In the third quarter of 2018, 388 ICOs tried to raise funds, and 193 were successful, raising a total of $1.59 billion, says a report by CoinGecko, a cryptocurrency ranking and evaluation site. ICO marketing plays a vital role in the success of an ICO, enhancing the outreach of the project to potential investors. There needs to be a well-planned strategy, however, since it isn’t possible to raise funds unless the ICO market is aware of your project.
In 2017, a major portion of the ICO marketing budgets was spent on Pay per Click (PPC) advertising. Google and Facebook were the major recipients of this marketing budget, offering high return on investment to ICOs. However, following the revelation that almost 80% of the ICOs held in 2017 were scams, 2018 witnessed a ban on ICO advertisements by Facebook, Google, LinkedIn, Twitter and MailChimp.
Despite these bans, or maybe because of them, maintaining social media presence and engaging with the crypto community online has become a must for ICO marketing. In fact, regular engagement with the crypto community can make or break an ICO. This has, in turn, led to the rise of specialised crypto networks, such as those on Reddit and Steemit. These social networks are free of censorship and users can monetise content they create by earning cryptocurrencies when other users approve their posts. Steemit is one such platform, with a fast growing user base.
What is Steemit?
It is a social networking and blogging platform based on the Steem blockchain. It was founded in 2016 and has over 1 million users. The creators of content on Steemit earn monetary rewards in Steem and Steem Dollars, when their content is upvoted by users. Users are also rewarded for curating content. It is a platform with potential to fix the shortcomings of the current social networking platforms. Steem and Steem Dollars can both be traded on crypto exchanges. Steem is the first platform to offer transparent monetary rewards to content creators and users.
Why You Need Steemit for ICO Marketing
1. Targeted Audience
This is a crypto-based social networking platform, so most of the users are crypto followers and enthusiasts. Most of the Steemit community is very positive about the potential of blockchain technology and eager to learn about new ICOs and blockchain projects. Steemit is free for use and has various categories of content to discover relevant information. If you present your project in the most viable way for the relevant category, you are likely to be able to reach the right audience for your ICO.
2. Free Promotion
Reaching the maximum audience on Steemit requires only a small investment. Upvote bots are common on this platform. They help your posts become the top viewed content in select categories and enable you to reach almost every single user on the platform. Upvotes can be bought and every Steem and Steem Dollar spent on upvotes gets converted to Steem Power. You can get good return on investments for your posts, with free promotion for your ICO.
Steemit is among the top 3,000 most viewed websites in the US, according to Alexa, the web traffic analyst. Steemit has a very good score on domain authority as well and is just 10 points behind Medium. Both these factors give a boost to SEO and Google indexing. Getting backlinks from Steemit can also help boost your website’s ranking on Google.
4. Mutual Interest
You definitely need your crypto project to reach out to as many participants of the crypto community as possible, while aiming for your crypto ecosystem to thrive and attract more attention. Using Steemit for ICO marketing can help others also discover the platform and the benefits it provides. By using this platform, you might develop partnerships with other established projects. Most crypto projects so far have failed to capitalise on this mutual interest.
5. It is Not Time Exhaustive
Time management is a major factor for every blockchain project. Steemit can be the most effectively used by engaging with the community as often as possible. However, if time isn’t on your side, you can simply repost rewritten content you are already using on your website. This will save time, while helping you reach the target audience.
Steemit should be a part of any ICO marketing strategy. It provides exposure, enhances SEO for your content and helps you reach the right audience. Social media might have seemed like a waste of time for the busy professional, but with Steemit, it pays to be connected, literally.