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Prudence is not always a bad thing. Healthy skepticism prevents people from diving headlong into a superficial concept. However, when fear, uncertainty and doubt (FUD) monopolize voices in new and innovative territories, they can inhibit positive growth. In 2013, when JR Willett announced the concept of an ICO – a fundraising system where companies sell their new cryptocurrency tokens in exchange for Bitcoin and Ether – it is currently the case with the Initial Coin Offerings (ICO). was immediately met with public skepticism. This skepticism has only grown as dominant voices have entered the Blockchain arena to chastise Bitcoin and discredit the work of the crypto community.
Today, ICOs still carry the weight of FUD media. Scams, hacks, misinformation and high profile cynics are the poster children of ICO and Blockchain around the world. This prevents positive, impactful and innovative projects from getting the attention they deserve. The Cryptocurrency Market Has a Public Relations Problem
For your ICO to succeed, you must fight fire with fire. Your business must stand out from the growing mass of competition, eliminate skepticism, and win and retain support from key communities. To get there, you need your own public relations strategy
I meet regularly with people who want to make a splash in the world of encryption. I sat through countless locations and entertained concepts that varied from practical to bizarre. The question that I am asked is almost unanimous: “how can I attract more attention from the project and fight against FUD”. My answer almost always involves these three concepts:
1. Having a clear message
If you can not explain your vision to a 5 year old, you do not have clear message.
About 95% of the companies I talk to have this problem. They are smart people, surrounded by like-minded people and using a similar vernacular to explain their solution. In contrast, the majority of ICO investors are not Blockchain “experts” and are seeking a concise summary without industry jargon.
Similarly, traditional media often have a tenuous understanding of the Blockchain concept. It is easier for them to demonize a project that they do not understand than to sift through a poorly written white paper.
FUD is a symptom of misunderstanding. Formulate a way to explain your vision in three sentences or less. Strive to do as few words as possible.
2. Proactively Engage Skeptics and Influencers
If you do not move away from skeptics, their voices may overshadow your marketing efforts.
Inaction is one of the biggest detriments to new ICO projects. Blockchain teams often focus on building their platform and forget to build and involve their communities. If you do not address your audience early in your ICO process, outside voices will distract from the tone and sentiment surrounding your project.
Create a steady stream of information and maintain active social channels addressing the media, investors and project enthusiasts. Stay engaged in your entire ICO process and address any FUD with clear and calculated answers.
3. Show Your Value
You must go ahead with more force than your skeptics trying to pull you back.
Demonstrated success is the fastest way to reduce the FUD cycle. ICOs that measure successes and broadcast wins are ten times more likely to obtain and maintain support. Unfortunately, many ICO outbid on “potential” success or fail to announce critical milestones.
In the first example, companies encounter difficulties when they prematurely announce a success or form a partnership or a milestone. This can destroy the trust of the community when a company fails to deliver. In the second case, a company that does not deceive wins will seem to stagnate and lose the interest of the community.
Under promise and on delivery. Raise eyebrows in the crypto community by setting goals, then publicly reach those goals. If you can show your success at every step, you will have no problem canceling FUD and attracting new audiences to your ICO.
The opinions and interpretations of this article are those of the author. and do not necessarily represent the views of Cointelegraph.
Ben Noble Co-Founder of MarketBlok, a Blockchain-based marketing company based in Singapore.