Today we want to turn your attention to an infrequently discussed but important topic in the crypto space – community building. The channels for building your community are endless, but if you identify your true fans and where they live, you will already stand out from the rest. We’re happy to make our thoughts on community building publicly available so that you can use this post as a guide to starting building your community.
Why is community important?
For every great product, there is a deeply rooted community that helps it thrive. Creating communities helps validate the product, and it also speeds up the process of achieving product-market fit for projects that are in the early stages. At the same time, communities cultivate a sense of trust in the product by creating loyalists. This is the engine with which you can organically build your growth stack.
While the narrative of the crypto space has changed a lot from speculation to the promotion of modern technology, the community-building aspect has made very little progress. It’s much easier for people to understand what they’re being thrown into or pulled into when there’s an element of participation. For this job, good-old SEO promotion will not be enough. So the question still remains, how do you effectively build a community for your product from scratch?
When attracting the ideal community, we often get hung up on who these people are. Either we don’t know how to approach them, or we assume that many things in the process don’t hit the target. The target community can be divided into 3 main categories:
- DeFi – people are excited about the new option of using blockchain as a replacement for traditional finance. They spend hours on forums because they want to understand the valuation of their crypto assets, balances, profits, and losses.
- ETH and the crypto community at large – blockchains will change every industry in the future, and sometimes we interact with the broader community outside of DeFi.
- Fintech – experienced people who are looking for new investment opportunities with digital assets.
When creating, it’s important to understand that these groups can be attracted in different ways.
When creating content, you must have a different point of view than everyone else. At the same time, that particular thought should resonate with and delight your audience.
Among the content you publish could be:
- Educational content. This can be various videos, guides, and instructions on how to use your platform, or about the crypto industry in general.
- Interactive content. Involve the community in the development process. This could be creating a logo, coming up with a name for a new feature, etc.
- Don’t forget about social media. There are different platforms on which you can find your community, and the list is endless, but it will be important for you to determine what is right for you.
For most projects, the most successful paths are creating communities on Twitter, Telegram and Reddit. Of course, this all depends on your capabilities and desires. Spend at least 2-3 weeks, and then draw conclusions about the effectiveness.
Creating and fixing
Feedback is one of the most important tools for community outreach. The principle is this: you create a product, look at the reaction of users, and then understand whether you need to change something or continue to develop what has already begun. That way you can effectively track user reactions. It also helps you to keep people loyal and not lose users, which is especially important in the early stages. If you listen to feedback, people feel important.
In fact, the community often has great ideas that are worth listening to. This will not only help build trust with users but also improve the platform, which will increase the community as a result.
Development as community-building tools
Creating a landing page, microsite, or creating a mini-product that helps people understand the value of your platform is another effective community-building tool.
Don’t stop there.
When your community is just starting to grow, it’s important not to slow down and maintain that growth. There are several ways to do this:
- Create an Ambassador Program. Once we know more about the community, their goals, and how they interact with each other, we need to empower them with ownership and discretion. Then the community can take the baton on your behalf.
- User-generated content. One way to create user-generated content is to host events or meetings with community members engaging in the event live via Twitter and Telegram channels with your hashtag. The content can then be promoted on YouTube.
- Rewards. In one form or another, it’s important to have rewards as one of the community-building factors. Rewards can be external or internal. You can even launch an airdrop from time to time. The goal here is to create brand ambassadors, not make them work for you. Ideally, you want them to participate in your product presentations, events, webinars, AMA sessions, etc.
So, the next time you think about the big steps to building your community, keep in mind the people you’re reaching out to and think about how you can engage them by providing value and how you can engage them in the ecosystem. At the end of the day, we want to grow this ecosystem together.