21/12/2023
It's that time again...
The crypto bull run is rapidly approaching, so get ready to hear those almost mythical stories of people turning a few hundred dollars into millions. At the same time, many project founders will be left scratching their heads, wondering why a token named after (insert cute animal here) is soaring to a multi-billion dollar market cap, while their innovative, world-changing projects are left trailing in the dust.
While luck and market manipulation can play a role, there are some common mistakes many projects make, and it usually comes down to having one or more problems with what I call the '5 C's:
Copy: Simplicity Wins
Even the most revolutionary project will struggle if it can't be explained simply. If a 5-year-old can't grasp your concept in 30 seconds, it's too complex. People are interested in benefits, not just technology. Make your message clear and concise.
Content: Emotional Over Technical
Most content fails to engage because it focuses on features, not emotions. Take a layer1 blockchain, for example: it may be faster and cheaper, but simply listing these features won't captivate your audience. People care about how these benefits impact their lives. It's not just about the information you present, but how you present it. The fonts, colors, and lighting in your content all influence how people perceive and connect with your brand.
Community: Your Foundation
A project without a community is like a tree without roots. This is why projects aiming to end world hunger or stop climate change get frustrated when something like Napoleon Dynamite Token surges 300,000% in a day, while they struggle to reach a 1 million dollar market cap. Often, founders focus too much on the product, thinking it will sell itself, and they emphasize features that their audience doesnât care about. People donât care how much you know unless they know how much you care. Your audience needs to feel understood and provided with what they want. They seek to be entertained and informed about things that interest them; they donât want to be constantly sold to.
Conversions: Ease and Accessibility
This is the most painful aspect because you have an audience, but youâre not converting them into users or investors. This can happen for several reasons, but one of the main ones is that your token or DApp isn't easy enough to buy or use. We all know crypto isn't the most user-friendly thing in the world, but you can do your part by educating your community, providing video tutorials, and offering support. Optimizing your website and social media platforms is a must.
Closing: The Art of Sales
The last reason I see projects fail is that they have no sales team. They have nobody reaching out for partnerships. Nobody talks to potential whales on platforms like LinkedIn. If someone is looking to invest, theyâre talking to people on Telegram and Discord who donât know anything other than the launch date, or market cap if your project is launched, is not going to meet the need. I canât begin to tell you how many times Iâve seen projects fumble the ball with big-time investors because they just canât get a hold of anyone competent enough to answer their questions.
If you're a blockchain or DeFi project looking to build the right way, I'm offering a free brand audit for a limited time. Just comment 'BUILD' or send me a PM.