Crisis management is an important part of public relations because no single company or entity can go years engaging with the public without a misstep. As such, it is important to have some knowledge of crisis management and how to navigate troubling times. Having this knowledge means you can be prepared for any crises that might emerge.
In some cases, you might even come out with better public perception because of how you handle the crisis. In this article, we will offer an introductory guide.
What is a Crypto PR Crisis?
First, you should understand what exactly a crypto PR crisis is and how it is caused. Simply put, a crypto PR crisis is a situation in which an entity, a company, or an individual’s PR effort is receiving negative backlash to a degree that is difficult to control. A big part of PR is controlling the narrative around the client, but sometimes, things will happen that will cause an unwanted perception to form, which you then have to handle. Think of when a popular celebrity is being dragged online for days on end, and there is nothing their team can do to stop it.
Such a PR crisis can be caused by several things. Sometimes, it is caused by each statement made by the company or someone representing it. Maybe a marketing campaign used insensitive language, or the CEO made a controversial statement during a public appearance. Sometimes it is because a spokesperson has fallen into controversy, and there is pressure to distance the company from them.
There are all sorts of reasons why your company might fall into public disrepute, and thus, a crypto crisis is born. These crises, in the most extreme situations, can completely cripple the public standing of the company and make it impossible for it to have a good reputation. So, it is best to anticipate some sort of crisis happening at some point and prepare for it.
What to do About Crypto PR Crises?
Here are a few ways to go about handling Crypto PR crises at different levels.
Prevention
Preventing a crisis will almost always be better than managing it once it does happen, so it is best to avoid crypto PR crises if you can. One of the first things you should do is keep an ear to the ground on how other crypto companies are navigating the market. Because the crypto sector is so robust and the internet is such a big part of it, there will almost always be a project that falls into some scandal or another each week. This may include accusations of a rug pull, controversial statements, backlash against new projects, and so on.
Ideally, your PR person should always keep up-to-date with these and note what exactly got these businesses into trouble. Then, they have to make deliberate efforts to prevent this from happening in your case. By making sure that the wording you use in public statements is appropriate, your executives behave properly, and your projects don’t have any elements that could cause backlash, you should be on a good path.
Management
Even with all the preventative measures in the world, you might simply find yourself dealing with the backlash, in which case you have to manage it in time. First, you should always analyze the source of the backlash and determine what exactly you are being criticized for. Apologizing for the wrong thing or being vague, and your apology could make things even worse, so make sure you examine the situation before you act. A delayed response is better than a bad one, so always keep this in mind.
You also want to speak out on time. Completely ignoring the saga may come off as insensitive, so you may want to put out a statement within a few days of it. If you do put out a statement, make sure it is specific and names the wrong parties. Ideally, you want this apology to be in wide circulation, and the services we offer here at BTCWire can make sure that it is seen far and wide.
In the case of a minor crisis, ignoring the situation might actually be a better option, but of course, this is on a case-by-case basis. Depending on what you were being criticized for, you might also want to take restitutive measures, whether this means giving refunds, reaching out to affected parties, making a donation, and so on.
Retrospective Actions
In the wake of a crypto PR crisis, it’s important to always look back at your specific situation and find out what got you into trouble. By doing this, it’s less likely to happen again. It’s also important to stay deeply connected to your audience to ensure their support. Several businesses and public figures have survived crises that would have ended anyone else’s career because they have such a strong community, so this is certainly something you should strive for.