One of the best ways to enhance your bounty campaign is through the token economy and by initiating an ICO startup. Following are some ICO bounty management tips that will boost your campaign. When it comes to launching your bounty campaign, there is a list of things that need serious consideration. But if you are new to this term then we are here to guide you through every step of a bounty campaign.
Bounty campaigns are more like tiny rewards that various platforms like software developers, startups, etc. present to an individual in response to performing different tasks. These tasks range from improving online services to reporting bugs and viruses on a website. One of the best ways to enhance your bounty campaign is through the token economy and by initiating an ICO startup.
With this being said, you have to make sure that you have the best ICO bounty campaign in order to top the charts. But with the amount of competition in today’s world, nothing comes easy. However, following the right path can show drastic improvements in your ICO bounty campaign and if you are looking for the best practices to follow in an ICO bounty campaign, then you are on the right track. We will provide you with some of the most incredible ICO bounty management tips that will boost your campaign to another level.
1. Choose wisely and pick the best Sometimes, beginners make a common mistake of rewarding every single contributor that they assume is offering a sensible deal. This can harm your brand name and can cause serious damage to your campaign. Try to be very selective when it comes to choosing contributors. Opt contributors that can benefit you in the long term as well as immediately too. Selecting average contributors can easily affect your brand’s stakes, which you clearly want to avoid.
2. Watch out for all the hackers and scammers One of the major challenges of ICO bounty campaign is that they are an easy target for hackers and scammers. Disguised as ‘bounty hunters’ these scammers can deceive you very easily. Bounty hackers, claiming to change the Ethereum address to something like ‘they added when they submitted the task’ are found to be scammers most of the time. It is essential, therefore, try taking all security precautions for a more secured ICO bounty campaign.
3. Try to organize everything Once you are on the right track, you will experience an overwhelming response from the contributors. All these contributors are extremely desperate to know whether their submission has been accepted or not. This overflowing response can cause a lot of hassle for you if you fail to organize everything accordingly. In order to overcome this situation, it is highly suggested that you create a participants’ list. You can do this by creating an online Google spreadsheet and making it public so that contributors can get all the needed information without hindering your work.
4. Promote your ICO bounty campaign The easiest way of taking your ICO bounty campaign to the next level is by promoting it on all possible social platforms. Experts suggest that tweeting about your bounty campaign multiple times can help you attract a lot more contributors and participants. By spreading the words everywhere, you can create awareness about your brand and all that by staying within a budget. Try to mention your campaign in your press releases too, so that your brand can reach a wider audience.
5. Everything takes time A common mistake made by most of the beginners is that they want the tables to turn overnight. You have to be very patient to make the most of your ICO bounty campaign. It is highly recommended that bounty tokens are at least distributed after 14-15 days of the original exchange day that happened in the first place. This not only lets your token price to grow but also provides you with more time to convince the bounty token holders to hold the reward in the long run.
Challenges of a bounty campaign
If a bounty campaign is promoted correctly, it will receive thousands of submission. It can be completely overwhelming for a startup to review every single submission manually and to later distribute the rewards to all Bounty Hunters. Furthermore, bounty campaigns are an easy target for scammers and hackers if proper security measures are not taken.
Benefits of a bounty program
Many startups lack liquidity prior to their ICO. Therefore, expensive press releases and banner ad campaigns are often not the wisest usage of funds. That’s where bounty campaigns come into play.
In order to launch a bounty program, startups only need to set aside a tiny percentage of their tokens, usually between 0.5–1.0 percent. No need to spend thousands of dollars in expensive, and often ineffective, marketing campaigns.
Additionally, bounty campaigns have proven to be an excellent way to build a loyal community around a product or service. Startups can use bounties to engage with potential clients and brand ambassadors in a very interactive and fun way.
The costs of managing a bounty campaign vary greatly. Some of the most important factors are the duration of the campaign and the offered bounty tasks.
Bounty campaign managers usually charge between $3–6k in currency together with a token allocation for a bounty program that lasts 4 weeks 1 month. The reason why it is so costly is because they need to manually check every single submission manually and to constantly engage with the community.
As a conclusion its necessary to say that Bounty programs are usually an integral part of any digital marketing and promotional enterprise and they bring a lot of benefits to ICO projects and to investors as well. But at the same time one should take into consideration that Bounty campaigns could be quite expensive and challenging and require a lot of resources from their organizers.