In the traditional business model, various promotion and advertising programs are used. In more technical terms we call these marketing strategies. Marketing strategies refer to the means of making potential customers come to know about the organisation’s products and services. Businesses need buyers of their products in order to survive. This applies the same to cryptocurrency businesses. They need potential customers to be aware of their products and services. Crypto businesses use the term bounty programs, meaning the activities that they use to make their potential clients and communities know more about the services and products they offer.
In simple terms, a bounty is a reward for doing something. A bounty program is composed of all specially designed activities which, if certain people perform they get paid or rewarded. On the internet, there are also fortune hunters. They look for opportunities to earn cryptocurrencies. Let us first focus on the organisation’s side. Why does any organisation introduce a bounty program? The simple reason is that a bounty program is a way of promoting the products and services of the organisation. Through bounty programs many potential clients come to know about the existence of the organisation and its products. Therefore, bounty programs are a type of digital marketing efforts of an organisation. As pointed in the beginning a bounty is a payment, reward or prize offered someone in order to do certain tasks. There are two main types of bounty programs, which are pre-ICO bounty programs and Post-ICO bounty programs.
Pre-ICO bounty program
Let us first understand what ICO means. ICO is an abbreviation of initial coin offering. Initial coin offering (ICO) is a process where an organisation first sells its cryptocurrency. The crypto coins are sold to the public. So Pre-ICO bounty refers to all paid activities which people do to promote a cryptocurrency before it is sold to the public. The reason for undertaking such a bounty program is to make all interested parties aware of the existence of a certain organisation and its cryptocurrency (token). This process helps the entire blockchain community to become aware of the existence of a new token or crypto coin. The pre-ICO bounty program, normally involves the following three types of activities, social media campaign, translation services and article writing project.
Campaign on social media
One of the main ways to make people aware of the existence of a new organisation and its products is to put information on various social media platforms. Usually, selected individuals, normally referred to as bounty hunters, post articles about the organisation and its products on various social media such as Facebook, Instagram, LinkedIn, Twitter, YouTube and on various blogs and websites. Usually, the campaigners simply repost the material designed by the organisation.
Writing articles
This is a special way of campaigning for a company, its products and cryptocurrency. Individuals can write their own copyrighted articles or copying and pasting pre-written articles to their sites. The websites to post the articles should meet certain specifications. The articles and videos should also meet some specifications, such as length. This type of bounty program is usually undertaken by bloggers who write about business and cryptocurrency.
Translation service
With this type of bounty program, people are paid to translate the organisation’s articles into various native languages. This ensures that the information about a company goes viral.
Post-ICO Bounty program
As the title implies, this is a bounty program that is undertaken after the company have had its initial coin offering. The main motive for this type of bounty is to make people aware that the company and its products still exist. With this programme, the organisation wants to get a lot of feedback from experts and users of its products on what is not going right. Getting such feedback helps the organisation to improve its services and processes. The company will make use of the information to fix bugs and improve its management and processes.
Bounty programs create excellent opportunities for the company and the cryptocurrency community. Investors and traders get more insight into the operation of the company and the value of its currency (tokens). This offers a good opportunity for bounty hunters to make money out of this. The next article will look at how bounty hunting works and how you can benefit from it.
