Cryptocurrency projects today are under immense pressure, particularly due to the bear market. With the fear of ever-diminishing investors, seemingly insurmountable goals and literally no bullish prognosis, a game plan of survival must be defined.
At the helm of this plan is Public Relations (PR). With its connection to sales, marketing, media, and more, it can be the most promising way any project can survive amidst a dry spell.
What’s PR and Why is it Essential?
Public Relations, or PR, is the management of information exchange between an organization or business and its customers, potential customers, investors, and the press. It aims to produce positive content for stakeholders for the purpose of creating awareness and forging relationships.
Let’s explore how PR can be integral in surviving the bear market for Crypto projects, as well as how it can be used when the market turns.
Benefits of PR for Crypto Projects
The benefits of PR for Crypto projects go far beyond the pump and progress reports. PR can be used to build relationships and increase credibility across sectors, which is a much needed feat during a bear market and beyond.
Here are some reasons why PR can be beneficial to Crypto projects, particularly during a bear market:
- Gain Visibility and Build an Audience
In a world where the mainstream continues to dive deeper into the Crypto sphere, visibility and access to an audience is one of the top reasons to bring on a PR agency. This visibility doesn’t just come through media picks, but also through press releases, blog submissions and events.
When the media talks about a Crypto project during a bear market, the project is likely to have a higher chance of securing investors.
- Achieve Stability and Reputation
The stability and reputation of any Crypto project is brought about by the partners or public figures that it associated with.
Securing thought leadership from reliable sources will ensure that the project stands up against the bear market. This could include contributors from established projects, as well as industry perceptions from experienced authors and professionals.
- Generate Positive Content
Generating positive content is particularly important during a bear market. Positive press releases, blog posts and interviews can help boost morale for the project, as well as help put the project in front of important stakeholders.
In the event of a bull run, the positive content can generate interest, as well as give the project a much needed boost in the right direction.
- Showcase Progress
Pay close attention to the project’s progress. As the Crypto market is ever-evolving, it’s important to maintain a constant stream of progress updates.
Whether its updates on how the project is evolving, how far the development has come or details of upcoming releases, progress reports should be streamlined into the strategy to be sure that there’s enough hype surrounding the progress.
- Connect to Influencers
PR also enables connecting to influencers within the industry. This connection can bring more visibility to the project and help uncover more opportunities which can be explored. Influencers have the ability to bring forth different aspects of any project which have previously gone undiscovered.
- Focus on Raising Brand Awareness
Although this may look like it’s an added task, rest assured that any PR agency that is hired would have focused approach towards raising the brand awareness of the project.
This awareness-raising could be achieved through a variety of methods, including interviews, campaigns and events. Brand awareness should always be top of mind when it comes to any PR strategy, as it will ensure that there is greater reach and understanding of the project.
Choosing the Right PR Platform
Now that the numerous benefits of incorporating PR into the bear market scenario has been established, it’s important to understand when and where to invest in this.
When selecting and negotiating with potential PR platforms, there are certain key elements to consider.
First, determine the cost. While there are free options available, these may not be as effective as the paid options. Paid PR options are the best choice for projects that need visibility and awareness in a timely fashion – and this generally comes at a premium.
Then, review the target demographic. PR should ideally target the right individuals, regardless of markets, interests and more. This is where placements can be crucial.
Finally, check the credibility of the PR agency. Are they reliable? What types of Crypto projects have they worked with before? The track record should always be thoroughly reviewed before signing any PR contracts.
With all of this information in hand, the right PR can save Crypto projects during bear markets. It is time to understand why PR is essential and how it can be integrated into any Crypto project’s strategy.
Attempting to forge an ecosystem for the project with PR only during a bear market can be a difficult task. It is much better to always have a reliable PR agency on board in order to maintain a steady stream of progress reports, positive content and brand awareness before, during and beyond difficult market periods.
PR is the essential piece that brings a project together. It allows projects to survive and thrive without the worry of markets and slumps—even in this bear market.
