Conferences are often the best way of understanding in which direction an industry is headed. At this years LendIt conference in San Francisco, there was a buzz around Initial Coin Offerings (ICOs) and Blockchain.
It’s easy to see why, the 210 completed ICO’s raised more than $3.5 billion USD in 2017. Furthermore, 2018 is shaping up to be a blockbuster year, with over $6 billion USD raised through ICOs already.
With these figures in mind, you might start believing that anyone can raise money nowadays. Nothing could be further from the truth. According to data from Marketwatch, nearly half of all ICOs never reach their funding goal and are shut down as a result.
Indeed, the huge rounds of fundraising which often make the news, are just a tiny percentage of the overall number of ICOs taking place. The vast majority of which find it very difficult, to raise the funds they set out to do.
The core problem here, is that there is very little advice on how to run a successful ICO. Whether you check Youtube, Google or Amazon, your search for actionable advice on how to raise a significant amount of funds will most likely produce zero results.
That is why we have reached out to some of the best run ICOs and talked to the people who helped make them a success. The below expert roundup, serves as a window into the strategies which were used to raise millions in funds.
Thank you to the experts who shared their experience with us, and don’t forget to leave your questions in the comments below. Let’s get started.
ICO Expert Q&A
Which channels did you use to market your ICO & manage communities?
What worked well and what didn’t work well?
What is a rough idea of your total marketing budget?
Which demographics did you find the most important & valuable?
Did you focus on one country or target multiple countries?
Did you use any of your token winnings to fund marketing efforts?
What surprised you during your ICO campaign?
What tips would you give to platforms thinking about launching an ICO?
So now we have heard from our ICO campaign experts and what it takes to make an ICO successful. The main takeaway seems to be that all ICO’s are different and require different campaign methods. But the main recurring factor involved the necessity to build a strong community. A community is often not defined by geographical landmarks, but either way you should find out who they are and how they want to be spoken too, to create a successful ICO campaign.
Overall the most important factor that came up was hard work and ensuring an ICO is built round a strong but understandable business model!
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