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It's safe to say that the last few years have been something of a rollercoaster for the cryptocurrency market. Following a record-breaking 2021, it wasn't long before the markets turned red and the bearish sentiment started to take hold of the industry.
With BTC and ETH experiencing a 65% and 67% pullback in 2022, respectively, jubilation quickly turned to despair and the crypto space felt a collective shudder of anxiety.
But, with the dust now settling and a new year ahead of us, it's time for marketers to take the wheel and get to work on what is likely to be another trying year for blockchain-based projects.
In this crypto PR 101 guide, we'll be exploring the essential elements of a successful crypto PR strategy in 2023 - covering everything from branding and networking to content creation and PR distribution. Let's get into it.
Expand Your Network of Journalists and Influencers
As the old adage goes, it's not what you know but who you know.
Remember, the crypto market is a small world, and word travels fast. Building a positive reputation and making connections with the right people can go a long way in helping your project gain traction and stand out in the market.
That said, networking doesn't have to be a formal or stuffy process either.
Attend industry events, join online communities, and engage with other crypto enthusiasts on social media. You never know who you might meet or what kind of opportunities might arise from a simple conversation.
For instance, connecting with journalists, influencers, investors, and other industry professionals can open up new opportunities while also providing valuable insights into new trends, opportunities, and risks.
Having a strong, newsworthy story is key to landing your pitch. But getting close to crypto journalists will help your pitches not get overlooked in the first place. This is essential, since most pitches get ignored by overflooded journalists.
Use A Crypto PR Newswire Service
Despite the great strides that have been made in the crypto space over the past few years, traditional media outlets have been slow to embrace the technology.
As such, investing in a solid crypto PR newswire service is an invaluable way to get your message out there and reach a wider audience.
Crypto PR newswires, such as Chainwire, are typically used to distribute press releases about your project across leading crypto-native news sites.
This helps cut through all the noise by getting your message seen only by those who are genuinely interested in what you have to offer.
Having your most important announcements featured on the front page of prominent news sites such as BitcoinInsider, CoinDesk and CoinTelegraph can go a long way in helping your project gain some much-needed exposure.
The Year of the Influencer
Despite what you may think about influencers, they can be an invaluable resource for marketing and promoting your crypto project.
With consumers and investors becoming more savvy and even more skeptical of traditional marketing tactics, influencers can be instrumental in helping you reach your target audience and gain their trust.
However, launching a successful influencer marketing campaign does require a bit of strategy and finesse. First, you need to identify the right influencers for your project - those who are genuinely passionate about the crypto space and have an engaged and loyal following.
Once that's done, you need to determine what kind of content they will create, how often they will post, and what type of compensation you will offer them.
If the truth be told, it is a minefield out there. If you partner with the wrong influencers or don't have clear expectations from the get-go, it could end up with your project being shone in a bad light, leading to serious reputational damage.
Overcoming the Stigma
Finally, let's address the elephant in the room. Crypto has an image problem - and until it gets overcome, the market is likely to remain mired in negativity. At least, in the eyes of mainstream investors and consumers.
With this in mind, it's important that you conduct your business and PR activities in a professional and ethical manner. Don't make rash decisions, don't sell false promises, and above all else, don't forget to be transparent and honest with your audience.
In a sea of scams, rug pulls, and shoddy projects, standing out from the pack is key. Showing that you are a legitimate business with a legitimate product or service can go a long way in helping you overcome the stigma associated with crypto and carve a successful path for your project.
With a recession looming on the horizon and uncertainty abounding, now is the time for crypto projects and companies to take their PR and marketing efforts seriously.
Whether that means investing in a dedicated crypto PR newswire service, leveraging influencer marketing, or simply being honest and transparent with your audience - it's up to you to create the positive reputation needed to succeed.
However, no matter how hard you work to promote your project, nothing will be achieved without a quality product or service to back it up (despite the prevalence of the meme coins). So make sure you don't forget the fundamentals of good business practice while marketing your project!
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.