If there’s anything we’ve learned about the crypto market so far, it’s that it is very unpredictable. At some points, market highs are so intense that it seems that the price will only continue to rise. At other times, market declines are so steep that it looks like the death of the industry altogether. But what do these mean for Bitcoin PR?
Any company operating in the crypto space will need bitcoin PR at one point or another, but this becomes tricky in periods of market decline. Is there any point to putting out PRs and getting your name out there when the market is not thriving? In this article, we will highlight the pros and cons
Pros Of Bitcoin PRs During Market Declines
As a business in the crypto space, you might still choose to engage in Bitcoin PR during market declines for a few reasons”
Prescheduled Product And Service Launches
As much as we make predictions and analyze the market, no one knows with 100% certainty when a market decline will happen. As such, a blockchain business might have planned a product or service rollout months or even years in advance, and it happens to occur during a market decline. At that point, so much effort has been put into the run-up that cancelling it in light of a market decline will cause irreparable loss.
In that case, you not only want to get the product into the market, but you want to salvage the situation. If a new crypto miner is released during a period of mining decline, you’ll still want to put out PRs to capture whatever of the market you can. If nothing else, this will reduce your losses.
Keeping Your Name In The News
While the industry sees periods of decline, it never completely goes to sleep. Businesses may downsize or scale back operations, but they will continue to exist if they can. If anything, there is competition among some existing companies to secure more consumer attention ahead of a market recovery. You might remember our previous blog post on what to put out if you have nothing to announce, and these are especially useful during market decline periods.
You could have experts in your company put out whitepapers and commentary pieces on the state of the industry. This will not only keep your company in the news but reinforce, even in a time of decline, that you are market leaders. This way, when the market does come back into full swing, you won’t be playing catch-up with your competitors.
Cost Saving And Maximizing Visibility
As you’ll see from the services we offer at BTCWire, putting out Bitcoin PRs is not always cheap. However, the prices of PRs are often determined by the forces of supply and demand. During periods of market decline, there is less demand for Bitcoin PR, meaning some of the publications reduce their rates. This is not guaranteed, but sometimes, you can access bitcoin pr at a reduced rate during these periods. On top of this, you can also enjoy enhanced visibility.
Think of it this way: during periods of market increase, more crypto companies are competing for consumers’ attention on various sites. That means that the day your crypto PR goes out, dozens of PRs from other companies will do as well. But during a period of market decline, there will be fewer companies competing for consumers’ attention and thus, your spending is maximized.
Cons Of Bitcoin PRs During Market Decline
While there are certainly benefits of putting out Bitcoin PRs when the market is not in its best state, there are also cons you need to be aware of:
Lack Of Return On Investment
Putting out a Bitcoin PR at any point in time is essentially a risk. It might not necessarily translate to sales or get the sort of visibility you’re looking for, and thus is the nature of the ecosystem. But during a market decline, consumers are less likely to buy from anyone, and Bitcoin PR might not save your company from this fate. Simply put, you might not get as much attention, sales, credibility or whatever else you are looking for with Bitcoin PRs.
Fewer Publications To Turn To
During crypto winters and other such market periods, we are used to hearing about crypto exchanges and such firms closing down shop. What you might not know is that crypto-related publications also tend to fold up. Reduced readership and reduced sponsorship from various companies mean that some cannot maintain their operations. So, companies looking to put out bitcoin PRs during this time will have fewer quality publications to turn to. While we at BTCWire always keep a healthy list of publications for our customers, it is inevitably more robust during periods of market boom.
PRs Overshadowed By Negative Reports
During market decline for the crypto sector, negative reports about both it and companies within its domain dominate the headlines. As much as the media likes reporting on crypto’s rise, it is especially hungry to report on its downfall. Say your company puts out a Bitcoin miner that saves a ton of energy and has even more output than anything before it. That will make headlines (especially with a good Bitcoin PR), but it might be overshadowed by endless stories of Bitcoin’s new historic decline and why this spells the end of the industry. So you might have fewer companies to compete with for consumers’ attention, but you are then competing with the mass of bad news.
Conclusion
Bitcoin PR during times of market declines is a tricky affair. On the one hand, you get cheaper PR, have fewer companies to compete with, and can even set yourself up for success when the market turns around. On the other hand, you have to compete with a horde of negative press surrounding the industry, might have fewer publications to leverage, and may just not make a return on your investment. It is up to each company to consider its unique situation and determine if this is worth it for them.