5 Tips for Launching Your Own Cryptocurrency

Let us start by saying that we don’t suggest anyone launch their own cryptocurrency. Not only is the chance of success low, but in today’s regulatory framework, you could be opening yourself up to a whole host of legal problems.

That being said, there are a lot of companies looking to launch blockchain rewards platforms, and banks looking to launch their own stablecoin. No matter which category you fall into, here are a few tips for launching your own cryptocurrency.

Tips for Launching a Cryptocurrency

1. Don’t Announce Until the Project is Close to Final

Attention spans have grown shorter around the globe, and marketing experts strongly recommend not announcing anything until you have somewhere to direct customers. That could be something as simple as your ICO landing page, or a form that collects their emails for updates.

If you don’t have either of these, we urge you to hold off on your announcement. Not only is consumer ad fatigue real, but after so many posts and the project going nowhere, consumers begin to lose faith as well.

So while you should announce in advance, ensure it isn’t until you are close enough to release to have somewhere to direct your customers. Otherwise, save those fun Canva graphics for later.

2. Have Your Whitepaper Professionally Reviewed

No matter what type of blockchain you are building, your project will need a whitepaper. Unless you are coding it yourself, we 100% recommend having your whitepaper reviewed by a professional already in the industry (even if it costs you money) they will be able to tell you before you spend a huge amount of cash as to whether your project is viable or not.

Additionally, if you have hired someone to do most of the coding for you, they will also be able to tell you if you are getting scammed or worse.

3. Consider All Endorsements Carefully

It can be easy to reach into the coffers and throw money at a large celebrity to promote your token. While this is an option, we generally don’t see a very high return from these promotions—unless of course, you can hire someone as expensive as Kim Kardashian.

Instead of paying big money for a single celebrity, we recommend investing in several public-facing individuals in your industry. These could be anything from YouTube personalities who discuss cryptocurrency regularly to cryptocurrency podcasts. No matter what you pick, ensure their audience is your audience and that you are following all advertising rules imposed by the FTC.

3. Develop Your Brand

Before you reach out to celebrities to promote your cryptocurrency, know that you also need to take the time to develop your brand. Your brand is a unique set of colors, writing style, and graphics that will define you and help consumers to remember you. Developing a brand is the key to successful marketing.

To develop your brand, ask yourself the following questions and use your answers as guidance:

·      Who is your target audience?

·      What is the purpose of your product?

·      What are your company values?

·      How will you communicate your message?

·      How will you be memorable?

·      How will you be consistent?

Once you have done all of this, you can move forward with hiring a graphic designer. Just be sure to order several different pieces from them for every platform you plan to post on.

4. Decide Your Social Media Strategy

Currently, there are simply too many social media platforms for any business to even attempt to try and post on them all. Part of discovering your audience is to be sure you are on the right platform to find them.

This is not an exact fact, but below are estimates of the best social media platforms for finding your audience:

Audience Attribute	Social Platforms to Focus On
Individuals 40+ years old	Facebook and YouTube
Individuals between 25-40	Instagram and Facebook
Individuals younger than 25	TikTok and Instagram
Business Professionals	LinkedIn
Individuals with high incomes	YouTube and Facebook
College educated individuals	YouTube and Facebook
Individuals without a formal education beyond high school	YouTube and Facebook

 

As you can see, unless you are looking for a young audience, Facebook and YouTube tend to be the top contenders in every category. Now, this chart was based on 2023 data and the information could change in the coming years.

Although you don’t need to promote on all of these platforms, we recommend getting accounts on all of them to prevent another company or individual from creating one with your name and scamming your potential customers.

**Do note that many social media platforms prohibit cryptocurrency-based advertisements. While this may change, ensure you check before booking ads.

5. Advertise as Often as Possible

According to several marketing firms, potential customers need to see an add at least 7 times before they begin to become interested in a product. But 7 is just the minimum, with most marketing firms stating that the actual number can extend up to 13 views before a business experiences marketing success.

Thus, a large portion of launching your cryptocurrency needs to go to proper advertising. While there are many ways to proceed, we recommend maximizing your marketing budget as much as possible so your customers can see your token as much as possible.

It is also worth noting that unless you are selling an NFT, you want customers to continue to utilize your platform, as this is how you will develop a constant income. Therefore, while posting on social media is an advertisement tactic, ensure you take the time to buy ads that potential business customers will see, whether this is Google ads, ads in a business magazine, or ads on LinkedIn.

Overall, we know there is much more to launching a cryptocurrency than just marketing, but we know that by the time you are looking to launch your token that you likely have all the tech portion figured out. If not, ensure you start by learning how to build a blockchain platform first, then begin to look into the marketing aspect.