With the exponential growth of the web3 industry in 2021, the battle for attention has truly begun. However, the battle was fought on multiple fronts. On the one hand, teams are finding it harder to attract top talent, and salaries for seasoned developers are skyrocketing. When you as a founder find who you are looking for and start building your vision, the next challenge arises:
“We believe our ideas are really needed in the industry, but how do we communicate our mission to the outside world.”
Too often, very promising projects fail due to lack of traction, exposure, and excitement in a rapidly growing industry. That’s why we as Maven 11 try to emphasize that projects think from the start, not only who their ideal users are, but who their ideal champions are. An advocate can also be a user, but not just using the product, she or he will also promote your project with your passion for the product. How do you find, engage and engage these advocates? We’ll try to dive into the best practices we’ve seen so far and what to avoid when trying to build a community.
Picture this: Your team has been building the next great infrastructure for L1 and L2, and while it’s very technical, you believe people will love it once they get it right. After all, you have a great third round investment even before your product. Now, the only thing you need is a large community that will use your product. So what would you do? You host NFT giveaways in your discord server to attract as many users as possible, and you hope they will stick around and read your docs.
See what’s wrong with this approach?
First of all, this will bring a lot of mercenaries into your Discord/Telegram, just consider one question: how can I win this NFT. If someone is really interested in your product, their question is likely to get lost in off-topic conversations, or lost in the gm of someone who might leave your server after the giveaway.
Instead, especially if you’re building something that requires some explanation, focus on reaching the right people. An easy way is to collaborate with other projects that may have a lot of synergy with your project. Reach out to the communities of these projects by conducting an AMA on Twitter Spaces or Discord Stage. Get people to post their questions about your project on your Twitter or Discord, and answer them with the same enthusiasm as you as the builder of your own project.
This approach will ultimately be more beneficial in the long run. You end up with a community of people who are genuinely interested in your project and who often take the time to ask questions. Best of all, because you recorded the AMA, when people want to learn more about the project, you can direct them to it without having to read your entire documentation. As one or more founders, your community will also feel more connected to you because they have heard your voice and passion for your project.
Your 1 hour is well worth it if you only convert 1 listener into what we call a believer or advocate in the introduction. We’ve seen time and time again that these people will be the key to your project’s success. They’ll often reach out to help new people onto your server, help correct documentation, or come up with new ideas that you may have missed as a team. Having a large community shouldn’t be the goal, having the right community is.
So now you have your initial community thanks to community calls or funding announcements. Maybe some of these champions’ conversations go viral and draw attention to your project. what are you doing now? As certain as death and taxes are, you can be sure that your focus will change dramatically over the next few months. From bull market to bear market, from Defi to infrastructure, from airdrops to early participants. So keeping your audience engaged is key, even during times when there may not be much to talk about.
One way to achieve this is to hide certain products/features from the public. If you still have to deliver these features, it’s better to promise less and deliver more, especially if you’re confident in your team’s ability to execute on those ideas. That’s why you must aim for a campfire and slowly add blocks to your fire to keep your community engaged and interested.
By showing you on a weekly or monthly basis that you appear to be built on your original vision, it will increase the community’s confidence in your project’s long-term vision and success. Now compare this to the fireworks approach, where you release a grand vision with all possible capabilities at once, only to realize months later that it will take years to deliver on that promise.
There is no light without darkness
No doubt your project will go through some tough times. Maybe your long-awaited product launch has to be delayed, your token’s price action may be very volatile, or even worse, your code may be exploited resulting in the loss of user funds. Either way, you have to be very open and honest with your community and yourself during these times. If you’ve taken care to recruit the right type of community members, you’ll often be surprised by how uplifting they can be when you show up in difficult times.
These moments can be used as an opportunity to clear things up, highlight how you’re going to turn things around, and show that there’s still a very talented team working on your vision. Sure, you might lose some momentum, but if you get involved for the right reasons, you’ll know you’ll survive in the long run. Instill this belief into your community and they will be champions in good times and bad.
When things start to look positive again, give credit where it’s due and thank your community for the faith, support and understanding and creating the “We’re in this together” spirit. Because, after all, there is no light without darkness.
Recently, many projects have either been launched or converted to DAO-like structures. Whether this is for regulatory or ideological reasons is often unclear. However, it can be a convincing form of organization that builds a community and rewards the people who help build your project. A very appealing aspect is that anyone can step up and build projects. Regardless of their education, experience, race, gender, or even physical appearance. This removes many of the frictions that exist with traditional organizational models and increases diversity, ownership and inclusion.
To be sure, the concept of working in a DAO structure is still very new. None of the preferred template structures out there has been proven to work long-term or shown to scale to accommodate 100+ contributors.
Other than that, most DAOs are not very decentralized. Typically, a tight core group of contributors make most important decisions, while the DAO structure is used only for minor tasks and governance.
In addition to this, we are seeing a severe lack of infrastructure in the market, which makes it difficult for DAOs to operate. Take the topic of salary payments, for example. How do you do this in an anonymous world? How to pay tax? What about insurance and benefits? How do you hold people accountable without signing a contract? What about the hierarchy? A lot of smart people are trying to solve these problems, and there will be major improvements next year. But for now, DAOs are the worst form of organization apart from all others.
VC Community Engagement
If you throw a stone on a random street in an upper-class neighborhood, there’s a good chance you’ll bump into someone who’s just starting out with a web3-focused VC. While the exponential growth of our industry has brought record amounts of funding, VCs and their practices are constantly under scrutiny from the community. After all, they have access to private seed rounds, are considered short-term minded, and are believed to use a strong community as exit liquidity.
With this perception, how can VCs help their portfolio companies in meaningful ways? One approach is to push for a more inclusive token economics design where participants have adequate access beyond the normal drudgery of VCs, angels, and advisors. This way, it will adjust incentives for all investors without creating an attack vector for those who want to emphasize a skewed distribution to early investors. An interesting article by placeholder discusses this topic in more depth. The last point worth emphasizing is that different projects require different token economics, ie. Incentivizing L1 is different from incentivizing Defi projects.
Our message to VCs is: support, don’t lead. Engagement in the VC community should be like great movie music, you shouldn’t realize it’s there when it’s playing. This means that you must be a member of the same champion community as we described earlier. Assist with governance, organize events, create threads on Twitter, and provide feedback on documentation. Instead of being an ever-present force that eclipses other champions, help the community where it is needed.
Community, the hardest code to crack
The crypto community remains a mystery to many builders, but it should be an important aspect of a project throughout its lifespan. While it may be tempting to take a big bang approach, the team should focus on building a lasting, sustainable community that aligns with the project’s values. Focus on developing advocates in your community and rewarding those who do. As a team, for better or worse, it’s critical to always be visible, open, and honest with your community. By doing this, you will build trust and respect with those who follow you.
Be aware of the challenges that new organizational structures present to web3, but fear not, as they solve many of the problems of the traditional world that many people have fled from. If you are an investor, actively participate in the community in which you invest as an equal partner to other community members. This would be seen as a more aggressive approach and may even change the way the industry views these investors.
For others, the community will always be the hardest code to crack.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/this-article-explains-in-detail-the-most-difficult-problem-for-the-web3-team-to-crack/
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