Guide to ICO Marketing and ICO PR
ICO Marketing and PR. We cannot stress enough how important it is to build and maintain a positive reputation before, during, and after an crowdsale – this is integral part of a successful ICO marketing campaign. Without it there are no second chances. With an ICO on its way, building a reputation is even trickier—your company’s every move will be recorded, analyzed, and discussed. Potential contributors are looking for all the evidence they can find to eliminate the possibility of being scammed.
Even if your company is real, you have honest intentions, and you are working towards creating continued success after the crowdsale, there are still many ways to give a bad impression to potential backers: miscommunication with the crypto community, misunderstanding among team members, and (what has been happening more and more lately) conflicts with third party entities that want to get back at you in an act of revenge.
One of our clients recently asked us to step in and help resolve an ICO PR catastrophe that resulted in a mass abandonment of their campaign. Their firm hired an Ethereum developer to audit the smart contract they built for the crowdsale. During the audit the developer changed the fee structure for the auditing service and asked for a 300% increase in pay, claiming that he did not expect the contract to be so complex, and unless the company agreed to pay in full and at once, the auditor would immediately warn (misinform!) the community that the smart contract was fraudulent.
The parties did not come to an agreement and it turned into a full blown marketing campaign against our client, on social media, in publications, in media outlets, on forums, and anywhere else the company had previously received coverage.
That was the moment when we were asked to step in and help with crisis marketing.
1. Firstly, we stopped our client from attempting to respond to every nasty comment, as this was only adding fuel to the fire. The smearer felt empowered by attracting the client’s attention to himself with online battles while at the same time distracting our client from preparations for the campaign.
2. We made sure that all the communication was done between the client and their target audience, the crypto community. We published a press release covering the roadmap of preparations, what obstacles were met, and the plan to resolve them. This of course covered how and when the blackmailer came into picture and about the high standards that the company keeps so as not to be manipulated into paying liars.
3. The most creative solution we came up with was launching a hunt for fake news and misinformation that was designed as part of a Bounty Marketing Campaign. People became motivated to find negative information and “neutralize” it by informing the community and referring readers to the sources. This was a huge success—participants were intrigued by the game element of uncovering the lies and it turned a blemished PR event into a successful community building exercise. Make sure to add this to your ICO marketing and bounty campaign
Every cloud has a silver lining.
The problem with crypto businesses and the ICO framework for raising funds is that it has become common to think of working in the cryptoworld as a chance to become ultra wealthy overnight. All of us have heard stories about people who bought bitcoins for pennies and are now retired on some exotic island and won’t have to work another day. Most people who are coming into the cryptoworld are not doing so with a desire to innovate but with a desire to get rich fast.
This will have lots of consequences, and online rackets that target ICO companies will be a new trend that will evolve as we go. There are already lots of young ICO PR firms that are working on smear campaigns in the ICO niche—and taking into account that this is not a very regulated space, more and more “entities” will be taking advantage of those who allow it.
To decrease the chances of finding yourself in such a situation, make sure you are in a regulated relationship with everyone who helps you, trust should be supported by appropriate agreements and acknowledgements. Every crisis can be turned into a beneficial situation, so if life gives you lemons—make lemonade)
Happy New Year!
To learn more about our ICO marketing and ICO PR services click here
Sincerely, Big Break101 Team