In order for an ICO to be successful, it needs support. A major part of this support comes from developers, small investors, and members of the blockchain community.
It doesn't matter how great your business plan and product are unless you are backed by a supportive & loyal community. Prior to launching your ICO, you should invest in a strong community and develop your currency around it.
Most ICO projects fail because they build their currency and not a community that supports it. Having a community that grows all the time makes your ICO more visible since news about it spreads faster.
Why community building matters:
> Reaching out to your target market:
It is imperative that products undergo market testing before they can be successful on the market. Engaging your community members on different platforms is a great way to get feedback about your project or whitepaper. Their critique can help you improve your ICO to a greater extent.
Incorporating your community's considerations into your ICO marketing campaign makes them feel appreciated, which results in better performance of ICO.
> Getting the word out with PR:
In order to increase publicity about your ICO, you need to use this ICO marketing technique. You can always pick paid ads or blog publishing for your ICO but however nothing can match the effectiveness of community PR.
It is a more strategic and inexpensive method of gaining publicity. ICOs are more likely to succeed if they are backed by a loyal and larger community.
Endorsements by third parties are more credible than your own self-promotion. If you can build a community that helps you endorse your ICO through PR it will become more trustworthy.
> Analyzing the market and obtaining feedback:
A community ensures that your ICO has a target market from the start. Your project will be explained to them. You must provide them with all the information and details about the project. Your initial offering will be successful only if they understand how the project works and connect with it.
Once your community is clear with the concept, they will further help you educate other potential customers. By treating your community members as part of your team, you'll have ambassadors who bring in more customers.
> Improved management:
Strong communities are the foundation of good governance in a decentralized network. In spite of the fact that many projects focus on establishing good governance mechanisms, these efforts are incomplete unless you also build out your community in parallel. Your community will help you keep an eye on the latest updates and trends in the market, give better suggestions and boost your project's visibility.
> Swift implementation of innovations:
There should be no doubt about this. The larger and more diverse the community, the faster the pace of innovation. You see how Bitcoin and Ethereum have benefited from numerous community contributions over the past year related to initiatives such as privacy and scalability. You can also get your name beside them by leveraging your community power.
What types of community management you should use for your ICO?
> Customer support for ICO:
This community management program focuses on customer success. Telegram can be used to create a community forum to answer project or product questions.
Members of your community could get quick answers to common questions by accessing your FAQ document on the forum. It keeps things straightforward for your community members and keeps your team from answering the same questions repeatedly.
The entire community is dedicated to grabbing and maintaining user attention.
> Content management for ICO:
User-generated content is especially important when it comes to content management for crypto communities. Therefore, community teams are crucial for ensuring community-generated content is appropriate, follows company guidelines, and meets project requirements.
> Social media engagement for ICO:
The purpose of social media engagement for ICOs is to create a sense of belonging for your users and supporters which leads to a stronger connection to your brand. In order to promote brand awareness and build a community of followers for your brand, create highly interactive and engaging social media spaces.
How to build an ICO community?
> Influencer Outreach:
The influencer marketing tool can be used in conjunction with other traditional marketing strategies to increase the strength of the community and encourage support for the ICO. YouTube is the most popular place to find crypto-related news. By partnering with top-performing YouTubers who promote ICOs, you can get their subscribers to follow your ICO.
These influencers can help promote your ICO to a wider audience in a more effective manner. In addition to helping, you tap into a larger community, they can also help you root your ICO.
> Outsourcing your ICO crypto community:
In case you don't have time to build up the community yourself, you can outsource it. The benefits of outsourcing community management are numerous. First, they already have a proven structure in place, and you won't have to waste time developing a community-building strategy. Secondly, it's the easiest way to build your community without spending any time or energy on it.
There are several programs that have proven to be very effective in strengthening ICO communities by leveraging the existing community.
> Referral programs:
The community itself promotes your ICO to reach a wider audience. Loyal customers refer the ICO to their friends and family in order to increase the strength of the community, and they will be rewarded for their efforts. As a result, ICOs have become more popular among people. The rewards encourage participants to stick with the community.
> Bounty programs:
Businesses offer incentives to individuals in the form of bounty programs to those who help develop and promote cryptocurrency projects. A number of tasks are assigned to these individuals, such as spreading the word, reporting bugs, and even improving the framework.
> Airdrop program:
Airdrops are basically free tokens. Giving away free tokens to your loyal community may encourage others to join. This is a way of making potential investors aware of the ICO. Investors are attracted to this program because they can double their tokens after investing in the ICO. Therefore, the community grows as more members join.
> Conduct surveys to understand community opinion:
Maintaining a good circle requires good interaction with the community and understanding their preferences. The community's opinion on matters related to the ICO and project can be taken into account by polling. Engaging the community in decision-making will help in brand building and in gaining their trust.
An ICO's and blockchain project's success is determined by how well the person engages with their followers. In order to gain wider attention and build a community that values the project just as you do, you should create contents that are informative to beginners, have some ask me anything sessions, and engage in crypto-related discussion online.
How to maintain ICO community?
Creating buzz about your blockchain project and reaching out to your target market are the first steps to a successful project. Through social media channels, you can organically reach out to your potential investors. By using social media platforms such as Facebook, Twitter, Instagram, as well as blogging and sharing content on Medium, Reddit, and LinkedIn, you will be able to reach out to your potential audience. Aside from being active on social media, you should also share and publish informative content that helps readers understand your project better.
You can grab attention on your project by joining groups that are relevant to your project on all social media channels, sharing your whitepaper on these channels, sharing updates and informative contents to these channels, etc.
Every successful crypto project starts from the ground and levels up gradually. Gaining the right followers requires consistency. Engage with your followers on a daily basis to determine who your target market is and what they need.
Ensure your followers' needs are met by sharing meaningful content. By doing so, your followers will feel valued and part of your project team, and you will gain their trust. A strong community will boost your ICO marketing campaigns and, as a result, your project's success.