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How community-led approach boosts your Web3 product
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🧑💻 A community-led approach can bring a product to the next level. Community Insights on how it impacts customer service, user research, product & marketing growth.
“Community has become a buzzword these days, but a few brands have truly unlocked the potential of what community can do.”
In this deep-dive we’ll share how building real and long-lasting connections with your community can impact product growth on all levels.
Editor’s note: This is a recap of the article “Community is Everything”, written by Thomas Pan aka TPan.
1️⃣ Community as Customer Service
A robust community can become a form of customer service. Consider any product announcement — no matter how prepared a team is, there are always questions from customers. This is where the community comes in to help.
TPan brings an example of the recent RTFKT x Rimowa partnership announcement. As soon as they told the world about their collaboration, users started to ask questions, even though they were clearly stated in the announcement on Twitter and on the website.
These people answering questions were not RTFKT team members. They were hanging out in the chat and happened to be more knowledgeable about the RTFKT x Rimowa collab.
What were they doing? Addressing questions from the community that otherwise would have been directed to the RTFKT team. If you work in Customer Service, you know that average response times matter. And their response times were literally in the same minute.
🔥 It creates a self-reinforcing loop that strengthens the community. Ideally, the helpful community members receive recognition from the community for their help, which encourages them to keep answering questions.
Q: What steps can one take to drive the community?
— Create opportunities for the community to reach out with tactical questions in voice channels on Discord or Twitter Spaces. Instead of typing back, you could transition the question from text to voice seamlessly.
— Reward good behavior. If community members are going above and beyond adding value to the community, reward and encourage that!
Example: Metaverse HQ (the leading NFT Alpha Community with 1300+ active members) holds a monthly MVP program through a community vote. MVP perks include an ETH reward, lifetime access to MVHQ, and being featured on the cover of the MVHQ magazine.
2️⃣ Community as User Research
What prompts users to join the community? What are the purposes for different types of members?
With the help of simple surveys and polls for the community you can understand community preferences, measure sentiment and make non-critical product decisions.
🔥 Studying user patterns through community will help a business identify their needs and grow faster.
When combined with different native or third party analytics tools, you can identify cohorts of users you want to learn more about:
3️⃣ Community as Product
— Q&A’ing a product:
By involving the community, you’re empowering the community to identify bugs and speeding up feedback loops, especially for the gaming vertical.
— Developing products:
It wouldn’t make sense for a community to determine the roadmap for a company, but its involvement in small doses can be beneficial.
Example: Chugs, a milk carton character in the Cool Cats ecosystem, came from a live drawing session from the founding artist, Clon. The character was received with so much excitement that the character became real.
— Creating a product ecosystem:
This is common with protocols where product ecosystems have been built off of. Good examples are Farcaster, Lens and Unlock protocols.
4️⃣ Community as Marketing
A strong community makes marketing efforts more effective, efficient, and exciting.
🔥 Once you build it, it is the community that starts bringing in new conversions into the marketing funnel. This is where your retention and acquisition costs are diminishing.
This happens thanks to the power of Web3 which grants ownership to members of a community.
Wrapping it all up, we can say that community is the new MOAT for business in Web3. So take a closer look at what your community can do for you to get your product to the next level.
If you wanna get more insights, read the full article & subscribe to TPan’s newsletter to have real fun.
More on the topic
1️⃣ Video: Community Building Tactics
Justin Vogel, Safary co-founder, shares how they managed to build a highly-engaged community and bring members that are heads of growth from Ledger, Dapper Labs, OpenSea, CoinMarketCap, and 200+ projects.
2️⃣ Article: Building community from scratch in Web3
Nigel Lee covers how Figma, the $10B+ design SaaS tool, built their community from the ground up and applies that for Web3.
3️⃣ Podcast: How to build your Web3 community using free NFTs
Unstoppable Domains & the Bello co-founder, Alex Levy, talk about NFTs as a useful way to grow a community.
4️⃣ Video: How to build your community via twitter
Once on Twitter, Bernie scaled his account from 0 to 25K followers in just 4 months, and is now building Vinci. In this video he explores how to build and grow a learning community on Twitter.
5️⃣ Article: Building Web3 communities in Discord
Cagri Yalcin brings an easy-to-follow “from audience to community” guide to build on Discord.
And of course, here’s your weekly dose of the latest & hottest Web3 news:
😵 What everyone’s talking about: The collapse of FTX is not what Binance really wanted, so they’re walking away from the deal.
💸 Notifi, a communication infrastructure platform for Web3, raises $10M seed round. It plans to address the broken communication model in Web3, which is fragmented across Telegram, Discord & Twitter.
📱 Line, Japanese messaging app, launches NFT marketplace on its platform DOSI. They’re aiming to provide a marketplace for companies and individuals to trade NFTs globally.
🌱 Common Stack launches program to help communities set up their own commons economy.
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