Communities help new products gain recognition and adoption in the digital asset landscape.
Digital communities are now driving the success of blockchain projects. The culture of innovation has permanently changed, thanks to the crypto ecosystem.
In return, community members get rewarded in a multitude of ways. For a retail market participant, it is challenging to tap into bigger networks of industry experts and insiders. By joining a community built on DAO principles, retail backers get an opportunity to directly interact with industry practitioners and gain high level expertise.
As DAOs remove entry barriers and allow for a level playing field, it is also beneficial for participants to support their desired start-up at an early stage. For DAOs conducting IDOs, community members get an equal opportunity, similar to large investors, to buy tokens at a discounted price.
Why Consider Joining a Community
The potential upside for retailers is massive when they join the right community with strong industry backers. It is much easier to stay on top of new trends while creating new income opportunities.
DAOs offer community leaders a continuous income stream for creating an engaging environment for members and onboarding more active participants. They can also be a part of the decision making process by exercising their vote on new proposals and projects.
The best part of joining a community is that everybody’s vision is aligned. So when they are supporting a project, they see long-term value and returns. Community members get to earn through staking, liquidity mining, and referral programs.
Why Community Building Should Be a Top Priority
The crypto space is experiencing a massive wave of public interest. Innovators from all industries are entering the blockchain world to contribute to this next evolution of the Internet. In building new tools and protocols for web 3, they should not forget about the importance of community building.
Building a strong community from the ground up in an organic manner is challenging, but definitely worth it, as a fundamentally-driven community will ensure continued growth in the long term. So it should definitely be a top priority for the core team of newly founded projects. And here are a few reasons backing why building based on community ethos is essential for brand activation.
Communities Promote Word of Mouth Marketing
In a mobile-first world, most people believe a personal approach towards marketing or word of mouth is not as effective as some of the modern social media practices. But nothing could be further from the truth.
If project owners keep their community happy and make them feel appreciated for their contribution, community members will spread the good word and drive more attention to the project. For example, the value of NFTs is driven by social media sentiment and communities.
The NFT sales don’t increase by creating more advertisements. The people in the community share their honest feedback with others and bring them onboard. That’s the power of blockchain communities.
Communities Develop A Positive Feedback Loop
Inside a community, there are people from all corners of the world with unique skill-sets. So it is valuable for companies to hear different opinions on their project and understand what’s working and what’s not.
On top of creating an effective communication channel, the positive feedback loop also promotes product development and functionality. Companies can experiment with new features within their community. Once community members give a green signal, they can commercialise it for the masses.
Companies Can Find Active Contributors
It is much easier to engage a known community member than someone outside. If companies create enough learning opportunities to become active contributors, they can find top-notch talent.
As community members are already on the same page regarding vision and company goals, it is a much better approach to hiring in the long term. This also opens new income streams for community members.
Here’s How UpLift DAO is Nailing the Marketing Game
UpLift DAO, a cross-chain launchpad built on Binance Smart Chain, managed to build a global community spanning over 80 countries. In less than six months, UpLift raised a total of 840,000 BUSD in three successful IDOs. The native token of UpLift, LIFT, has amassed more than 7,000 unique stakers since its official launch in November 2021.
The launchpad has grown quickly and achieved all these milestones because of its strong emphasis on community building. UpLift DAO follows a community-first approach to accelerate emerging projects in the DeFi landscape. UpLift has many incentive programs for community members to help projects gain post-launch momentum as well.
UpLift DAO’s two-tiered referral program incentivizes referrers with booster and IDO rewards. One can also use LIFT tokens to increase Staking Power, which can further help in getting an IDO allocation. With Staking Power, the community members can also vote on proposals and participate in the decision-making process.
For people interested in actively contributing to the organization, UpLift has many bounty programs. One can write articles, record tutorials, and create educational content to help new entrants understand the inner workings as well as the launchpad.
UpLift DAO has created the most effective marketing strategy for its IDO launches by doubling on community building. It is a win-win for both community and project teams. As the DAO rewards its community, UpLift will see sustainable growth for longer periods.
The Future of Marketing is Community
Community marketing has taken a giant leap forward over the last couple of years, especially in the crypto industry. By turning customers into brand advocates, blockchain projects quickly gain traction and hit their business goals. Joining a community is now more compelling than ever because it gives a market-wide exposure to all the latest trends and opens up side-income opportunities for active participation. Moving forward, it is highly likely more companies will leverage digital communities and prioritise community building as their number one marketing strategy.
