The Importance Of Community And Engagement
Unlike most traditional investment opportunities, crypto is also an open, community-based, social activity. And it is this particular distinction that makes crypto more accessible and appealing.
The crypto world has become a unique mashup of computer science, traditional finance, game theory, cryptography, and social media. Its diverse makeup is part of its charm and what makes it appealing.
Crypto appeals to people from all backgrounds with a range of personal interests globally. If blockchain and crypto are supposed to democratize and decentralize the exchange of data and wealth, they’re certainly living up to expectations. There’s an incredible universality about it all.
Of course, at the heart of it, is investment: an investment in new ideas, alternative thinking and innovative solutions; investment in computing architecture, skills development and data-handling; and ultimately, an investment in digital currency and assets.
But unlike most traditional investment opportunities, crypto is also an open, community-based, social activity. And it is this particular distinction (amongst some other very important key features of blockchain tech) that makes crypto a more accessible and appealing investment. Similar, in a way, to kickstarter projects really. Just on another level. It’s the social element — that personal buy-in — that can be fundamental to a project’s success.
What Makes A Good Community?
Building a good community is vital. While casual social media can help in the short-term, it’s your community who will deliver the most engagement.
Think of it like delivering a speech — do you want to direct your words towards someone you bump into in the street, or to a room full of interested people?
While you may be lucky and catch the odd fan or two from casual engagement, it’s far better to have an engaged, interested audience to communicate with.
An online community should work symbiotically — where there are equal benefits to both in the relationship. TLDR Partner, Graham Friedman, believes:
“A good community is self-incentivized. It’s a full loop where everybody is scratching each others’ backs. They’re all motivated by some sort of profitable mechanism.”
And it’s true. No matter what profit means to you (money, disruption, network), it doesn’t matter. The key is that both the business and the consumer benefit from the community.
How Do You Grow A Community?
Growing a community is often a tough, but rewarding task. You need to keep a constant eye on what strategy is working for you, and what isn’t, and adapt. In the fast-paced world of crypto, if you can’t adapt you’re going to get left behind.
The crypto community pushed heavily into bounties in the early stages. While it’s true that bounty programs can be an integral part of any digital marketing enterprise, the market is becoming saturated.
“The bounties were a huge thing. Then the couponers came out to find them. I think there are such an overwhelming amount of bounty programmes that they are starting to fall off as well.”
So, while a bounty programme might still benefit your ICO campaign, they can’t be relied on to create your community. This comes from communication and direct contact. It can be a laborious task, but businesses can reap the rewards of taking the time to offer direct communication with an engaged and passionate audience who will thrive and grow with them.
“If you look at
, they spent a year growing a community. They were able to raise all $40M without any sort of marketing. That’s really organic to the space and it’s the same as anything else. It’s storytelling. It’s getting in touch with your people and making them feel the love and getting involved. This is a group project.”
By taking the time to share your story and the human side to your business on platforms like Twitter, Telegram and YouTube you can build a strong and passionate community.
Which Platform Offers The Most Benefit?
There’s such a large range of platforms available now it can be difficult to choose the one that will benefit your business the most. But, you wouldn’t restrict yourself to just one social media channel in your personal life, so why do the same with business? By spreading across the platforms you can reach a larger, more diverse audience.
It’s important to understand the utility of each platform and the ebb and flow of how they work for you.
Medium is great for long format, but isn’t always ideal for short, snackable content. Telegram is excellent for messaging, creating engagement and getting valuable feedback. It isn’t the place for long articles, although it’s a useful tool for distributing articles written elsewhere.
There’s also value in the more traditional social media platforms, YouTube is a great way to offer AMA sessions and open up the human side of your brand to potential consumers. Twitter gives you rapid engagement and the use of hashtags to reach out to a new audience.
It’s good to experiment and explore and see what works for you.
The Power Of Community
Embracing the social element of community is fundamental to a project’s success. It’s not just about rushing a big influx of people, you need to take time to engage with your community.
Imagine it like a garden. If you leave it alone, some plants will survive — but they won’t be at their best. If you take the time to nourish, tend and grow organically then you’re left with a strong and healthy garden.
It’s the same with your community. The ultimate goal is not only to create a vast viewership that can be activated for:
- Conversion to investors.
- Creating buzz throughout their network.
- Displaying “volume” to exchanges.
- Launching crowd based campaigns.
- Outreach into separate but similar communities.
But to create that thriving community based on mutually beneficial interactions that will grow trust and passion for your brand.
If you’re interested in finding ways to collaborate and partner with TLDR, don’t hesitate to reach out here.
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This article is based on views and information held by TLDR on publication date and may be subject to change, although TLDR does not undertake to update them. Nothing contained herein constitutes investment, legal, tax or other advice, nor a recommendation or solicitation of an offer to buy or sell any securities or to adopt any investment strategy. No representation or warranty, express or implied, is made or given by or on behalf of TLDR as to the accuracy and completeness or fairness of the information contained in this article.