If youâ€™re a Rocket customer, you probably have some experience executing smart contracts to start your token crowdsale. But, what comesÂ next?
Understanding how to market, nurture and manage your digital token and community of supporters is essential for a successful crowdfunding campaign. These four simple steps can ensure that your token crowdsale will maintain momentum after launchâ€Šâ€”â€Šand keep your sanity inÂ check.
Step 1: Communicate
When it comes to token crowdsales, there is no such thing as over-communication. You need to maintain open and clear communication with your community of supporters through every possible channel. This can include blog posts, newsletters and email campaigns, social media platforms, and when possible, media coverage.
Remember, every piece of positive news and new updates should be passed on to the people who are supporting your project. Maintaining an engaged community by providing excellent customer service will go a long way to ensure your project gains credibility, and make for a smooth transition to a post-launch world.
Step 2: ConfirmÂ security
If youâ€™re hosting the token crowdsale on your own website, you need to be absolutely sure that there are no gaps or vulnerabilities in your security. Be sure to review site security before your token crowdsale, but even after youâ€™ve launched, continual vigilance against hackers is necessary.
Last year, blockchain analysis firm Chainalysis reported that cybercriminals raked in $225 million in cyber-crime revenue. Notable hacking examples from 2017 include payment and shipment startup CoinDash losing more than $7 million after hackers compromised the companyâ€™s Ethereum address. Other security compromises have included hackers posing as legitimate companies on Slack and other platforms.
The lesson? Be vigilant with security before, during, and after your tokenÂ launch.
Step 3: Keep track ofÂ metrics
Your Rocket account dashboard provides you with a clear overview of how your crowdfunding campaign is progressing. Pay attentionâ€Šâ€”â€Šand be prepared to have an ace up your sleeve. If your campaign seems to be lagging behind predetermined targets, you should be able to roll out a new marketing strategy, including collateral for distribution, to help propel momentum for your campaign.
It helps to be creative, as well as persistent. Consider new marketing and public relations strategies, as well as outreach to potential contributors, but try not to panic. This is crowdfundingâ€Šâ€”â€Šsometimes things donâ€™t go exactly asÂ planned.
Step 4: Prepare for post-sale
As your crowdfunding campaign draws to a close, itâ€™s time to start thinking about what messages you want to send out about the success of the campaign, as well as what action items are required. Ideally, this should have already been outlined before launch, but hey, itâ€™s always useful to do a quickÂ review.
Expect contributors to have questions too. You need to be able to clearly communicate how they can access their tokens, and whether tokens will be listed on an exchange. As always, you should be mindful of regulations and legal ramifications in your region regarding the specific type of token that youâ€™ve launched.
Stay cool underÂ pressure
Crowdfunding doesnâ€™t need to be complicated. You can reduce the stress that comes with running a token crowdsale by using a comprehensive, all-in-one crowdfunding solution.
Contact firstname.lastname@example.org to find out more and sign-up for a free trial of Rocket by Etherparty, a user-friendly platform that lets you set up, launch, and track your token crowdsale without a development team.