If you’ve got a blockchain project, one of the questions that you may ask yourself revolves around how to do an airdrop in crypto. Airdrops are an essential marketing technique that pulls people to your crypto project. As a marketing strategy, it’s crucial to understand how to do an airdrop in crypto to achieve the best outcomes. Here, we focus on the best approaches to airdrop crypto that create hype for your offerings.
What is a crypto airdrop?
Airdrops entail the crypto projects distributing free tokens to their groups to attract many people to the business. Project issuing airdrops encourage participants to perform and complete specific tasks. Once the mission is over, a member can claim their airdrop. Here are some functions that a participant can perform:
- Following an account on social networking platforms
- Retweeting, sharing, or including a hashtag on their posts
- Giving a Like to the post
On some occasions, airdrop crypto comes without the need to perform tasks.
Reasons for using crypto airdrops:
Here are the different reasons why new crypto projects may use airdrops:
- Awareness: Airdrops help in marketing a new project. The strategy incentivizes users to spread the word about your offerings.
- Creation of buzz: participants are encouraged to share the information about the project widely to widen its adoption. Remember, if much hype is created about the project, its value will increase.
- Investment: An airdrop strategy can attract top-notch investors to your project, especially when the project has a precise value.
- Evasion of regulatory scrutiny: Some countries view ICOs as a grey area that lacks a precise legal mechanism to govern them. Thus, projects opt to raise money through institutional investors and airdrop the remaining to get more participants in their token economies.
Now that you have understood crypto airdrop meaning, the next move is to explore how to do an airdrop in crypto.
How to do an airdrop in crypto project
Here are vital steps to follow when planning to issue an airdrop:
1. Choose a token sharing scheme
Before you start distributing airdrops, it’s essential to plan thoroughly. Understanding what is a crypto airdrop can help you figure out the objectives you want to attain. Also, planning allows you to determine the behavior your drops will reward. It would help if you also decided on the network to use and identify your target audience at this stage.
In the past, many projects distributed crypto airdrops en masse. However, these days experienced marketers in the crypto ecosystem encourage project leaders to focus on a few individuals. Projects can benefit if they issue massive drops to a few individuals who support the project. Examples of airdrop schemes include merchant-oriented website airdropping to wallets and Incentivized milestones.
2. Determine the number of tokens to share
Although this step may sound straightforward, it represents a milestone that requires a careful approach. The action entails making a decision that will determine the shape of your token economy. Remember, minute distributions will have a minimal promotion and crowd-building impact. At the same time, issuing your airdrops to a large crowd can injure the market value of your tokens.
3. Keep a community presence.
It’s essential to acknowledge that airdrops are community-creation tools. They are part of an in-depth marketing plan and community development strategy. Thus, it’s crucial to build your community on various social media platforms to get value from this approach. Some of the media to consider for community building include:
Communities are critical for crypto marketing as they are avenues to make important announcements. You can also receive helpful feedback about your project through a crypto community.
4. Collaborate with partner firms
Distributing airdrops seems to be pretty straightforward. However, for any startup, crypto airdrop marketing can be daunting. Luckily, you can partner with complementary firms that understand how to do an airdrop in crypto marketing.
An airdrop strategy is a practical technique to market your crypto project. The tactic raises awareness about your project, creates buzz around it, and attracts investors. For an airdrop to be effective, building a community of believers in your offerings is advisable. By incentivizing this community through airdrops, the members will help you to market your project. If you lack knowledge on how to do an airdrop in crypto, you should hire a crypto marketing agency. Such a company knows what a crypto airdrop meaning entails for your project.