Community management is a very important component of your web3 ecosystem. This is because the community calls for proactive engagement and involvement, hence the need for community management. But what is the role of community management in web3?
Community management in web3 is the foundation for building trust among your audience and stakeholders. It is also a platform where you can get valuable feedback, create collaboration opportunities, engage members in democratic decision-making, and drive greater adoption of your web3 products or services.
Overall, community management ensures engagement within your community and provides insights and ideas, thus ultimately establishing the crucial trust needed for your brand.
As web3 continues to take shape in the digital era with an approximated 2 trillion dollars in global GDP by 2030, understanding the role of community management has become quite important. We are here to offer you key takeaways and dive deep into the community management role in web3. Explore how community management goes beyond social media, learn ways to build and grow a web3 community, and get answers to some of the frequently asked questions.
What does Community Management in Web3 Mean?
Community management in web3 deals with stakeholders such as platform users, token holders, developers, and the target audience. In general, it involves two aspects: advertising projects to target audiences and nurturing strong relationships between community members and the brand. Normally, community management aims to create interest and loyalty to your web3 projects.
Developing and maintaining a strong community is vital to the development and success of any blockchain or cryptocurrency brand. According to a post by erdzzz, “WEB3 is an utter meme until teams can be built with a healthy balance of autistic devs and chad marketing and community engagement all on the same page. Tell me I’m wrong.”
In web2 marketing, techniques such as teaming up with influencers, establishing sponsored partnerships, and investing in paid advertisements are commonly used to enhance a brand’s appeal and generate revenue. Nonetheless, when it comes to web3, nothing surpasses the significance of growing your community in terms of generating visibility for your brand.
Reasons Why Community Management is Important
Community management is not just a word like any other. It is the pillar of any small or big web3 project. Here are some of the reasons why:
Provides Valuable Insights on New Projects
Community management serves as a feedback loop for new web3 projects. It helps developers and community managers gather important information that can assist in remodeling web3 products and initiatives, thus ensuring continuous improvement. Continuous improvement is vital for adapting to the dynamic web3 landscape and ensuring that your projects remain relevant and that your clients trust your digital products.
Facilitates Easier Security Audits
Having a well-set-up community can make security audits easier. For instance, an active and vigilant community can identify and report any security issues in web3 projects, making it easier to perform audits and fix any vulnerabilities instantly. This diligence and honesty will, in turn, enhance your brand’s trustworthiness.
Engaging with other communities and forming partnerships can create more opportunities for the growth of your web3 brand. For example, Futureverse merged 8 Web3 firms to create an open metaverse ecosystem. According to McDonald, CEO of the company, “for the past five years Futureverse has been developing the tools and infrastructure to co-create the future with their communities.” This merger places Futureverse as the leading ecosystem for total NFTs and unique NFT holders.
Facilitates Democratic Decision-Making
Decentralized Autonomous Organizations (DAOs) allow community members to vote and submit proposals for web3 project enhancements. Such a level of engagement and inclusivity empowers the members of your community to have a say in the development and evolution of your web3 projects. This creates a more community-centered approach within your projects, promoting a sense of belonging.
Amplifies the Impact of Web3 Projects
Community members’ active involvement helps amplify the effects of web3 projects. Community-centered initiatives lead to improved web3 networks, driving greater adoption of these projects. According to a post by Carolina Küng, VP head of community at Bessemer, “shifting power from Community Managers to Community members will have rippling effects across all community management (web2.0 included).”
Customers are the lifeline of any business, and the online community is the most important aspect of web3’s consumer base. A well-engaged online community will most likely be loyal and help spread the word about your web3 digital assets to others.
While having active social media platforms and blog pages sets you off to a good start in community management, having a dedicated community manager will prove more worthy to your web3 brand. Community management is a great strategy to expand your fanbase and attract more customers to your web3 projects.
Frequently Asked Questions
What is the Importance of a Web3 Community?
A web3 community is important because it allows members and stakeholders to engage and interact proactively. A post by Crypto Altruism states, “in what other communities can anyone looking to learn about a project just shoot a DM to the project founder, and have a good chance of getting a response?” This statement means that a web3 community offers members equitable access to information and data and a sense of belonging!
What is the Role of a Crypto Community Manager?
The role of a crypto community manager is to look after a company’s digital currency, its engagement strategy, and communications via social media communities. Community managers provide insights on web3 products, engage the community, and build good relationships with members through various strategies.
What are the Ways to Grow a Community in Web3?
Growing a web3 community is a challenging project. However, it is easier, too. With the right strategies, you can build an excellent web3 community that enthusiastically promotes your digital products and services. Here are a few ways to grow your web3 community:
1. Create and maintain a proactive social media platform
2. Begin and respond to conversations
3. Organize events
4. Engage members in marketing campaigns
Based on a survey involving 323 web3 marketers, 62% used social media, while 54% and 49% used email and paid advertising, respectively. From this data, focusing on building a social media community seems more fruitful than other marketing strategies.