It seems that now is a more interesting time than ever before to be a crypto startup. On the one hand, you are entering into a fairly mature market with this sizable customer base. On the other hand, there is so much competition in the crypto space that distinguishing yourself and finding your niche feels like an uphill task. One of the best ways to make this easier is to approach it with a defined crypto PR strategy.
Many crypto startups make the mistake of not having a PR strategy in place until after they have entered the market. This means that they are often playing catch-up with their competitors or having to correct initial mistakes. But by having this from the onset, you save yourself a lot of stress.
What is a Crypto PR Strategy?
Naturally, you can’t have an effective crypto PR strategy if you don’t know what it is in the first place. The simple truth is that a PR strategy of this kind involves deliberate actions you intend to take to drive awareness, create a certain reputation, and trigger certain reactions for your crypto business.
Your crypto PR strategy helps to define the goals you hope to achieve when pursuing various PR efforts and thus, will decide what sort of efforts you will focus on. If your goal is to be seen as the best crypto exchange in the world on the level of Coinbase or Binance, you will have to pursue certain PR strategies, align yourself with certain people in the industry, and brand yourself in a certain way. Entering the crypto world as a startup without a proper strategy will lead to wasted time and resources, and so, a crypto PR strategy is non-negotiable.
Creating a PR Strategy in Crypto
There are several steps to creating an effective crypto PR strategy, and while it can seem daunting from the outside looking in, here are a few ways to go about it:
Step 1: Define Your Narrative & Positioning
Before you take any steps towards your crypto PR strategy, you first want to know what sort of narrative and positioning you want for your brand. Few brands follow the exact same formula because not all are seeking the same results. We’ve touched on this in some previous blog posts, but ask yourself if you want to be an aspirational brand or a relatable one.
Also, ask yourself if you want your brand to be widely accessible and well-known in the industry, or if you prefer to be a more niche product or service. Speaking of niche, state explicitly whether you are a crypto token, an exchange, or so on. Then you should define your sub-niche. If you are a meme token or a utility token, your crypto PR strategy might be different.
Step 2: Identify Your Target Audience
The next thing you’ll want to do is define your target audience. The way you target professionals in their 40s investing in crypto for retirement will be different from how you sell meme coins to 20-year-olds. As a rule, you should determine your niche by age, gender, socioeconomic status, and more. By doing this, you can begin to ask where your target audience congregates, what platforms and publications they turn to, and how they prefer to be marketed to. This will save you time and resources from targeting the wrong audience or the right audience in the wrong way.
Step 3: Choose the Right PR Channels
Once you know your niche and the audience you are targeting, you’ll have to approach them using the right channels. Those who would be drawn to a crypto gaming token, for example, will likely turn to certain publications rather than others. Some might be more active on social media than on other sites, and some may prefer specific social media platforms.
This will require some level of research, but once you are sure of where your target audience tends to congregate, you’ll know where to direct your time and attention. Always keep in mind that sometimes, your audience will be split across different channels, so don’t go in with the assumption that one channel will meet all of your needs.
Step 4: Build a Press Release Strategy
A press release strategy has to be methodically defined and documented. To make this easier, make sure you build the strategy as you conduct your research. If you define your token as a meme coin, for example, you then want to write out the platforms where meme token consumers tend to congregate the most.
You’d also want to write out what type of PR they seem to respond the most to and how your competitors are developing their own strategies. The end result should look like a list of sites you want to publish on, the frequency with which you want to issue press releases, the intended response over time, and your budget.
Step 5: Create Newsworthy Content (Not Just Promotions)
While promotional press releases are a big part of a crypto PR strategy, you want to make sure that your business is associated with newsworthy content as well. If consumers only ever see your business in the headlines when you are launching a new product or want to sell them something, they might become disillusioned. Instead, you want to host events, commemorate milestones, or otherwise engage with them in a way that is relationship-building and not necessarily commercial.
Step 6: Build Relationships with Crypto Media & Journalists
Always remember that your crypto PR strategy is a marathon and not a sprint. This means that you will spend weeks, months, and even years building up your reputation and to do so successfully, you want the support of crypto media and the journalists within it. We’ve explained in a previous blog post how to build relationships with these journalists, and this involves several steps.
You’ll want to give exclusive quotes and commentary to them when needed, regularly publish on their platforms, sponsor their events and invite them to yours, and much more. A relationship with the crypto media can benefit you for years to come, and so, it should not be neglected.
Step 7: Leverage Influencers & KOLs
One of the most creative ways you can achieve your crypto PR strategy goals is to leverage influencers and key opinion leaders (KOLs). This is because, essentially, you are pursuing a certain audience and public perception. The good news is that they are usually already influencers and opinion leaders who have this perception of the audience. And by aligning yourself with them, you gain some of this reputation with the audience.
This can be done by sponsoring their content, inviting them to your events, and having them as official brand sponsors. A well-done influencer campaign can offer the sort of PR benefits that could ordinarily take years to achieve.
Step 8: SEO & Distribution Strategy
In terms of driving traffic to your website on social media platforms, search engine optimization and effective distribution are your best friends. SEO essentially involves using appropriate keywords, meta titles, securing backlinks, and much more. While it can take time to achieve, securing a high ranking in search engine results can drive traffic for years to come and positively impact your reputation.
A distribution strategy can also help with this by having your business featured on high-ranking and higher authority websites. Both the traffic and the backlinks you get from this can help achieve your goals.
Step 9: Measure PR Performance
Your crypto PR strategy, like every other strategy, is something you have to continuously review and refine. This is why every time you complete a PR effort, you have to consider how well it performed, the response you got, and what can be done differently. From changing the platforms you publish on to refining your strategy from scratch, this will help you catch mistakes as they happen and stay on track.
Common PR Mistakes Crypto Startups Make
While a crypto PR strategy can save you a lot of effort and help you achieve results, many crypto startups also fall into certain mistakes. Some of the most common issues you should avoid are as follows:
- Targeting the wrong audience
- Choosing the wrong platforms
- Not sticking to your crypto PR plan long-term
- Choosing a strategy that misaligns with your brand
- Not reviewing past performances and learning from mistakes
- Neglecting relationships with crypto media
Conclusion
A crypto PR strategy for startups is your secret weapon to going from an unknown brand to dominating the industry. Not only will it help you define yourself and your goals, but it can also direct your resources efficiently. A big part of these strategies is PR distribution, which we at BTCWire are experts in. No matter your audience or budget, we will have your business aligned with the right platforms. Whether you want to develop your crypto PR strategy from scratch or put out PRs, visit our packages page or contact us for more!