It has become evidently clear that the cryptocurrency market is here to stay and growing bigger every day. Not only that but Blockchain-based startups and cryptocurrency creators are popping up all over the place, providing solutions to the world’s financial problems. Crazily enough, even ICOs (Initial coin offerings) funding for startups has exceeded the traditional venture funding.
Because there was a massive emergence of these startups, companies in this field need more help getting word of their business out there, which is why Public Relations companies exist to create an effective marketing strategy.
In this article, we will look at:
- Crypto vs. Traditional Public Relations
- Strategies for Crypto Public Relations
Crypto vs. Traditional Public Relations
When the time comes to get word out about your cryptocurrency project, most companies will naturally think of hiring a PR agency. However, an important thing that needs to be considered is whether they are a specialist crypto PR agency.
The question you might be asking is: Why does it matter?
The main reason is that the cryptocurrency industry offers special challenges that a generalized PR agency might not be aware of, understand, or is capable of addressing. If you were to choose a PR agency that not only has experience in other cryptocurrency and blockchain projects, you will be ensured and know that your message is reaching the right people.
There are definitely many similarities between the different agencies but a specialist agency can help with; industry contacts, an understanding of the possible challenges, the lingo.
Cryptocurrency agencies have contacts within the crypto community. They know what podcasts have the best audience, which events you should go to, and what sites with publish high-quality guest articles. They can not only help with you crypto-specific outlets, but also help with mainstream outlets. They will help with bloggers, vloggers, and influencers that are a part of your niche market and reach other to other mainstream outlets that are somehow related as well.
Any good crypto PR agency that knows what they are doing will definitely be up-to-date with the latest challenges that cypto projects are facing. They tend not to waste your time and money trying to pursue avenues that are closed and they will know which ad networks will allow ICO advertising, the steps you can do to promote an STO, and which influencers aren’t at the top their game anymore.
Probably the most important thing, especially when you are first starting out, is that when you hire a cryptocurrency-specialist PR agency they know the lingo. You can be assured that they understand what your project does and they are able to explain it to media outlets. You won’t have to spend time explaining terminology to them.
Another major reason to choose a specialist agency is that they are made up of people that believe in blockchain. They are working in crypto PR because they honestly want to see crypto projects succeed and they will not only bring their knowledge of the subject, but they will also bring enthusiasm.
Traditional media relations can, of course, serve a few purposes in crypto like: broad awareness, differentiation, and customer acquisition. You definitely want to be in the media talking about topics that matter and be included in stories that are relevant to your business. You obviously have competitors and you want readers to know the difference between you and them. Finally, you want media coverage to drive the type of awareness that helps achieve business goals.
To get successful, you need to combine a traditional PR approach with a non-traditional one so that you get both broad and targeted awareness on a regular basis. You need to excite your community by creating projects to better engage your community and activate them in a way to generate smart, on-message awareness across multiple channels. Especially in crypto, you need a plan to gain awareness online that complement your more traditional PR plan.
Strategies for Crypto Public Relations
1) Develop a reputation of transparency
Regardless of what industry a company is in, it is important to develop credibility to earn sales and customer loyalty. Consumers want to know that they can trust the company they are working with. Another way to develop your reputation is through partnering with a respected company in the crypto world. A company like that can open up the world and help you rise to the next level of success. Do your research to find these companies and make sure that they have: extensive and specialized cryptocurrency PR knowledge, measurable success in the cryptocurrency world, and solid references.
2) Create a marketing strategy
It is important that you don’t just jump right in and announce your cryptocurrency startup on social media and hope for the best. You need to create a custom strategy based on what you expect and need. Because there are so many cryptocurrencies that currently exist, businesses that want attention really need to work for it. The successful campaigns mix influencer marketing, getting the right media coverage, and of course a great product.
When you build your media coverage, you need to find the appropriate media outlets. You need to find leading journalists who specifically cover blockchain and cryptocurrency.
3) Establish authority in the field
In a world where at the moment almost everyone can become a cryptocurrency entrepreneur, the companies and startups that can get and stay ahead of the game are the ones that show themselves as experts in their field. Investors need to look at your company and figure out the difference between you and your competitors. They want to work with brands that understand the possibilities of the blockchain and possible failures. Startups need to establish a thought leadership strategy that highlights their authority and prove that they are a powerful resource online.
4) Maintain constant communication
Consumers want to feel like they are always ahead of the game, so a successful cryptocurrency startup should implement an effective communication strategy to ensure that their community is always informed of what their client is doing next. This will help create transparency and reliability that investors appreciate.
There is no major difference between Crypto Public Relations and Traditional PR, it is more of a partnership that Cryptocurrency Startups should use both to create an effective strategy. At the end of the day, the ultimate result is the same. They want publicity through the proper channels and to emerge in the appropriate market. They just want to be heard and Public Relations is the best way to achieve that.