With over 1,300 cryptocurrencies currently on the market, companies competing in the digital currency industry face a fight to be heard.
Consumer confidence is also on the wane, as newspapers and online publications continue to fill column inches with crypto horror stories.
Good PR, then, has never been more important. Whether it’s sticking to your brand identity or hiring a Blockchain PR Agency, we’ve come up with five marketing rules that will help any cryptocurrency business to grow.
1) Be Transparent
A recent survey found that nearly three-quarters of consumers now consider transparency a more important factor than price when it comes to making a purchase decision. In other words, a business’ credibility carries more significant weight than ever.
This is particularly true for companies in the finance sector. Investors and consumers need to be armed with relevant information if they’re to make a purchase – especially when it comes to new technologies like cryptocurrency. A lack of information will only lead to uncertainty, which in turn will diminish customer confidence and future loyalty.
2) Have a “Live Chat” Feature on Your Website
Explaining cryptocurrency and how it can benefit consumers in layman’s terms isn’t easy. While it may save your company time and resources to direct customer queries towards a frequently asked questions page, it’s also likely to result in lost sales.
Businesses in every sector understand this, which is why “live chat” options have become a must-have feature for many modern e-commerce websites. The feature has a higher satisfaction level (76%) than email (61%) and phone (44%) while also helping to improve customer retention.
3) Don’t Buy Social Media Followers
You might think that having thousands of followers on social media will help to establish your brand in the industry. An inexperienced Blockchain PR Agency might even try to convince you that it’s a necessary step to take to grow your online presence.
It’s not. These fake followers will make it impossible to analyse the impact of the content you're posting online.
At some point, your fake followers will also be deleted. That will leave you open to ridicule, which is rife in the dog-eat-dog world of the cryptocurrency industry.
4) Hire a Reputable Blockchain PR Agency
Having a public relations team on your side, which knows the ins and outs of the cryptocurrency industry, will help to both grow and protect your brand.
A blockchain PR agency will work alongside you to come up with a clear marketing strategy that will communicate what makes your currency unique and how it can benefit the consumer.
Perhaps more importantly, in times of crisis, they will pour water on flames rather than fan them.
The cryptocurrency industry has become a hotbed for PR disasters. In 2019, Coinbase’s decision to acquire the blockchain analytics firm Neutrino caused an uproar when it was revealed that two of Neutrino’s executive members were previously associated with spyware firms with links to humanitarian crimes.
The hashtag “#DeleteCoinbase” quickly gained traction on Twitter, and within a week the company’s CEO Brian Armstrong had published a grovelling blog post revealing that those previously involved with spyware firms would be leaving the company.
5) Stick to Your Brand Identify
Customers don’t like change, especially when it’s something as superficial as a new company logo or updated name.
Get your branding right at the first time of asking is difficult, but it can end up saving you a lot of money and customer upset later down the line.