So what is ICO and how to launch successful ICO? ICO is similar to IPO (Initial Public Offering). IPO is offered by many industries and business in the form of shares to have a balanced financial operation. Likewise, ICO is offered to users holding cryptocurrency. In the case of ICO, it is called as token instead of shares. This article explains what makes a successful ICO.
The Need To Launch Successful ICO (Initial Coin Offering)
People all around the world are moving towards digital money for faster transaction and privatized network access. ICO is able to reach customers at further ends of the world where IPO is limited or restricted. The only limitation with ICO is how well you are able to market your business as the access for ICO is unrestricted and its scalability is unlimited. The advantage of these tokens is that when users buy them, they automatically become a customer to your business too. This helps in raising money quicker and generate a bigger revenue.
ICO also helps in pulling the crowd towards your business for funding. This makes ICO an easier option than going to a venture capitalist or some institutional investor for funding. This allows the crowd to give their suggestions and ideas too and this results in the business to be innovative.
Following are some necessary steps and important tips on how to launch successful ICO
First of all, it is vital for you to understand the basics of cryptocurrencies and enterprise blockchain development technology. And, then start doing groundwork on your ICO, following below mentioned steps:
Make your own research
As a business entity if you want to launch successful ICO and pull some crowd towards your idea for investment, then first you should know what would attract users to invest. Do a market research to identify if your product or service is appropriate for the market you want to launch in. Realize if that market has a trend that supports your business growth and calls for more investment. Identify factors that will encourage the users to invest in your ICO and try to provide supporting facts and evidences to show them that your ICO has future potential too.
Choose the right team
Every good business needs to have a good team to support the operations such that the results would be efficient and effective.
The important factor of a good team is having the right people who has the right skills and expertise. This is one such variable that all users will look for before investing in your ICO. Having a team with expertise and skills will give a sense of building trust among the users and investors. Make sure that the team members have appropriate and sufficient amount of knowledge on blockchain and cryptocurrency. Thus, the team will be able to adapt to the changing technology and make sure that the ICO of your business can attract more customers. This helps is staying ahead of the competition too.
Use opportunities around you
With the world changing digitally, your business has to adapt to those trends too. Everybody in the current world uses social media for various purposes. But, what matters at least three fourth of the world is available in some social media platform and you can use this to your advantage. Digital marketing is increasing today and influencing all customers. This will increase your scalability of your business and also help you expand your customer base. When you capture customers through social media, you are capturing customers with knowledge of what is happening in the world. This might help to you gain more new ideas and suggestions from them to help the growth of your ICO and business too.
Set your standards and rules
Any business to survive and any investment to be strong, there needs to be set of fixed unwavering rules and regulations. These are supposed to be followed strictly because if the rules are easy enough to break then there will be no investors to buy your ICO. People need to trust that your ICO has high security and will have high returns at the same time too. This can also be called as the whitepaper. This whitepaper should contain information in such a way that it answers questions that may arise in the minds of the user or investor. This will help the investor or user with their research while trying to identify if to invest or not. If your ICO standards are unbreakable, then you do not have to worry about pulling the crowd.
Express the scalability of tokens and your destination
Enrich the users and investors as to how much funds you can store and transfer. Tell them about the capital investment they might have to make and also about the opportunities that they will have access to if they buy your ICO. Teach them about the different possibilities that your business ICO will have in the future.
Make sure that the users and the investors understands the final destination your business is trying to reach and the goals you are trying to achieve. This will help the user to resonate with the same wavelength contributing to the growth of your business too.
Closing thoughts: Focus on success
Some of the successful ICOs launched till date are Ethereum, Spectrecoin, Stratis, Ark, etc. Follow the tips and steps mentioned here; do not focus only on generating revenue. This will help you launch successful ICO. Focus on the scaling of your ICO and how your business idea is going to be related to it. This leads to influencing customers and as a result your ICO meets all goals that has been set. Times may be different and technology keeps changing too, given this fact, current time is best for launch ICO to be successful. This is because of the rise in cryptocurrency and the change in trend towards digital money. Good luck on your successful ICO launch. In case you need any expert advise or consulting from ICO and cryptocurrency development company, feel free to reach out to us!