From conception, decentralized finance and blockchain technologies have had a major messaging problem. There’s very little about the word ‘cryptocurrency’ that instills trust, and whoever came up with the term ‘nonfungible token’ clearly had no eye for the consumer.
Impending (and poorly executed) regulation and lawsuits are continuing to halt the adoption of blockchain tech across the United States. Couple that with the implosion of crypto, bad actors and failing banks, and we have a recipe for disaster.
“In the past a lot of crypto companies went for that mass market appeal, whether it was sponsoring a world cup or bringing in an A-list celebrity and paying millions of dollars. Those days are likely over,” KCD PR President, Kevin Dinino, said in a recent interview with CNBC. “What we’re seeing now is much more of a grassroots community play to showcase what their vision is and transferring that into a voice in the marketplace.”
Suffice it to say, crypto companies need to get back to the basics. But how?
Simplify your messaging
The technical aspects of blockchain technology and digital currencies are complex. There is a ton of confusing jargon like “gas fees”, “cold wallets”, and “DeFi”. This makes it difficult for the average consumer to understand the benefits of digital assets and how to most effectively utilize them.
While it might seem counter-intuitive, moving away from slang and traditional messaging will create more opportunities for adoption and use. Those opportunities will take shape as attracting more customers, more investors, and ultimately, creating more revenue.
Consumers are more likely to trust companies and technologies they readily understand—something that has continuously hindered crypto from achieving wider adoption.
Create security and risk messaging (be transparent)
Alongside simplifying general messaging, there is a need to create security and risk messaging. Now, more than ever, companies in blockchain technology need to address security, volatility, and let consumers know that they can be trusted with their assets.
Companies can better manage expectations by consistently and calmly reminding customers of crypto investment risks. This is crucial to securing trust with customers and bringing in new users or investors.
Additionally, cryptocurrency companies need rapid response plans to handle PR crises with honesty, repose, and most importantly, transparency. This builds long-term trust and loyalty with both consumers and potential investors.
Train a spokesperson for thought leadership
Cryptocurrency subject matter experts and advocates need media training to effectively communicate the benefits and use cases of cryptocurrencies to the public. Having eloquent, informed representatives to participate in interviews and panel discussions can shift the narrative and better tell the story of the company.
Operative thought leadership builds trust with the media and the markets. It also positions these subject matter experts as trusted authorities that mainstream media can rely on to provide credible information on digital assets and blockchain technology.
Highlight use cases
While digital currency and trading remain dominant use cases, new applications like non-fungible tokens (NFTs), the metaverse, and blockchain-based gaming are taking off.
Companies involved in those areas of the industry need to create exciting campaigns to showcase how blockchain technology can transform digital art, media, entertainment, social experiences, and financial services.
For companies involved in the traditional use cases for crypto, demonstrating practical, real-world uses will have a positive impact. This makes the technology more relatable, understandable, and even more trustworthy.
Use integrated multimedia campaigns
Creative marketing campaigns on social media, TV, websites, and apps that educate the public on cryptocurrency’s benefits will be one of the most effectual ways to build trust with consumers.
Cryptocurrency content formatted for various platforms and devices ensures the message resonates widely. Media relations and press releases distributed in both crypto-specific and mainstream media channels further magnifies reach.
Integrated campaigns like this aren’t easy, however. This is where expert agencies can step in to take a message and give it the best possible amplification.
Looking for a partner like this to get you through the crypto winter? Give a voice to your vision with KCD PR. Contact us here.
