The blockchain market is defined by fresh innovations happening at breakneck speed. At the same time, community building is equally essential for ICOs. This involves small scale investors, developers, and other supporters who make up the blockchain community.
Having an excellent product and well-defined business plan is vital for ICOs, but its success ultimately depends on the strength of the community that surrounds it.
Why Most ICOs Fail
Phenomenal ICO success stories dominate the media, but the reality is far less glamorous.
The truth is that the majority of ICO projects fail.
Their fatal mistake is focusing all their energy into building their product and currencies, then expecting investors to automatically support their venture. Thanks to scams and tighter regulation, this rarely happens. As a result, a lot of potentially-profitable ICOs never get off the ground.
HOW COMMUNITY BUILDING HELPS ICOs
- Getting Feedback and Market Testing
All successful products undergo rigorous market testing, and blockchain companies are no exception. Having an enthusiastic community that genuinely believes in your project will enhance both your product and launch.
To begin with, you can solicit honest feedback about your whitepaper, currency, and project as a whole. Constructive criticism can be gathered across multiple channels to inform your revisions.
Numerous successful ICO companies use this strategy to pinpoint technological and structural problems with their ICO before putting the developers to work.
Aside from improving your product, there’s a deeper purpose for engaging the community. Considering their suggestions and opinion makes them feel appreciated and a part of your enterprise. This translates to healthier performance for the ICO marketing campaign.
- Connecting with Your Target Market
If you have a defined community for your ICO, then you have a target market. It’s that simple.
These are the people you need to explain your product to. They are the ones who need to understand how your project works and what separates it from the thousand other candidates out there.
Understanding what makes your project special builds their confidence in your venture, further ensuring a fruitful initial offering.
- Spreading the Word
What good is a great project if no one knows about it?
A well-planned PR campaign is key to critical mass. Traditional approaches include paid ads and publishing articles. If you want exponential reach, however, you need to tap real people.
Community PR is a more effective way of gaining publicity. When people are excited about your ICO, they are bound to tell their network. This organic reach is worth much more than any paid ad you can set up. In a way, the success of your ICO is correlated to the size and quality of the community you build.
If you’re unsure how to build a community around your ICO, there’s no need to worry. That’s what brand ambassadors are for.
A brand ambassador with expert knowledge on blockchain technology and digital marketing is the best representative for your project. They’ll be able to connect with people, explain the technicalities of your project, and execute marketing campaigns – helping you create a robust and dynamic community in every step.