Decentralized finance (DeFi) has exploded in popularity over the past few years, offering a new wave of financial services that are open, transparent, and accessible to anyone with an internet connection. But building a successful DeFi project requires more than just a great idea and a talented development team. It also requires a strong and engaged community of users, supporters, and advocates.
In this guide, we'll walk you step by step through the process of building a thriving DeFi community. From identifying your target audience to creating valuable content and engaging with your community regularly, we'll get all the essentials covered. If you need a piece of advice on your DeFi/crypto project, you can
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Step 1: Define Your Target Audience.
Before you can start building a community, you need to know who you're trying to reach. Are you targeting experienced crypto traders, or are you trying to attract a more mainstream audience? Are you focusing on a specific region or language? Depending on these factors, your channels and content strategy may vary. For example, if you are building a DeFi project focused on lending and borrowing, you will target crypto traders who are looking for ways to leverage their assets and generate yield. The very different target audience will be for the DeFi project focused on remittances, where you are targeting migrant workers who need to send money back to their countries. The more specific you will be about the purposes of your project, the easier it will be to define your target audience and tailor your messaging and outreach efforts.
Case: Targeted audience is a key factor for exponential growth of the project, not only at the start. In particular cases, it's critical when a project is expanding to foreign markets. For example, we had a case with Bifrost, a DeFi project that splashed over the Korean market a few years ago. To maximize the effect of every dollar invested into marketing, you need to specify your targeted audience requirement very precisely. That's exactly what was done in our cooperation with Bifrost. That led to increasing the English-speaking community of Bifrost up to 20k.