- \n
- Social media campaigns<\/li>\n
- Blogging or other content campaigns<\/li>\n
- Translation campaigns<\/li>\n
- Signature campaigns (where respected members on forums like Bitcointalk<\/a> use the project\u2019s brand or logo in their signature as promotion)<\/li>\n<\/ul>\n
Post-ICO bounty programs often include tasks like:<\/p>\n
- \n
- Finding and fixing bugs<\/li>\n
- Reviewing the project<\/li>\n
- Managing the online communities surrounding the project<\/li>\n<\/ul>\n
Reasons You Should Use Bounty Programs<\/h2>\n
\n
\n<\/center><\/p>\nThe most obvious reason for projects to use bounty programs for blockchain marketing is that they have the potential to promote rapid and sizable community growth. They can also be a great choice for ICO projects that simply don\u2019t have the money up front to hire professionals for the tasks. Paying people with tokens (which will have future value and potential growth) helps spread the risk around for both participants and the ICO project itself. Finally, bounty programs can help distribute a new token to a wider audience, giving it the best chance of gaining traction.<\/p>\n
Reasons You Should Not Use Bounty Programs<\/h2>\n
Bounty programs are far from perfect<\/a>, especially if they\u2019re not conceived and run with due diligence. Many bounty participants aren\u2019t interested in supporting projects long term; they just want to do the work and collect the bounty. Moreover, there are people who are skilled at creating bots as project followers, and these bots do nothing other than artificially inflate follower numbers.<\/p>\n
There\u2019s also the simple fact that many bounty participants don\u2019t do high-quality work. They may \u201cwrite\u201d a blog post by copying and pasting existing marketing materials, for example. Finally, bounty programs can fail because project teams aren\u2019t prepared for the work that goes into defining tasks, setting rules and reporting requirements, and tracking results and token distribution.<\/p>\n
A good rule to follow is that if your ICO project is strong and you\u2019re willing to put in the upfront effort to establish rules and define tasks, and if you\u2019re willing to put in the \u201cback-office\u201d work of tracking results and bounty token distribution, bounty programs can be a good idea. If your main goal is to get work done for free, and you aren\u2019t willing to put in the effort to manage it properly, then you should probably forego bounty programs.<\/p>\n
Blockchain marketing isn\u2019t easy. Bounty programs aren\u2019t easy either, but they can be a good choice for the project where there are more energy and enthusiasm than hard cash upfront. If you\u2019re thinking about using bounty programs, spend time on sites like Bitcointalk learning about existing bounty programs and learning from others\u2019 successes and mistakes. There\u2019s a definite \u201cyou get what you pay for\u201d quality to bounty programs, even if most of the expense comes in terms of time and effort put into the programs.<\/p>\n
If you\u2019re developing an ICO project, we invite you to download our ICO marketing spreadsheet<\/a> to help you build your blockchain marketing budget.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bounty programs are popular blockchain marketing techniques, especially for startups that don\u2019t have deep pockets. Here\u2019s how they work. The \u201cbounty\u201d or rewards are in the form of the cryptocurrency that the project will generate (or has recently generated). To get those rewards, people complete defined tasks that are generally designed to generate community growth… Read More…<\/a><\/span><\/p>\n","protected":false},"author":109,"featured_media":14590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[459],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/posts\/14589"}],"collection":[{"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/users\/109"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/comments?post=14589"}],"version-history":[{"count":4,"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/posts\/14589\/revisions"}],"predecessor-version":[{"id":14594,"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/posts\/14589\/revisions\/14594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/media\/14590"}],"wp:attachment":[{"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/media?parent=14589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/categories?post=14589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mediashower.com\/blog\/wp-json\/wp\/v2\/tags?post=14589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}