New cryptocurrencies are built, almost entirely, on the trust of the community. With the sheer quantity of new cryptos that are released every month, the difference between a failed crypto project and one that gains traction is the people that get behind each release. Creating a sense of community intrigue around a new project is no small task. But, equally, it’s not impossible.
Some of the largest cryptocurrencies and blockchain projects in the world started off with just a staff of a few people. Without initial investors, community support, and leverage over their followers, how did they grow into the powerhouses that we recognize today?
The answer is through community building. No matter how impressive a project is, if you can’t win over individuals, the project won’t grow at all. In this article, we’ll break down why community is so important in the world of blockchain. After that, we’ll turn to community building, demonstrating exactly how you can start to gain support in this competitive industry.
A Multi-Channel Approach Is Vital When Building Community Around a Crypto Project
The single best way of building up a cryptocurrency community is by letting time go by. The second best is engaging with as many community channels as possible. With the former, time passing with your blockchain project continually posting shows that you’re committed and here for the long run.
Besides the validation that years of exposure will bring, you can speed up the process by appearing across various news, social media, and other brand sites. Let’s dive into this community-building process.
Appear Everywhere You Can
Consumers who trust in a brand are more likely to commit to using and investing in that same brand. In the world of cryptocurrency, where there are much larger financial incentives and worries to consider, this is only pushed even further. Once people are familiar with a cryptocurrency and have heard about it from many sources, they’re more likely to trust that company.
This, of course, won’t happen overnight. Brand familiarity isn’t something that comes out of nowhere. In fact, 54% of consumers never fully trust a brand. Yet, familiarity naturally builds up over time when a consumer repeatedly sees a product. If you were going to buy a new mobile device, would you trust a company you’ve never heard of, or would you turn to a brand like Apple or Samsung that you’ve been exposed to time and time again?
The same goes for building consumer awareness. In order to make your brand fall into that category of trustworthy companies that a person could invest with, you need to boost your familiarity. The single best way of doing this is by expanding your PR efforts across as many channels as possible.
You’re going to want to have:
- Social Media Presence – Create accounts for your blockchain project on every social media you can think of. Regularly post and make sure that the community is aware of what you’re currently working on within the project.
- Guest Posts – Write educational articles for other websites, giving yourself backlinks while also presenting your brand as an expert in the niche.
- Press Releases – On a continual basis, you’re going to want to send press releases to the world’s most important blockchain news websites. Some crypto press release tips to get you started are: release frequently, keep things short, always put the main point in the first paragraph. People want rapid news, not a novel.
Expanding your social reach across many different platforms at once will make sure that customers see you all across the internet. Once the time arrives when you want to ramp up your drive for investments, your consumers are going to be more familiar with your brand and will be more likely to commit.
Go as wide as possible, hitting as many social streams as you can.
Give Back to Active Community Members
Once you’re beginning to get noticed online, don’t forget to reward people that are beginning to join your community. Whether they’re buying your tokens for governance or simply joining a designated Telegram or Discord channel, always attempt to engage with them. For some members, continual engagement will be enough to show that you’re placing the community at the top of your priority list.
For others, they’ll want more than just a little bit of conversation. A great way to foster loyalty within your cryptocurrency community is to offer community management roles. For those that are particularly invested in your community, you can offer them temporary roles, paying them in crypto for a few hours of work each week.
Not only does this ensure that your community will be better managed, but it also creates a sense of kinship for those that are committed. By doing this, you’re able to turn people into true fans of your cryptocurrency, helping you snowball community engagement, management, and reward into one streamlined system.
With access to your own cryptocurrency, doling out crypto rewards to active community members is a wonderful way of keeping people interested in what you’re doing. When in doubt, turn to financial compensation and rewards.
Building your crypto community should always be at the top of your agenda when launching a new project. This is so vital to the success of a new blockchain company that many organizations will hire a community manager to oversee progress in this area. After all, the faster that a project can grow their community, the faster they’ll meet all of their other goals.
With an active community supporting your project, you’re able to rapidly increase the total value of your crypto, boosting liquidity and helping to accelerate the development of the business as a whole. From widespread word-of-mouth marketing to a greater degree of trust and transparency, having a community will help your brand in a multitude of ways.
If your crypto project only has one goal in 2023, make sure that it’s formed around the building and sustaining of an active community. Trust us, everything else will follow.