The term “customer” in fact is a developed naming stage of any person a company wishes to persuade in buying its products or paying for using its services, and for that to happen, a thoroughly-studied strategy should be set, along with the target achievement plan set for the product or services the company sells.
In ICO campaigns, the marketing process come extra incentivizing usually -called Bounty Programmes- the thing that will push a wide range of people to start looking at that campaign first, and once that happens, those become “potential customers”, which means the marketing process has started to give its fruits on the ground.
How an ICO Bounty Programme Works
Many companies nowadays launch motivating programmes for individuals to take part in, in order to test the service or product, and usually this happens before the product is actually in the market. For instance, in this context, IT companies announce a prize or a compensation for those who agree to take part in testing its programs in their beta stages, before they are officially released in their fully-certified versions- named “build”. The purpose of that of course is to get statistical automated feedback from the computers those participants test the software on, which will allow the company to see if the program works on variant platforms or there will be some bugs when using it on specific systems that need to be fixed.
The incentivizing prize the company announces may come in the means of issuing the participants free keys to use the program tested when it is officially released and ready to use by the community.
The same applies to ICO campaigns managers. However, the compensation they set as an incentive is mostly in fiat currency.
ICO campaigns may have more than a reason for launching bounty programmes, one of which is getting the eyes hanging on their campaign as explained above, while other reasons may vary, depending on the part they need to focus on, which may include “bug reporting bounty programmes” as they work on verifying their system.
Bounty programmes do not start as the ICO campaign that launched that programme is going on. Usually, this takes place either before the campaign starts, so it gets interested individuals and groups to try trading with them or take part in a technical test part of the programme for the company to know whether their system is flawless or not, and in this case the programme is called “Pre-ICO Bounty Programmes”, or after the campaign is over, where such a step comes as an extra advertising to the brand, where the name of the programme here is “Post-ICO Bounty Programme”.
Popular Types of ICO Bounty Programmes
1- Media Bounty Programme
Such a programme, focus on marketing, using the media in its variant means, especially the written one, where bloggers with many followers are in target, so they get asked to write featured articles about their ICO on their blogs, for a compensation in exchange.
This programme can be extended to reach social media writers as well, where the programme can be as writing posts or retweets on the ICO campaign that set the programme.
2- Signature Bounty Programme
As the ICO releases a signature with a code embedded in it, participants –usually are restricted to being form the Bitcointalk Forum- get asked to post this signature.
Therefore, they get stakes according to their ranking in that.
3- Translation Bounty Programme
This type of bounty is needed for translating the documents of the ICO campaign into different languages, especially those languages of the countries regarded as hubs for ICOs and cryptos.
The process involves translating the website of the ICO, the whitepaper document, and a thread pertaining to the Bitcointalk Forum.
4- System Functionality Reporting Bounty Programme
Such a bounty programme is usually dedicated for testing the website or the technology and system the ICO will be using during the period of the campaign.