As you might know, a strong blockchain community is, without a doubt, vital to the success of any blockchain firm. However, it is extremely difficult to sustain a network, particularly for SMEs or start-ups that are just getting into the game. In this blog, I will provide 5 powerful and effective ideas to help you make the task simpler. Ultimately, it should help you grow and develop your own community.
Anyway, Why is a blockchain community critical?
Martin Breuer, Regional Director for Asia at EOS Nation, confirmed the importance of the blockchain community within his organization, “There’s no value without the users.”. Jack Dorsey, a billionaire entrepreneur, believes in cryptocurrencies because of their “network and community.”
I believe incredibly in it as well. You see, blockchain initiatives rely largely on word of mouth for recognition, whether that’s coming from the top developers or being recommended and supported by community members.
So, it is clear that the success of a blockchain depends on the coherence and interactivity of its community – the ecosystem’s face.
To put it simply, here are some key benefits of community, including:
Now that you realize how important a community is, and we are on the same page, let’s check out 5 strategies that should work in your firm. I have concluded this from the expert’s experience, so, read it carefully, and it will save a thousand times for you to continue scrolling through multiple websites.
Blockchain community growth strategies
Assist in the education of newcomers
Blockchain and cryptocurrencies are filled with jargon, acronyms, and technical notions. While it is still a bit of a novelty, by educating people about these terms, you are giving everyone information about the hazards before investing or trading in bitcoin.
Companies that provide newcomers with a wide library of educational materials can win their loyalty. Bitbns is a great example! They are an Indian cryptocurrency exchange firm, launched a multimedia academy for bitcoin learners. So, what are they doing in there? Learning, of course!
In that platform, users can navigate among videos and written content, beginners can learn about cryptocurrencies, risk management, margin, and investment analysis.
Providing newcomers with information to get started and preserve their money inspires client loyalty, and later on, it should make a significant contribution to your community growth.
Make a story for your project
A story is one of the excellent community growth strategies for emphasizing the goals and benefits of your project!
However, it is just not every story that works. The story you tell should be interesting enough to pique the interest of both new and old members of society. Through the story, you will be able to teach members about the importance of your project to them and society.
But don’t forget, your initial goal should be to indoctrinate your team in the project’s beliefs, values, concepts, and opinions toward community members, rather than asking them to join your blockchain community solely and deliberately. So, as a community, you must show your users that they are appreciated by doing something worthwhile.
To exemplify, I always bring up the success of Bitcoin, completed by a compelling narrative. The project describes a new asset class that will liberate people from the current monetary system, which rewards the wealthy while marginalizing the poor. With no second thought, the new asset class is Bitcoin, which is based on a disruptive technology known as blockchain.
The Bitcoin story goes on and on to say that the asset ensures that everyone is treated fairly. This means that no one will be able to turn Bitcoin into a tool for oppression.
Many people who did not believe in Bitcoin have become its ambassadors as a result of the Bitcoin moving story.
Organize a Hackathon
Wait, What is “Hackathon”? The term “hackathon” refers to an event in which participants collaborate on computer software or hardware projects under pressure of time constraints.
By organize it, all we want is to draw programmers and developers to blockchain platforms. Apparently, Tech companies and developers really like the concept, and both a platform’s founders or operators offer incentives for creative contributions.
Hackathons are often held at blockchain-developer conferences. Despite social barriers, several initiatives are moving forward with remote hackathons, to great success in building a blockchain community.
Hackathons have always been my favorite, as they kill two birds with one stone! Along with the prize money, hackathon competitors can network with judges and mentors. It can bring intangible networking benefits, especially to newer programmers (what they gain), and forge a lasting tie to the projects and companies that enabled it (what we gain).
Let’s check out an example.
Maxonrow, an enterprise blockchain firm producing regulatory-compliant goods and services, recently held its first-ever hackathon online. Maxonrow sought creative input to propose blockchain-based solutions to government and corporate pandemic concerns. Participants might create teams to work on one of five tracks, including controlling physical distance, awarding credentials and certifications for test outcomes, and enhancing welfare transparency and efficiency.
More than 30 countries competed for a piece of the $17,000 prize fund. Winning projects included an algorithm that determines a crowd’s safety score and an application for applying for grants and stimulus packages.
Utilize social media
Remember that there are many people online who are interested in blockchain projects. Twitter, Facebook, Medium, and YouTube, according to Coinzilla, are the best social media platforms for the blockchain industry. There are also niche platforms to engage members, such as Reddit, Discord, and Bitcointalk. Many SMEs now also create their groups on the blockchain community telegram.
Blockchain and crypto communities are frequently global, integrating cultures and countries. Therefore, It modernizes socializing. Spread your messaging among channels to maximize reach and ensure everyone feels engaged.
Each member in your community is unique. Some members may want to debate technical roadmaps, while others may only check developments. What should you do? Well, celebrate this diversity by spreading the message! Diverse, versatile content and communication are all effective ways to level the numbers up.
Engaged communities are also the best advocates on social media and elsewhere. This type of organic support is especially important for new blockchain companies in the process of establishing and developing a blockchain community.
Active communities encourage new members to join and having well-informed members lead community engagement helps to increase community understanding and support.
Many SMEs also offer rewards schemes and community-building initiatives to encourage social media activity. These activities help communities feel valued and engaged. So, just be creative! And keeping open and honest communication is a key to a mutually effective partnership.
Collaboration is king
Cross-collaboration with other projects is a traditional but still effective marketing strategy. You’ll be able to get your name out there to an already established audience. In most cases, this is done in a two-way exchange, and the results can be fantastic!
Crowded bitcoin and blockchain sectors aren’t always bad. Collaboration with other firms creates something with higher user value than the sum of its parts and cross-pollinates blockchain community.
Kava was created on the basis of blockchain interoperability and is part of the decentralized finance movement. The project’s initial token sale was on Binance’s Launchpad towards the end of 2018.
In this article, we have discussed 5 powerful strategies to foster blockchain community growth and development for small businesses.