Case Study on how to build a strong Web3 community via Twitter

Epic Web3 Weekly Newsletter

Hi, Web3 buddies 👋

This is the Epic Web3 Newsletter — a weekly dose of best practices & insights from the top industry experts to help you dive into Web3 and boost Web3 products.

In this week’s deep-dive, we’re gonna to: 

• Learn what growth engines help to scale a community in the Web3 Twitter;

• Explore potential moats for Web3;

• Share the juiciest deals and news from the Web3 world.

👀 How to get your Web3 project noticed in a world full of noise?

One of the biggest challenges Web3 growth leaders face today is how to get attention in a world full of noise, especially in a very competitive space such as social media. 

Once on Twitter, Bernardo Faro, a full-time Web3 content creator and co-founder of Vinci (a learning community for Web3 community managers) scaled his account from 0 to ~25,000 followers in just 4 months. What strategies did he follow to succeed?

Here are main growth engines Bernie shared with us at the Web3 Growth Summit:

1️⃣ Create content to scale your product

Naval Ravikant, entrepreneur and angel investor, introduced the concept of “digital (permissionless) leverage” that includes the following idea: you don’t have to ask for other people’s permission to start writing code or creating content to get scaled. “Leverage” here means tools that magnify your efforts.

That’s why Bernie chose to follow content leverage — it allows us to replicate the same type of content and repurpose it all over different social media platforms. For example, turn a LinkedIn article into an Instagram post, Twitter thread, podcast, and so on. And at the end of the day, there’s no cost to reproduce it.

2️⃣ Build your personal brand

People tend to follow other people, and not brands. Just think of Tesla (~17M followers) and Elon Musk’s (~103M followers) Twitter.

So how can you build a personal brand to drive growth of your product? Bernie suggests very simple tips: be personal on your approach, find your voice and digital tribe, and rely on relationships built for long-term.

When it comes to Twitter, think of your profile as a landing page to set it up for conversion:

3️⃣ Deliver value consistently

Growth is the result of consistent actions over time, that’s why you need to show up on a daily basis and create value on a regular basis. 

To do it, try to share your learnings, high-quality content or some insights from your behind the scenes (analytics, experiments, etc.) but don’t do it once in a while. Tweet 3-5 times a day, engage with bigger accounts, and build connections with your audience and other influencers.

4️⃣ Define your niche

Before thinking of any strategy and content creation, it’s crucial to define your niche. 

For instance, Vinci’s niche entails people who have some experience in the Web3 space — Web3 community managers, operators, builders, etc. Once they defined it, Vinci could think of implementing actionable tactics to see if they reach growth — create threads each week, host Twitter Spaces, and so on.

To learn more about how Bernie applied these tactics to Vinci’s growth strategy, get a 7-day free trial to the HeyGrowth+ subscription and watch his full presentation:

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🧑‍💻 How to build moat in Web3? Community Insights on potential moats in space. 

Insights from Justin Vogel, co-founder of Safary (a community of growth experts and builders exploring the Web3 ecosystem).

What's a MOAT? It means the ability for a business to maintain competitive advantages to ensure future profitability.

According to Justin, MOATs in Web2 consist of keeping data in "walled gardens" & other forms of customer lock-in, while in Web3 tech is open source, content is platform agnostic, and costs are cheap. All of which kills Web2 moats.

He examines 3 potential moats for Web3:

1️⃣ Liquidity

It seems like a competitive advantage, yet history shows liquidity alone isn't enough to retain users long-term. DeFi exchanges like Uniswap incentivize users to pool liquidity e.g. deposit $ for a high ROI. But when there's better ROI elsewhere, users leave.

2️⃣ Composability

There is a lot of talk about "vampire attacks" in the Web3 realm. They are a marketing strategy in which you attract people from another platform by providing them with high incentives.

P.S. Read the article to learn more about “vampire attacks.”

While composability is the cause of "vampire attacks," it is also the most effective technique to build a moat.

In Web2, companies created moats via:

— Switching costs: the price of a user switching to a new product;

— Multi-homing costs: how challenging it is to use competing networks;

In Web3, these costs are near zero, that's why startups should embrace composability, and not fear it.

3️⃣ Community

Community can create a moat, so without strong social experiences, your users can depart when new projects appear.

New members must leverage tools to create trust and shared ownership at scale to achieve their mutual goals. Retaining active members will become one of the most important defensibilities.

Justin Vogel was one of the speakers at the Web3 Growth Summit where he explored effective tactics of community building. If you want to learn more about them, just dive deep into Justin’s presentation.

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Web3 is a fast-changing industry, that’s why we can’t leave you without up-to-date news. Here are the juiciest ones to share this week:

1/ Solana faces a massive attack, probably caused by the mobile app of the wallet Slope. More than 9,000 wallets hacked and $6M stolen. If it turns out to be true that Slope stored the seed phrases of its users in plain text on a server, this is truly a total failure.

2/ Starbucks plans to unveil its Web3-based rewards program next month. Coffee-themed NFTs will play a role in the extension of customer loyalty. Are they gonna get our names wrong in the Web3 space as well?

3/ Instagram introduces NFT feature to roll out in 100 countries. Selected users have already been allowed to set non-fungible tokens as their profile photo.

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That’s it for today! Hope you found this week’s dose insightful 👋

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Cheers,

The Epic Web3 team