If you intend to launch a token sales generation event, you may realize that marketing is a central aspect of your strategy. And leveraging the benefits of a bounty campaign is a driver to your crypto marketing strategy.
But, what’s a bounty campaign? It is one of the popular promotion strategies in the crypto space. It enables you to marshal the support of the crypto-communities. Through the bounty program, the ICO team lets project supporters perform available tasks. Once supporters complete the tasks, they get a reward.
ICO/IEO bounty campaign is a popular promotion campaign. And many crypto marketing firms, like TokenMinds, use it.
Project owners aim at attaining various objectives using this strategy. These include;
- Reaching out to many people and informing them about your ICO project
- Creating hype around your project in various communities
- Encouraging community members to take part in your project
‘Bounty program participants are spread across various stages of an ICO, ranging from investors to ICO promoters and developers. The incentives can take the form of cash rewards (although this is rare) or free (or discounted) tokens that can be cashed in later when the tokens are listed on an exchange.’
Are you wondering how to launch a successful bounty campaign? If your answer is yes, then you’ve come to the right place. Here, we explore the various steps to follow.
Types of bounty campaigns
Before exploring the steps of a bounty campaign, it’s critical to understand the types of bounties. There are two major categories of ICO: Pre ICO and post ICO.
· Pre ICO: the pre ICO stage takes place before the launching of the ICO project. The goal of conducting a bounty is to generate buzz about your project and create awareness. Through the tactic, you establish rapport with the community. Pre-ICO marketing takes various forms, such as Twitter bounty campaigns and content marketing campaigns. Pre-ICOs also take the form of bitcointalk signature bounty that happens on niche platforms.
· Post ICO bounty: Once you’re through with an ICO, you may have a post ICO campaign. This campaign helps the community to know that you’re still in the market. You also inform them that you’re ready to launch the program you promised. Post-ICO promotion helps projects to get feedback on various elements of the program. For example, experts can shed light on your project’s code, features, and design. This bounty program helps in bug fixing, project review, and community management.
Steps of launching a bounty campaign
Now that you know the types of bounty programs available let’s focus on the various steps of the campaign. Please, keep reading to discover them here.
Bounty campaign Step #1: Allocation of token funds
A bounty campaign requires resources to reward community members. So, the first step of developing a bounty strategy is to divide tokens for the campaign. Although there are no criteria for allocating the funds, a perfect program attracts 1 to 4% of the total tokens. If you aim at conducting multiple campaigns, you should subdivide your tokens. For effective campaigns, subdivide your funds among social media platforms. For example, a Twitter bounty campaign can take 25% of total funds, Reddit 30%, and Facebook 20%.
Bounty campaign Step #2: Determining tasks
Once you divide the fund, the next stage is to determine the correct tasks for your project. Here, you need to avoid copying from other similar campaigns as they may differ from your program. So, ensure that the tasks you establish a link to your project. Your whitepaper should help you to create tasks that are relevant to your project. For example, if you want to have an awareness promo, you can create a social media ico bounty campaign. And here, you can have participants share and retweet your content.
Bounty campaign Step #3: Rules for the tasks
The third step entails creating relevant rules for the task bonus distribution. It would help if you articulated these rules in clear terms. This enables the bounty hunters to understand what you expect from them for rewards. Suffice to say, the rules for your crypto bounty campaigns shouldn’t be too stringent. You need to avoid scaring away eligible participants. Remember, if the rules are strict, you may not meet your campaign objectives. Many people may avoid programs with rigid rules. Yet, while drawing your campaign rules, avoid being too liberal. Being too liberal with rules injures the performance of tasks well.
Bounty campaign Step #4: Hire an experienced bounty manager
Managing a campaign is a difficult task that requires time, effort, and dedication. It’s essential to keep track of bounty tasks and how the participants are accomplishing them. This enables you to distribute your tokens to participants who finished their tasks.
You can remove the stress related to campaign management by hiring a manager. If you lack the skills and knowledge to launch a bounty marketing campaign, hire TokenMind to do the job for you. The company has many years of experience in offering crypto marketing solutions. It can assist you in launching a powerful bounty campaign for your crypto project.
Bounty campaign Step #5: Launch your bounty campaign at an appropriate time
A county campaign should begin 20-30 days before the ICO. This allows participants to start their marketing activities early and attract supporters.
Bounty campaign Step #6: Attractive announcement
Your target audience for your crypto bounties is the blockchain communities. So, it would help if you delivered your announcements via the proper forums, like Bitcointalk.
The format of your announcement should be attractive, simple, and feature an image. The strategy draws the attention of bounty hunters. Its design should attract many participants to your program. Furthermore, the announcement should have a properly defined token and giveaway time.
Also, your announcement should contain a report format. This enables participants to tender their finished tasks. Having a proper task reporting format clears any confusion and attracts many participants. Remember, if the announcement is vague, the participation rate is also low.
Bounty campaign Step #7: Market the bounty program across different platforms
A bounty program will attract massive participation if you have it on various channels. If the rate of participation is high, your program is likely to have more hype. So, ensure that you market your bounty across various social media and forums. So include channels, such as Bitcointalk, ANN thread, Twitter, Telegram, and Facebook. Your announcement should recur across these platforms.
Bounty campaign Step #8: Keep personal tracking sheets for each participant
Maintaining a Google sheet for each bounty participant enables you to keep track of the tasks. Each time a participant accomplishes a task, let them share a link for the finished tasks. This is a critical step that helps you to calculate the tokens earned by each bounty hunter.
If you have been asking yourself: ‘what is a bounty campaign?’ and how you can launch it, now you know. Here, we’ve delved into the steps of launching a bounty guerrilla marketing campaign. Success!