Following the inception of developments were cryptocurrencies and their wide use by the global population. These decentralized digital currencies rose in popularity worldwide, something that showcased great potential.
Consequently, the modern-day world has become a hub for many blockchain apps and projects, with many stakeholders intending to get a piece of the crypto pie.
As a result of the fast growth of such business models, many different digital currencies with varying traits continue to emerge in the market. Planning and implementing a proper model, development, and market strategy are necessary for such currencies to take root.
Thus, for individuals or companies intending to launch their cryptocurrencies, several vital aspects, such as Cryptocurrency development strategy and marketing strategies, are considered. These, among other aspects, are integral to determining the cost of building a cryptocurrency.
The strategy employed with regard to the development of the cryptocurrency project is an integral part of success. This aspect generally involves creating the particular currency for the intended project within the legal framework.
This facet of the development process features the cryptocurrency’s source code, the cryptocurrency’s website, and compiling mobile wallets, amongst many other features. This process is the most basic aspect of building your cryptocurrency, and as such, it features a lot of planning and input from the project’s owner.
The process is mostly outsourced to independent companies such as Developcoins. Therefore, due to the difference in client preferences concerning cryptocurrency complexity and the project’s complexity, costs may range from $3,000 and may even exceed $30,000.
In this aspect of development, the legal aspects of the process are considered. Presently the nature of the legal environment in the country of development and the world, in general, are different.
Thus, the development will involve conceptualizing the legal concept of the crypto coin in a manner that is within regulations. This development process will allow the cryptocurrency to be free of SEC prosecution and legal liability.
Like any other product in the market, cryptocurrencies require a diverse and effective marketing strategy to grow and create profits for the project’s owner. The launch of a cryptocurrency is a unique venture that involves activities that may differ from the ordinary models.
The marketing strategy features several components vital to the public’s successful launch and uptake of the cryptocurrency CO marketing, crypto PR campaigns, and crypto press releases.
Thus, due to the use of blockchain, the launch must involve experts to promote its success. Blockchain marketing agencies can consult these experts to facilitate a smooth transition.
These blockchain marketing agencies, such as CryptoVirally, provide a wide range of necessary services. Thus, based on the nature of these strategies, costs may vary significantly.
The Initial Coin Offering (ICO) is important as it aims to draw customers worldwide. To achieve this outcome, this step features intensive marketing exercises that also aim to develop investor accounts.
The process involves advertising coin promotion activities on top of creating a community.
By creating awareness and drawing the target audience, the cryptocurrency can take root and grow into a brand that draws both investors and users from the public.
Through this action, the cryptocurrency will develop its own niche in the market and thus, gain stability. Based on the nature and the duration of this exercise, the costs may increase in the long run.
Like any product launch in the market, PR campaigns are integral to the success of a given cryptocurrency. Given that the product launching in the market is new, its success heavily relies on the public.
This reliance makes it very important for the owner of the coin to influence public perception through the management and circulation of information.
PR campaigns operate with the intention of attaining given set objectives and are carried out within a given time frame. The campaigns serve to achieve several critical functions involving the cryptocurrency in question:
Campaigns raise general awareness of the product as they target the intended market. The campaigns also educate the public, drive sales and help establish brand identity and increase credibility.
Therefore, costs may vary depending on the objectives set and the budget assigned for the campaigns.
Press Releases made through official media outlets are an important aspect of the marketing strategy of any startup. These releases typically involve dispensing information about essential products, events, and statements through a network of trusted media outlets.
This information release requires elaborate networking, something that blockchain marketing agencies are noted for.
Since cryptocurrencies are relatively new and gaining traction with time, dispensing accurate and relevant information on time is integral to success.
The importance of these releases has increased in the modern age where technology has improved information access.
As evident from the growth of the cryptocurrency market and the emergence of many coins, creating your own cryptocurrency is a viable business opportunity.
However, developing and marketing strategies for the cryptocurrency is crucial to profit from this attractive market. This process will involve aligning marketing, development, and legal aspects to infiltrate and expand into the market. Many cryptocurrencies in the global market successfully apply such procedures.
Imagine a multi-billion dollar industry running the world and free from regulation. That was unimaginable a few years ago. Today, cryptocurrency and blockchain technology proved the impossible possible. According to 2021 market size reports, the cryptocurrency industry is now worth $1.6 billion and could hit $2.2 billion by 2026.
Cryptocurrency is not new to the world now, but surprisingly, the industry still lacks a solid regulatory framework. Anyone with the ideal tech can launch an ICO. For now, we put everything else aside and focus on the unique strategy for crypto projects, the ICO.
As commonly used in the crypto world, ICO is an acronym for initial coin offering. It is a cryptocurrency marketing strategy similar to initial public offerings (IPO), where investors buy shares. For ICOs, companies looking to run a cryptocurrency project sell part of their crypto tokens to early investors to raise funds to finance the project.
Usually, the project team develops a website dedicated to the token where interested investors can find all the relevant information about the ICO. They can see the wallet address to which they send funds to receive the crypto coins once the coin launches officially. The token website will also have details of the possible fiat currencies that investors can send, accepted crypto coins, the price per token, soft and hard caps, and the duration of the ICO.
While the crypto space has been explosive and attracting millions of investors, it’s not easy to run an ICO campaign successfully. For instance, in 2017, only 48% of ICOs managed to hit their soft cap, even though it remains the breakthrough year for ICOs. However, successful ICO marketing campaigns raised about $6 billion in that year.
Most ICOs have a target amount that the team intends to raise within the ICO period. If they hit the bare minimum, the project proceeds and the money is used to pursue the project goals. The team communicates project goals beforehand via a whitepaper, so investors know the project plans, goals, and roadmap before investing. On the other hand, if the ad campaign fails to raise enough funds, the team may return the money to investors, in which case they deem the ICO unsuccessful.
As noted earlier, there are no definite rules in the crypto space, so any tech-savvy person who comes up with a worthwhile project can launch an ICO. However, the unregulated nature of the industry still poses a threat due to the risk of ICO scams. Fraudulent individuals can conduct false ICOs and get away with investors’ money. For instance, in 2018, a group of scammers came up with a project dubbed ‘Giza’ and made away with $2 million after a successful ICO. Therefore, the biggest challenge comes in convincing potential investors about the legitimacy of your project.
In any case, if you are planning on blockchain marketing, it’s good you start by checking how other blockchain businesses conducted their campaigns and whether they were successful. See their approach and the ICO marketing strategy that helped them stay on top of the game and use your analysis to develop your campaign strategy. Typically, when you want to launch an ICO, your marketing strategy should focus on making your project team known, community building, and meeting potential investors.
Avoid launching a project anonymously if you want your ICO advertising journey to get anywhere. Going anonymous alarms potential investors, and even legitimate projects may get labeled as scams. If you are confident about the project, you should be proud to put your name on it. Focus on creating confidence in investors by introducing the project and the project teams. List all your associates on the website and include details of their experience in the blockchain or tech space.
Here, you can use your influencer network to benefit from having the audience of their large following and help your project appear more credible.
The success of an ICO is mainly dependent on brand awareness, and that’s why you need to build a vibrant community. Make sure you are transparent with your team to counter any uncertainties and fear. Always be welcoming to customer queries and, where possible, respond to them directly.
Here, you can leverage the power of social media networks like Telegram, Reddit, and Twitter and use them to create a vibrant online community. The online community will increase your brand’s social media presence and awareness which is the core for the success of the ICO.
Before you launch an ICO, you know your target group of investors who will probably benefit the most from the project. Whether you are sure about their stand or not, approach them literally if you think they are potential investors. You can meet potential investors in blockchain seminars and conferences, perfect for benchmarking and possibly tabling your idea.
Generally, the success of an ICO will depend on a mix of different factors, but awareness is a significant player. There are professional ICO marketing strategies and services that project teams can leverage already. The industry is pretty dynamic—it’s upon you to identify the options that work best for you, depending on your project. Later on, you can see what brings you desired results leverage what doesn’t align nicely with your goals, and cut down on it.
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