We have now helped four different teams successfully fund their blockchain startups, and have learned a lot about what makes a successful crowdsale along the way. One of the most important success determinators is when projects build their community of passionate supporters and establish an open relationship with them. Open in a way that it’s beneficial to both parties.

Teams often come to us with misconceptions about building and maintaining a community. Having worked with many of different teams on their communications strategies, I’d like to give you some tips on how to find your crowd of avid supporters. When it comes to community building, quality always prevails over quantity. A bigger crowd of investors is never better than a smaller circle of inspired supporters.

Build community and be shaped by your community

To have a successful crowdsale, to build a blockchain business, and most importantly, to work with Cofound.it, teams need to handle community building in a different way. Not by way of advertising, like you would approach the sale of a dishwasher, because it’s not about getting clicks and likes. Building a community is a long-term process of bringing together like-minded people. It’s hard, and it takes a lot of time, sweat and dedication, but it pays off, especially if you want to fund your business through crowdfunding.

The people that blockchain startups should be looking for are the ones that hold the same basic values, believe in their project, and in the solution it offers. This kind of community will give you strong and stable support when it gets hard as you move closer to the crowdsale, and later when you’re building your product. But they will also be your biggest and most relevant critics, keeping you on the right track. Be honest and open in your communication in order to build a credible long-term relationship with your supporters.

Keeping your supporters informed and engaged

Publishing original content on the project’s website, writing articles on Medium, sharing ideas with the community on Reddit, posting on Twitter and Facebook are all part of the gig. Keep in mind that it’s not just about you posting content, but also about receiving feedback. Different communities provide different and valuable feedback. You should actively collaborate with your tribe of supporters by appreciating their feedback and including the most engaged supporters in your internal processes.

You can and should also use tools like Telegram, Rocket.chat or similar to directly engage with your closest supporters. All team members should be active in your community and talk directly to supporters on a daily basis. An honest and direct engagement can be an important advantage, even more so in the early stages of your startup. When things go wrong, it will be crucial to have a known direct link where supporters can find reliable and up-to-date information.

At the same time, you should also start growing your mailing list and regularly keep your growing community updated on the development of the project. A weekly newsletter is a great noninvasive way to connect to your community by recapping your published blog posts, and providing general relevant news such as improvements to the website. No spamming though!

Become a part of the blockchain community

Founders of the project and its most prominent members should immerse themselves in the blockchain community. You should know the most influential members, keep track of what is happening within the community and the main influences from the outside, with an emphasis on regulatory and legislative changes.

An important part of promoting your business is also reaching out to media outlets, both in the blockchain space and your wider industry. But it’s far from cheap and it’s not a source on which to rely for a new influx of supporters. Also keep in mind that news sites get a lot of coverage requests, so try to contact them when you have actual news. A new advisor or minor partnerships are usually not newsworthy enough on its own, so try to find news that are relevant to a wider audience.

Don’t forget about connecting in person

Even though blockchainers are a digitally native crowd, you can’t beat personal contact. After all, we are fundamentally all the same human beings, even if we support different ideals. Leaving your keyboard and monitor behind for a while to attend meetups, events and conferences connected to blockchain and crypto is a very beneficial factor in the life of a blockchain startup. Local events are a good start but that should be expanded over time.

Cofound.it can help, but you’ll have to put in the hard work

Let’s be honest, community building is hard work but one of the most important aspects of a successful crowdsale. When you apply to Cofound.it you will be evaluated on the size and vitality of your community. And should you be accepted as a Cofound.it project you will have access to our Priority Pass community. To learn more about our training process and how to apply as a team head over to our website.