What is Community Building and how you can get it right for your ICO

We live in a world that is rapidly evolving because of the technological forces at play. One of the things that has changed because of technology is the way people connect and interact with one another. Blockchain-based products and services are reshaping the way the world conducts businesses by eliminating a lot of outdated, labour-intensive activities from business processes, and making the interactions between customers and businesses more transparent, efficient and productive.

ICOs are a vehicle which help raise funds for the journey of Blockchain-based concepts from being ideas on paper to becoming actual products and services. However, an ICO needs the support of the crypto-community to become successful in its purpose. The ICO team has to identify its target community, reach out to it through different channels, communicate the product to it and convince it of its revolutionary potential, and then motivate the community members to contribute to the ICO. The process requires careful strategization and effort, and is absolutely imperative for any ICO. This is how you can build a great community for the success of your ICO -

Identify the right channels - ICOs have a very small but powerful community at present. It is important to identify the right channels on which this community can be reached out to. Make sure that your ICO project has a strong presence on channels such as Facebook, Twitter, Medium, Reddit, Steemit, Telegram, Linkedin, BitcoinTalk etc.

Ensure strategic communications on all these channels - Draft a message planner, which will act as a guiding light for all your communications. Strategize about how you want to communicate your project to the community. Communications should begin in the conceptualisation stage itself, and should intensify as the ICO progresses into further phases. Have a clear plan of what you want to communicate at each stage.

Have the website & all necessary documents in place - All components of ICOs are interlinked, and thus, they affect each other. While creating a website & writing a white paper are distinct components of the ICO itself, they influence how the ICO community responds to your project. Before marketing your ICO, make sure that you have an informative, user-friendly and visually appealing website to direct your supporters to when they ask about your product. A white paper on the website explaining your product, business model, and technical architecture will contribute significantly in building credibility about your ICO. It also acted as a reference document when supporters ask questions about your product or the ICO.

Multi-lingual Support - The ICO community is global, and to attract its support, the ICO team must have a provision for interacting with them in their languages. While Bounty Campaigns help in getting the white paper, website content and blogs translated, Telegram groups and Slack channels should also have a mix of admins fluent in different languages to respond to people promptly.

Bounty Campaigns - Bounty Campaigns, when done right, contribute significantly to the viral growth of the community. In Bounty Campaigns, you reward your supporters with your tokens when they do certain tasks to help you reach out to a wider audience. Running a Bounty Campaign successfully requires time and attention, so assign a dedicated Bounty Manager for the same. The Bounty Manager will keep your BitcoinTalk Bounty Thread active, track the progress of Bounty participants, solve their problems, and invite more people to participate in the campaign. Plan stake allocation carefully, so as to avail maximum benefits from different Bounty pools.

Referral Marketing - Initiating referral programs is another way of inducing viral growth of contributors. In marketing referral programs, existing contributors get incentives for bringing new contributors on board, which is generally a percentage of the new participant’s contribution, in tokens. Investing in conducting referral marketing is an smart choice because of higher conversion rates - existing participants are likely to promote the ICO to like-minded people. Secondly, the rewards are based on measurable results.

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