Raising funds through an ICO isn’t as easy as it was back in 2017. The game and its rules have changed. Today, it’s not enough to have a white paper along with a basic website and to raise millions with an ICO.
Yes, ICOs are still popular, but now, we have new players on the market such as Initial Exchange Offerings (IEOs) and Security Token Offerings (STOs). These fundraising methods are more regulated and appealing to the investors who are overwhelmed with countless scams on the crypto market.
However, this doesn’t mean that ICOs are dead, and that you can’t raise money or reach a soft cap with them. You’ll simply have to adapt your ICO fundraising strategy to the current market and trends. To help you out with that, we prepared a step-by-step plan for you on how to reach a soft cap for your ICO. Let’s check it out.
Step #1: Pick the right strategy
Reaching a soft cap for an ICO isn’t impossible, but it’s not that easy either. So, before you turn this goal into reality, sit down with the members of your team, and decide on your strategy.
Talk with them about your goals, discuss your budget and possibilities you have with it, listen to their opinions and suggestions. Your team is your most valuable asset.
Step #2: Hire a marketing agency, advisors, and crypto influencers
Why do you need these guys? Because they’ll help you to spread the word about your ICO, and raise awareness among potential investors. A marketing agency can help you with content marketing, social media and video marketing, and they’ll help you to get published on relevant publications, etc.
But, don’t forget about advisors and influencers as well. Advisors are experts in the field who can help you improve your ideas, while crypto influencers can put your projects in front of their audience.
Step #3: Make an impact and viral effect with airdrops
Did you know that airdrops can be more than just free coins randomly distributed? When used correctly, they can be a highly effective marketing tool that can help you raise awareness of your brand. Airdrops can reach a great number of people, and create a stable and reliable community around your project.
Step #4: Set up realistic goals
This means that you should think realistically. Don’t set the amount you want to raise too high. Find an easy target to reach, and put all your effort there. You’ll have time to raise more money with the hard cap. For this phase, simply try out how the market reacts to your project.
Step #5: Build a new strategy and reach the hard cap
If you manage to get this far, congratulations, you’ve reached a soft cap for your ICO. Now comes the fun part: Building a new strategy for reaching the hard cap. Reaching the hard cap is a whole different story, and we’ll probably cover it in one of our future blog posts.
Conclusion
There you go. A step-by-step plan on how to reach a soft cap for your ICO. Although it may seem challenging, with the right ideas, team, and strategy, you can make the whole process easier.
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