For cryptocurrency projects using launchpads for their IDOs, there are often deals that involve collaboration and promises of quick, easy growth in return for a hefty tranche of tokens. What happens when those promises vanish into thin air? How do you grow a project when you’ve been expecting your partners to do the work for you?
In truth, most projects, even launchpads, are focused on growing their own market cap and your project is a helpful way for them to do that, so why would they be focused on helping you grow yours? You may have heard about some of the wild promises of exponential growth through special access to crypto influencers, but does that really work?
In the media, influencers are known as KOLs, or Key Opinion Leaders and they usually comprise household names made up of political figures, and celebrities. They’re trusted by the public, and so securing their recommendation is key to optimal success for brands that are pouring millions into TV commercials. How does it work in crypto though?
These days anyone with a cell phone, YouTube and Instagram account can make out they’re an influencer. In crypto, the barrier to entry is even lower because all you have to do is promise massive gains over many coins and sooner or later you’ll be right. Delete the bad ones, promote the good ones, and before you know it you’re a crypto-God.
That works in a bull market, but when prices are sideways or dropping people see quickly through the smoke and mirrors. Outrageous claims don’t stand up, it’s pumping and dumping, or shilling something for cash. Crypto KOLs may even have an ‘arms reach’ setup where they don’t get anything directly for promoting your project, but a VC they’re connected to is given special access. The tricks are plenty and most of the time people get away with it provided market conditions are good and prices across the board are going up.
KOLs are almost worthless in crypto for the simple reason that for any project to be successful it needs community. Take Dogecoin, for example, they already had a community before Elon Musk stepped in. I would even go as far as to argue that it was the community that attracted Elon to Dogecoin, not the other way around. Elon’s influence massively pumped the price, but for how long?
Sure, they can help put your project on lots of people’s radars, but the key takeaway here is that without a community you’ll simply be a blip. For some strange reason, the best growth hack is often the least talked about amongst launchpads and crypto-marketing companies. Maybe because it’s something they know you can do for yourself and they’re scared you might not need them?
Without a doubt, the single best growth hack for any project, be it a token or NFT, is community engagement. The simplest way to engage with your community is to plan out a strategy and stick to it. Time your posts, once or twice a week, or once a fortnight if you’re really stretched. Then plan step-by-step what sort of content you’ll cover in each one.
It’s best to split it up into fundamental signals, human interest, and development news as three basic categories. Add more if you can, but try not to use less. Then set aside some time to write the post, it doesn’t have to be long, but try and give people something they’re looking for, something that would interest you if you were in their position.
Most importantly, stick to the schedule. Regular updates show them you’re organized, you’ve got a clear plan, you understand the importance of communication, and above all, it shows you value them. All too often projects value their VC investors and disregard their smaller retail people. They do that at their peril because each project will at some time face hurdles and challenges and that’s where the community support helps. Once VCs have taken their profit and moved on you have to consider what you’re left with and if it’s a weak community the future path will be hard to navigate.