Have you heard of cryptocurrency? Chances are you might not know that term, but you’ll recognize some form of what it is … the most commonly known is probably Bitcoin. Cryptocurrency is a form of payment that can be easily used on the internet. Now there are several different types of the payments, and when they are introduced to world markets, they come out in the cryptocurrency version of a stock IPO … an ICO or initial coin offering.

In a recent ICO, TenX raised $80 million in just seven minutes. By anyone’s standards … that’s a successful campaign. But what approaches and preparations would be useful in preparing for an ICO as far as communications and cryptocurrency public relations prior to the opening?

Timing and Volatility

The cryptocurrency market has been on an upswing for several months, but it is also highly volatile and will have drastic downturns as well. Overall, the tendency is for that market to climb, but timing for the release of an ICO can be everything. The market still seems to have a lot of room to climb, maybe as much as twenty times the current value within the next year or so, but that’s speculation.

Does It Offer a Solution

One of the reasons TenX did so well in their ICO was they offered a solution not often found in cryptocurrency. Because cryptocurrency is a new form of “cash” only a few places on the internet are willing to accept it as a payment. TenX gives a debit/credit card that is easily used in most purchases without additional fees, allowing their “coins” to convert to spending capacity immediately.

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Scarcity Still Sells

Creating a campaign based on scarcity can be a powerful approach. If you have something offered at the right time that solves a problem almost no one else has managed to do with similar offerings, then you add the “limited supply” element, and you may well have a run on the supply of goods you have available. Only offer enough to last for a few hours after they are available and it helps. What helped further was another recent ICO, Stratis, that sold and not long after that, the initial speculators who bought at the ICO had points that were worth 129,000% what they initially paid.

Don’t Forget the Whitepaper

The people and organizations that have enough money to buy into the ICOs are sophisticated investors, so just telling them they could make money is not enough. Well in advance of that ICO sale opening, speculators will need to have the research and information in their hands and the way to offer them that information is with a “whitepaper.” That would be similar to due diligence documents in many other investments. The ICO whitepaper explains the technical aspects of the deal in detail and usually does so from a conservative view … not overselling or overpromising. Give investors something with teeth, and skip any salesy chatter.

The “It” Factor

You may wonder what ties such an offering together and makes it work. Well, if all of the above is in place, there’s still one element necessary to make any good business deal work. There has to be trust. The people offering the ICO need a good reputation, but even for people new to the industry, when there is transparency in the deal, it makes it work. Provide great customer service and make sure your management people are well trained in how to help people understand the ideas and concepts associated to the offering.

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Cryptocurrency PR Firm

5WPR is working extensively on ICO PR Campaigns.

 

Ronn Torossian is the Founder and CEO of the New York based public relations firm 5WPR: one of the 20 largest PR Firms in the United States.

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Ronn Torossian is the Founder & Chairman of 5W Public Relations, one of the largest independently owned PR firms in the United States. Since founding 5WPR in 2003, he has led the company's growth and vision, with the agency earning accolades including being named a Top 50 Global PR Agency by PRovoke Media, a top three NYC PR agency by O'Dwyers, one of Inc. Magazine's Best Workplaces and being awarded multiple American Business Awards, including a Stevie Award for PR Agency of the Year. With over 25 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected public relations executives. Throughout his career he has advised leading and high-growth businesses, organizations, leaders and boards across corporate, technology and consumer industries. Torossian is known as one of the country's foremost experts on crisis communications. He has lectured on crisis PR at Harvard Business School, appears regularly in the media and has authored two editions of his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations," which is an industry best-seller. Torossian's strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, a Top Crisis Communications Professional by Business Insider, Metropolitan Magazine's Most Influential New Yorker, and a recipient of Crain's New York Most Notable in Marketing & PR. Outside of 5W, Torossian serves as a business advisor to and investor in multiple early stage businesses across the media, B2B and B2C landscape. Torossian is the proud father of two daughters. He is an active member of the Young Presidents Organization (YPO) and a board member of multiple not for profit organizations.