When partnering MintMe to handle your projects' funding, tokens are one of the most important new aspects. They will represent you and your work so they’ll be closely linked to your brand. Both the price you set for them and the amount you’re able to sell, will determine the amount of money you’ll make.
Knowing how much money you can make is very important when planning your budget, unfortunately, it’s very difficult to predict, especially at the beginning of your project. Selling tokens will entirely depend on your followers' engagement and their willingness to support your work, and some aspects will help you understand where you are standing. Once you know this, you’ll be ready to adjust what needs to be adjusted to increase your sales. We will only mention some of them and of course, some details will be different according to the nature of your project but you can easily adapt and apply them.
1. Have you built a strong brand?
A brand is one of the most valuable assets of your project, it represents its face, logo, slogan or mark, anything your followers will associate with you. A strong token will come after a strong brand, you can read more about it in this article. It goes beyond having a nice name or a lot of followers/customers, there are some questions you can ask yourself to find out how good your brand is:
Do your followers think about your project as having a superior quality?
How would you qualify your fans' engagement? How often do you interact with them?
Do you have an emotional or personal connection with them?
Do you think they’ll care if someone else starts making your product? Will they even notice it?
Having a clear positive answer to any of these questions would mean you have a strong brand or at least you’re on the right path.
2. How many followers do you have?
Even when having a lot of Instagram, Facebook or Youtube followers is positive, in this case, we’re talking about engaged followers, those with real potential to become financial supporters. Don’t make the mistake to try to estimate the number of people who will buy your token just based on the number of followers, it’s more accurate to use a simple method like sending a short survey or something else that requires their feedback, this in case you use to communicate through a mail list; in case you talk to them on social media, ask a question to see how many responses you get, or just think about the number of comments and likes your posts usually get, these procedures will give you an idea about the number of potential supporters you might get.
3. Is your project unique?
You have to consider both sides when answering this question, in one of them you can be offering unique content like first-class handcraft made of recycled license plates, on the opposite side you can be doing something as common as teaching English to foreign students. In the first case, you will probably have a small number of followers but given the low possibility that they could find a similar project, many of them will be willing to support it. In the second one, you may have a huge amount of fans but it will be difficult to convince them to pay for the service you’re offering, it’s not impossible but you have to be very good at what you do, and explaining why they should pay for something they can get for free somewhere else.
4. Are you offering attractive benefits?
Offering some rewards to your supporters according to the number of tokens they freeze is not necessary because they’re already getting something in return, but it could be a great marketing strategy. If you decide to follow this road, always consider these aspects:
How much does it cost you? You must consider any money, materials, equipment and time you have to invest to provide it.
Do you think a lot of your followers will be attracted to it? Think if it will be worth the while or you should better think about offering something else.
How many tokens do you think they’ll be willing to buy just to get this benefit?
Each reward will have its advantages and disadvantages, you have to choose those that will better fit your project and audience.
5. How well do you fit into the marketer role?
When you started your project you could dedicate to what you do best but now that you moved on to the next level you have to think about the strategy you will follow to convince your followers to buy your tokens, it involves everything from the language you will use to talk to them to the possible benefits you will offer, not forgetting to have a clear call to action. You can start reading about marketing to improve what you can do in this area but it doesn’t mean you have to become a salesperson, just stay committed to your project and be confident that things will flow, you can always find professional help in this field in case it’s necessary.
From the above questions, you have probably noticed you have to know your followers very well to be able to provide the right answers. Who considers the work you do is valuable? What will it take for them to put their money into this project? How can you make sure you’ll get a good response when starting to sell your tokens? If you can’t answer these questions it will probably require time and a lot of talking until you’re able to do it but it will be worth the effort because you’ll get priceless knowledge that will help you improve in the mentioned areas.