The Best Approach to Building a Web3 Community

The Best Approach to Building Web3 Community

WEB3 COMMUNITY BUILDING

Liz

7/2/20244 min read

Why are Web3 projects so focused on community?

Its deep reasons are closely tied to its core principles and technical characteristics. Firstly, Web3 is built upon the principle of decentralization, which means power no longer resides in a few centralized institutions but is distributed across every node in the network. This decentralized nature necessitates a broad and active community to collectively maintain the network's security, stability, and growth.

Secondly, Web3 exhibits global characteristics. With the proliferation of the internet and strengthened global connectivity, Web3 is not confined to any specific region or country but is oriented towards global users. Therefore, a diverse and inclusive community is crucial for the global development of Web3. Such a community can attract talent from different backgrounds and fields to drive innovation and application of Web3 technology together.

Furthermore, as a new technological framework and business paradigm, Web3 requires continuous exploration, practice, and improvement. In this process, community participation and contribution are paramount. The community can pool collective wisdom to address technical challenges and business hurdles in Web3 development through collaborative creation, building, sharing, and governance. Moreover, the community continuously provides innovative momentum to the ecosystem of Web3, driving its ongoing evolution and advancement.

Lastly, the Web3 community is not merely a platform for communication but a collective for value creation. Within this collective, each member can gain corresponding rewards and recognition through their efforts and contributions. This model of shared governance and collaboration can stimulate the enthusiasm and creativity of community members, fostering the sustainable development of the Web3 ecosystem.

Community involvement and contribution are key to ensuring the healthy operation of Web3 projects. To establish a truly active community, it is necessary to address the current challenges faced in Web3 community building one by one.

Community Building Challenges
Resource Constraints

At the project's outset, there may be limited manpower, time, and financial resources to support community-building efforts. Community managers often need to accomplish a lot with few resources available.

Lack of Mature Operational Experience and Management Mechanisms

Building a community from scratch requires community managers to test different strategies to find the one that best suits the project. However, this trial-and-error process usually comes with high risks and costs. Given the limited resources of the team, community managers must cautiously undertake these risks and cannot afford to try too many approaches.

Customer Acquisition Difficulties

High product usage barriers and poor user experience are significant challenges for Web3 projects in acquiring customers. Compared to the multiple-channel customer acquisition strategies of Web2, Web3's customer acquisition is much more difficult. Additionally, during bull markets, new projects emerge continuously, increasing competition and giving users more choices. Even attracting existing Web3 users is challenging since they have many options, and projects must compete with numerous competitors.

Scarcity of Attention and High Liquidity

Because of the decentralized nature and global background of Web3 projects, users face vast amounts of information and choices, leading to limited attention spans. Users can easily switch between and transfer among different projects. This high liquidity results in relatively low user loyalty. If a project fails to meet user expectations or provides a poor experience, users are likely to leave.

Low Awareness and Weak Community Culture

The entire market is highly profit-driven, with users more focused on how to make a profit rather than the intrinsic value of the projects. This results in low awareness of the project itself. Focusing too much on token generation events (TGEs) to attract users can result in low loyalty. This hinders the development of the community's atmosphere and culture, which is required to progress from the initial stages to maturity.

To construct an active Web3 community, it is essential to comprehensively consider community positioning, define values, and develop strategies for different stages of community growth.

Category and Stages
Community Category
  1. Core Category and Target Audience

    Determine the core focus of your Web3 community and its target audience. For example, is it about crypto art or decentralized finance (DeFi)? Define your target group, such as art enthusiasts or fintech professionals.

  2. Unique Selling Proposition (USP)

    Identify what sets your community apart and why users would choose to join yours over competitors'. This could be specific services, technological advantages, or community culture.

  3. Value Proposition

    What value will your community provide to users? How will users find satisfaction and a sense of belonging in your community? Consider aspects such as social interaction, knowledge sharing, project collaboration, asset trading, and asset returns.

Community Stages

In the development journey of Web3 communities, different stages are encountered, each with its objectives:

Initial Stage

During the initial stage of a Web3 community, the focus is primarily on establishing the community, building the brand, and initiating initial user acquisition.

Goals:

  • Establish brand awareness to attract early adopters and supporters.

  • Define core value propositions and community positioning.

Growth Stage

Once the community starts attracting more users and participants, it is crucial to find the Product-Market Fit (PMF) and boost the activity level of community members.

Goals:

  • Increase community activity, and enhance user engagement and interaction frequency.

  • Expand the community ecosystem by increasing participation from partners and projects.

Mature Stage

Once the community reaches a certain scale with stable active users, attention turns towards sustainable development and long-term operational stability.

Goals:

  • Ensure long-term sustainability and growth of the community.

  • Enhance community quality and deepen engagement to drive more complex projects and collaborations.

  • Expand community influence and position within the industry.

Each stage requires adjusting strategies based on specific circumstances and market changes while staying attuned to user needs and industry trends. Successful Web3 communities can sustainably attract new users, retain existing ones, and maintain competitive advantage and vitality through continuous development.

The community's needs across different stages can be summarized as Acquisition, Activation, Conversion, and Retention.

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