“The only true and sustainable prosperity is shared prosperity.”
— Joseph E. Stiglitz
During the bull run, it was easy. KOLs were utilized and their audience gladly joined the community in search of a speculative opportunity.
Nowadays trust has been lost in the space (FTX, Blockfi, rug pulls, declining prices). Most people have lost money in one way or another. Therefore, the same tactics that were used in the bull run, don’t work in the bear market.
Three pillars are essential for growth
- Inbound: The inflow of new members.
- Retainment: The reason why they should stay.
- Loyalty: The reason why they should tell others.
All three pillars are equally important for growing a community and should be omnipresent in all of your external communication.
People will only join your community if they trust you. Now how can you prove to the world your legitimacy?
People who are already part of a community, are generally invested in their token/NFT’s. They already trust that community. If you add legitimate value to their project, it will be recognized by the project’s community.
Remember that these people are one of the few people that have their capital deployed in the bear market. Else they wouldn’t be active in the project’s community.
The only thing left to do is to convert them to your own community.
Follow the money
What’s new? What are people talking about? A new meme in the meme coin vertical? A new L1?
Be relevant and think of a way how to incorporate this into your project in a lean way. A meme coin for example can easily release an NFT collection of the new meme. A L1 can host a Twitter space with the hyped L1 to talk about the future of L1’s.
Have interesting guest speakers to join you in a session.
Engagement is the name of the game.
People come together who have shared values. A mission they believe in. Whether it’s banter like a meme, revolutionizing the banking system, or self-improvement. People with common goals, stay together, especially in crisis situations.
— TSUKA (@Dejitaru_Tsuka) November 27, 2022
Tsuka is a prime example of a close community sharing a mission of decentralization, freedom, self-fulfillment, and peace.
Since June, they have grown out to be a 100M+ mcap token, mainly culture driven. NFT’s are also good examples.
It is important for the community to feel like they’re adding value to the community. This can be done by listening to them and implementing changes (big or small).
Organize a Discord call, Telegram voice chat, or Twitter spaces to discuss the future of the project and to listen to the community. You can choose to give away tokens/NFT’s as well for the best ideas.
Not something you force upon people. Only by creating a culture of genuine passion, mission, and culture, people will talk about it.
Stop selling. Start educating. You gain trust from the community by educating them on the current and future crypto macro environment. Of course, you present your own role in this environment as well.
Talk about what obstacles are inevitable in the future, and how you overcome them.
If you can convince and prove that your project will remain a success even if the token price goes -50%, you have a loyal community.
General words of ADVICE
Profits are made in the bull run, don’t blow your treasury on ineffective tactics in the hope of making a buck. Money follows added value.
Stay in your lane and use this season to build wisely. Every conversion improvement will pay itself back tenfold in the bull run.
The topics classified in the three pillars are not tied to any specific order. They should be omnipresent in all of your external communication. I have merely classified them to better understand the results associated with them.
If you want me to review your community, feel free to reach out to me on Discord: Trader Wojak#4394
Wojak is a web3 advisor and marketeer who has helped countless DeFi projects and is happy to share what works and what doesn’t.