The world of blockchain is constantly evolving. Whether you take a long-term approach and explore its development over the past decade or focus in on the last year, this industry is completely unrecognizable. Some of the largest changes in this field have come during bear markets.
Since the end of 2021, the world of cryptocurrency has gone through a difficult period. Yet, these continued months of negative or stagnant growth have actually served as moments of innovation for many companies around the globe. In blockchain marketing, the past year has separated the world-class crypto public relations strategies from those that were only working due to the heavy investment during a bull-market period.
In this article, we’ll dive into these strategies, using the context of the past year to demonstrate just how radically this field has grown. We’ll be discussing the following strategies:
- A Community-Centric PR Focus
- Airdrops and Inclusion Events
Let’s dive right in.
Airdrops And Inclusion Events
As a market begins to stagnate, there is much less active growth to be had from projects accumulating wealth. Beyond that, most people have much less disposable income left at the end of each month, which leads to a further decrease in the total amount that crypto projects receive.
For crypto teams, this creates two major problems:
- Stagnation of Currency - With fewer people actively investing and more people selling their current holdings, cryptocurrency value growth begins to slow down before then starting to fall. We’ve seen this a great deal over the past year, with cryptos like ETH and Bitcoin being down by around 70% in total value.
- Lack of Liquidity - Many cryptocurrency projects need liquidity in order to continue to work toward major pillars of their roadmap. Without the liquidity of their native currency, they don’t have the funds or the flexibility to continue building.
When crypto PR teams use airdrops, they can solve both of these major issues simultaneously. An airdrop is where a crypto project allocates users that interact with their posts a fixed amount of crypto. For example, if you retweeted their post of Twitter or performed a similar action, you would then be able to receive crypto into your wallet.
While some PR teams are afraid of giving out cryptocurrency via airdrops, this is actually the best possible thing you can do when markets start to fall. By allocating crypto to new users, you’re expanding the total number of people that hold your cryptocurrency. This does two things:
- Boost Liquidity - With more coins flowing in the community, the liquidity of your coin increases, helping a project to get back on track.
- Increases Public Interest - If someone holds your cryptocurrency, they have a more personal stake in your project. As they now own one of your assets, the success of your brand becomes a financial incentive for them. This can help you weather the storm when cryptos start to fall in price, with the larger pool of community members keeping you afloat.
Across these two major benefits, airdrops are truly one of the most effective crypto public relations strategies that you can use. Especially with the market in the nebulous area, we’re currently seeing in 2023, we recommend you start this sooner rather than later.
When cryptocurrency projects enter a bear market, lots of their surface-level supporters will sell their currency and disappear. As we’ve suggested above, this can lead to a lack of liquidity and a whole host of other issues. In order to keep more people invested in your currency, you need to make people trust your brand for the long term.
One of the best ways of doing this is by leveraging the trust networks that other creators or brands have established. 88% of consumers are more likely to trust a recommendation if it comes from someone they trust. By working with other blockchain companies or with crypto influencers in this sphere, you’re able to gain access to these networks of trust.
Although building up a community is by far the best long-term strategy for success in the world of blockchain, this is a great way of achieving something similar on a short-term scale. The influencer market is currently worth over $16.5 billion USD, with the value of being able to get into these networks of trust being why this world has exploded so much over the past year.
Blockchain companies often come from a place of h we having to build trust over long periods of time. Due to the fact that they fall into an industry that has unfortunately had a rough history when it comes to scams and hacking events, consumers don’t partner with new endeavors very easily.
By finding a number of companies that are looking for partners or influencers on crypto-centric networks that you could partner with, you’re able to strike up a useful deal. With companies of a similar size, you can typically create a mutually beneficial deal that helps both of you grow.
With an influencer, you’ll typically have to offer either cryptocurrency or fiat cash in order for them to create content and publish it on their social networks. Depending on the size of the influencer, this strategy could change.
The world of crypto public relations is one that’s constantly shifting. In periods where growth slows down, the real value of the industry begins to shine. Instead of projects exploding in value and public attention simply due to the bull market, a bear market tests the real metal of a project.
The three strategies that we’ve outlined in this article are tried-and-tested ways of bringing more attention to a crypto project. Without a doubt, focusing on these are among the best ways to continue to push for future growth. With that in mind, incorporate these into your crypto PR campaign objectives, and you’ll set yourself up for success in blockchain.
Best of luck as you continue to build throughout 2023.