Blockchain and cryptocurrency are perhaps the youngest industries in the modern economy. Bitcoin was launched in 2008 and most cryptocurrency businesses and blockchain projects are a few years old. However, the rise of this small industry has been great and now there is an entire sector of blockchain-related services and tangible businesses.
One of such critical services is blockchain PR (public relations). Unlike the rest of the technology sector, the blockchain landscape has rapidly responded towards adopting traditional public relations techniques to control the public perception of their businesses, streamline their messages, and inform users across the globe about the value of their services and products.
Crypto startups and blockchain companies are appearing across the globe, offering solutions to the world’s financial problems. However, businesses in this sector need more help in getting their voices heard. This is where blockchain PR comes in. It is an effective approach that these companies can adopt to make the most of their marketing strategy.
The role of blockchain PR involves managing communications between cryptocurrency and blockchain companies and their stakeholders (investors, customers, or the wider public). Without such efforts, these companies would not be known outside the four walls of their physical premises and would miss out a lot of new business partners, new customers, and sales opportunities.
Marketing and PR play a critical role as it helps to move cryptocurrency and blockchain companies into the mainstream.
- Educating the Public on the Emerging Technology
To the wider public, prospective customers, and institutional investors, blockchain is still a poorly understood field as average citizens find it difficult to understand anything concerning the technology because it sounds like a foreign idea. In order for such audiences to be receptive to blockchain and crypto product offerings, they need to feel a level of comfort with the technology. Blockchain and crypto businesses, therefore, need to take advantage of PR activities to familiarize their target audiences with the technology in order to remove skepticism associated with blockchain and cryptocurrency scenes.
- Building Strong Brand Identity and Authoritative Voice
In a stiff competitive media landscape, crypto and blockchain companies need to gain insights into what kinds of content their target groups want to consume. While advertising normally implies mass communication, blockchain PR employs a sniper approach that targets influential publics who would share blockchain and crypto contents thus giving such businesses greater status and authority within the industry.
Creating regular and great content about some contentious topics on media outlets and crypto and blockchain publications can help these companies to establish themselves and their businesses as thought leaders in the field. This is a way that highly directed PR helps to increase traffic to the online presence of blockchain and crypto firms and this, in turn, can generate leads through the “call to action” links in their articles/blogs.
Good strategic blog posts are adequate to thrust companies’ profiles to the first or second page on search engines like Google. Effective PR is key to building a strong web presence, which is crucial to this sector that is entirely online-based.
- Developing Community Relations
Positive media engagement can position crypto and blockchain businesses as a key voice within the industry, which can result in investment leads and new customers without spending money on advertising. Marketing and PR efforts are essential for these businesses to become reputable and influential and to position their firms as thought leaders in the sector.
In the blockchain and crypto industry, social media plays a vital role in developing credibility. Creating social media channels (such as Facebook, Twitter, etc.,) enables people to approach these companies in an informal way. In this way, the audience feels free to ask any question and feel closer to the blockchain and crypto projects. Joining social media platforms helps blockchain and crypto businesses build a community and increase the credibility of their companies. Furthermore, this approach helps to build transparency on the technical part of the projects, which is key to address the lack of awareness surrounding blockchain and cryptocurrencies.
- Crisis Management
The major role of blockchain PR is mainly seen in times of crisis, for example, a competitor spreading rumors about a crypto company or product. Releasing a statement that tries to minimize the damage experienced and proving such rumors wrong is always the way forward. It is normally important for blockchain and crypto firms to have established trusted connections to save their reputations and back up their credibility in the market. Therefore, building a network and strong connections, qualifying exposure risks, vetting scenarios, and anticipating outcomes are all essential components of conventional public relations, which is an essential aspect in shaping brand perceptions and public image.
As illustrated above, effective PR matters in the blockchain and crypto industry. In fact, it is one of the key ingredients of success for any crypto and blockchain business in this emerging sector.
Choosing the right approach is the key for blockchain and crypto firms to enter into the mainstream. The role of public relations can help these firms to build a respected and reliable image. A practical PR approach is necessary to create a strong authority within the industry and surpass the competition.