Author: Jagdish Kumar, India
Growing numbers of initial coin offering (ICOs) across the world is good news, as majority of their marketing job lands with the agencies based in India.
Many companies are raising funds through ICOs and to market these cryptocurrencies they need advertising agencies that can work on their behalf to raise funds.
In 2017, over $3 billion was raised by startups globally through this method and it has become very popular.
ICO is a process of raising funds by offering company shares in coins instead of shares, as it is offered by any company while raising funds through initial public offering (IPO).
After the ban of crypto advertisements by world’s global search ginat, Google and biggest social media platform, Facebook, companies offering ICOs are outsourcing their advertising and marketing to small – mainly Indian – agencies and groups.
The agencies use platforms like messaging app Telegram to market their ICOs, which might be impossible, But the new method have been working and it has little impact on companies planning for initial coin offerings (ICOs).
A CEP of Chennai-based marketing agency which has worked with 14 companies any company going for an ICO now will have a few 100 proposals from new marketing companies that are sprouting in India, two or three months ago, there were only a few platforms that helped in advertising.
Majority of the company going for an ICO and which are outsourcing their advertising and marketing jobs are Europe based.
Apart from using apps, the companies are also advertising on news websites covering cryptocurrencies and to advertise on these portals, one has to spend thousands of dollars.
Though WhatApp is the most popular app, but Telegram app is used, as it can have 100,000 members, as compared to 256 members in WhatsApp. Reaching 100,000 people becomes eaiser.
There is another concept of promoting the ICO is airdrop, under this, the company offer free coins/tokens to any user joining the ICO community. And a user can earn extra coins/tokens by inviting friends and referring it to others too.
The high rates globally have led to many companies outsourcing all their marketing services to India, where agencies do it for a far lesser price, Uday Kadirvel, co-founder of design-tech company Mobigraph said.
Image Credit: techstartups.com