The key differentiator of blockchain projects is that unlike traditional businesses, investors don’t get any physical asset that they can hold on to. This makes it all the more important for blockchain projects launching an ICO to find creative ways to engage investors and then keep them interested. Statistics revealed by Bitcoin.com show that one of the key reasons that such a large number of ICOs fail is that the projects behind them neglect to develop and sustain an effective community management strategy.
The Need for Community Management
Consistency in branding is the basic foundation on which every type of business thrives and blockchain projects are no different. In fact, given that fiat money is being offered in return for digital assets, as well as the numerous scams and failures that plagued ICOs through 2017, potential investors tend to ask a lot of questions to test the team behind the ICO. They need to gain confidence that the team has the knowledge and dedication to drive the project to success.
So, what do you do when you plan to launch an ICO? You build your brand identity, gain exposure and build trust. You create your website and publish your whitepaper for everyone to get to know the value-add that your project brings. This creates some excitement and those who do get financially motivated by your project, join your communities on Telegram, Reddit, Twitter, LinkedIn and more. Friend referrals are made and all members of the ICO community now seek news on how the project is progressing.
Building a community is a great start, but if you aren’t actively working to develop relationships within these communities and taking steps to excite people about your project, you can’t expect a loyal following. Remember, in such a tech-centric world, people have very short attention spans and unless there is something to consistently recapture their attention; they are likely to get attracted by the next shiny coin that enters the fray.
So, community management is key. But how do you achieve rockstar management status?
Create a Unique Community Experience
The problem with a lot of ICOs is that their community conversations are super boring. They get so caught up in the technicalities that they forget that investors and interested parties are also looking for a unique, innovative and standout experience. In order to set yourself apart from the competition, it’s crucial to generate conversation-sparking content incorporating topics that will genuinely keep your target audience hooked. The more interesting your content marketing efforts, the more likely your online community is to grow.
Get to Know Your Community Members
Before you can create compelling content, you need to know the demographics of your community. This will give you a deeper insight into their needs and desires. And, this is what will guide the tone and type of content you create. Building relationships is crucial to gaining trust and establishing credibility, so why not ask them questions about themselves to establish why they joined your community, what they are looking for, what they like/dislike about your project, where they are from, what they are passionate about and more? Remember, this cannot be a one-time activity. You will need to engage with active members regularly, to keep them excited and gain valuable insights from them. In turn, they will spread the word about your project for you and bring more people into the community.
Seek Feedback Constantly
The only way to keep on improving is through regular feedback as this will help you to fine tune your blockchain solution, token economy, online content and other aspects of your project. When you seek feedback and then act on it, you not only gain the respect of the people in your community but you also gain their trust. More importantly, you establish a brand that is socially aware and responsive. With the banning of crypto ads by so many social media giants, goodwill is the best way to spread the word about your upcoming ICO.
The community is a crucial investment for any blockchain project. You need to work on it not just during the pre-ICO period but also post-ICO, to keep your community growing, adding investors and building value for your crypto token.