JUNE 21, 2022
Welcome to Tuesday. Get advice from a creator coin holder on how to do the social token thing better than most. Hear from a content entrepreneur who abandoned optometry. In Things To Know, Facebook’s still jealous of TikTok. And don’t forget this month’s free class on avoiding legal trouble.
How To Make a Creator Coin Work
For almost a year, I’ve bought creator coins from tens of creators. I’ve seen some soar and some sink. Here’s what I suggest to build a successful creator coin strategy that’s fruitful for both you and your community.
First, let’s briefly review what a creator coin is. Creators who issue coins are creating their own currency system. The creator coin is a fungible token minted on the blockchain through a platform like Rally or Bitclout. (I acquired my coins from Rally, so my recommendations are based on its platform.)
The best thing to do is to keep growing the value of the coin. Here are the best practices I found.
Don’t start with a coin: Maybe a handful of supporters will be attracted by the novelty and buy your creator coin. But don’t count on them.
You need at least one working audience-acquisition channel, such as a blog, YouTube channel, newsletter, etc. You also need to actively develop a good level of engagement with your followers. Only then are they likely to be interested in acquiring your coin.
Offer perks: Creator Ethan Pierse rewards holders of $ETHAN with perks like access to a community Discord channel and VIP meet-and-greets at his events. Some coin creators fail to offer any bonus or perk to coin holders. Maybe they hope engagement is enough to convert their fans. Usually, they are wrong.
Give your coin holders a gathering place: For creators on Rally, that’s usually a Discord server because the two platforms are integrated. An active community will motivate members to keep holding or even buying new coins.
Share your strategy: Coin holders are your stakeholders. If they know your plans, they feel safer and may be inclined to invest more. Creator Mark Schaefer sends a newsletter every Sunday to holders of his $RISE coin.
Reward referrals: Coins can be an effective incentive to reward your community and attract new members. The Tilt’s referral program rewards new newsletter subscribers with $5 in $TILT coin. If they sign up through a current subscriber’s referral code, the referring subscriber also earns $5 in $TILT coin. But you are not limited to lead acquisition. You can also create a referral program for products and services.
Give holders more coin: When you want to accelerate growth, you can reward coin holders with more coins. Brian Fanzo of $ADHD did this a lot in the beginning. It also helped him quickly recover from some dips in its coin value. Brian continues rewarding holders with more coins today, using a tool like Bonfire to offer air drops of coins to holders of a certain amount.
– Alberto Cabas Vidani
Get more best practices and learn the one creator coin that’s growing in value without any perks.
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content entrepreneur spotlight
Entrepreneur: Simran Kaur
Biz: Girls That Invest
Tilt: Making investing less daunting for women
Time to First Dollar: 1 year
Rev Streams: Sponsorships, speaking engagements, online courses
Our Favorite Actionable Advice:
- Take one step, then another: Don’t wait to start until your whole business model is ready. Instead, take one action every day to put the business in motion.
- Commit to a year: Simran created the podcast with her best friend. They each agreed to do it for 12 months to establish the show.
- Make the ask: An investment firm signed on to sponsor a season of the podcast after Simran reached out to share how her audience was a good fit for them.
– Sarah Lindenfeld Hall
Get the story on this former optometrist turned content entrepreneur.
Know a content creator who’s going full tilt? DM us. Or email [email protected].
Caught on … Twitter
“A creator is a better title than an influencer.” – Akash Trivedi
things to know
the business of content
- Two things you need to do to lengthen your financial runway.
- Joe and Robert detail the latest Web3 and crypto bad news.
- Lonely at the top? Maybe get a peer advisory board.
- Be better at the business of blogging.
- Solved a problem? Don’t stop with one.
the tilt team
Your team for this issue: Joe Pulizzi, Ann Gynn, Laura Kozak, Marc Maxhimer, and Dave Anthony, with an assist from Angelina Kaminski, Alberto Cabas Vidani, Sarah Lindenfeld Hall, and Don Borger.