A professional token sales project must have an assigned IRO (Investor Relations Officer) who is accountable for creating and presenting a consistently applied investment message to the investment community on behalf of the company, and for monitoring and presenting to management the opinions of the investment community regarding the token’s and/or the company’s performance.
Token Investor Relations
Develops and maintains a company investor relations plan
Performs a comprehensive competitive analysis, including financial metrics and differentiation
Develops and monitors performance metrics for the investor relations function
Establishes the optimum type and mix of token holders, and creates that mix through a variety of targeting initiatives
Monitors operational changes through ongoing contacts with company management, and develops investor relations messages based on these changes
Provides Regulation Fair Disclosure training to all company spokespersons
Creates presentations, press releases, and other communication materials for earnings releases, industry events, and presentations to analysts, broker-dealers, and investors
Oversees the production of all annual reports, financial authority filings, and proxy statements
Manages the investor relations portion of the company web site
Monitors analyst reports and summarizes them for senior management
Serves as the key point of contact for the investment community
Establishes and maintains relationships with exchange representatives
An ICO Communication Contingency Plan is for unexpected situations when the ICO Team sends the message to its crypto community (mostly its token holders) that everything is under control and the ICO Team is prepared for the upcoming challenges. A good ICO contingency plan must contain communication protocols of when, what, where (and how often) and how to call others attention to our communication as follows:
There can be unlimited number of reasons to trigger a communication contingency plan, but let’s list the typical ones:
Technical issues with the ICO platform
Hostile media activity
Sudden leave from the ICO team
Related legislation change
Legal actions against the ICO project
The typical content of our communication should contain several items. Depending on the media outlet or channel it can vary by size but the structure must be as follows:
General overview of the situation
Project status report
Specific effects on the project (if any)
Financial status of ICO (adjustments if necessary)
Promise of follow-up of the situation (updates daily/weekly)
When we publish our content and ask others to share and publish it as well our publications must follow the principles below:
Utilisation of all communication channels
Coherent communication content (matching wordings as much as possible)
Raising the frequency of publishing (from monthly to weekly or daily etc)
As always our publications need traffic and beyond our organic visitors we must drive extra traffic for the highest possible reach by
Manual traffic (direct messages to influencers)
Any unexpected situation is a good opportunity to differentiate our ICO from our competitors by professional, disciplined and prepared management of our communication.
Most people think that a token sales project (an ICO) is a B2C project because it looks like B2C: you have your tokens and you offer it to the public (literally to anyone) to buy your coins. But eventually it must start as a B2B project: yes, at the beginning it is a business-to-business sales process.
There are a lot of steps in an ICO project before it gets visible for the public. It usually goes like this:
Idea (initial white paper) Fund raising for the ICO (b2b sales to investors) ICO materials creation (written content, video content, spike programming, etc.) ICO marketing campaign launch (b2c marketing) Actual token sales (b2c sales to micro investors)
As you can see the first three steps happen without any transparency. But to have a strong B2C marketing campaign, you must have great marketing materials ready and to create blogs, white papers, videos, demo software you must have initial funds.
Right after you have an idea you must start to raise funds for your ICO and that part of talking to seed investors is B2B.
So if you want to have an ICO one day and you already have the business idea, the next step is to have a b2b sales strategy.
Expert as a Service (ExaaS) is a cost effective online method to engage with professional consultants. Unlike the traditional in-person way of receiving consulting services ExaaS gives users/clients the opportunity to receive smaller units of consulting (in the form of packages or smaller time units) without the costs of travelling, accommodation or in-person meetings.
Typical form of ExaaS is Instant Messaging, Voice over IP, emails, document sharing, link sharing, pre-recorded custom video presentations and video/call-confs.
mikloskadar.com offers Token Sales ExaaS services like ICO Help, Complete Online ICO Assessment or ICO Due-Diligence.
According to Wikipedia: Expert-as-a-Service (ExaaS) is an online synchronous and asynchronous delivery model of human consulting and/or automated knowledge transfer. Similarly to SaaS (Software as a service) the concept of ExaaS comes from the remote nature of processing data and/or providing service. The user of an ExaaS accesses the service through a webpage, VoiP, IM, etc. or any related mobile app. Typical ExaaS providers are consultants, lawyers, doctors, teachers etc.
ExaaS is the general term for newer consulting or expertise based online services like CaaS (Consulting-as-a-Service) or JaaS (Justice-as-a-Service).
After trying to do the ‘surgery’ on yourself you can always ask for external help. Most companies, that have successfully implemented a token sales methodology, involved some external token sales consulting into the process. But only after they made sure that they have the proper budget and there is real added value to buy…
Courtesy of: Miramax Films
What is the added value of a good token sales consultant?
Does a good token sales consultant know more about your token business or ICO than you do? Nope.
Is a good sales consultant cleverer than you and your sales director are? Nope.
The real added value of a good token sales consultant is the benchmarks he knows and you don’t. He knows the best practises of your industry: best performing lead sources, sales processes, motivation systems, event budgets and proposal structures. A good token sales consultant knows what your competitors (and your token holders) are doing as he works in your industry and he has strong references from it.
So if you want a consultant that can bring you money instead of taking it follow these simple rules to see quick return of your investment:
Let’s face it, the best ‘doctors’ are freaking expensive
Without the proper budget do not go for consulting. Even one thousand dollars is too much to spend to imitate that you are getting consulting. If you cannot afford professional ICO consulting (which in 2018 is always North of 200 USD / hour), put your money on better use by purchasing some DIY books on sales methodologies and spend the rest on a team-building dinner for your ICO team instead!
The safest thing to do is dipping your toe to the water first. Instead of jumping into a time-taking and risky sales consultant selection you can have a quick and easy online test of their services. (if they offer any small online consulting package) This way you can get some valuable first impressions about a consultant’s professionalism for few hundred bucks. Some of these online services also offer anonymity so you can safely share details about your sales department incognito and you don’t have to worry about nondisclosure issues.
(here is an example of such Token Sales Expert-as-a-Service)
Go for professionals!
When you are ready for personal consulting the number one typical mistake is to bump into is the ex-board member or ex-CXO of a huge international ICO. The guy who was once responsible for millions of dollars and in his spooky way out he fancies doing some consulting. So in his whole ICO career he saw 1 or 2 token sales departments. And yes, he probably solved some sales issues in the past (or watched others solving them) and it is even possible that he faced some sales issues very similar to yours.
But it is not a support group that you need. If your token sales department has ‘cancer’ you are not going to get cured by ‘sharing’ your struggle with fellow businessmen. What you really need is a professional ‘doctor’ who successfully selects proper treatments for ‘cancer patients’ for a living. Somebody who solves various token sales problems every day.
Do not get fooled by the references of a consulting company!
Company references and a senior individual with hands-on experience are two different things. Consulting companies are like hospitals. They employ a lot of nurses and doctors and administrators. Not all of them are rock stars. Ok, a good hospital usually has good doctors. But the good reputation of a hospital will not mean automatically that they have a good diagnostician. And the long-term colleague of a good diagnostician is still not the right hit.
Find a senior token sales consultant and have a look at the personal references of his/her!
Never ask for or accept success fee, revenue share or consulting for equity schemes!
Don’t try to reinvent consulting compensations by success fees or by any other schemes! For the same reason why doctors are not allowed to prescribe drugs for themselves and paediatricians are kindly (and in some jurisdictions legally) kept away from treating their own children. We humans tend to have this special approach towards things that are ours. Let it be our own body or our kid or our own company we cannot have the same analytical mind and cool-headedness anymore. In legislation this is called partiality. And actually this is one of the main differences between a CEO or an investor and a sales consultant. A sales consultant can only have an unbiased opinion about the sales situation and can only have a precise diagnosis and a well selected treatment if he is independent financially and emotionally from the case unlike people (CEOs, board members etc.) from within the company. By having either a success fee or a revenue share scheme any consultant becomes just as bias and attached as any other executives and the real added value of consulting would be gone at once.
Do not go for medication advice to a drug company!
There are many software or platform vendors and partners that offer cheap consulting services. Sometimes they offer consulting for free! Since there is no such thing as ‘free lunch’ you should know better!
Yes, you might need a a platform or media partner or sales acceleration solutions at a certain point in time. But that is a specific drug to a specific disease. First you will need a diagnosis and then an unbiased doctor to select the right mix of medication.
If you ask a drug company about the right medicine, don’t get surprised to receive solutions exclusively from their portfolio. (Isn’t it natural that for a token platform company every sales problem looks like a platform feature issue?)
If you have problems in token sales, do not fool yourself with the clever marketing tools and all-in-one packages of others, find a doctor instead!
When a friend highly recommends a consultant…
A personal recommendation coming from a trustworthy businessman is a good path. But only go for recommendations coming from companies similar to yours!
Just because somebody helped a chicken farm to sell a lot of chicken to a fast-food chain this experience does not make him an expert on how to sell utility tokens to a banking corporation.
…and finally gynaecology, urology and token sales consulting are all very personal!
Consulting is as personal as practising medicine, so you must find the consultant you feel comfortable with and having no problems ‘undressing’ in front of.
You are about to share a lot of intimate info about your company and receive a lot of dramatization and problem finding. This process is always intimate, usually painful and sometimes even embarrassing.
You should find a sales consultant who has the right gender, age, style and humor that fits you!