How to Create Engagement for Crypto Communities?
Cryptocurrencies and blockchain technology are built on the idea of decentralization and the strength of many individual units working as one. But the idea of decentralization doesn’t just end on the nodes within the blockchain; it also influences the success of the companies built on it. Cryptocurrency companies have a solid community base. In fact, it is one of the basic requirements for crypto companies because having a community is essential to their growth and success.
Take a quick stab at the top three cryptocurrency companies in the world. One of the things they share is a bustling community of enthusiasts who believe in their product and market it ardently.
But it’s more than just marketing.
Thriving crypto communities contribute to the product by giving feedback on what needs to be improved. This advantage is very beneficial because it takes away the characteristic centralized bureaucracy of traditional companies and encourages new leadership models that incorporate community members. However, to enjoy the benefits of a crypto community, you need a community with active members.
Why is Engagement Important in a Crypto Community?
Engagement means a vibrant crypto community, and a vibrant community is an asset to any cryptocurrency company. Important aspects of company growth will be stunted if the community is drained. The three significant areas that would be affected include:
- Marketing
Crypto communities are very helpful in marketing a crypto product. When product communities are quiet, people lose faith in the product and the company, and many would choose to opt-out. The power of a crypto community is a function of its numbers, so fewer members equal a failing community and a failing product.
Members of the community raise awareness about the product with their discourse on social media platforms like Twitter. A quiet or small community with little to no engagement would be unable to create a buzz about the product they support, reducing its marketability. It also hinders new members from joining the group.
2. Growth
Supply and demand are two factors that measure growth in crypto companies, and they are tightly linked to the community backing the products. A vibrant community would have a stronger social media presence, a steady influx of new members, and increased brand awareness, directly affecting the demand for the product. In other words, engagement in crypto communities drives demand and growth.
3. Better Products
One of the significant benefits of a crypto community is product improvement. Who better contribute to the product’s updates and improvements than the people who believe in the product already? But you can only benefit from this if your community is thriving. Polls, questionnaires, and discussions on new product updates only work when the group is engaging.
How to Create Engagement for Your Crypto Community?
Engagement is essential to the growth of the crypto community and the products it supports. But how can you build engagement? Here are a few ways to do this.
Hire a Community Manager
The role of a community manager is one of the most important roles you would fill in your company. The community you build with the help of the community manager would be a significant point of marketing and growth for your company. The duties of the community manager revolve around building a community, maintaining conversations within that community, and educating people on cryptocurrencies. Other responsibilities of the community manager include:
- Create public awareness and educate people about the product
- Get new people to join the community
- Implement ideas geared towards project growth
- Monitor the activities of the groups and collect essential data
The majority of the duties of a community manager revolve around creating engagement in the community. So, if you don’t have a community manager, you’ll need to hire one, and if you have one already, you might need to hire a new one. But you can’t hire just anyone. A community manager should
- Be knowledgeable about cryptocurrencies and blockchain technology
- Have communication skills
- Be creative
- Be passionate about the project and crypto in general
- Have empathy
Discuss Valuable Important Topics
The community members are there for a reason — to know more about your project. At any point where they feel that the conversations in the group don’t reflect what they joined for, they would grow silent and then leave. So, keep the conversation fires burning with relevant topics. You can get ideas for these conversations from the news if you’re not feeling very creative. But ensure that the discussions in your communities center around the project or crypto news that is relevant and provides valuable information.
In addition to relevant conversations, introduce polls, questionnaires, and group discussions where members can communicate their views, make contributions and lay complaints.
Give Out Rewards
Few things spark a reaction from people than rewards. You can use a reward system to encourage engagement on the community platform, like some communities that give out coins or NFTs as rewards for either participating in a poll or engaging with social media posts.
You may consider organizing a little competition that requires members to complete a task and the one to meet the goal first gets a reward.
Either way, you’ll incentivize members to be active in the group.
Organize Virtual Events
Organizing events can bring members of the group together. You can use the planning stage to improve group engagement by making a few active members part of the planning group. Give them small tasks to complete. When planned well, a good community manager can use this moment to form an even stronger bond with the community members.
Know Your Community Members
Last but not least, know your community members. Your finger should always be on the pulse of the group. If you pay attention to the group, you’ll see when the group loses steam and becomes quieter. You can revitalize the group before it gets worse.
Also, knowing your community members helps you form strong bonds with them, making communication easier. So, get to know your community members.
Wrapping Up
Community is vital to the growth and success of a crypto company, but only when the community is vibrant. An active community improves marketing, contributes to the improvement of the product, and accelerates growth. You can improve engagement and company growth by using the tips discussed above or you can always get professional help from the TokenSuite team.
