🌱 How we approach building a crypto community at Covalent
TLDR; Today we want to address a topic in the crypto space that isn’t often discussed — building communities. Most Telegram communities are outright spammy, everyone has their Discord channels muted, and very few people really get Crypto Twitter. The channels to build your community are endless but identifying your true believers and where they live will make you stand out from the rest. We are happy to open-source our thinking around building communities with the goal that you can use this post as a guide to start building yours.
Why Community is important?
For every great product out there, there is a deep-seated community that is helping it thrive. 1) Building communities instill validation for the product as well as accelerate the process of achieving product-market fit for those in the early stages. 2) At the same time, communities cultivate a sense of trust for the product creating loyalists and evangelists. 3) It is the engine with which you can organically build your growth stack. We have definitely seen these in actions in the cryptosphere within different pockets but there’s still a long way to go.
Though the narrative within the space has tremendously changed from being speculative to fostering better tech, the community-building aspect has had very little progress. It is way easier for people to understand what they are being thrown at or drawn into when there’s a participative element to it. So the question still remains — how do you effectively build a community for your product from the ground up?
At Covalent, we have been following the playbook below while building our committed community. Some of which we’ve already started executing and some you will see in the coming weeks.
While attracting the ideal community, we often get stuck at knowing who our passionate people are. Either we don’t know how to approach them or we assume a lot of things in the process missing the mark. For us, we have broken down our target community into 3 main categories:
- DeFi — people excited about a new tangible use-case of blockchains as a replacement for traditional finance. They want to understand their crypto-asset valuations, balances, profit-and-loss. Our thesis is that DeFi is Fintech 2.0.
- ETH and crypto community at large — blockchains are going to transform every single industry in the future, and sometimes we engage with the broader community outside of DeFi.
- Fintech — Savvy people who are on the lookout for new investment opportunities with digital assets.
Read more about our playbook, the approach to building our committed community, and how we can together grow here: https://www.covalenthq.com/blog/building-crypto-community-at-covalent/
