Token Sales: 6 unique approaches to help you run a successful process that won’t let you down
These days, many blockchain-based projects use token sales to raise funds for development. But, to succeed in Token sales, projects must employ different techniques at every stage of their development. Here are the approaches that you can use to run a successful token sales program.
- Articulate a Token sales concept
Your tokens for sale project can only succeed if you provide a unique solution to a specific problem in the market. So, you need to develop a deep knowledge of your target market. The knowledge will assist you in knowing how to create a solution that meets the customer’s needs.
Currently, there are multiple Token sales projects in the market. So, you can only catch the audience’s attention if you have a unique idea. Thus, before developing your Token sales idea, you must conduct background research to determine whether it’s feasible. You can test-run your concept via various forums, such as BitcoinTalk.
- Understand your rivals
Your tokens for sale project is competing with other similar projects for the investors’ attention. Thus, you need to know that investors have become finicky in what they want. So, your project must be outstanding to catch their attention.
Therefore, it would help if you take time to understand the competition. The knowledge enables you to create a unique solution that can impress the investors.
- Find out whether ICOs are legal in your country.
ICOs have become targets for regulatory control because of the many scams in the past. Government agents want to ensure that users invest their money in simple projects. Some countries have banned ICOs as a means of fundraising. So, before conducting a pre sale ico or an ico sale, ensure that you understand what the law requires.
- Develop an ICO token
Here are the main things to consider during the token development stage:
- Have a strong distribution strategy: the plan you create depends on the specific needs of your project. For example, you can have multiple phases of token sales, such as Pre sale crypto and private sale token. Crypto private sales happen before the public launch and target specific investors. So, if you want to taste the market and understand customers’ sentiments, you should conduct a Pre sale crypto.
- Determine the token distribution structure: during the token development stage, you must determine how many assets to issue. Also, the project team needs to determine how many tokens to issue to team members at the presale token stage. Also, the team needs to highlight specific circumstances to issue extra tokens.
- Decide the blockchain networks to issue tokens: Many projects issue their tokens on the Ethereum blockchain. However, the gas fees on this platform are high. So, projects should explore the other available options like Waves and Hyperledger.
Developing tokens is easy, mainly when you use ERC20, an Ethereum standard. Developers can find helpful tools on Ethereum’s platform. But customizing specific aspects of your presale token can be tricky. So, you need to hire an experienced developer if technology is a challenge to you.
- Craft a whitepaper
The whitepaper explains the various aspects of your project. It covers many things, such as the problem in the market, the technology to use in solving it, and your token distribution strategy. The information helps people looking for tokens for sale to make a quick investment decision.
For example, the white paper should indicate how much project owners will get as part of private sale token distribution. This helps potential investors evaluate team members’ commitment to the success of their project.
- Inaugurate a website
Having a professional website will boost your ICO sale efforts. The website highlights the critical aspects of your project, such as pre sale ico, the project’s team, and private sale token.
Also, an excellent website should contain educational content to teach potential investors about your offerings. Your content should be in different formats, such as video and blog posts.
Understanding how to conduct your token sales marks the beginning of success in your fundraising. So, project owners should know how to run the process, whether at the stage of crypto private sales or a public sale. Here, we’ve explored the key aspects of conducting a successful token sales process.