The Role of Public Relations for Blockchain Firms

Public relations is about managing communication between a company and its stakeholders, be they customers, investors or the wider public. Without public relations, a company wouldn’t be known outside its own four walls, and would miss out on sales opportunities, new clients, and new business partners. But while the relevance of public relations is undisputed, how does it work for a less common type of company, like those operating in the blockchain sector?

The term “blockchain” has now entered the mainstream consciousness and is often bandied around in the media. However, the crypto crash has led to misconceptions and negative connotations about the word. Some of the coverage in the mainstream press makes the assumption that the main purpose of blockchain is to drive speculative cryptocurrency gains, while neglecting to mention the more tangible use cases of the technology.

This makes the job of a PR practitioner a minefield, meaning that surgical precision is needed to successfully position a client in the media. In this article, we’ll discuss how a good PR strategy can help move blockchain firms into the mainstream.

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Educating your publics on an emerging technology

‍To the wider public, institutional investors and prospective customers, blockchain is still an opaque and poorly understood domain. In order for these audiences to be receptive to your product offering, they need to feel a level of comfort with the technology. While it is always necessary to familiarise your target audience with technologies in a relatively unchartered field, the intense skepticism about everything liked to the crypto scene makes this particularly challenging.

For this reason, an effective approach might be to emphasise the uses of the service you are offering, rather than the underlying technology. Just as you don’t need to understand electronics to use a light switch, you don’t need to understand cryptography to deploy blockchain. It’s important to decide who your target groups are and communicate with them at a level of technical detail they are comfortable with.

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Knowing what engages your audience

‍In an increasingly competitive media landscape, you need to gain insight into what type of content your target groups want to consume. Whereas advertising generally implies mass communication, PR works best using a sniper approach, targeting influential publics who will share your content — giving your business greater authority and status within an industry.

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Cultivating credibility and niche authority

‍Positive media engagement can position your business as a key voice within an industry, which can result in new customers and investment leads without spending money on advertising. PR is essential in order to become influential and reputable and position your company as a thought leader in its sector.

Particularly in the blockchain scene, social media plays an important role in building credibility. Creating a channel on Telegram, for example, enables people to approach you in an informal way. The audience feels free to ask questions and feels closer to the project. Transparency on the technical parts of your project is key, given the general scepticism around ICOs and STOs. Moreover, joining social platforms that are normally used by Crypto firms, like Reddit or Bitcointalk, and more traditional ones like Facebook and Twitter helps to build a community and increases the credibility of your company.

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Crisis communications and exposure risks

‍The crucial role of PR is mostly seen in moments of crisis; imagine a competitor spreading rumours about your company or product. Releasing a statement that proves those rumours wrong, and tries to minimize the damage taken is always the way to go. Here it is also vital to have established trusted connections to save your reputation and back up your credibility in the market. Thus, cultivating a network of strong connections, anticipating outcomes, qualifying exposure risks and scenario vetting are all essential facets of PR and are vital components in shaping your public image and brand perceptions.

Choosing the right approach is key to help blockchain companies enter into the mainstream. At THE RELEVANCE HOUSE we know the role of public relations in the blockchain scene, and we will guide your company through the process of building a reliable and respected image.

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Photo credits:

Photo 1 by George Milton on Pexels  
Photo 2 by master1305 on Freepik