8 things I’ve learned managing crypto communities
- People are more volatile than the market
The volatility of the market is spectacular. Cryptocurrencies are a new asset class and it has a lot of ups and downs, but the people participating in it are also volatile. One day this technology is going to make everyone rich, and the next we are all doomed. The mood changes a lot, and there are a lot of people that come and go, looking for the next shiny thing, which makes it difficult for crypto projects to attract organic growth, but at the same time, the good times are very sweet, because at those times everyone seems to be aligned.
My prediction is that as the market matures, it will become less volatile with time, and the people participating on it will start to have a more traditional approach. Mood changes quickly in Wall-Street, but it is not as crazy as in the crypto space.
2. People are impatient.
Everyone expects quick and fast results. Waiting is like a forbidden word when it comes to crypto communities. I feel this applies to almost every aspect of the project: exchanges, software development, answers, etc.
I believe it is an extension of this space. Most crypto projects are not delivering anything of real substance, but they promised a lot of things in a short amount of time, and that was simply unrealistic. Development takes time; marketing takes time; building communities take time and building something from scratch takes an insane amount of work, and, you guessed it, time.
What most projects did was thinking a lot about the idea, and how to present it in a way it made people feel FOMO, and not a lot about the execution: how to develop, how to market, how to make an actual product that makes money. What happened is that everyone was expecting the milestones to come quickly because testnet meant a pump, mainnet meant a pump, and every minor partnership meant good times ahead.
3. People expect managers to know everything about the project
They say knowledge is power, and it’s very true. If someone wants to manage a crypto community, better be ready to learn every aspect of a project, because no one will be settling for less than that. It makes sense, because moderators/administrators/whatever-you-want-to-call-it are the faces of the project, and the ones communicating with the general and private public.
I think one of the aspects lacking in current “marketing solutions” or blockchain marketing companies is that they do not really get involved in the mission and vision. For some agencies, marketing for blockchain projects is a transaction, instead of a partnership. Sometimes they even hire outsiders that don’t know anything about the project to manage the different parts of the community, and most of the times it doesn’t work.
That’s why early involvement of the founders and team is really important, because no one else knows (hopefully) more about the company than themselves, and that can help the people working on the administration side day by day to do their jobs better.
4. Working on the crypto space is a roller-coaster
This space moves wild because it’s so young and everything is so new that the ground layer is being developed on the go. That causes a huge number of new things to explore every day, and at the same time having to learn and re-learn everything continuously. It can be so much fun for certain types of people, but a pain for some others, because if the technology space is swift, the blockchain space is like a rocket, that doesn’t stop.
With a fast-paced environment, failure comes along the way, so crypto is not only a roller-coaster because of the markets, but for emotions as well. With so many things happening at the same time, at a fast pace, some things tend to break, and obviously, that causes distractions. Keeping distractions low and focusing on bringing value to people in whatever you do is one of the key aspects of working in the crypto space.
My prediction is that the companies that continue to build and develop projects without considering the market circumstances are the ones that will be better positioned in the long run. When everything is going well, everyone can feel on top of the world, but when things start getting out of control is when the most amount of focus and work is required.
5. Community engagement is difficult
It doesn’t matter the space that you are in, community engagement is difficult, but in this environment, you add the task of marketing to people that don’t care about the product, but the amount of money they can make, and that’s quite challenging. Ultimately, projects want real conversations, and people interested in a vision, and that’s hard.
Think of it this way: people started paying attention to Bitcoin when it was on its way to the top. It was crazy, and everyone wanted a slice of the pie. A lot of projects started appearing in 2017, and a lot of people started supporting them just for the potential financial gain, and not because they could make an impact and build a product, and a sustainable business.
The focus right now is in a niche community, because it’s pretty tough to market to the “outside world”, but at some point, it needs to happen, if we want a healthy community that fells in love with the products that this space is producing.
6. Social media is a great way to obtain customer feedback
Crypto social media is where potential users come into Telegram channels to ask questions about the product. How cool is that? 1-on-1 interactions are starting to have more weight in traditional customer support, and thanks to the platforms that crypto projects use, such as Twitter, Reddit or Telegram, those interactions are easier than ever!
Plus, you can get feedback from crypto supporters, that are the early adopters of blockchain technologies, and usually very outspoken and passionate about all the things related to the field. It’s a great way to polish networks and projects, as well as the general and specifics messages about the technology, the vision, the mission, etc.
Customer feedback will be one of the most important parts of building something in this space if we want this to become mainstream and get adopted.
7. The hype cycle applies to crypto communities as well
The hype cycle, created by Gartner, is a graphical representation of the stages a new technology goes through from conception, to maturity and widespread adoption:
I feel it happens with the same intensity in crypto communities. At first, everyone is convinced the project is going to change the world in a month, and the expectations are so inflated they become unrealistic. Then, the general hype goes down, and everyone enters the depressive stage, where nothing seems to work, the project is not going to achieve anything of value, and people start leaving groups and unfollowing social media channels.
After that, companies need to work hard to regain the trust of the community and enter a stage where they focus on achieving their milestones and delivering something of value.
I would say at the moment we are at that disillusionment part of the cycle. The market is down, and telegram channels are losing followers every day, but I would say as well that it is the best time to keep focusing on development, now that there’s not as much noise as before. Certain types of marketing strategies that worked before are not working nowadays but developing a real community can be done at any time, and applying the hype cycle, continuing to build and create is the best strategy to retain and grow the user base.
8. The blockchain movement is global
Cryptocurrency is about transferring value around the earth in a matter of seconds, which is brilliant, so it makes sense that the movement is global, in the sense that there’s no barrier to entry. Everyone that has access to an Internet connection can send and receive cryptocurrencies, as well as participate in the development of projects, or supporting companies through social media.
When I say global I really mean it. For one reason or another, blockchain technologies have attracted millions of users from around the world. In some places like Venezuela or Turkey, is for the devaluation of the national currency. In other places like Estonia or the US is because of pure innovation, while in places like Malta or Switzerland is to maintain competitiveness in an always-changing environment.
I’ve noticed there are a lot of companies working overseas, with the team members communicating remotely. There may be a sense of not needing an office when people interested in the technology are from all over the world.
It amazes me how a new technology can unite so many people from around the world, and make them work together to reach a common goal, and I can’t wait to keep experiencing this movement from the inside out!
