By Kelley Weaver, the CEO of Melrose PRa leading Web3 PR and communications agency.
There is no doubt that bear markets are the best time for founders to put their heads down and build. Right now, Web3 leaders have a unique opportunity to create something truly revolutionary – not just market share, but mindshare.
Mindshare refers to the awareness of a product, brand or phenomenon. It is an essential part of a successful project because when people think of one type of product or market category, usually only one or two brands come to mind. For example, when you think of smartphones, your next thought is probably “Apple.” When you think of electric cars, the next thing you probably think of is “Tesla.” As one of those lucky few brands that occupy people’s minds everywhere, it can make or break what you’re trying to build. That’s because once one project achieves a significant amount of mindshare, it’s nearly impossible for another project to compete and grab attention in the same way.
What most people don’t know, though, is that mindshare and thought leadership go hand in hand: if you can position yourself as an expert in your field and as a resource for journalists dedicated to researching relevant topics in the space, your name and project will become increasingly correlated with those fields over time. As a result, you can build thought leadership that contributes to public awareness and validation of your project, as well as meaningful mindshare.
Right now there are unparalleled opportunities to use this bear market to establish yourself as a thought leader. Here’s what those look like.
Giving advice on what projects should focus on while building
Thought leadership includes citations in articles, podcast interviews, YouTube and broadcasts, events and panels, and opinion pieces. Each of these channels offers Web3 leaders the opportunity to make their voices heard and provide advice to emerging projects.
Helping other individuals find their place in the space is a powerful way to build a personal brand as it will position you as a true visionary whom others look up to. For example, right now there are many crypto-curious builders looking for decentralized finance, and they need meaningful guidance when it comes to improvements that can be made to user experience and onboarding, creating interoperability solutions, and maintaining true decentralization.
By providing thoughtful stories about how other founders might think about building in space, Web3 leaders will be able to create the kind of thought leadership that allows them to be truly influential — and create the kind of mindshare that will put their projects on the map. .
Extract the mistakes from the past and explain what went wrong
After the cryptocurrency market plunged into a devastating crash last May, a number of companies in the space quickly followed. Centralized Financial Platforms also crumbledexposing the weaknesses of multiple companies built like houses of cards.
Right now, there’s a distinct opportunity for Web3 leaders in the DeFi space to parse exactly what led to this most recent crash and explain what went wrong so it can be avoided in the future. After the euphoric crypto high in 2021, the market is in dire need of reason. There are plenty of opportunities to build thought leadership around the necessities, such as clear regulations and how business owners and government officials can work together to design them thoughtfully. At the same time, there is a very real divide when it comes to discussions about the hurdles to institutional onboarding and how to avoid them.
For those aspiring to become thought leaders in the Web3 space, it is essential to develop a long-term vision that can lead the next wave of DeFi: one that is grounded in first principles and strong business models and is designed to work together. working with those pushing for regulation and institutions ready to delve into DeFi and the benefits it offers.
Look to the future and offer predictions for what is to come
Another way to become a meaningful thought leader is to discuss what the future holds for Web3 as a whole and for various Web3 spaces.
For example, the most recent crypto crash has left many would-be DeFi enthusiasts in a state of frustration or apathy; what is needed now are new opinion leaders who can provide insight into what is to come for that space. While DeFi is relatively new, there is enough data to provide insight into market trends and use that insights to predict what’s coming in space and how we should prepare. At the same time, it is also vital to spend time illustrating how Web3 can be used as a tool to enhance both traditional finance and Web2. Thought leaders who can discern what our current financial system needs and how DeFi can uniquely improve it will make a name for themselves and gain a real following in the coming months.
The individuals who can become opinion leaders now will have a head start when the next bull run hits. By creating an audience today and connecting with other builders in space, you can will be able to take the market by storm and create the kind of mindshare for your projects that will catapult them to the stratosphere – and cement them in the minds of decision makers around the world.