While 2017 might have been the golden year for ICOs, the main aim then was to reach as many people as possible via ICO marketing. However, the huge number of scam ICOs left investors skeptical, at best. Today, marketing your blockchain project and ICO has more to do with establishing the credibility and trustworthiness of your project than anything else.
The whitepaper plays a key role in achieving just that, providing all the information a potential investor might be looking for to determine the viability of a project. Needless to say, the world of ICOs is rapidly evolving and the only way to stay abreast of everything is to ensure strong market research. Accurate information about the market, the target investor and their needs, etc., is needed to write an effective ICO whitepaper.
Here’s a look at how market research will benefit your ICO whitepaper.
1. Market Review
Market research provides an insight into the current market situation, problems, audience, trends and competitors. A review of the market situation for a period of 3-5 years, based on data provided by reliable and trusted sources like KPMG, Gartner, PwC or local sources and government records, can provide you sufficient information to make informed decisions. Market research will enhance your expertise regarding your industry vertical and the target community.
2. Understanding the Problem
The aim of an ICO project is to provide a viable blockchain solution for an existing problem. To be able to demonstrate the efficacy of your solution, you need to first detail the problem in your whitepaper. Market research will provide the information needed to do just that, while demonstrating your in-depth understanding of the target audience’s needs.
3. Better Understanding of the Target Customer
Who will invest in your ICO? What are their needs, aspirations and desires? What are they looking for to make an investment decision? What will help you demonstrate the value of your blockchain solution and the genuineness of your project? Answers to all these questions can be obtained through market research. It will also provide information about the market size and what attracts them to invest in an ICO. It’ll also provide important demographic information like age, location, income and gender, which will help you create your whitepaper accordingly.
4. Marketing Strategy
ICO marketing should be optimised to enhance outreach and provide the best returns on investment possible. Market research will help you understand where you can reach your target audience. While we know that social media presence is key to the success of an ICO, market research will tell you the right social media channels to address. It will also help you create better targeted marketing messages, based on behavioural and demographic data, giving your ICO whitepaper an edge in the market.
5. Knowledge of Competitors and Their Approach
Regardless of what industry your project belongs to, knowledge of the competition is vital. You need to know how to make your product/service stand out from what already exists. Market research will not only tell you about competitor offerings but also what they are doing to reach their target market. It will help identify unsatisfied customers, under-served groups and unaddressed needs. You can then focus your whitepaper on how your solution stands apart from the crowd and your overall business strategy for success.
6. Remain Relevant
With rapid advancements in technology, changes in customer needs and preferences, unless you are up-to-date on important developments, you cannot hope to remain relevant. Market research will help you stay abreast of the latest in your industry and your target market. And, when this is reflected in your whitepaper, you can position your project as one that stays a step ahead of the rest, offering cutting edge solutions.
Market research can build a strong foundation for an ICO project. It provides information to help identify and analyse competitors, customers, market needs and the potential solution. It helps in formulating a better ICO whitepaper for an effective explanation of the project. It also helps with better decisions for developing and marketing the product, to achieve the expected growth. In short, this is what can give you a strategic advantage over the competition.