The cryptocurrency sector is working to undo the effects of a terrible year and go back to basics. In the meantime, the global decentralization and the emergence of Web3 have opened up new channels and opportunities for all forms of PR. The only thing that is certain is uncertainty, although certain things definitely already seem to be emerging. Thus, here are a few trends this year that crypto public relations specialists need to be aware of.
1. Improving journalism standards and audience targeting
In recent years, the standard of journalism covering the cryptocurrency business has significantly increased. Journalists covering the subject have shifted from traditional finance publications including The Financial Times, Bloomberg, and Forbes. The era of pay-to-play promotion without discrimination is finished thanks to this improvement in quality. Now, PR must deftly craft a narrative while putting an emphasis on connection with and relevancy to the target audience.
The emphasis on quality over quantity is also growing among the larger PR community. Publicists must increasingly pitch and create stories that are specific to the products and target audiences of their customers rather than using a shotgun strategy. This also entails designing output to grab the interest of particular reporters.
Crypto PR must keep up with the improvement in quality, particularly when it comes to communications about technology progress. Several initiatives are so committed to fostering innovation that they are prone to confusing the public. PR needs to close the gap, make the message clearer, and develop corresponding educational tools. Withholding some of the most cutting-edge facts, the intention is to convey the story to large audiences in ways that are simple to understand.
2. The significance of social consciousness keeps increasing
There has never been a more crucial time for social principles to be demonstrated. Recent studies show that the majority of consumers (70%) think it's critical for brands to publicly address social and political concerns.
This indicates that projects in the cryptocurrency area will wish to separate themselves from the bad values connected to setbacks in the industry the year before, such the failures of FTX, Terra Luna, Celsius, and 3AC. Messages will emphasize boosting transparency and going back to the blockchain's core principles. Building trust and restoring the area's reputation as a whole are the goals.
Now is the moment to get to know journalists and assist them in navigating the shifting terrain. How the sector has learned its lessons is a critical message to convey, and for specific projects and businesses, it's important to explain how they operate and handle client finances differently than the unsuccessful ventures of the prior year.
3. Media decentralization
Traditional media, which has been the PR industry's primary platform for more than a century, is still in decline while its business has nearly fully moved online. But, the internet environment is also changing swiftly. Over the year, it is anticipated that the integration and amplifying of news through social media will strengthen. Twitter, Facebook, and Instagram continue to rule, but not as formerly. TikTok has gained popularity, but there are concerns in the U.S. about its privacy practices and connections to China, raising the possibility of a complete ban.
It is vital to use multiple platforms because no one is favored. Subject matter experts will still find it effective to contact the media on Twitter and LinkedIn. Twitter continues to be the finest means to spread timely information and breaking news, notwithstanding recent complaints about its toxicity.
4. Independent writers, publications, and Substack
Journalists have been increasingly leaving media organizations and starting their own independent channels in recent years. The phenomena of newsletter publication on websites like Substack stands out the most.
This pattern highlights for PR pros the value of developing connections with certain journalists rather than media outlets. This tendency seems destined to continue in an era of diminishing revenues for established media organizations and the practicality of earning a living for freelance journalists.
5. Podcasting
A well-established form of independent publication is podcasting. 130.5 million individuals in the US tune up to podcasts each month. This is a vertical that PR cannot afford to ignore. While some podcasts exclusively appeal to a specific group, they often have very active listeners. Some podcasts have millions of listeners.
These online newsletters and podcasts have the potential to develop into additional owned media channels for businesses. In the PR industry, owned media has never been more crucial.
6. Influencers
Spending on influencer marketing is anticipated to increase by 15.9% and 23.4%, respectively, in 2023 and 2024. Investing in people and personalities with audiences is increasingly appealing given the unpredictability of the media and social media ecosystem.
The core crew of cryptocurrency ventures is frequently one of their own potential "influencers." It's crucial for PR campaigns to share not only the project's but also the team's history, particularly that of the founder. This will include information on their history, education, and vision. It might be the most important tale ever told.
People trust individuals more than brand names or abstract technology ideas, and they prefer to do business with people. Such intriguing and motivating individuals can be used in thought leadership articles, media statements, podcast and event appearances, etc. From a founder and staff to owned media and earned media, the brand can be developed in this way.
7. Web3 — "The Internet's Future" and PR
The rise of decentralization is also a result of Web3. Building relationships with users and the audience is the role of public relations, and in the Web3 era, information flow is much more reciprocal.
In 2023, proactive publicists will gather more information and pay attention to target audiences' signals rather than just broadcasting messages to them. This entails engaging in dialogue on social media and through neighborhood outreach programs.
It is also getting simpler to calculate the business impact of PR. Clients are increasingly interested in knowing how their PR efforts are producing results over time, in addition to monthly unique visitors, ad impressions, and other metrics. PR impact is getting simpler to measure thanks to evolving analytics technologies.
Crypto PR professionals should (and must) ride the cutting edge of innovation in 2023 given the technology-driven nature of improvements to the whole PR sector. communication in all directions.