The Chicken and Egg Web3 Plague and How To Use It To Your Advantage
Every web3 startup brand is always faced with one major problem that determines the future of the brand. It is a plague that has shattered the foundation of many web3 brands due to negligence.
I like to call it the Chicken and egg web3 plague. To better understand how it works, picture a web3 brand that is running a marketing campaign to get people in the community.
But people are reluctant to join because they have a handful of members and no one wants to be where two or three are gathered.
Now, picture another web3 brand that has several top influencers and quality members like Gary Vee, Reese Witherspoon and Steve Aoki.
You would love to join such a community, wouldn’t you? Great, I would too
In summary, the value of the web3 brand (egg) depends on many quality people (chickens) turning up to increase engagement, content and interaction.
Now, the dilemma is how to get those first few members when no one wants to be where two or three are gathered.
“The chicken and egg web3 plague is when the growth, engagement and value of a brand are dependent on the number of quality members in the community.”
What if I told you there are ways to leverage this inevitable plague to build a solid web3 brand, quite exciting, huh?
How To Leverage The Chicken and Egg Web3 Plague To Your Advantage
- Build a small tight community of true fans
- Establish a strong credibility
- Gather beta builders
- Demonstrate commitment
Let’s go over them in a jiffy, shall we? Right behind ya
Build a Small Tight Community of True Fans
Getting the first few quality members into a brand is quite a huge lump of a herculean task. What I see many projects do is run multiple collaborations to get in people.
While that approach is not all bad, it’s not the best because it exposes the brand to different kinds of people who might not be interested in the vision of the brand, they are only in for the money.
Remember the goal at this point is to have quality members not just quantity. This reminds me of a beautiful quote by Adelina Mattera.
So at this point, all your marketing efforts are geared towards getting that small number of people who truly believe in your brand’s vision.
That means, no elaborate promotions with lots of promises, just something simple that hammers on the brand’s vision. Those that resonate with it will certainly come around.
When they do, the next step is to get them involved in the brand’s product decisions and growth till they become true advocates and co-creators with you.
Establish a Strong Credibility
One of the most effective ways a web3 startup can go about establishing credibility is by securing solid partnerships.
Now, when you learn about a new web3 brand, you would like to know who else is affiliated with them before deciding to join.
At the chicken and egg phase, there isn’t much attention given to the brand so there is no pressure to get good collaborations fast.
The marketing team can take their time to pitch the vision of the project to top web3 brands for support or just awareness.
The deal is, that the more top brands are aware of this startup, the easier it is to secure solid partnerships and when this startup finally gets exposure, it’ll be easy for new members to trace their acquaintances to those top brands that are aware of the brand.
And voila! Just like that, they perceive the startup as a credible brand because it has silently established a strong connection with many mainstream brands.
Gather Beta Builders
The success of any web3 brand is hinged on its ability to create a truly market-fit product for its audience. And what better way to know what your audience wants than to ask them?
The best time to gather beta builders and create a tailored product is during the chicken and egg phase because when the brand gets exposure, there will be a lot of voices and it’ll be difficult to know who is a solid fan.
During the chicken and egg phase, the founders can involve the community in the product’s development by allowing them to beta-test the product and provide feedback.
Remember, it’s best to gather quality members during the chicken and egg phase so if the cards are well played, the project owner will get quality feedback that will drive the project in the right direction.
Demonstrate Commitment
For you to get people committed to your project’s vision and mission they have to first see that you are committed to the project. I’m not talking about a passive action or a kind of feeling.
NO-NO. They’ve got to see you go over and beyond for the project to prove you are willing to build through thick and thin.
Effort is the silent call that echoes through the corridors of collaboration. People rally around those who demonstrate a relentless commitment to their aspirations
You can demonstrate commitment by securing valuable collaborations, sharing regular updates, hosting weekly Amas with the community and building through and through.
At this point, you might not get massive engagements but you have to be consistent to show commitment.
I saw World of Women employ this when their brand was still young. Their weekly amas has a grain of engagement but they stuck with it and it truly did pay off.
RECAP
- The chicken and egg phase is the point in a startup when it’s difficult to get people in because they have very few numbers.
- A web3 brand can leverage this plague by growing a small community of true fans.
- They can also get quality feedback on the product’s directions because the noise is filtered out.
- You have got to deeply believe in your product with strong convictions and be willing to go the extra mile to show commitment.
Cheers from my screen to yours!
