Stop Paying Platforms - Start Paying Your Community!

In this blog entry, I want to talk to you about the importance of building communities - and how it rivals the traditional advertising methods. We all know that ads can serve a variety of purposes, but today I want to focus on those that aim to convert new users and customers. It has long become the go-to marketing method, especially via social media platforms such as Google, and  Meta, with companies ready to spend billions on it. 

Of course, it is not a bad approach in and of itself, but as time goes by, it is gradually becoming outdated. Trends keep on changing and companies need to keep up with the times, particularly when it comes to the Web 3.0 industry.  And the truth is that today, the primary moving force behind the projects is the community. The biggest challenge with this approach is of course gathering a community in the first place as well as maintaining its loyalty long-term.

Though it is challenging, it does not mean it lacks benefits over traditional ads. First of all, it is much more expensive to build and maintain your community on these platforms via advertising. For context, the cost of acquisition in Fintech and Crypto Space is estimated to be anywhere from $80-$500. So why should you pay another intermediary platform when you can invest at least part of your budget into the development of the community?  Plus, with traditional advertising, there’s always a pitfall of failing to maintain user loyalty long-term. 

With community-building, on the other hand, if you hand out money within the community in a smart and fair way,  it is not only cheaper, but your users end up more satisfied in the long term as well. They have more motivation to engage with your project in order to gain even more assets in the future. Word of mouth arises more organic in this case as well, and generally, any task completed with this incentive in mind is much easier to achieve than in the first case. Add to the equation affiliate marketing and referral models as well which will benefit users even more, have a quality product on the ready and you are good to go.

More creative incentives can boost community engagement as well: task-based giveaways and gamified challenges, especially if placed strategically, can not only help raise the number of participants but keep them constantly involved in the project, always trying to earn more, while also making the competition more challenging and fun. And of course, there’s also airdrop - an important incentive for all crypto game players as it motivates them to play in the long run, as they build up their score and dedication towards it, as we intend to do with Nordom Exchange.

Either way, in order to survive on the contemporary market with rigorous competition companies must be up to date with innovative approaches. The main thing is to assemble the right funnel, the perfect example of which is Nordom Exchange. Instead of trying to direct our potential users to the exchange platform, we have created a Telegram game first. We continue diversifying our gameplay along the way, adding side tasks to the main game, engaging and rewarding our players along the way, so that when the exchange finally launches, we can count on our loyal players to become equally active users of our exchange platform. Building this user audience via a game is still a much more justified strategy, from financial and practical points of view alike, than simply getting people to click on the exchange ads without having a reason to continue engaging with the platform further. 

Long story short, you still need traditional channels to advertise, but make sure to focus more on the product and integrate more interesting acquisition channels within the funnel.