Nobody can deny that the cryptocurrency sector is a fiercely competitive sector, with new initiatives popping up daily. With such a high rate of company death, newcomers to the area need to bring their A-game, not just in terms of the technological breakthrough they wish to give, but also in terms of forming a community of believers who will back their effort. Any crypto project’s success is dependent on the support of the community. It is both the key source of demand for the company and its principal social media defender when it is criticized.
Many outsiders are unaware that the bitcoin community is not one homogeneous unit united behind a single cryptocurrency. In actuality, it is very fractured, with smaller groups supporting a variety of projects. The largest communities, unsurprisingly, are from the most popular cryptocurrencies on the market, such as bitcoin, ethereum, and XRP. Members of these communities are extremely enthusiastic about their sponsored initiatives and will fight tooth and nail to protect them when someone tries to discredit them or cast them in a negative light.
1. Write the project’s story.
Create a captivating story to go along with your project that will ultimately explain why it exists. This story should pique the interest of both new and old members of the community, instilling in them the notion that the project is of enormous worth and utility not only to them but to the entire society. Early on in the project, the team’s values, ideas, and attitudes should be indoctrinated into the community’s members. Of course, this story should not be made up out of thin air and should accurately represent the project’s aim.
2. Take use of social media marketing
Social media marketing has become an important part of any digital marketing strategy. As a result, any cryptocurrency project looking to expand its community should have a strong social media presence to raise knowledge about their project, which is also an excellent place to start the brand’s story. Many crypto projects might use it as a cost-effective and effective marketing method to expand their network. The number of people who use social media is in the billions, and it is growing as the globe gets more digital and linked.
3. Provide incentives to your community
Engagement is one of the key elements to keep the community involved and active. Incentivizing them to do so is one of the best methods to keep them that way. Referral programs, AMA events, social media contests, trade competitions, meme contests, incentivized social media tasks, airdrops, free giveaways, and so on are just some of the options. Some initiatives run full-fledged bounty systems, in which members are tasked with everything from social media activity to content development.
4. Maintain Control Over Your Community
Community management is also necessary to ensure the cryptocurrency community’s continuing growth and alignment with the project’s goals. It is critical to have someone administer the community to do this. To keep things in order, most of the larger crypto communities have volunteers or paid community administrators.
The presence of official representatives or even cryptocurrency project founders on social media who are willing to engage with the community can offer any crypto project a big boost in confidence. It gives the enterprise an aura of trustworthiness and validity.
5. Seek professional assistance
It’s sometimes preferable to delegate crypto community-building to pros. There are a lot of them out there, and they have the experience, connections, and know-how to quickly and efficiently develop a community. Many of them provide a broad list of marketing-related services, such as copywriting, community creation and management, social media marketing, SEO, and other marketing-related services, to raise awareness about the project and boost its value through the network effect.
Professional community builders may be a more cost-effective and faster approach to grow a community because they have the infrastructure and mechanisms in place to onboard new users. They can also assist them in becoming listed on exchanges or launching an initial public offering (IPO) (IEO). Because the majority of them have already gone through the listing process, they have a greater understanding of how to navigate the often difficult procedure. The importance of listing is that it opens up new markets for the projects, allowing them to expand into new areas.
There are many more ways to create a cryptocurrency community, but we’ve found that the tactics we’ve mentioned are the most efficient and productive. The project team can always use mainstream crypto-related media to raise awareness of their projects, or they can reach out to crypto influencers to boost their social media coverage. There’s even a new type of crypto community-building called social mining, which may be regarded as a more complex approach to establishing a community of true believers by calculating their rewards based on certain quantifiable traits. However, because this is a new product, it will take some time to prove its worth as a community-building tool.
