Answers to All questions about White Paper
It is impossible to become a part of the hype crypto world without knowing such simple concepts as «bitcoin», «tokens», «blockchain» and «ICO». Do you know that these words are most often used in White Paper to describe new start-ups that want to attract investments through ICO?
Perhaps you are not even familiar with White Paper or know a little about who this marketing monster is. But we are more than sure that we are not close enough to tame it.
- What is White Paper?
- Why do ICO need White Paper?
- Who needs White Paper?
- What is White Paper used for?
- Good White Paper, what is it?
- Execution of White Paper
- The Prospects of White Paper for ICO
- How to improve the appearance of White Paper?
- Ways to promote White Paper
- How to understand whether your company needs White Paper?
- What do you need to remember when creating White Paper?
- Basic principles of developing White Paper
- How much does White Paper cost for ICO?
- Factors determining the success of White Paper on ICO
- Who writes White Paper?
- How long does it take to develop White Paper?
White Paper refers to an official document that describes the idea, product and services of a project that to raise funds uses Initial Coin Offering (ICO), the form of investment realized through the initial offering of tokens. This document complexly and comprehensively describes the project so that a potential investor can give an objective assessment of its potential.
B2B-marketing actively uses the potential of White Paper. This is not surprising, since this tool is easy to distribute and moreover, it is in demand among investors. Despite its popularity in the crypto industry, content marketing underestimates it. This is due to the fact that most marketers are still familiar with it only superficially.
In fact, White Paper is read only by 5-10% of investors. It is few, isn’t it? But do not rush to draw conclusions. After all, this scanty indicator consists of leaders of opinions that strongly influence the participants of the cryptocurrency market. If these sharks decide to invest in the project, then they will be pulled by other market players.
There is also a downside to the coin. If opinion leaders criticize the idea, that is White Paper, then this will negatively affect the future of the project. To prevent this, the main document of the project should:
- contain information that favorably identifies the project against others that also go to the ICO;
- be trustworthy. For this, it is necessary to understandably explain what value and benefit the project provides, and how the investor will be able to earn;
- contain a compelling call to invest in the project.
In short, the amount of money collected depends on the quality of White Paper. Therefore, not just copywriter with some experience should develop it, but a copywriter who confidently navigates in the crypto sphere should.
As mentioned, White Paper is needed by projects that plan the ICO. Such projects differ in terms of the objectives pursued:
- attraction of investments. Need to provide detailed answers to questions from potential investors;
- promotion and supply of a product or service that is difficult to perceive. Need a competent presentation and simple explanation of complex things in such a way that not only the target audience understands;
- sale of the new solution. Need the right information to successfully launch an innovative idea.
White Paper should include reliable information with a clear, comprehensive analysis.
Often White Paper is used as a presentation of the project to investors. But it is also no less effective in order to:
- consolidate the expert status of the company;
- support the creation of a quality product in any segment;
- conduct a technical assessment or compare several proposals;
- influence competitors and generate leads;
- increase recognition;
- involve the audience in the conversion scenario.
To write a good White Paper, you just need to make sure that the information in it is simple and understandable. At the same time, the document must necessarily contain the technical, commercial and financial part, the implementation itself is not simple in explanation. In order to simplify complex parts, the information must be built in a logical order. So the reader will not lose the essence. Everything should be structured, broken down into sections and blocks. Many people better perceive and assimilate visual information. Therefore, we do not exclude diagrams and graphics, and if possible, the text is duplicated in a graphical form.
After reading the good White Paper, there should be no questions, but only a desire to help the project develop and expand. Therefore, the document should contain the answers to the following questions:
- «What urgent problems are being solved?»;
- «What tools, methods and technologies does it use to solve actual problems?»;
- «How long does it take to solve actual problems?»;
- «Why does the project use tokens?»;
- «What is the value of the project’s tokens for investors?»;
- «How and when to invest in the project?»;
- «How will the collected funds be distributed during the ICO?».
If readers do not find answers, they will attack the chat rooms with questions that the community manager will need to answer n-number of times. Where will the community manager take the answers? Take time and work through each question from the list above.
White Paper must be in several languages. The original version should be simple, so that the translators understand everything correctly. For a quality translation, they must correctly understand the essence and details.
To create a successful White Paper, you need not only an accurate and informative text component, but also a design component. Undoubtedly, the main role is played by content, however, if the text is not convenient to read because of non-structural design, then the whole work of the copywriter will be in vain. The visual presentation is no less important. The design should correspond to the specifics of the project, not overload or interfere with the reading of the document.
Adhere to the generally accepted White Paper design standards:
- the file format must be in PDF format with portrait orientation to A4;
- the file should be optimized for reading not only from PC, but also from mobile devices;
- the number of pages should be in the range from 30 to 50. Although this depends on the specifics of the project and the amount of basic information. You should understand that no one will read the 100-page document.
The governments of almost all countries are trying to introduce cryptocurrencies into the framework of the law. It caused some difficulties in implementing ICO in some countries. At the moment, it is unknown what the future of the ICO will be. However, it is already possible to answer that the introduced state regulation either does not work, or negatively affects the ICO.
For example, today it is quite difficult to work with investors from the US and security-tokens because of the decision made by the Securities and Exchange Commission (SEC) on the case of The DAO. In this case, it is only possible to learn about the token from White Paper. This is not the first and not the last attempt to regulate cryptocurrencies. However, White Paper is still able to convey information to investors.
Few people, at least with some interest, read 10 pages of «dry» text. And imagine what it is like to read a much larger text. Only one thought is difficult, is not it? To make it easier to read, we recommend using:
- key points. Briefly describe each item, but do not create more than 20 in a row;
- different fonts. Headings, subtitles, the main text, signatures of images, tables and other things should differ in font;
- tables. If a document needs statistics, a report, results and other numerical values, then it is better to submit them in a tabular form so that the reader’s brain can process the information faster;
- spaces and empty places. Indent between sections, subsections, paragraphs, images, graphs and tables.
Despite the fact that White Paper is one of the ways to promote the ICO project, White Paper must also be promoted. To do this, use different channels:
- creation of a landing with information from White Paper;
- maximize White Paper distribution to sales and partners;
- send the document to the target subscriber database;
- write about the release of the main document in social networks;
- publish press releases;
- send the document to journalists and bloggers who work in the field of the project;
- present White Paper on all sorts of ICO events.
In order not to doubt and decide on the need for White Paper, ask yourself 3 key questions:
- «How new is the product you sell?»;
- «Will people face difficulties with its understanding?»;
- «Is its cost not too high?».
Even if your product is of high cost and not easy to understand, it is quite possible to take the lead in the market and, also, to close large transactions and attract leads. However, everything is possible with White Paper.
So, You came to the conclusion that You cannot do without White Paper. While developing the WP, keep an eye on the following:
1. The scope of the document
The modern business reader is able to master no more than 5-15 pages – about 20 – 30 thousand characters without spaces. If the reader is interested and immersed in reading on the first pages, then a huge exception is possible. Nevertheless, watch the scope, take the water out of the text and leave only the answers to the potential questions that we have already discussed above.
2. The educational aspects
You will definitely have something to tell the readers about the company, but it’s not worth doing this story voluminous. After all, WP is opened not to learn more about your company, but to know the project closely.
3. Write in the reader’s language
Before you start writing, determine your audience by demographic, psychological and other aspects. To approach and interest the readers it is important to understand their basic desires and needs.
We’ll open a small secret: marketers recommend and like to write short and simple sentences while complex scientific topics and technical justifications are understood easier and faster in long sentences with forms and introductory links.
4. Evidence of the written
Citing any statistics, be sure to specify the source, specify on the basis of what these or other values turned out to be. Expert opinion is credible, even if it is brief. Describing problems, do not forget about the evidence. To do this, graphically demonstrate the annual changes in your market segment.
5. The first pages
The introductory part must be mandatory. Without it, the reader will not go beyond the first two pages. Ideally, before the introduction, a short description of the project is written so that the reader immediately understands whether he should spend his time. Clearly worded text on the front pages attracts not even the interested audience.
The introductory part should not be more than one page, but at the same time it should tell the reader what is actual, briefly reveal the idea of the project and what it is.
6. Professional editing, layout and design
After writing, WP needs to be checked. This should be handled by a professional editor. The proof should be careful not to miss a single mistake. As cool and interesting as the copywriter did, he would still allow some errors due to the amount of work.
Therefore, there is nothing wrong with giving the WP to editor to cut the text, correcting grammatical errors, checking the veracity and clarity of the writing.
7. Do not grudge the time
When creating a WP, the most important resource is time. It is not worth pitying. The correctness of the composition depends on this resource, which affects the inflow of leads, the number of closed deals, the increase in the subscriber base, and so on.
Why should you contact specialists, and not develop White Paper yourself?
It’s simple: the quality of White Paper depends on the team that is working on it. Ideally, it should consist of a copywriter, a marketer, a psychologist, an economist, a technical consultant and an editor.
Do you know what feedback from White Paper is? Do you want to know? If you contact us, you will definitely receive it. We rely on our own experience, learn from the mistakes of others and adhere to the following principles:
- write briefly. In order for the reader to obtain the necessary information and read the document to the end, we do not pour aquatic water. So the reader will not get tired on the first two pages. We compose the document of no more than 30 pages, if the specifics and the concept of the project allows this;
- focus attention on the important. We use tables, graphs, diagrams, infographics and others to bring to the full understanding on the basis of which the reader has made informed decisions;
- aim at the target audience. We take into account the psychological, social and demographic aspects, which removes the language barrier, affects the quality of formulations, structures and other things;
- win trust. We use expert opinion, interviews, calculations, cases, statistics, results of research and surveys. Demonstrate expert approach to the solution of the targeted issues;
- create an attractive look. Responsibly, we approach not only the content of WP, but also its design.
For start with, there are three methods of payment, which depend on the conditions of the marketing agency.
- For fiat money. The cost of WP on average varies from 2 to 3 thousand US dollars. The price depends on the qualification of the company in the development and maintenance of White Paper.
- For cryptocurrency (project’s tokens). This type of cooperation implies the offer from the project creators that a team, working on White Paper, should become a part of the core team.
- Combined version. This method is the most common and convenient. As you may have guessed, one part is paid in fiat, and the second is in tokens and/or in cryptocurrency. It is necessary to motivate the copywriter to write a suitable material that will necessarily shoot and collect hard cap.
The success of White Paper depends on how much the team that is working on the ICO is ready and able to do it. All participants must communicate closely. There are many cases where White Paper was written beautifully. It perfectly described information about the project, described the technical part in simple language and clearly prescribed idea. But, it did not give any result. There are also cases with the exact opposite. This once again confirms the importance of team cohesion.
The success of White Paper is influenced by:
- the relevance of the project in solving actual problems;
- description of the technical part and its implementation;
- the economic part, justification of the need for tokens for a particular project;
- evidence of relevance by the means of marketing analysis, which should establish connection with the project;
- the team, and in particular its members;
- current market trend (at the time of writing the document);
- justification of the project outlook;
- promotion, PR and advertising campaign.
Look, no matter how tautologically sounded, even if the genius copywriter is engaged in writing the main document for ICO, there are many things that can destroy the success of a cool text.
There is a misconception that White Paper should be written by a copywriter in proud solitude. But understand, whatever qualification he might have and how he would not «know oats in the subject», he still does not get into all the subtleties, not to mention the technical and economic part.
Ideally, complex technical things are described by the developers. The founder explains the mission and goals, and the expert in the field of analytics should provide market analysis.
Copywriter is needed to properly design and compose a competent structure of the document. And the most important thing is to make the material from developers readable and attractive. He should turn a technical document into a selling monster, which describes and offers a unique solution to the whole world which, in fact, must be convinced by the text.
So, let’s sum up: the more experts from different fields of activity there are, the more polygon White Paper will turn out to be. Its development, writing and accompaniment ideally should be work out by the team, which includes:
- the founder of the project;
- independent expert;
This list can be longer or shorter, depending on the specifics of the project.
And how much are you ready to spend? It all depends on what material is ready before the writing of the document. There were many things in our practice. It used to happen that the representatives of the project immediately provided some material, and also it was that we had to write everything from scratch and consult the developers in a telephone mode.