The biggest mistakes projects make when launching an ICO

ICO (Initial Coin Offering) –a fundraising tool, crowdsale where companies release cryptocurrencies with a goal to attract many participants as well as to raise their funds. There is no denying that ICOs have gained the interest of many people and companies. It is sure that the era of ICO will stay for a long time, as we can see from the success of the cryptocurrencies like Bitcoin.

For the past couple of months, everyone is talking about ICOs. ICO projects and campaigns have become very popular and all of us can see their success over the last years.

Even though ICO is seen as a huge player in the modern technology world, there is a great number of ICO projects that cannot achieve this success. The ICO world has become a crowded place and it is harder and harder for the projects to achieve their goals. Through this process, they are making some mistakes that can lead their project to failure.

Check out some of the biggest mistakes that projects make when launching an ICO:

Explaining the project

One of the most important things that need to be perfectly done when launching an ICO is to properly explain your ICO project. There are many people that are not able to clearly explain exactly what their ICO is for and what their product does. For that reason, you will have to answer yourself some basic questions, because that is what people usually ask, such as:

• What problem will your project solve?
• How does your project work?
• Why the blockchain is a solution for your project?
• What makes your project different from the others?

Put yourself in the shoes of your participants. If you cannot answer these questions, they will never going to join your ICO.

No communication

When your ICO project is done and ready for launching, don’t forget to always keep your participants informed. It is important to understand where your target audience is and what channels are the best for your project. Maintaining social media channels is very important thing if you want your ICO to be successful. Today, it is very easy to keep your participants informed, if you want. There are many popular channels with millions of users, such as Facebook, Twitter, Telegram, LinkedIn, YouTube, etc. It is also important to have your business email published so that the users can reach you directly. Keeping in touch with your participants increases your chance for your ICO to grow.

Focus on promoting the ICO, not on the company and their product

One of the biggest mistakes that projects make when launching an ICO is that they are focusing on promoting the ICO itself, not on their company and the product they are launching. Today’s marketplace is crowded and competitive, and that is why you need to keep the branding up to date. Many ICO projects are “all about their ICO” and they usually forget the importance of branding their company and products. Branding is worth because it helps the project to become different and to stand out from the others. So, don’t forget your product! What will you do when the ICO ends?

Not having the right supporters

If you put very little effort into promotion of your product, there will be no big and right supporters that can help you to increase your ICO. The right supporters believe in your project and are looking into long-term growth, and they know how to make the ICO different than the others. Moreover, this type of supporters want more than a whitepaper and advertisements. They are looking into projects that have great product, business model, serious team, transparency, commitment, and ideas. Make your ICO one of a kind!

For that reason we offer you our Energy Premier Presale and ICO. It’s a blockchain-based electricity trading project that aims to create place where electricity bidding will take only 30 minutes from your time, with a mission to give direct access to the retail energy market to the suppliers, and at the same time to give suitable prices to the consumers.

Our friendly and supportive team will provide anything you need. We believe that Energy Premier is not making such mistakes mentioned above, due to having a live and working product with lead users and team of crypto professionals, and you can see that by yourself. Check out!

We also have a bounty program in place to reward people that help us spread the word — check it out here

Thank you for reading.Subscribe to the largest electricity bidding platform and keep up with our updates. Participate in discussions on our Telegram channel as well: https://t.me/joinchat/Hq0j1hDxZ3eRKFNo5f7oTwJoin the pre-sale and crowdsale here: https://tokensale.energypremier.com/

The biggest mistakes projects make when launching an ICO was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.