Everything profits from marketing, be it toothpaste, Hollywood blockbusters or simply the launch of an ICO ( Initial Coin Offering ). Ever since the Bitcoin boom in December of 2017, several organizations launched ICOs in order to raise funds. Bitcoin and Blockchain were suddenly buzz words. Everyone wanted a piece of the pie.
It is very easy to release white papers when launching a company and releasing its ICO. what needs to be kept in mind is that an ICO is not a money-making venture. It is an outlet for future investors to get in on the journey any particular business would undertake.
Logic beseeches that, every business needs a plan. Every Plan is then backed by a strategy. The said strategy is to be supported by a practical implementation of a supporting technology. This chain of commands will break away into pieces if there is even a single weak link. The companies who do not have this format of operations in order, are the ones who lose out on opportunities and business.
- Adaptation Practicality: While there are many examples of products that are too good to be true on paper, there is always the risk of it being an impractical solution. To remedy this, one needs to go to the grass root level. Reach out to the target audience and find out the real-life applicability of the product. Only then, should an organization implement the working solution. This saves the company time, money and energy.
- Lack of Community: Many a times everything is right. The technology, the game plan, the logistic. But, ICOs fail for the simple reason that it doesn’t have a community support behind it. This community is made up of a group of people who have taken tokens and want to either hodl or sell it one first sign of profit. To retain them, one need not bribe, but, the least the organization can do is engage them on social media. Weekly podcast, broadcasts on a variety of topic including the future plan of action go a long way in getting the community to rally around the ICO. man is after all a social animal. It needs its peers.
- Exit Strategy: Another reality is that there are many who launch ICOs only to take in the revenue generated and abscond with it. As Blockchain Technology is decentralized, it shrouds the team behind it in an air of secrecy. There is a small percentage of guarantee that the images and the job description that have been posted on the site belongs to any individual or are even true. This one flaw is being exploited by a lot of individuals. What investors don’t realize is that this causes a lot of bad name for the other honest companies. Even a simple technical glitch in posting on to social media will be considered as an attempt to quit and exit. Be alert people. Ask questions to the team and ask more about their future plans. It is your hard-earned money that you are investing. Get your money’s worth.
In Conclusion: The Holy Trinity
There are 3 things that make a decentralized organization tick. The consumer adaptability, the Blockchain technology that has been use and the future business plan. This trinity works as a support foundation on which any organization stands. If there is a flaw in even a single sector, the entire organization fails. No amount of community or social media marketing can revive it. So dear investors, it is prudent that while keeping an eye out on the Ponzi artists in the lot, there are genuine hard-working people who deserve your penny. Invest, but be alert.
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