We’ve come firmly into that period of the bear market in which two main topics have dominated the crypto news cycle in recent months: 1. Sam Bankman-Fried’s crashing and burning of his behemoth company, FTX, and steps taken by the U.S. to clarify its position on digital assets.
Unfortunately, what’s missing from the news these days—especially when compared with the last bull run—is announcements about super cool product launches, use cases, and serious discussions about how blockchain can transform various industries. Only the companies with the slickest crypto public relations strategies get through. There are a few key reasons for that.
The Product Deficit
For one thing, the downfall of some of the biggest players in crypto have made reporters skeptical of companies claiming to be launching a super cool, innovative crypto product. At this point, they’ve seen it all, covered it all, and seen many of the companies to whom they gave their attention fail miserably. That means reporters’ standards are much, much higher now. They won’t cover a launch by a no-name crypto project unless they can truly prove their worth, and that can only be communicated properly via a top-notch crypto public relations pro.
So part of the product deficit probably has to do with a lack of coverage, not products. But nevertheless, if reporters are skeptical, imagine how VCs and big investors feel. It’s simply way harder to raise money these days—not only in crypto, but especially in crypto. That inevitably translates into fewer products. As we’ve become accustomed to hearing, that’s not really a bad thing. It’s capitalism’s way of weeding out the weak companies and scams.
Crypto Public Relations For Survival
Does that mean solid products don’t have to fight for survival? Of course not. It’s a natural instinct for companies to cut the fat when times get tough, and in crypto that means marketing and PR are the first to go. It makes total sense to keep developers on board, but crypto is unique in the sense that every single project launching a product has to understand the world starts at the assumption that crypto founders are a fraud at this point. They don’t get the benefit of the doubt.
They simply need effective crypto public relations in order to have even the slightest shot at being heard by reporters, and therefore seen as potentially legitimate by the general public. Marketing campaigns alone won’t do the trick because the challenge isn’t only visibility, it’s legitimacy. That’s something only being covered in top-tier media can deliver. Anyone can buy a billboard or ad space on Facebook, but not every project is deemed worthy of coverage by a journalist—no matter how much money they raised.
That’s where we come in. As tech PR experts, ReBlonde has a wealth of experience crafting campaigns and media outreaches for crypto projects to maximize coverage and connect with the right audiences. To learn how your crypto company can benefit from a communications team in your corner, contact us today.