Bounty marketing is one of the most effective strategies for popularizing your early-stage crypto business. Many projects in the crypto field use this technique when creating awareness about their products and services. However, many companies don’t reap multiple benefits from crypto bounty campaigns because they lack a crypto marketing plan. So, before approaching the market, you must have a strategy. Here, we explain the various practices that successful projects observe when running their crypto bounty campaigns.
Why Bounty marketing is essential
Before explaining the importance of crypto marketing via a bounty campaign, it’s critical to answer the question: ‘what is a bounty campaign?’ A startup uses a bounty marketing strategy to reward participants who help the business perform specific promotion tasks. The process helps to boost community growth. Bounty marketing is popular in the crypto space because of the following benefits:
- Effective in market reach: the ico bounty campaign helps to create buzz around your program. This attracts many people to your project.
- Motivation: ico bounty campaign motivates individuals in your community to participate in popularizing your project.
- Good for PR: bounties help to spread the word about the benefits of your project. This creates a favorable reaction in your target audiences.
What are the primary types of Bounty marketing campaigns?
The crypto projects can integrate their Bounty marketing campaigns at either the pre-ICO or Post-ICO stage of their developments. Under the two categories mentioned above, various forms of ICO bounties exist. Thus, an experienced ico bounty campaign manager should inform you about the appropriate ico bounty campaign suitable for your project. Here are the primary types of ICO programs:
Pre-ICO bounty campaigns
These kinds of bounties happen before the actual launch of the ICO. Their main objective is to create hype around your crypto project. Furthermore, these bounties are vital for developing awareness by boosting word-of-mouth marketing. Marketers use multiple social media channels at this stage to expand market penetration. Here are the primary forms of pre-ICO Bounty marketing campaigns.
Social media campaign
This entails rewards that participants get for marketing the crypto project on their social media accounts. The prize the participant receives depends on the engagement levels their actions produce. There can be various activities under this type of bounties like retweets, shares, and comments. The favorite social media bounty campaign channels are Facebook, Twitter, and YouTube.
Article writing
Bloggers who enjoy a massive audience can participate in this crypto marketing plan. Such bloggers can craft featured articles about the initial coin offering on their platforms. The rewards bloggers receive depend on the engagement levels their posts generate.
Signature bounties
They’re available on the Bitcointalk forum. The ICO project introduces a signature with a code and allows participants to post it. Participants in this program receive awards commensurate with their ranking. Most ICOs accept people with a junior rank and above to participate.
Post-ICO bounties
Once the ICO is complete, the post-ICO bounties are introduced to enhance the project’s performance according to the community’s views. Here are the primary forms of post-ICO rewards:
Transcription campaigns
These bounties are available for people who translate documents for the ICO’s audiences. Translators of different languages like German, Dutch, and Japanese can benefit when they deliver the task. Some translation tasks to engage in include the crypto website and the whitepaper.
Bug bounties
Reporting bugs helps developers to fix issues on the project. Thus, bug bounties incentivize individuals to discover and report problems with an ICO program.
Best practises for running a winning bounty campaign
Now, you can answer the question: ‘what is a bounty campaign?’ Although there are no hard-and-fast rules for running ICO bounties, here are the best practices successful projects observe:
Begin your campaign at an appropriate time
It’s advisable to start a pre-ICO bounty 20-30 days before you launch your ICO project. Some projects can also launch their pre-ICO programs simultaneously when introducing their ICOs. However, starting your bounty early before launching your ICO is advisable. This gives participants enough time to commence the promotion activities and broaden the support base.
Have enough coins for a bounty campaign
Some people might argue that the term ‘enough’ is ambiguous. So, specifics should suffice. Most successful projects that use a Bounty marketing campaign will set aside 1.5% to 3% of their total coins for bounty programs. However, some projects can vary these percentages to meet their crypto marketing requirements’ unique needs.
Articulate an in-depth ICO bounty campaign
If you want to achieve the objectives of your Bounty marketing, it’s critical to design an effective program.
Your social media campaign should incorporate various messaging platforms like Reddit, Facebook, and Medium. On the other hand, translation bounties should focus on documents, like the ICO’s whitepaper.
Bounty allocation should be proportional to the platform’s popularity
The whole bounty kitty is divided into different stakes for various min-campaigns. So, an experienced ico bounty campaign manager should ensure that the share of each stake is proportional to the platform’s popularity. Popular venues like Twitter, Facebook, and Telegram should attract a large percentage of the bounty stake.
Cross-channel promotions
A critical practice when introducing a bounty campaign is to allow significant participation. And that’s why you need to run your campaign across various messaging channels. You’ll create much buzz about your ICO by conducting your campaign across multiple platforms. You have many options to consider from Bitcointalk ANN, Medium posts, and Twitter tweets.
Hire a committed bounty administrator
Articulating a bounty campaign strategy is a challenging exercise, requiring the help of an ico bounty campaign manager. There’s a lot to monitor once the campaign starts running. Luckily, the professional knows what to do to deliver a successful campaign.
Maintain records of each participant
Once you’ve distributed tasks to participants, keeping a record of their performance is critical. This helps you to spread your rewards fairly to each participant. The best option is to have an excel worksheet to track each individual’s performance quickly.
Conclusion
A Bounty marketing strategy is one of the tactics for promoting your crypto startup. The plan is popular because marketers use part of the coins the project has to promote its offerings. Here, we’ve shared the best practices that successful projects observe when running Bounty marketing campaigns.