Incentivize your community growth during the Bear.
A happy and loyal community is something that many projects dream of even during their Bull Runs, but stabilizing and incentivizing organic development in your community during a crypto winter is something that not many teams are able to do consistently.
We know very well how difficult it is to run a project, how many moving parts are behind each decision made by the core of a team, and how the announcements of those decisions will have far-reaching repercussions while building up your userbase, but this is not something that can be changed, and we have to accept that many good decisions can be brought down by a single mistake.
So, how can we avoid all the different pitfalls that often make or break the growth of a project community?
We believe that, while there are many differences for each different ecosphere in which someone operates, there are three key factors, which may also seem obvious but are not often really implemented properly.
And we don’t mean simply respecting your timelines and giving your community what is owed to them: here we need to go above and beyond, keep your userbase informed on the progress of your integrations in a swift and precise manner, announce the necessary delays when there are some, showcase your teasers only when backed by actual material and so on. The transparency of a company is a key factor in building something that will fidelize your users while giving benefits to both sides, while is also a pillar needed to develop one of the key factors mentioned above.
Trust is always earned, never given. By showcasing your manoeuvres, and your reasoning behind those manoeuvres, and by respecting your community in a way that the mainstream market is not able to do anymore, you will be able to count on the trust of the people that make up your user base. We can take a direct look at XRP, and at how they developed something like a cult following, even in moments of full red or market downtrends, to become aware of how important it is to gain your community’s trust. Trust that there are no critical fallacies in your development, no hidden traps that may wipe out your portfolio or other key factors that will discourage your users from interacting in a meaningful manner with your features.
We have come to the third and most important pillar behind the successful growth of any kind of community for any kind of project, be it in a bull run or a bear market. Actually safeguarding your community’s interest is something so important that the majority of projects fail before even beginning due to their lack of solid safety nets. And we don’t mean mixing up your tokenomics to avoid bot spamming, we mean actually purchasing anti-bot measures, taking your time to structure a sale that is not going to clutter your servers, spacing out an event so that it doesn’t collide with third party issues: this is not something easy to do, and so many things can go wrong that there is a true need to plan for the worst, and expect to dig deeper in this poisoned well. If everything goes as planned, is a massive win, and if something goes wrong, you will need to fix it as quickly and efficiently as possible.
We have distilled our take on community building as much as possible, but there is still something to add: you can’t only build your community, you need to actively build up your project features, integrations and app while you develop your user base.
This is something similar to what marketing should be during a bull run: hype what you can deliver, don’t hype anything that is outside of your workforce reach. Don’t publicize your amazing cross-chain integrations if you have 2 networks available, and don’t tell people about a fabulous 10k NFT collection when it’s composed of 2 3d models with different hats.
You need to bring something valuable to the table for people to come back to your project, and you also need to involve people in the building process, with events, air-drops, social contests and other goodies, while teasing up your big features before successfully releasing them.
This may seem very obvious in hindsight, but a quick search of last year’s project landscape compared to the one we have now will show just how many teams push for quick gains, leaving those fundamentals steps behind in a way that leads to the ultimate failure of their vision. We had seen many promising start-ups crash and burn, simply because they didn’t do their due diligence.
This is the exact same case as DYOR: even if everything looks perfect at a quick glance, you need to do your homework, plan for all possible scenarios, and actively pursue the steps that will lead to your success.
About Synapse Network
Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology to give everybody an equal chance to contribute to great upcoming projects and to do so early on. We are bridging the gap between the traditional & crypto market. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.