Airdrops and bounty programs are trends growing fast in the crypto community today. The two involve giving people free monies to attract a large community for your project. For instance, an airdrop campaign is when coins are sent to wallet addresses to increase product awareness. A bounty program involves the recipient doing some promotional tasks prior. This trend is growing because it’s bringing real results in the form of community growth. However, there is one problem connected to the stunts. If not done correctly, bounty and airdrop campaigns will not bring the desired results. So, what can a project manager do to ensure the launch of a successful airdrop or bounty program? Keep reading to see.
Of course, the first step to launching any project, and many successful, is proper planning. Make plans about what you want to achieve in either the bounty and airdrop campaign. Let’s look at the planning stage in both airdrops and bug bounties.
When planning an airdrop campaign, it’s vital to have the outcome you intend to see first. The idea in airdropping is widening the community. You can either conduct a;
- Mass airdrop, which involves giving out tokens to many people.
- Smart airdrops, which are giving tokens that focus on creating a small but strong community.
Like in airdrops, planning is also vital in a bounty campaign. You consider the bounty program/s you want to host. In addition, decide the different communities, Twitter, Reddit, Facebook, and linked.
The Write Timing
The first step to conducting a serious and productive bounty and airdrop campaign is choosing the right time. Now, the choice will depend on our intention of holding the Bounty or Airdrop.
In the case of a bounty campaign, you can choose to start it just a few weeks before the ICO. But, if it’s a continuing project, your timing should help ensure the event has a maximum positive impact. The right timing will help bounty hunters prepare and engage in the required activities.
Have a Good Bounty Manager
The success of an airdrop or bounty campaign depends on the person assigned to deal with the project. Selecting a good campaign manager sets the project on the path to success.
Moreover, it’s important to remember that bounty and airdrop campaigns are pretty hectic. They involve thousands, if not millions of people. Thus, they take a lot of time. But, if you have an individual dedicated to managing the campaign, your project will have a big chance to succeed.
Proper Modelling of the Token Distribution
The second step to planning any bounty or airdrop campaign is called the modelling of token distribution. This stage involves apportioning the number of tokens you need to distribute in either airdrops or bounty programs.
Your planning will already show if your project will succeed or not. Now, you need to have the right amount of tokens that will not dilute the price of tokens. If you put too many tokens at once, you will face a crisis with your prices. Thus, you need to take a very keen note of the number of tokens you distribute.
When deciding the tokens to distribute, consider factors like total supply and the market value. Some say the ideal amount of tokens is between 1 and 4% of your total token supply.
After deciding the exact amount of tokens, now divide them into social media communities. For instance, you can apportion different amounts to different communities like Twitter, Facebook, Reddit, and LinkedIn.
Active Management of The Community
Another vital/critical thing associated with the airdrop and bounty campaigns is the active management of the project community. The idea of airdropping and bounty campaigns is creating a large community behind a project.
Social networking sites have been an important part of the crypto space. Getting community support for the project is barely the first step, but the second step is actively managing social pages. So, how do you do it?
Airdrops need to be part of a serious marketing strategy and should involve management to educate the users. Thus, after building the community, educate them and inform them on your project daily.
It’s good to have a social media community manager who will regularly post and update your users daily. Therefore, manage your Facebook, Twitter, Reddit communities well to ensure your social networking campaign remains successful in the long run.
When planning an airdrop or bounty program, ensure you reach all social networking sites to increase the impact. Focusing energies on a single one might have poor outcomes. However, put as much effort into Facebook as you put into Reddit and Twitter to increase success chances.
Partner with Other Companies
So, it’s true that bounty campaigns are effective. But, to have a real positive and broad impact, bounty campaigns require professional assistance. As such, you should link up with companies capable of conducting successful campaigns.
Cryptovirally is a project designed to provide top marketing campaigns for crypto projects. It provides some of the best marketing services, from airdrops, bounties, and community management. The team of professionals has participated in raising multiple projects and helping them gain large communities. Every new crypto project should try CryptoVirally.