At this point in time, virtually every business in the cryptocurrency space is aware of just how important community is. Having a dedicated community can secure you long-term patronage, boost your market share, and earn more credibility. But it’s not enough to just have any old community. Crypto community management also has to be in place to avoid wasted time or even possible blowback.
If you are a crypto business that is looking to build or already has a community behind it, you’ll want to read this guide to understand crypto community management and how to go about it.
The Importance of Crypto Community Management
As we’ve said, crypto community management is almost as important as having the community in the first place. Crypto community management essentially means the actions you take to make sure that the community is set up, organized, and run as smoothly as possible while achieving your organizational goals.
Crypto community management is very important because it ensures the community ultimately serves its purpose. It also means that various potential downsides or unplanned issues can be avoided. Sometimes it is better to have no community at all than a poorly managed one, which is why these strategies are important.
Platforms For Crypto Community Building
One of the core parts of crypto community management is knowing what platform to build the community on in the first place. Choosing the wrong platform can stifle the growth of your community or attract the wrong audience. So some of the most common platforms for community building within the crypto sector are as follows.
- Telegram: Allows for open, semi-open, or closed communities depending on organizational tastes. Its encrypted nature means that privacy and anonymity can be established, and the platform is quite popular among crypto users
- Discord: Offers a wide range of features including video, audio, and much more. Discord channels can also feature several sub-channels, which allow for proper organization of community content.
- Twitter/X: One of the most popular social media platforms in the world and a massive hub for crypto-related conversations. It also allows for the creation of open and closed communities while also granting easy access to a wider audience.
- Reddit: A massive platform for driving traffic. It enables the creation of dedicated subreddits for virtually any topic and lets your community speak their minds with ease.
Community Management Strategies
Once you’ve decided on which platforms to establish your crypto community, you want to adopt the following community management strategies:
Hire Professionals
Running a crypto community properly is often a full-time job, and as the industry becomes more complex, so do the needs of these various communities. In many cases, it would benefit you to hire professionals to manage the community on a day-to-day basis. This could mean an agency like Proelo, an individual moderator, or even using an AI-powered bot to enforce various rules. No matter what, do not leave a community without any form of moderation or guidance, as it can easily become unproductive and chaotic.
Establish Rules
Just like any other community, a crypto community will thrive best when there are clear rules and regulations enforced among users. The very worst types of crypto communities are those with non-existent or poorly enforced rules. These typically go on to create a negative reputation for the associated projects, so you want to avoid this.
Before you even open the community, you and your team should decide what exactly the rules should be. Who will be given access to the community? Will everyone be allowed to post? What sort of content will you allow posted? What are the consequences for violating certain rules? Once you know these, make sure they are stated within the community, preferably with a pinned post. Besides just stating the rules, make sure they are enforced, and community members know that there will be consequences for breaking them.
Manage Access
Depending on what you decided earlier, you might want to be quite strict with access to the community itself. Some communities are token-gated, meaning users have to hold the project’s token to get in. Others are free to everyone who wants to join, and some require a review process. Decide what your process is going to be and make sure this is clearly communicated. That way, interested participants will know what to do to join, and you will ensure that no one gains access to your community without some level of vetting. Always remember that you are at liberty to remove anyone from your community if you deem fit, especially if they are derailing or otherwise a negative presence within it.
Monitor Engagement Rate
Nobody wants to have a dead community with little or no participation. This is why, from the very beginning, you need to monitor your engagement rate. There are different formulas for determining a healthy engagement rate, but whichever you choose, make sure it meets the threshold. A Telegram chat with thousands of users and only two messages each day is not a thriving one, and this might be a cause for concern. Monitoring your engagement rates daily, weekly, or even monthly means you can adjust your content strategy if it is not engaging, remove dormant or spam users, and keep it active enough to reach your goals.
Preventing Spam/Scams
One of the biggest issues that any online community might deal with is spam content, bought users, or people trying to run scams. Rather than hoping it doesn’t happen, your business needs to be prepared for it well in advance. First, you might want to have a review process before someone joins your community to make sure they’re a genuine person and not a bot.
You should also have your moderators periodically review your members list to track down anyone who might be running a spam account. These are typically easy to spot as they tend to post irrelevant or nonsensical content without properly engaging with the community. You should also keep a tight leash on anyone promoting commercial ventures within your community.
Let it be known that anyone soliciting within the chats can report this to the moderator, who can then take action. You do not ever want to have the reputation as a crypto business whose community is full of scammers, so take this very seriously.
Conclusion
Having a crypto community is not the end-all and be-all. Instead, every business in the Web3 industry should focus on building a well-managed, engaged community. Crypto community management is a core part of achieving these goals, and luckily, it can be done in a few steps.
As we have noted in this article, having proper structures in place, including people and rules, already puts you a step ahead. Making sure the community remains a safe and welcoming place will also keep you on the right track and turn community members into lifelong customers. Feel free to speak to us here at Proelo for all your crypto marketing needs, regardless of your community growth goals.
