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The role of the crypto community for the success of marketing promotions

Posted by Marketing Director on September 20, 2021 - 11:47pm

The role of the crypto community for the success of marketing promotions

Unlike the process of writing code, the creation of a crypto community is difficult to imagine as an algorithm. The community is a living phenomenon, the construction of which requires an understanding of human desires rather than formulas and codes. Over the past years many crypto projects have attracted huge investments. Often people believe that the main thing is technology (a more perfect blockchain, a new algorithm for reaching consensus), and that they are the key to the success of a new cryptocurrency.

This focus on technology and product quality is in line with Silicon Valley’s favorite mantra — “If you build it, he will come.” This tactic can lead to success, but I think the most important foundation of any new project is the activity of the community that supports it. The mantra “If you build openly, they will help you” would be more suitable for the creators of new crypto projects

When it comes to starting a traditional company, the interests of end users and shareholders do not always coincide. Users want a good product, while shareholders think more about good leadership, fair distribution of bonuses, and most importantly, sales results. Success can be achieved by focusing on creating an attractive product for users. Then the company will succeed, even with problems with leadership, distribution of rewards and performance. But the consumer, as a rule, does not care about who created the company, how many shares belong to the key participants in the project, how property rights are, and how the management makes decisions and implements them. The cryptocurrency market is unique in that users and shareholders are often the same people.

As a rule, hodlers of crypto assets attach great importance to property rights, management and project performance, since the profitability of their investments depends on these factors. Given that cryptocurrency is based on open source and low marketing costs, the success of a cryptocurrency is largely determined by the size of its community. An illustrative example: the bitcoin blockchain has undergone at least 98 forks, but its investment attractiveness is still high: the market capitalization of bitcoin remains at $100 billion, and all its other forks are at $10 billion. It is the Bitcoin community that makes it so attractive. The strength and size of the community determines the value of a cryptocurrency. There is no guaranteed success formula in building a strong cryptocurrency community, but there are certain fundamental principles that have proven to be effective:

The creators of the project must be open and honest.

From the very beginning of project development, founders should consider the interests of users, treat them with respect and be open to dialogue. This approach is very effective in building a strong community of cryptocurrency users.

· Distributed property rights and a clear distribution system

Ownership and community power are inextricably linked. People tend to stick close to those who share their views. At the same time, we are wary of closed communities, in which bonuses are distributed among members of the management and are not always available to others.

· Lucky meme

Practice shows that a successful meme serves as an incredibly effective means of promoting a new project and developing its community. All 10 cryptocurrencies with the maximum market cap use powerful memes: Bitcoin (digital gold), Ether (innovation platform), Ripple (interbank payments), Bitcoin Cash (scalable payment network), EOS (innovative next generation platform), Stellar (interbank payment next generation system), Litecoin (digital silver), Tether (stablecoin), Cardano (innovative next generation platform) and Monero (confidential payment system).

· A useful tool that becomes the standard

While strengthening the community early should not be neglected, there is no doubt that the practical application of the new currency is also extremely important. Bitcoin originated as a ledger for storing data on the ownership of assets and their transactions. Ether as a platform for creating open source financial applications. However, the Bitcoin and Ether communities have raised the bar so high that it will not be easy for even the best products to compete with them. Success in this struggle can only be achieved by creating not only a better product, but also a better community with a more effective management system.

Most of the marketing tools for crypto projects come from traditional digital businesses. In the world of cryptocurrencies, traditional marketing solutions have changed: they have adapted to a high volatility market and an overheated community. The cryptocurrency “boom” was strong — in 2017/2018, the “crypto community” included not only crypto enthusiasts, but thousands of newcomers. Many of the marketing tools in these conditions turned out to be more effective than others, since they formed the opinion of the crypto community and were useful for marketing crypto and blockchain projects. What really worked and what is the crypto community still paying attention to?

· White Papers

This is a big document for potential investors. Contains a detailed presentation of the project, the essence of the problem and how the project solves it, a description of the technical part, legal, roadmap, financial model and much more. This is the “face” of a blockchain project, by which investors determine its relevance and potential profitability.

White paper has become an important part of your content strategy today. It can be a visual business plan, it can contain information about a solution to a specific problem, or it can present information of interest to investors or potential partners, for example, a part of a business plan (or meet the requirements of the regulator).

White paper can also serve as a basis for any promotional materials: one pager for presentations, pitch deck for meetings with investors, articles, reviews.

· Community Management

It is about creating and managing communities united by interest in a brand or product. It works for the loyalty of the target audience and, in general, for the credibility of the project. Communities are an important point of contact with your audience. The rates are jumping, bitcoins are falling, so working with the negative is very important. Moreover, sometimes the situation is heated up on purpose — by competitors or fraudsters. In general, it is never boring. Knowledge of psychology in the matter of building and managing a community is only a plus. Both startups and large brands need working with the community. It is there that the most sworn enemies and the most loyal customers can appear. Your image in the eyes of clients will largely depend on how much attention you pay to this area. Hidden Marketing is widespread in working with the community — correction of opinions, change of attitude towards a product, dissemination of information about it. It is especially noticeable in politics — remember the “troll factories”. But this does not mean that it is not used for commercial purposes, it is just that the “trolls” work very rudely and are not too concerned with conspiracy.

It’s no secret that the shopping process has changed significantly over the years. Today, before making a purchase decision, people search for information themselves, read reviews and study recommendations. And online communities are starting to play an important role in this process. Building a community around a startup is arguably the cheapest way to increase conversions. A full-fledged community will bring much more value than a one-time ad campaign. There are practically infinite number of platforms for community management: any communication service is a player in this market, and their demand is determined by many factors. Depending on the purpose, you can choose: telegram, wechat etc

Another solution is the community’s own platform. This site is brand-owned and offers all the benefits of social media, but with much more control and flexibility. This could be a blog / website with a forum or a comment section. Own communities also have advantages and disadvantages. The disadvantage is that, in terms of the audience, you are starting from scratch. Native communities give you more freedom, but you have to do a lot more promotion work before your community grows. One of the main benefits of native community platforms is that they give you tighter control over your branding — without having to compete with other communities on the same platform. Community platforms also enable you to overcome the limitations of social media. Features such as deeper analytics, single sign-on (SSO), gamification, and custom design allow you to create a better experience for your fans. Why do you need a community:

  1. Creating a community is useful, because modern customers want to receive feedback, to understand why a brand offers this or that thing or service, what values ​​it is based on.
     
  2.  To build a successful community, reach out to your audience on social media. Think over a motto that is close to customers, offer useful information, and study your audience: what kind of people they are, what their interests are, where they go, how they live.
     
  3. It is important to develop a community not only online, but also offline. Events help people feel connected, unite and build brand loyalty. It is not the size of the community that matters, but the level of its loyalty and activity
     
  4. Attract influencers with an active audience.
     
  5. The community cannot develop on monotonous content by itself. Do not leave the community without leadership, develop new events, projects

Crypto business and projects have presented many interesting approaches to marketing. The cryptocurrency boom has set specific goals for marketing:

  • increasing confidence in the project “from ever beginning g”
  • building a solid community
  • information transparency
  • work with investors and influencers.
     

And all this — for specific audiences in various countries, each of which has its own national characteristics. Many of the best practices of cryptocurrency marketing can be successfully applied to other projects that have nothing to do with blockchain. Community building or face-to-face meetings with investors can be effective for almost any business. Less familiar tools can also be useful: the practice of preparing White Paper, is a common part of content strategy in the USA and England, especially in B2B; or a Bounty campaign that can significantly reduce promotion budgets. In addition to paid channels for promoting and creating crypto communities for certain projects, there are several ways with minimal costs that will help to start the community’s interest in the project’s products at the first stage. What are these ways:

· Creation of thematic groups and attraction of users to them. We create several groups for free and invite friends and like-minded people to them. If you regularly publish interesting information, then word of mouth radio will work with a bang. The promotion of your group will grow exponentially.

· Mutual subscription, likes and following. There are many users on social networks with fake accounts who are ready to give you likes, tweets and classes. And you will mutually have to like them. But you need to understand that this should be done only at first, in order to create the appearance of a promoted page or group. This is not the target audience, if you stop following each other, they will disappear.

· Search and participate in competitive groups and communities. If you find groups of your topic, on which there is a live audience, you can take part in its life, while periodically referring in comments and discussions to your page or group

Crypto communities are also pushing the evolution of organizations further as people are experimenting with different organizational models and governance structures. The industry is accelerating innovation in many ways, not just in terms of technology. Today big companies put all their resources and research in 'entrepreneurs' and try to create an environment of innovation. Big companies should instead look at how innovation is being done in the blockchain space, where people come together spontaneously to solve complex problems together and build businesses of the future. In this way, crypto communities aren’t just important to the crypto industry. They are also starting to influence how the entire world operates, creating a model for how diverse voices can turn new, and innovative ideas into tangible outcomes which benefit everyone.

The best aspect of crypto communities is that most have low/no barriers of entry and provide a clear path for anyone to get involved and gain experience. Because of blockchain technology, these projects have become like startups that can crowdsource funding. It is capitalism & free markets in their purest forms, without governmental red tape, regulation, and restrictions. This new system is what makes it possible for projects to reach fulfill their potential.

Built in anticipation and preperation of the launching of our coin

Thomas Prendergast
CEO

Thanks Tom for this blog.
September 21, 2021 at 2:44am
A strong active community is the pinnacle to any company's growth and success. Especially in the world of blockchain and crypto given the transparency immutability and autonomous aspects. These innovations of a new breed of benevolent entrepreneurs and visionaries have lead to a more equitable environment where millions, even billions in a community can express, participate and benefit. This next generation and new way of starting up and running businesses is the solution to circumvent the monopolies that have had total control putting their bottom line first. There is power and strength in numbers which in turn empowers the individual in a free and collaborative setting.
September 21, 2021 at 3:27am
Thank you Deb you're right we are in this community.
September 21, 2021 at 3:34am
thanks for sharing
September 21, 2021 at 3:57am
Companies like Markethive, having a free market operating on the blockchain with an supportive and active community generates the foundations for success. Great blog, Tom, thanks for sharing.
September 21, 2021 at 8:13am
Thanks for the blog. In the community you get more information, there is feedback, very important.
September 21, 2021 at 10:33am
Thanks for summing things up very nicely Tom.
September 21, 2021 at 1:16pm
The Markethive community is strong I have watched it grow and get stronger every day. I will be a big benefit and driving force when we leave Beta and enter the crypto community. We will not have to build it as we already have it.
September 21, 2021 at 2:48pm
Markethive has an amazing community and a very honest and open management team. We have a bright future.
September 21, 2021 at 3:00pm
We have been directed to engage our community members as shareholders. Instead of the traditional models with their ICO crowd funding launches and acquiring a concentrated investment from a small group, we have built a diverse community were every member can contribute small affordable payments and all can become recipients of the success of the system. This clearly sets the Markethive community apart from all other enterprises, because we truly are "Of the People, By The People and for The People" in every aspect.

Yes it has been a long adventure, but I believe we have built a very powerful root system and we will soon begin to develop a harvest of amazing measure.
September 21, 2021 at 3:03pm
Very well characterized how the community is important
September 21, 2021 at 5:35pm
Great information Tom, thanks for a great site with very strong tools and great opportunities, where you develop, study and discover new opportunities!
September 21, 2021 at 5:47pm
Thanks for the blog.
September 21, 2021 at 6:29pm
A strong community united by a common interest is so important as we have at Markethive.
September 22, 2021 at 1:05am
Great information to have and to share with members of communities that are looking to build meaningful and lasting relationships.
September 22, 2021 at 4:09am
Without strong communities, the world falls apart.
September 22, 2021 at 5:07am
True
September 22, 2021 at 12:44pm
A strong Network and amazing community
September 22, 2021 at 4:47pm
Amazing!! Beautiful blog.. Thanks for sharing.
September 24, 2021 at 9:34am
I wish Markethive Coin to the MOON!
September 25, 2021 at 5:06am
I wish Markethive Coin to the MOON!
September 25, 2021 at 5:06am
Spasibo za blog
September 26, 2021 at 8:16am
thnks
September 26, 2021 at 6:30pm
Thank you for this exceptional presentation
September 27, 2021 at 3:24am
Thanks for sharing
September 29, 2021 at 3:26pm
Great blog Mr. T. We all are truly blessed by what you have put together for our benefit. Thank you and God Bless Markethive.
October 1, 2021 at 8:13pm
THANKS
October 3, 2021 at 7:12am
Thanks .
October 3, 2021 at 7:15am
I just found two people using my FB feed to advertise their thing. Glad that won't be going on here.
October 17, 2021 at 3:18am
thanks for sharing
October 20, 2021 at 11:36pm
thanks for sharing
October 21, 2021 at 7:15am
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