Crypto Community Building: How to Build a Strong Community in Сrypto

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Almost all crypto projects gain popularity through communities. This was the case with Ethereum, Blockchain, and many other mastodons of the Web3 space. Perhaps, this is where you should start promoting your solution? Below, you will learn how to build crypto community and what marketing techniques can be used here. Also, you can resort from the very beginning to professional services of crypto community management from the CoinBand team and, thus, don’t bother with mastering and implementing sophisticated and unobvious community management techniques.

 

What Is The Crypto Community?

Crypto communities are made up of cryptocurrency fans. Participants in such communities are united by a love for NFTs, DeFi, as well as second-level solutions, that is, everything related to cryptocurrencies. The main goal of crypto communities is the exchange of knowledge in an informal environment and primarily – between amateurs.

It is believed that this is where users can get a more transparent and unbiased opinion about a particular Web3 project. This means that such communities can be used for the benefit of your marketing goals.

As for localization, usually, for open (official) promotion, you can create a community on any of the popular social networks in the crypto industry, such as Discord, YouTube, Twitter, Telegram, etc. If we talk about “chat rooms” (crypto communities with users who are simply looking to solve a specific problem not related to your project), it makes sense to localize them on Reddit and Bitcointalk.

What Do You Need Before Creating A Crypto Community?

Before you take the plunge and start attracting an audience to your crypto community through all available communication channels, you will need to take a number of preliminary steps. Here they are.

Create an idea for your crypto community

Above, we have already outlined two main ideas for creating a crypto community: these can be general topics related to the Web3 industry (for example, you can cover issues of security, anonymity, generating new sources of income, etc. – in this case, you will advertise your project as “by the way”), or everything related specifically to your project – updates, news, integrations, events, etc. (thus, you will be able to mention your project in every new publication without a twinge of conscience).

Remember that the choice of an idea depends on many factors such as the scale of your project, its purpose, the main marketing strategy (within which you are going to implement your crypto community strategies), budget, timing, and so on.

Decide who your target audience is

Another critically important factor, the awareness of which will precede practical steps to create a crypto community, is determining its target audience. In particular, you will need to find out the demographics of potential participants, as well as their goals, pain points, and interests. With this information, you will be able to explore topics in your community that are most valuable to its members.

Choose a platform and think about ways to attract new community members 

Finally, you will need to choose a platform where your audience will be most comfortable interacting with you. It is common practice to create communities on multiple platforms at once. The most popular platforms are Telegram, Medium, Twitter, Facebook, Discord, Reddit, Bitcointalk, and YouTube. As for acquisition channels, this could be organic traffic (that is, search engines), your website, referral links, social networks, PPC advertising, and email newsletters.

7 Best Crypto Community Building Practices in 2023

Once you have decided on the above three aspects, you can safely begin working within the community. Below, we invite you to check the best practices for crypto community building on the Internet.

1. Encourage users to take an active part in the development of your community

The first step of your crypto community management strategy will be to figure out how to encourage your users to make them active within the community on their own. In fact, there are several options. 

The first is to touch on most actual topics and consider them from the point of view of applying your project. In particular, events such as pandemics, the global economic crisis, and other negative events that are relevant for residents of any country, to one degree or another, may have an impact on each of them, and perhaps, your project can become, at least, a temporary solution to their problems. Likewise, you can consiider topics that are relevant only in specific regions – this way, you can create a stir among a specific demographic group of your community members.

Another workable option is to somehow reward your community members for being active. These can be various types of bounties and discounts for your products and/or services, as well as a certain user status within the community. The latter may be important in communities where administrators may grant individual users certain privileges in the context of their actions within the specific social platform.

2. Increase your members' knowledge and help them solve their problems

Along with the opportunity to communicate with like-minded people from anywhere in the world, your crypto community should also provide educational benefits. To do this, you can create a separate knowledge base or share useful guides and tutorials from time to time. It will be especially useful to look beyond just your project and expand the expertise of your community members with general knowledge about blockchain, DeFi, DApps, and cryptocurrencies.

3. Hold events regularly

Another useful technique would be to regularly conduct webinars, panel discussions, AMA sessions, and other live online events. Thanks to this, you will be able to attract the maximum number of participants at a specific time and thus, in addition to providing the educational benefit, also unobtrusively implement a marketing campaign.

4. Reward for direct participation in the development of your project

A separate type of reward for members of your crypto community can be introduced for ones who help make your project better: for example, through testing its functionality, code review, etc. This way, you will receive not only useful insights about optimization but also loyal fans of your solution.

5. Use the best practices of the platform on which you created the community

As you may know, each social platform has its own best practices for increasing user activity. Typically, these are memes, video content, polls, etc. Thus, depending on where your community is located, you can use appropriate SMM techniques to maximize user participation in discussions.

6. Create collaborations with industry experts and influencers

You can prepare a list of experts and influencers with whom you would like to collaborate and gradually begin to implement your influencer marketing strategy. You can publish all the results of your collaborations in your community to increase user activity and also attract new community members from other platforms.

7. Implement moderation and rules

To make the management of your crypto community as effective as possible, you will have to introduce some rules and policies that absolutely all its participants will have to comply with. It would also be good practice to involve a moderator in this process (or set up automatic moderation if a specific social platform allows it) so that topics and messages that are objectionable to you and your like-minded people do not appear in your community. 

Finally, you must come up with an algorithm for resolving conflicts between community members and determine what penalties might be for violating the rules. Thanks to this, you will be able to maintain a healthy atmosphere in your crypto community and minimize the risk of individual members leaving.

How to Ensure Constant Growth for Your Crypto Community?

Once you have built an audience that is actively participating in your crypto community, you will need to think about how to ensure that its size continues to grow. Therefore, to sum up our crypto community guide, we decided to share with you some practical recommendations for this:

  • Form separate threads, groups, and subcommunities that cover specific questions and topics – this way, you will help your new members quickly navigate your crypto community and find exactly what they are looking for;
  • Collaborate with other crypto communities to expand the awareness of your members and get new active users who came to you from these communities;
  • Focus not only on attracting new community members but also on retaining old ones by providing them with certain benefits and privileges for sharing links to your community in their social media accounts;
  • Constantly monitor the activity of your crypto community using special analytical tools – the most important indicators for you will be the number of active participants, the level of participation, and content coverage;
  • Create surveys and provide an anonymous form to collect feedback about the usefulness and value of your crypto community for its members;
  • Adapt your crypto community management strategy to the insights you receive to achieve maximum success.

How to Build Community in Crypto Industry: Final Thoughts

Now you know how to build a crypto community, and also understand the steps preceding it and the steps associated with its development. Thanks to the information received, you will be able to build an effective marketing strategy to promote your crypto project and achieve certain success in this. 

On the other hand, you should keep in mind that in conditions of limited budget and time, any incorrectly taken step can open up opportunities for the development of your competitors. Therefore, to become a leader in your niche and win the loyalty of as many people as possible, it makes sense to turn to real professionals for promotion. Specifically, we, at our crypto & blockchain marketing agency, offer comprehensive crypto marketing services. Thus, if you decide to turn to us, you will get the maximum return on every cent you invest and lead your project to the worldwide popularity.

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