Rewards are Great. Community is Greater. But Rewards & Community together are the Greatest : Chandra Bhushan Singh
Building a strong blockchain community is at the heart of Web 3.0. Blockchain projects operate around the clock, 365 days a year, and rely heavily on the support of its community members. Projects are keen on finding the best possible way to market themselves and show the mass what their project is capable of.
Let's now try to understand what motivates your community to stick with you, customers to engage with your brand and what makes them stay loyal to your product in the midst of competition:
- Trust Building
- Your USPs
- Support Provided
- Including them in the building process
While each of these is a contributing factor but hold on. There is still a factor missing that drives a whole lot of interest and results in greater stickiness i.e. Incentivization or Rewarding! And this has proven to be the a great way to keep the community engaged.
We can vouch for the above GIF as it summarizes all the points above with which you can let customers know that "Benefits are potentially huge". Let's dive deep into understanding what all reward marketing techniques are available using which you can reimagine the way you are marketing your product.
Fungible Token Rewards
Love for cryptocurrency tokens such as ERC20, or XC20, Natives, is increasing and everyone is trying to get the last bit of it. You can perform extensive token rewarding campaigns in which you incentivize users with your project tokens and let them feel more connected to your projects.
This, in turn, gives community members the chance to know more about the tokens they are holding and how is it going to be game-changing for them in long run or what benefits can they avail of moving forward with holding their tokens. To automate your token rewarding efforts, you can use AirLyft's AirPool modules to automatically distribute shortlisted users their token rewards on-chain.
Non-Fungible Token Rewards
NFTs or Non-Fungible Tokens are booming in any of the known ecosystems and, the need for real-world NFT utilities is increasing too. It has proven to be one of the most rewarding assets for the communities because the community loves holding digital souvenirs from the project they follow. With the emergence of multiple NFT projects and marketplaces, the community has shown a ton of activeness trying to be a part of them and what better way than providing a spot for allow listing them for NFT mint or say directly rewarding them with a random NFT from the collection. To automate your NFT rewarding efforts, you can use AirLyft's AirTokens and AirPool modules to automatically create NFT or distribute existing NFT to the shortlisted users on-chain.
Stable Coin Rewards
Don't have your tokens live yet on the market? That shouldn't let you stop from building your community and at the same time rewarding them for their efforts. You can always incentivize your users with stable coins as it has proved to gain a lot of traction in the marketing world. Now, as they are getting stable coins, community members tend to participate and complete difficult tasks too. The best option here for you to consider is to use AirLyft where you can actually make users use the product by creating engaging decentralized actions and then rewarding them with stables.
Staking Rewards
Another way to increase users' activities and engagements are by providing rewards to users who stake on your liquidity pool running live on any DeFi or your platform. It is seen that projects create a leaderboard incentivizing top 10 stake addresses of the platform on a monthly basis and thus allowing them to double reward both on the campaign and the staking action. This might not show results at first but continuous planning is the key to making the staking reward strategy a success. We need to make sure that users are motivated enough for the rewards so that they can fight to be on the leaderboard.
Merchandise & Feedback Rewards
While the monetary rewards mentioned above play a major role in increasing your community engagement, however, it's not always about the money. It's much important to let users know they are heard and it is possible only if you collect feedback in Typeform, google forms, surveys and so. On a quarterly basis, it is seen users collect one final piece of feedback on the roadmap of this quarter to understand well how they brought a change to community members lives and what could have the project done better. You can have this engaging activity created on AirLyft and collect feedback from users and assure them that they are working on it. As a result of them providing the best feedback, instead of providing them monetary rewards, incentivize them with official merchandise that they can market for you. Pros, free marketing and no CONS!
There are tons of reward marketing out there that you can implement based on what strategy fits best for your product and if we start writing them out, this blog is never going to end. It is important for you to understand what reward brings in the most conversion for you and then act upon it so that your community members don't bounce on you even if you are rewarding them.
About AirLyft
At Kyte.One, we are developing AirLyft, the most complete decentralised, multichain, growth hacking platform ever created for projects to establish, expand, and engage their community. It is a feature-rich platform to incentivise on-chain/off-chain actions by the community. AirLyft also automates the validation, reward creation as well as distribution, thereby saving hours of marketing & development effort. This platform supports 9+ blockchains and is ready for all projects including DeFi, GameFi, NFT Projects, & Metaverses.