Having an organic, engaging, and sometimes crazy, a community is one of the key factors why big ICOs today are still operational.
Having an awesome whitepaper, great team and developers, and rocking marketing strategy is very important. But without the community formation and retention, all that they’re doing will be non-sense in general. Tokens and other things that were developed and launched has no real value if there is no community that will use it, hold it, or exchanges it to other communities.
A community is defined as a group of living things that has something in common, such as religion, values, norms, or identity. The community often shares a sense of space, like villages and towns. If it’s defined in cryptospace, examples of these are Telegram, Social Media, and Discord Channels.
Here are some of my own understanding of the community:
They are part of the business core function. They are not just about support forums anymore. It’s not about us checking someone’s issue then give a scripted answer. Building a cryptocurrency community is very crucial in the early stages of ICO and STO marketing. Now, the primary reason why companies are giving such importance to the community is that they wanted the community to be part of their business functions, thus, ensuring a mutual connection between the two. Giving the community a sense of belonging and identification will make a strong customer foundation and retention, benefiting the project or the company.
They help you spread your network. It is important that developing your product and offering it to the public will be based on your funds. Many projects only have a whitepaper to impress people and if they are not backed by investors and agencies, those ideas will simply go unnoticed. Paid advertisements cost a lot, and you are not sure that there will be a good return in it. That’s why most of the ICO and STO projects are turning into PRs and focusing more on blockchain communities and groups. Once they recognized the potential of your project, it will be an excellent method to disseminate your information to various people and media outlets.
They fuel innovation. The community often helps you see your own flaws. By being open to changes and constructive criticism, that criticism will strengthen not only the value between the developers and the end users but also the trust. Once the community feels that their suggestions have been heard and valued, they tend to give more patience, time and effort to make the project grow.
I believe that innovation is somehow directly proportional to a solid foundation and divergent community. You can observe this to large communities where different ideas clash and different contributions lead to a stronger crypto community.
They solve everything most of the time. Most of the time, the community helps you in identifying and solving problems ranging from the little grammatical errors in your website to serious FUD attacks. They are the people who sincerely believe that your project — and the ideas behind it — will make the world better and they are showing full support by staying at your side. Those people collaborate to discuss ideas with you in order to move forward. These efforts are incomplete at best if you’re not building out your community simultaneously while focusing on establishing good governance mechanisms.
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