Even though we’re post 2017’s peak, some professionals believe that token generation events (TGE) are far from done. Only this time, they will occur less often and more privately than before. Plus, they will all be much better regulated.
One thing, though, will never change: blockchain startups are different from most other tech startups, and all approaches in growing them are to be handled more strategically. Most novice blockchain entrepreneurs are unaware of basic growth hacking know-how, and it’s crucial for them to familiarize themselves with the building blocks of growth for blockchain.
The concept of growth hacking itself appears complex and vague. In a nutshell, it is a combination of several forms of implementations and experiments across marketing, sales and product development.
With TGE’s, blockchain companies can raise private money from a pool of investors or crypto-focused funds. While that entails serious regulation standards, the benefit for investors is that they are able to have access to an array of investment opportunities, with minimal fiat investments.
The following are some crucial basics when launching a blockchain and cryotocurrency startup. Don’t be fooled, much of it is easier said than done.
User experience: First and foremost in blockchain products, many don’t realise that their user experience is terrible. You need to download a client from there, then install an app on this – then face a product that is barely understandable. Everything you build in the blockchain space needs to have an intuitive workflow in mind, otherwise you’ll be one of the many failed products.
Demonstrate Adaptability: If you see that an approach is failing, be willing to pivot your product to achieve product market-fit. The crypto audience has a very short attention span.
Keep it Simple: There’s no need to try to impress others with technological jargon in web copy, because if anything, it alienates them. Simplify your messages across the board, to allow your audience to easily understand your vision and mission
Ensure Growth Efforts are Strategic: Most blockchain startups delve into marketing without a solid strategy that factors things such as paid, owned, and earned digital media. Simply creating accounts on multiple platforms and positing about developments barely scratches the surface. You need to break your goals and targets down, and be very specific about them.
Learn from the Competition: What have the leading crypto projects in your niche done to achieve their growth? Study the efforts of your competitors, even if they are indirectly competing. Tweak your own strategies based on the pros and cons of theirs, so you can avoid having to learn some things the hard way.
Dedicate some time to conduct an intense competitive analysis, and use your findings to your benefit. As you do the research, you will see that in addition to gauging competitors, you will be able to gain additional insights such as potential customers and companies worth collaborating with. Some of the tools I use to research competitors are Similar Web, OpenSiteExplorer and SEMrush.
Keep your token holders Happy: Simple initiatives such as referral programs that offer referrers a reward go a long way. With blockchain projects, your strongest team members are the token holders. They will go a long way to increase value of their own money, and so you could potentially get an army of ambassadors – at barely any cost.
Create Amazing Original Content: It’s well-known that quality content marketing generates far more leads than outbound marketing efforts, and costs less. It also helps make social media marketing efforts easier, as the content will draw attention to your channels. Dominate your niche with powerful thought leadership articles and social media updates.
Make your Website Secure and Attractive: Secure websites are not only beneficial to give your audience an idea, it’s also helpful for SEO purposes. And as mentioned earlier, keep the language simple and easy to understand. Be sure to have a Designer assist in creating the site, as a free WordPress template just won’t cut it.
Create and Populate a Blog: An active blog will help improve your branding and add traffic to your website. The most successful TGE’s launched their blog on Medium.com, so you may want to consider giving that a try as well. On Medium, you can enjoy attracting an audience you couldn’t have reached anywhere else, however your own website won’t enjoy any SEO benefits.
Look into PR and Media Outreach: If you’ve raised a significant amount in your TGE, it should be pretty easy securing some placements by your own. If not, hire a blockchain specialised PR agency as they are usually connected with the right editors. If you don’t want to obligate for the long term, make sure it’s clear that you only want to test the water.
Focus on Social Media: All social networks are to be treated differently, and it’s important for your Social Media Manager to keep up to date on best practices and restrictions. For example, Twitter has banned crypto-related ads, and Google and Facebook have restrictions on words that can and can’t be used.
I recommend being active on Twitter, BitcoinTalk, Reddit, Telegram, Steemit, Facebook, and Quora. Bonus points if you can create original information videos on YouTube as well. Many Telegram channels consist of purchased fake followers – do NOT be one of them. That will backfire, and you will instantly lose credibility. Also, don’t forget to create professional profiles on sites such as LinkedIn and Crunchbase.
Get Added into listing websites: Being added into such sites will be of great help in terms of the discovery aspect. Some of the most popular free ICO listing sites include CoinGecko, ICOdrops, ICOBench, CoinSchedule, and TokenMarket.
Launch Airdrops: Airdrops are the distribution of coins/tokens to the community either for free, or in exchange for small tasks (such as leaving a comment on a social media post.)
It’s crucial to be very strategic along the way while growth hacking, and base that strategy on solid research and insights from others that have already gone down that path. As you go about each of your campaigns, focus on metrics and analytics, and make adjustments as needed to achieve optimal results.