By the end of this year, global spending on blockchain solutions is projected to reach $6.6 billion. And this number will grow to $19 Billion by 2024.
In Q1 2021, blockchain technology startups attracted $2.6 billion in VC (venture capital) funding.
Given this massive growth in the cryptocurrency and blockchain industry, the need for PR is more than before.
How to market a blockchain or crypto startup
PR (Public Relations) is not a new concept.
In fact, elements of PR could be traced to Ancient Greece, where philosophers like Plato and Aristotle wrote on the art of rhetoric to aid public speakers in persuading their audience.
The communication of information to influence viewpoints can be traced from the earliest civilizations. Archaeologists found a farm bulletin in Iraq that told the farmers of 1800 BC how to sow their crops, how to irrigate. Public relations was used many centuries ago in England, where King’s maintained Lord Chancellors as “Keepers of the King’s Conscience.’ Source
The Boston Tea Party is another excellent example of a PR event.
What is Cryptocurrency and Blockchain PR?
As per Wikipedia, Public relations (PR) encmpasses the management and dissemination of information from an individual or an organization to the public in order to affect their public perception.
Given the dynamics of the crypto and blockchain industry, it is no surprise that Blockchain Public Relations is a tad different from other forms of PR.
Traditional PR covers TV, Print, and radio. On the other hand, digital PR addresses social media, news sites, influencer marketing, and blogs. The idea behind blockchain PR is to build brand awareness around a blockchain project using creative methods and strategies.
One of the challenges of Cryptocurrency and blockchain PR is the limitations around running paid campaigns on social media and websites (SEM/PPC).
Here is an example of a PR on Cointelegraph:
Diagnosing Your PR Strategy
Think of this. You hire a prolific writer and even give them pointers on what you want to cover through the write-up.
The writer does a good job creating a compelling article with all the necessary elements.
Yet, the article does not get the required eyeballs. Sounds familiar?
Sadly, that is what most cryptocurrency and blockchain technology startups experience with the traditional route of content marketing.
Value + Right Distribution = Viral
The biggest mistake cryptocurrency and blockchain startups make with content marketing is writing and publishing a post just for the heck of it. Or because their competitor published a post on a certain topic.
If your target audience is not going to benefit from an article, it is not worth your time and efforts to work on it.
Your audience has no interest in knowing if you are the best crypto/blockchain company in the world. What they do want to learn is how your product/service will benefit them.
Here are two examples from Reddit (One paid and one organic):
Check the engagement. ZERO comments.
Now let’s take a look at a post that encourages a discussion.
Over 4,400 comments!
Do not try selling something in an article. Provide education. Value. And the “selling” will eventually happen.
There is a reason why we marketers focus on funnels- we know it is not an instant process.
Another thing to focus on here is SEO (search engine optimization) from day one.
SEO takes time. While a PR will generate buzz for a few days, it fades after a few days. SEO, on the other hand, will help you generate traffic day after day.
Cryptocurrency PR Cost
On large publications like CoinTelegraph or Forbes, a PR article costs between $1500-3000. While this allows you to add your logo to those posts and also gives you a high-quality backlink, the high costs and inability (in most cases) to hyperlink can outweigh the pros.
An alternative to this is using medium-size publications for your blockchain PR campaign. You would spend less than $1000 on these sites, and you would have better chances of gaining the spotlight.
I am not suggesting that you ditch the top sites for medium-size publications.
The idea is to find the right balance,
Blockchain Crypto PR Challenges
With major networks such as Google and Facebook banning crypto and ICO ads, it has become difficult to run a blockchain or cryptocurrency marketing campaign.
Thankfully, platforms and communities such as Bitcointalk, Reddit, and Steemit have helped crypto startups with the much-needed promotions.
However, you cannot just post random “salesy” posts in these communities, and expect your target audience to grow.
People in these crypto communities dislike being sold.
The moment they recognize you are trying to sell something, or there is something “fishy” about your product/service, they will not only disengage but also share this with their network, thus creating a domino effect.
Crypto traders and consumers share a passion for technology and innovation.
They prefer a no-bs approach.
Community marketing is the way to engage with this audience.
Don’t sell. Add value.
What to measure?
Marketing without measurement makes no sense.
In a business, you want to keep track of Key Performance Indicators (KPIs).
For instance, when running a PPC campaign, you might want to track CPC, conversion rate, CPA, and quality score.
Crypto PR, however, does not work the same way. Let’s say you spent $2000 on a PR article.
How would you measure its success? Would you focus solely on the number of views generated by that post? What about brand awareness!
ICOs (Initial Coin Offering) and STOs (Security Token Offering) don’t exhibit a one-track execution strategy. When running a blockchain PR, KPIs such as traffic, conversion rate, social media growth, KYC listing growth should be considered.
Benefits of Blockchain Public Relations (PR)
Education
Blockchain technology and cryptocurrencies have been growing exponentially.
However, these concepts are still not clear to the masses.
With PR, crypto startups can educate prospective customers and institutional investors, thus removing friction and encouraging them to be more receptive to crypto-based product offerings.
Brand Awareness & Thought Leadership
This industry is highly competitive, thanks to the growth in cryptocurrencies and crypto startups in the last few years.
Using Public Relations (PR), cryptocurrency and blockchain technology startups can target specific audiences, thus helping you reach the right people.
With help of both small and large reputable publications, you can start building your cryptocurrency startup’s reputation as a leading player in your industry.
Community Marketing
As a cryptocurrency and blockchain technology startup, you need to establish positive media engagement and community relations. With the right crypto marketing coupled with PR, you can also take advantage of crypto communities on social media platforms.
This would help build transparency, credibility, and trust.
Hope this post would help you understand how blockchain PR works, and what you can do to tackle those hurdles.