How do I make my ICO successful?

For those embarking on an Initial Coin Offering (ICO), the question of success is paramount. Could you elaborate on the key strategies and considerations to ensure a successful ICO? What are the most important factors to consider in terms of marketing, team composition, tokenomics, and legal compliance? How do you recommend balancing risk and reward for investors? Are there any common pitfalls that you've seen teams fall into during the ICO process? And finally, how do you stay updated on the latest trends and regulations in the crypto space to ensure your ICO remains compliant and attractive to investors?