After Platforms Drop Crypto Ads, PR can fill the Void
- Christian Zerbel
- April 8, 2018
After Platforms Drop Crypto Ads, PR can fill the Void.
Crypto companies lost another major advertising platform after Twitter announced on Monday it will join Facebook and Google in a ban against digital currency ads. As cryptocurrency companies are squeezed out of traditional market places, they should look to public relations for their communication needs.
After Twitter’s crackdown, Bitcoin fell about 7 percent to $8,000. A steep drop from $13,000 at the start of the year. The crypto marketplace has been particularly volatile after these announcements, and expected government regulations looming overhead. So the cryptocurrency industry, with a combined market value of about $331 billion, is locked out of the majority of ad space.
Platforms like LinkedIn, Medium, Reddit and Bing are still crypto-friendly, for now. But the blanket ban by major players was a response to unclear SEC regulations. Picking out the scams from the legitimate crypto companies can prove difficult. Besides, distinguishing illegal activity from plain incompetence is a difficult task. A ban is an attractive way to protect their users and themselves from legal liability.
Many new technologies are viewed skeptically. And until regulations kick in, the brand new crypto market will hold onto this perception.
Without advertising routes for crypto companies, PR can take the reigns.
Public relations for cryptocurrency is as new as the technology itself, but traditional communication strategies adapted for the internet age can be the difference between a coin standing out or getting lost in the white noise.
Education is key, and PR is the businesses of communicating to the masses. People have to be convinced that a coin is easy to use, safe, and has investment potential. Otherwise, it’s just another confusing piece of tech. Education materials could take form of a simple, clean ICO release video, a website blog, or direct social media engagement with consumers — really whatever’s necessary to get the coin to seem less intimidating to investors.
Building trust is crucial in a marketplace saturated with bad press and scam ICOs. A PR company’s job is to present a coin as professional as possible. No matter how innovative a currency is, people won’t want to invest if the website is littered with spelling errors. Press releases, website design and content, responsible community engagement are all necessary to give a company the legitimacy it needs to stand out from crypto companies that just wing it. Reputation is earned, and PR does just that.
ICO roll outs are a pivotal time for a crypto company’s success. Will the coins generate buzz and get scooped up off the market, or fizzle into obscurity? That’s where PR comes in. Securing a mixture of trade industry and traditional press can help insure a coin gets its feet off the ground. A carefully crafted strategic communication plan will reach a coin’s target audience through many channels.
From big money investors to small-time buyers, each demographic has their own language, concerns, and are looking for different things in an initial buy. Tailored communications here is key.
As more potential investors begin to understand the blockchain and more coins flood the market place every day, the challenge for a crypto company becomes one of differentiation. How is this company different than every other? What can you communicate about its technology that will make it stand out? PR companies spend time analyzing media trends and look at how people are talking about coins. A timely written piece can skyrocket a coin’s reputation. Perhaps high profile partnerships could bring the media’s eye toward the coin. Knowing an audience intimately, means knowing where the potential investors get their information and the best way to deliver it to them.
As of now the crypto marketplace is run like the wild west. Soon, that won’t be the case. Having a PR company that understands the intricacies of what can and cannot be said about a coin can save a company legal headaches down the road.
The days of crypto advertising may be coming to a close, but that doesn’t mean companies don’t have solid options. A smart PR agency with a tailored communication strategy is the difference between a coin flopping or thriving.