Initial Exchange Offering Marketing Checklist. Part 1
There are so many things that a company need to do in order to make a successful IEO. If you are considering an IEO for your cryptocurrency project, you probably have some questions about how to market it. Below, find our top advice on IEO marketing.
What is an Initial Exchange Offering and how it works?
One of the main buzzwords in crypto space in 2019 alongside with STOs, IEO concept has been attracting a lot of attention as a new fundraising method and a million-dollar opportunity for blockchain startups. (Some also refer to it as a new wave of scam and the last relic of ICO era).
Despite multiple holy wars on the legitimacy of IEO essence and discussions around Binance and other major exchanges piloting their launchpads, there is little understanding of what the process itself implies and what projects can use it to the benefit of their own and their investors, staying reliable, compliant and safe.
As an ultimate tech provider for token offerings, in this article Daonomic team decided to break IEO process down step by step for those who are looking into this fundraising option for their project.
Set yourself up for success
If you want your IEO to be a success, you need to come to the market prepared. You should have a polished whitepaper that explains the usecase for your project and why it needs to be on the blockchain.
You should have, at the very least, an MVP, but a product in beta or ready to launch is even better. Not only will this help you attract investors, but it will also help the exchange determine whether they want to host your IEO. They’re looking for good teams which have already built something, in order to increase their chances of launching a successful IEO.
You’ll need to have already recruited most or all of your team, and ensured that they are listed on your site and have your project listed on their LinkedIn (if they use LinkedIn).
And of course, your choice of exchange matters. One of the benefits of an IEO is that it gives you a ready-built audience of exchange users. You’ll want to partner with an exchange that has a large, active user base of altcoin traders.
Look at how the exchange has administered previous or ongoing IEOs. Do you like what they’re doing? If you’re to be one of the first IEOs they launch, what are they offering you? Do you have confidence in their ability to oversee IEOs, or does it seem like they’re just trying to jump on the bandwagon?
This is not a decision to be taken lightly. An exchange is an important partner in your IEO, and a poor choice of exchange could hurt you as much or more as a poor choice in CEO or lead dev. Choose an exchange that you feel confident in and excited about working with. There is plenty to choose from, and the number of options is growing every day: there are aprox 16 exchanges with their own launchpads — the number of IEOs conducted on each is listed below. The more prominent the exchange — the higher the costs and the stricter the due diligence process is.
Engage your audienceOne of the key things to keep in mind when trying to market your IEO to an outside audience is to make sure that if you do run a marketing campaign, you need to make sure that you are engaging with your target audience. If you are targeting millennials, try and do some research into what things are currently piquing the interest of that demographic and try to implement them into your marketing plan.
We will continue the topic in the part 2.
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