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A Live Talk By Our Founder
The Power Of Community-Led Growth
Recently, our founder Jake Lee spoke at the Manchester Blockchain Alliance Conference on the emerging topic of community-led growth.
To watch Jake’s talk, simply click the following link: https://youtu.be/spnQFPCvopg.
The Power of Community-Led Growth in Web3 Projects
In the ever-evolving world of business growth strategies, community-led growth stands out as a powerful and transformative approach. This blog explores the significance of community-led growth in the web3 era and the benefits it offers both to the community and the businesses.
The Rise of Community-Led Growth
Community-led growth is a concept where businesses harness the power of their own community to refer new users, becoming the driving force behind business expansion. A study by Nielsen revealed that referrals from friends make people four times more likely to make a purchase, highlighting the potency of community-led growth.
Web3 and Community Ownership
Unlike the traditional web2 landscape, web3 ecosystems allow for community ownership of assets. This creates a vested interest for the community in the success of the project. The better the project performs, the more the community benefits, forming a symbiotic relationship between the project and its supporters.
Mutual Growth Benefits
In the web3 world, growth is no longer limited to benefitting only the central organisation. With community-led growth, both the business and the community members prosper. Network effects come into play as word-of-mouth referrals spread, and the interests of the community align with those of the business.
Rewards for Community Engagement
Web3 projects can incentivise community members by offering rewards in the form of assets. For instance, staking a project's token may lead to reduced token supply on exchanges, resulting in a yield for the stakeholders.
Business Advantages of Community-Led Growth
For businesses, community-led growth brings several key benefits. Firstly, the network effects driven by incentivised community members act as powerful word-of-mouth marketing. This reduces the need for traditional marketing spending and requires a smaller marketing team to achieve desired results.
Increased Conversion Rates
Referrals from the community result in higher conversion rates. When someone is referred by a friend, they are more likely to trust and engage with the business. Community-led growth ensures that the incoming traffic is already warm, leading to higher chances of successful conversions.
Conclusion
Community-led growth has emerged as the bedrock of web3 projects, revolutionising the way businesses grow and engage with their audiences. The mutual benefits for both the community and the business make this strategy not just effective but also sustainable. By deploying a community-led growth strategy, web3 projects can unlock their full potential and build a thriving ecosystem of loyal supporters and thriving growth.
Are you interested in 3Block helping your project implement community-led growth?
If you would like to explore 3Block helping your web3 project grow via community-led growth, please feel free to book a free growth call with our team. The aim of this session will be for our head of growth to introduce you to the various growth opportunities available to your business & to understand whether or not 3Block is able to assist your project.
Simply click the following link to schedule your call: https://www.3block.io/#growth-call-link
