For many businesses, creating a strong sense of community among its clients remains a big challenge. Meaningful customer engagement, loyalty building, and encouraging active involvement can seem hard to achieve. However these are essential for any brand aspiring to grow into a household name in their industry, as it offers plenty of benefits, including lifelong customers.
Thankfully we have numerous examples of how amazing communities can spring up practically overnight in the crypto world. These communities are more than just online discussion places; they are the heart of the crypto industry, pushing innovation, acceptance, and ultimately, the success of digital currencies.
Here are the key insights into community building from the crypto industry any business can successfully apply in their niche.
1. Shared Excitement: The Effect of a Common Goal
Crypto communities are motivated by a mix of enthusiasm and belief. Members are not just passive investors; they are strong supporters of the underlying technology and its ability to change various parts of our lives. Research shows that crypto investors are more active than the traditional ones, which also translates into their tendency to check their investments over twice as often as non-crypto investors.
This strong belief leads to natural promotion for the project. community members become eager supporters, actively promoting the project on social media, taking part in online discussions, and even creating content to spread the message. This community-driven movement speeds up user acceptance faster than traditional marketing methods.
Lesson 1: Inspire
Businesses can encourage brand supporters by creating a common goal and purpose with their customers. This is more than just selling a product or service. It’s about connecting with customers on a deeper level by clearly stating a goal and purpose that matches their values and aspirations. When customers feel they are part of something bigger, something that can make a positive impact, they are more likely to become active supporters for the brand and contribute to its success. This is well illustrated by the statistics which indicate that over 70% of consumers become loyal to a brand based on their ability to understand them at a personal level.
Patagonia is an example of a brand that has successfully connected with customers on a deeper level by creating a common goal and purpose around environmental activism and sustainability. The company’s mission statement, «We’re in business to save our home planet,» resonates with customers who share the same values, leading to a loyal following of brand supporters committed to making a positive impact.
2. Clear Communication: Building Trust through Open Conversations
Unlike traditional business structures, crypto communities thrive on open and clear communication. In fact, in one survey, the share of crypto investors citing transparency as the key driver behind their decision to invest in a project surpassed 45%.
The transparency is achieved through various methods, like online discussion boards, social media communities, and even live Ask Me Anything (AMA) sessions where developers and project leaders directly answer community questions. This level of clarity allows everyone to stay informed about project updates, plans, and even difficulties faced by the team.
This open conversation builds trust in several ways. First, it shows that the project is committed to honest communication. Second, it gives community members a voice and a sense of ownership. When they feel their concerns and questions are important, they are more likely to actively participate, share ideas, and become supporters for the project.
Lesson 2: Be Open
Businesses can build trust by focusing on clarity and encouraging open communication channels with their customers. This can include regularly sharing updates on company plans, addressing customer concerns, and creating spaces for open conversation, such as through social media platforms, dedicated forums, or even hosting AMAs to directly interact with customers.
Over 60% of consumers state that the quality of customer support on social media directly impacts their brand loyalty. By creating an open and clear environment, businesses give power to their customers and create a base for a more loyal and active community.
The workplace communication platform Slack actively engages with its customers on X by responding to user questions and suggestions. The company’s support team is quick to address customer concerns and provide helpful solutions, demonstrating Slack’s commitment to customer satisfaction.
3. Teamwork and Problem-Solving: A Joint Approach to Innovation
The quick and always-changing nature of the crypto space requires a teamwork approach. Crypto communities work as centers for innovation, where members work together to solve technical problems and move the entire system forward. Just take the Ethereum Foundation which embodies this collaborative spirit. While it provides core development and governance, the Ethereum Improvement Proposal (EIP) process allows anyone to submit ideas for improvement, which are then voted on by the community, fostering a decentralized and inclusive approach to the project’s evolution.
In crypto, this teamwork spirit takes various forms, including events where developers from around the world gather to build innovative solutions within a set time. Many projects support joint development efforts, where community members with specific skills contribute code or ideas to improve the project’s functionality. This joint problem-solving not only encourages a sense of shared ownership but also speeds up innovation at a remarkable rate.
Lesson 3: Crowdsource
Businesses can encourage customer-created solutions and foster a teamwork environment for innovation. This can involve creating platforms or spaces where users can share ideas and suggest solutions to problems. Businesses can also host internal events or innovation contests to use the combined creativity of their customer base. By fostering a teamwork environment, businesses not only benefit from valuable customer insights but also give power to their customers to feel like active participants in the brand’s development.
The tech giant Google hosts various events, such as Google I/O and Google Cloud Next, where developers and customers can share ideas, suggest solutions to problems, and collaborate on new projects.
4. Rewards and Incentives: Matching Motivation with Community Aims
Crypto communities are good at using rewards. They use a variety of incentives, like airdrops (free distribution of cryptocurrency tokens) and bounties (rewards for completing specific tasks), to motivate and reward desired behavior within the community. For example, airdrops conducted by Uniswap, dYdX, and Apecoin alone amount to $11 billion.
Still, even though crypto communities are known for offering free tokens through airdrops, a significant portion of enthusiasts are driven by a belief in the long-term potential of the technology. A 2023 CoinMarketCap survey found that over half (54%) of respondents entered the Web3 space seeking high returns on investment.
Lesson 4: Motivate
Businesses can create loyalty programs and targeted incentives to encourage user engagement and desired actions. This could involve offering rewards for completing product tutorials, referring new customers, or providing valuable feedback. It’s important to customize these incentives to specific goals — for example, rewarding referrals to increase user acceptance or offering loyalty points for completing product tutorials to boost engagement. By strategically matching incentives with desired behavior, businesses can motivate their customers and create a more engaged community.
One of the most effective referral programs recently has been Robinhood trading app’s «Invite friends, pick stock». It incentivizes users to get their friends to join the platform by offering gift stock for both parties. Users can pick their own stock from top traded companies and earn up to $1,500 in gift stocks per year. The program has been successful in building an active community of users who are invested in the platform and motivated to invite others to join.
Conclusion
Businesses can learn valuable lessons from the crypto community’s approach to building devoted communities. By fostering shared excitement, clear communication, teamwork, and strategic rewards, businesses can create strong, loyal communities that drive innovation and growth. Implementing these strategies not only improves customer engagement but also empowers customers, making them active participants in the brand’s development.
For many businesses, creating a strong sense of community among its clients remains a big challenge. Meaningful customer engagement, loyalty building, and encouraging active involvement can seem hard to achieve. However these are essential for any brand aspiring to grow into a household name in their industry, as it offers plenty of benefits, including lifelong customers.
Thankfully we have numerous examples of how amazing communities can spring up practically overnight in the crypto world. These communities are more than just online discussion places; they are the heart of the crypto industry, pushing innovation, acceptance, and ultimately, the success of digital currencies.
Here are the key insights into community building from the crypto industry any business can successfully apply in their niche.
1. Shared Excitement: The Effect of a Common Goal
Crypto communities are motivated by a mix of enthusiasm and belief. Members are not just passive investors; they are strong supporters of the underlying technology and its ability to change various parts of our lives. Research shows that crypto investors are more active than the traditional ones, which also translates into their tendency to check their investments over twice as often as non-crypto investors.
This strong belief leads to natural promotion for the project. community members become eager supporters, actively promoting the project on social media, taking part in online discussions, and even creating content to spread the message. This community-driven movement speeds up user acceptance faster than traditional marketing methods.
Lesson 1: Inspire
Businesses can encourage brand supporters by creating a common goal and purpose with their customers. This is more than just selling a product or service. It’s about connecting with customers on a deeper level by clearly stating a goal and purpose that matches their values and aspirations. When customers feel they are part of something bigger, something that can make a positive impact, they are more likely to become active supporters for the brand and contribute to its success. This is well illustrated by the statistics which indicate that over 70% of consumers become loyal to a brand based on their ability to understand them at a personal level.
Patagonia is an example of a brand that has successfully connected with customers on a deeper level by creating a common goal and purpose around environmental activism and sustainability. The company’s mission statement, «We’re in business to save our home planet,» resonates with customers who share the same values, leading to a loyal following of brand supporters committed to making a positive impact.
2. Clear Communication: Building Trust through Open Conversations
Unlike traditional business structures, crypto communities thrive on open and clear communication. In fact, in one survey, the share of crypto investors citing transparency as the key driver behind their decision to invest in a project surpassed 45%.
The transparency is achieved through various methods, like online discussion boards, social media communities, and even live Ask Me Anything (AMA) sessions where developers and project leaders directly answer community questions. This level of clarity allows everyone to stay informed about project updates, plans, and even difficulties faced by the team.
This open conversation builds trust in several ways. First, it shows that the project is committed to honest communication. Second, it gives community members a voice and a sense of ownership. When they feel their concerns and questions are important, they are more likely to actively participate, share ideas, and become supporters for the project.
Lesson 2: Be Open
Businesses can build trust by focusing on clarity and encouraging open communication channels with their customers. This can include regularly sharing updates on company plans, addressing customer concerns, and creating spaces for open conversation, such as through social media platforms, dedicated forums, or even hosting AMAs to directly interact with customers.
Over 60% of consumers state that the quality of customer support on social media directly impacts their brand loyalty. By creating an open and clear environment, businesses give power to their customers and create a base for a more loyal and active community.
The workplace communication platform Slack actively engages with its customers on X by responding to user questions and suggestions. The company’s support team is quick to address customer concerns and provide helpful solutions, demonstrating Slack’s commitment to customer satisfaction.
3. Teamwork and Problem-Solving: A Joint Approach to Innovation
The quick and always-changing nature of the crypto space requires a teamwork approach. Crypto communities work as centers for innovation, where members work together to solve technical problems and move the entire system forward. Just take the Ethereum Foundation which embodies this collaborative spirit. While it provides core development and governance, the Ethereum Improvement Proposal (EIP) process allows anyone to submit ideas for improvement, which are then voted on by the community, fostering a decentralized and inclusive approach to the project’s evolution.
In crypto, this teamwork spirit takes various forms, including events where developers from around the world gather to build innovative solutions within a set time. Many projects support joint development efforts, where community members with specific skills contribute code or ideas to improve the project’s functionality. This joint problem-solving not only encourages a sense of shared ownership but also speeds up innovation at a remarkable rate.
Lesson 3: Crowdsource
Businesses can encourage customer-created solutions and foster a teamwork environment for innovation. This can involve creating platforms or spaces where users can share ideas and suggest solutions to problems. Businesses can also host internal events or innovation contests to use the combined creativity of their customer base. By fostering a teamwork environment, businesses not only benefit from valuable customer insights but also give power to their customers to feel like active participants in the brand’s development.
The tech giant Google hosts various events, such as Google I/O and Google Cloud Next, where developers and customers can share ideas, suggest solutions to problems, and collaborate on new projects.
4. Rewards and Incentives: Matching Motivation with Community Aims
Crypto communities are good at using rewards. They use a variety of incentives, like airdrops (free distribution of cryptocurrency tokens) and bounties (rewards for completing specific tasks), to motivate and reward desired behavior within the community. For example, airdrops conducted by Uniswap, dYdX, and Apecoin alone amount to $11 billion.
Still, even though crypto communities are known for offering free tokens through airdrops, a significant portion of enthusiasts are driven by a belief in the long-term potential of the technology. A 2023 CoinMarketCap survey found that over half (54%) of respondents entered the Web3 space seeking high returns on investment.
Lesson 4: Motivate
Businesses can create loyalty programs and targeted incentives to encourage user engagement and desired actions. This could involve offering rewards for completing product tutorials, referring new customers, or providing valuable feedback. It’s important to customize these incentives to specific goals — for example, rewarding referrals to increase user acceptance or offering loyalty points for completing product tutorials to boost engagement. By strategically matching incentives with desired behavior, businesses can motivate their customers and create a more engaged community.
One of the most effective referral programs recently has been Robinhood trading app’s «Invite friends, pick stock». It incentivizes users to get their friends to join the platform by offering gift stock for both parties. Users can pick their own stock from top traded companies and earn up to $1,500 in gift stocks per year. The program has been successful in building an active community of users who are invested in the platform and motivated to invite others to join.
Conclusion
Businesses can learn valuable lessons from the crypto community’s approach to building devoted communities. By fostering shared excitement, clear communication, teamwork, and strategic rewards, businesses can create strong, loyal communities that drive innovation and growth. Implementing these strategies not only improves customer engagement but also empowers customers, making them active participants in the brand’s development.
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