7 Trends Crypto PR Professionals Should Know for 2023
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The crypto industry is seeking to repair the damage of a terrible year and return to first principles. Meanwhile, the wide world has become decentralized, Web3 appeared, which has resulted in new avenues and opportunities for all PR. The only thing that is certain is uncertainty – but surely, some things are already suggesting themselves. So, here are some trends that crypto PR professionals should be aware of this year.
1. Increase quality in journalism and audience targeting
The quality of journalism covering the crypto industry has greatly improved in recent years. Journalists from such outlets as The Financial Times, Bloomberg and Forbes have moved from traditional finance to cover the space. With this increase in quality, the days of arbitrary pay-to-play promotion are over. PR must now skilfully build a narrative, with an emphasis on engagement with and relevance to the target group.
In the wider world of PR, there is also an increasing focus on quality over quantity. Instead of a scattergun approach, publicists must increasingly pitch and produce stories that are tailored to their clients’ products and demographics. This also includes creating output to capture the attention of specific reporters.
Crypto PR must keep up with the increase in quality, especially around communication around technological innovation. Many projects are so focused on driving innovation that they can easily confuse the public. PR should bridge the gap, simplify the message and create the appropriate educational material. The goal is to deliver the story to mass audiences in ways that are easily digestible, and hold back on some of the gory details.
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2. Social awareness continues to grow in importance
Demonstration of social values has never been more important. According to recent research, the majority of consumers (70%) believe that it is important for brands to take a public stance on social and political issues.
In the crypto space, this means that projects want to distance themselves from the negative values associated with industry setbacks from the previous year, such as the collapses of FTX, Terra Luna, Celsius and 3AC. Messaging services will focus on increasing transparency and returning to the fundamental principles of the blockchain itself. The aim is to repair the reputation of the room as a whole and build trust.
It’s a time to develop relationships with journalists and help them navigate the evolving landscape. A key message to communicate is how the industry has learned its lessons – and for individual projects and companies, to clearly explain how differently they operate and handle client funds compared to the failed projects of the previous year.
3. Decentralization in the media
Traditional media, the public relations arena for more than a century, continues to shrink, with the business almost entirely migrated online. But the online environment itself is also developing rapidly. The integration and reinforcement of news through social channels is expected to be strengthened throughout the year. Facebook, Instagram and Twitter are still dominant, but not as before. TikTok has become a force, although in the US there are questions about its privacy rules and ties to China, with the potential for a full ban.
No single platform is dominant, so the use of several is necessary. Twitter and LinkedIn will continue to be effective ways for subject matter experts to reach the media. Despite recent complaints of toxicity on Twitter, it remains the best way to share news and timely information.
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4. Independent journalists, newsletters and Substack
In recent years, there has been a growing exodus of journalists from the media to their own independent channels. Most notable is the phenomenon of newsletter publishing on platforms such as Substack.
This trend underscores for PR professionals the importance of fostering relationships with specific journalists, rather than outlets. At a time of declining revenue for traditional media entities, along with the viability of earning revenue for independent journalists, this trend looks set to continue.
5. Podcasting
Podcasting is already a well-established channel for independent publishing. In the US, 130.5 million people listen to podcasts on a monthly basis. PR cannot afford to ignore this vertical. While some podcasts only have niche appeal, they deliver a highly engaged audience. Other podcasts can reach millions.
These electronic newsletters and podcasts can also become another channel of owned media for businesses. Owned media has never been more important in the PR world.
6. Influencers
Spending on influencer marketing is projected to grow by 23.4% and 15.9% in 2023 and 2024, respectively. With the unpredictable dynamics of the changing media and social media landscape, investing in individuals and personalities with audiences becomes even more attractive.
Crypto projects often have their own potential “influencers”, the core team itself. It is important for PR campaigns to not only tell the story of the project, but also the team itself, especially the founder’s story. This will include details such as their background, education and vision. It may well be the most valuable story to be told.
Much more than abstract technological concepts or brand names, people trust people, and people buy from people. Such interesting and inspiring personalities can be distributed via thought leadership pieces, media quotes, podcast and event appearances and so on. In this way, the brand can be built outwards from an entrepreneur and team and from owned media to earned media.
Related: 5 things you should know about PR for blockchain projects
7. Web3 — “The future of the internet” and PR
What we see with the spread of decentralization is also part of the arrival of Web3. The job of PR is to build a relationship with the public and users, and in the realm of Web3 the flow of information is much more mutual.
Proactive publishers in 2023 will collect more data and listen to signals from audiences, rather than just relaying messages on them. This means having conversations via social media and communication channels.
It will also be easier to quantify the business effect from PR. In addition to monthly unique visitors, ad impressions and so on, clients increasingly seek to know how their PR efforts are performing, tracked over time. Thanks to improved analysis tools, the PR effect is easier to quantify.
Given the technology-driven nature of changes in the overall PR landscape, crypto PR pros should (and must) ride the edge of innovation in 2023. Communication in all directions.
