Bright Bee has learned a lot over the past year and a half as it worked on many ICOs that have combined raised 100 million dollars. As I write this, in December 2018, we’ve seen public ICOs pretty much disappear as the crypto markets take a nosedive. However, there are projects that still succeed through private funding, and many believe that 2019 will be the year of the STO.
The question we are often asked is how to succeed with a crypto project? Bear market or bull market, projects are still getting funded.
We’ve found it comes down to three main points:
1. An idea rooted in the community.True blockchain startups deeply care about their community. They want to make their mark on the world and they want to share their passion. This will shine through in the background of the founders and, crucially, the advisers. These people should be accessible, they should frequent the Telegram channels, go to conferences and be visible. Likewise, there needs to be a community around the project. Many projects run airdrops or bounty programmes to boost the Telegram following – however, don’t overegg the Telegram pudding with too many freeloaders!
2. A solid plan that has payback. ICOs became so popular because of what they promised – a possible 100x return on your investment, and investors were willing to spread their bets across projects to get a slice of the next big hit. However, in the second half of 2018, it became clear that this wasn’t a get-rich-quick scheme, and in many cases investors bought into hype and overlooked the fundamentals.
Great projects should get funded regardless of whether they are an ICO, using venture capital or seeking angel investors. If there’s a valid tokenised ecosystem unpinning a project, then crypto is the ideal solution, and there’s a community willing you to succeed.
Moving into 2019, projects need to ensure that there’s a clear business plan in place, achievable milestones and a way to pay back the investors. Securitised Token Offerings (STOs) may well be the method of fundraising in 2019, as tokens are underpinned by something of value which reduces the risk for investors and means the tokens are no longer speculative.
3. Marketing and PR. We may be biased on this one, but go to any conference and you’ll see that marketing and PR is high on the agenda of most crypto projects. But there are so many project in this space, how do you get above the noise? That’s where you need to plan your marketing strategy – what are your goals? What are your measurable outcomes? What are the KPIs?
The key is to be strategic, don’t just go all guns blazing on a PPC campaign and wonder why you’ve not built a loyal following for your brand. Crypto is particularly complicated, there’s a lot of confusion about paid-placements, and the lines are blurred. However, it’s a maturing market and we know the crypto media landscape like no others.
We can work with you on your strategy. Although our heritage is PR, we cover all aspects of marketing and can work with you as your outsourced marketing function or in a tightly defined PR role.
Get in touch and find out how Bright Bee can help your project: