I believe one of the main reasons there have been thousands of failed blockchain projects over the last few years is the inability to build a rapport with a project’s audience in terms of agenda updates, road maps and community concerns. Furthermore, communication is probably the most crucial when addressing the needs of the community and expectations.
Facebook’s Libra and the Digital Euro
In the recent unveiling of Facebook’s strategy for 2030, CEO Mark Zuckerberg addressed some of the existing skepticisms and critiques of its Libra project, as the company has faced strong criticism toward its potentially dangerous global impact.
Indeed, Libra is unique for having started an international firestorm before even coming anywhere close to launching. It is true that governments and central banks have had a mixed relationship with bitcoin and blockchain. Some governments are increasingly skeptical of any push toward a legislative framework on cryptocurrency. At the same time, central banks such as the European Central Bank have been exploring distributed ledger technology (DLT) as a foundation for the digital Euro currency.
Perhaps, the private sector has seen a much wider adoption of blockchain technology. For instance, retail giant Walmart has been implementing blockchain as a solution for its supply management ecosystem.
Nowadays, it is perceived as fundamental that, from the very beginning, blockchain projects have community-building integrated as one of the main pillars of a project’s vision as factors such as scalability and adoption play major roles in the industry.
One of the successful examples of such an approach is Durov’s Telegram Open Network (TON). The project laid out a vision to mainstream adoption, with a critical point being an engaged user community. Unfortunately, having a great idea only goes so far. Creating and maintaining an inclusive community requires a thoughtful plan for a communication strategy.
The Puzzle Pieces Of A Project’s Communications Strategy
A project’s vision calls for a flexible strategy with clear objectives and goals. As the project evolves and grows, it requires diverse methods and approaches. At its start, the project may put more focus on the opinions of its community members as feedback is instrumental for the project’s survival during the early days and potential wider appeal in the future. Once the strategy has been developed and put in place, the project must stick to it as close as possible, as this demonstrates one’s strong commitment to the vision of the project.
I believe one of the main reasons there have been thousands of failed blockchain projects over the last few years is the inability to build a rapport with a project’s audience in terms of agenda updates, road maps and community concerns. Furthermore, communication is probably the most crucial when addressing the needs of the community and expectations. This may seem like a rather straightforward observation, yet such miscommunication continues to contribute to the outside image of the blockchain industry as prospective adopters perceive the industry as a land of irregularities and paradoxes — to a large extent, impenetrable to outsiders.
In turn, communication strategy is complemented by social media tools, which are readily available and require minimal effort to set up and manage: chat rooms, Twitter pages, Instagram accounts and Facebook communities. Successful projects tend to leverage the most out of every platform, as different social platforms allow you to reach diverse audiences. In some instances, it requires genuine leadership skills to be an outstanding example and lead your team in the execution of a communication strategy.
For instance, MMCrypto illustrates how blockchain projects are able to deliver direct communication with their communities as well as target different language audiences given the social media options available. The company hosts a variety of content series on the topics of crypto trading on its YouTube channel, manages active German and English speaking chat groups, and frequently updates its social media accounts. Further, its cofounder, Christopher Jaszczynski, is often featured as a headliner and keynote speaker and expert at a variety of top industry conferences. These initiatives allow MMCrypto to achieve sustained scalability, content appraisal and community growth.
(Full disclosure: MMCrypto was a media partner of BLOCKCHANCE 2019; Christopher Jaszczynski was a judge of the conference’s startup award contest.)
The Goal of Communication
Putting together a vision, strategy and tools is already a demanding task that requires tremendous effort, persistence and determination from a project’s team. Achieving that is just the beginning as global context, discourse and narratives change over time. As a result, a project’s communication strategy has to subject to periodic reviews in order to stay relevant and effective.
The ultimate goal of a project’s lead and their team should be to find a balance between flexibility and persistence in its unique approach to community interaction, as there are no readily available recipes to success other than execution and continuously adding value.
This article was first released on Forbes Communication Council