One of the biggest errors made by projects when launching a new cryptocurrency ICO is the focus on promoting the ICO and not the product being offered or the company itself. Most new cryptocurrency ICOs don’t see this as a grave mistake, but it is. Here is why.
A successful ICO needs the right supporters
When you spend all your time advertising the ICO, you may not attract the kind of supporters needed to make the project successful. If you put some effort into promotion and development of the product, you will find a large number of contributors and not just speculators that want a get-rich-quick scheme.
The long-term sustainability of the project requires a strong community and brand
For a business to be successful in the long term, branding is critical, especially in the noisy and competitive marketplace of today. Contrary to common belief, branding isn’t an endeavor restricted to big brands in traditional industries. It is also essential for new projects as well as SMEs in the cryptocurrency or Blockchain space.
The popularity of the cryptocurrency space has benefited the industry in so many ways. However, it has created so much noise as well. It helps bad projects emerge and creates general distrust in the community. Projects that want to stand out must build a community, and develop a reputation while creating trust.
This is where fresh content that concentrates on the project and company’s attributes can deliver results. When you become an authority on main topics and issues that can interest your target audience, you can produce content about the product and company that will finally pay off after some time.
Projects that concentrate on the promotion of ICO events may still attract contributors to the ICO. However, many may be speculators who will bring down the project eventually. Projects must add real value to the community. If you’re not committed to offering and promoting real value, then the project is bound to fail.