I've examined a couple of cases in Web3 projects and noticed some recurring metrics determine their success.
These are the primary ones:
Daily Active Members
If your Discord is full of people, but only ten get on consistently and interact with your Web3 project’s updates, then you’re in for some trouble in the long term.
That’s why knowing how many active members you have on your server is essential.
Community Sentiment
Community sentiment is more qualitative than the number of members, yet still important to measure, as it lets you know your community's overall interest and trust towards the project's goals.
Some Web3 projects might think that simply having their Discord active is enough to keep their community engaged. Were that the case, every Web3 project would be worth millions overnight.
A successful community will take more than that: crypto giveaways, Twitter Spaces, video calls with the community, contests, and meets and greets are all actions that can improve community sentiment in a Web3 project.
Customer Retention
Customer retention is the rate at which a Web3 project’s community members stay within the project during a specified timeframe.
Loyalty programs can increase retention, which offers new ways to connect with the community.
The best way to measure the effectiveness of a loyalty program is through Web2 data analytics.
If you understand all of these metrics, you’ll be able to grasp your project members’ customer persona and customer journey.
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