help you reach your target investors and funding goals. Book a consultation to start strategizing with us.