Blockchain industry is currently experiencing overwhelming attention. People from different geographies & demographics are coming along in this ‘Tech-Revolution’. Just like any other area of technology, the focus of a blockchain startup hinges on the mass adoption of their product/service.
And, the community is key to mass adoption.
Communities will play the most vital role in leading us to mass adoption. An engaged community helps, collaborates & talks about your project. A paradigm shift in the process of how companies used to coordinate with communities to market their products/services.
We all witnessed the slew of ICO’s taking place in 2017–18 but most of them haven’t released a product. Even after the ICO. And soon, we started hearing about ‘scams’ and people in the community talking about this too. And when people start talking bad stuff about a company/product, it usually doesn’t end well.
This got me thinking that Community Management is at the core of a good Crypto project or any crowdfunded company for that matter to make things transparent with their communities.
Why Community Management is Important?
There was/is a lot of hype in the market — And as we speak there are ICOs going on. It’s really hard to tell which project holds potential and whether one is just a potential money grab. An investor may obsess over a project one week and be swayed to a new “up-and-comer” the next.
Here’s what often happens in crypto: A Whitepaper is released and people get excited and motivated about the news. They immediately join the Telegram group to get updates on the project. People start pouring in hundreds and more often than not, the group gets bloated with members looking to make a quick buck.
But just because one has a bloated Telegram group or a Discord channel, it doesn’t comprise of a good community. Most of them are usually ‘Ghost Members’. When there is another hyped project in the market, people will gradually move their attention elsewhere.
Important is to keep sharing updates with the community, there can be a case when community members who are in your group for some quick buck they might ignore your updates but you will find some of the community members who are genuinely interested in listening to you & your project updates will stay and ask questions.
You hold onto them & build a relation which can be garnered further. Every community requires support to be successful. Support comes from developers, blockchain/crypto enthusiasts & small investors.
The success of a Blockchain Project/ICO highly depends on a ‘strong’ community you build & strengthen over time. So, before you launch a project or ICO or even think of, you will also need to think about creating a strong community first.
Support from a community helps you in spreading the word of mouth about the project, eventually creating more visibility or increasing members in the community.
Thus, community management comes into the play & is considered most important in blockchain/crypto space.
A great community takes time and effort to build. Engaging with users that are interested in your project, being transparent with them, creating content so that users can educate themselves upon but most importantly, hearing them out.
During the early days of your project, you have a real opportunity to build the foundation of your community. Because it’s a smaller group, you have a lot more influence over its culture. Even in today’s digital world, “The Word of Mouth” is still the best mode of marketing. Your early adopters will set the example for how to behave and how to belong for all your future community members.
Here at Matic Network, we follow a similar path to having an organic community that builds a chain of relationships. We continuously look to improve by getting feedback from our members.
To increase the engagement, we produced a couple of explainer videos that let our members know what the product is all about and where it stands. You can look at the videos on our YouTube channel here.
We realized this early that just having digital content available won’t be sufficient to build our community and grow our community.
We started asking our members about their motivation in joining our community and if they had any ideas or feedback that they’d like to share. Did they visit our website and read up on the content there or did they check out our YouTube channel for product videos?
We also started organizing small competitions related to Matic Network within our community & events on Blockchain for everyone. Competitions generate communities’ interest in learning & knowing more about Matic. Besides that, community members are also rewarded for their contribution. Through offline events, a platform was available for people from various industries and backgrounds to learn about Blockchain in general and in-depth about Matic Network.
Sponsoring Hackathons, organizing a DApp development course, AMA with the community to help them better understand about the project (both on technical & marketing side) & starting Developer Support Program are some steps that Matic has taken towards supporting the community & strengthening the roots.
Here are a few links for your reference:
Matic organized a DApp Development Course at IIT Bombay
Introducing budding developers to the blockchain ecosystem and helping them develop their own DApps fueling adoption!
Matic Network at HackInOut — India
InOut successfully completed the 5th Edition of their Hackathon in Bengaluru, India.
Few pointers to keep in mind to have a community that is engaged and adds value:
- Sharing educative content from your social media channels or related to the industry with Community. This creates a start point for the conversation & intices community member to talk.
- Run small contests or games to create engagement & generate interest in the community. Contests which include learning in depth about your company, your products, and services. This will arouse their curiosity to learn/ask more.
- Return favors & appreciate their efforts — Many a time, community members share their work which is related to your product/service. Appreciate them & they will return the favor multifold
- Market your social presence — Newsletters & emailers can be of great use. Create a monthly or fortnightly series of emailers talking about project updates, new achievements & interesting stuff coming up. This will create a systematic channel & they people will not miss the updates you share
At the very start, when you have your idea on paper or product in the early stages of development. Start building your community. Talk to members, get their ideas & share yours, answer to their queries & take feedback. They will come up with useful & sometimes crazy ideas that can help you improve your product.
Platforms like Telegram, Slack & Discord are some of the best to start with.
The CEO of Cappasity, Kosta Popov once said, “All successful projects start with a strong concept and end with a well-maintained community who grow to expect that they’ll be kept informed about everything happening inside the company.”
If the community is treated well, they will be the best publicity your project can have. They will also come up with ideas you never thought of. Some will even do work. They’ll help code, do testing, and write articles. This is what a community can do for projects. This is what makes or breaks them.
Best of luck to all great projects and communities out there. You can join ours over here — Matic Network’s Official Community