Forming crypto partnerships is a good way to break through today’s very dynamic and highly competitive market. In fact, we’d even go as far as to say that businesses can’t thrive without strategic partnerships. Experts have actually found that the typical consumer approach is not a powerful technique anymore. This is because the business world is more complicated than before. The same applies to the cryptocurrency sector.
To put this into perspective, let’s assume you notice a surge in the value of cryptocurrency after a lull in the market. What’s the first thing you do? You’ll probably rush to your favorite crypto community to confirm this. This is a typical reaction that you would observe from any crypto expert in a similar position. When you rush to the crypto communities that you’re part of, you realize that this cryptocurrency increased in value because it announced a new crypto partnership. Unfortunately, you might also realize that you were late and the announcement came in several minutes earlier. Those who were there for the announcement have already sold their assets and made massive profits.
How crypto partnerships work
This scenario just reveals the massive influence that crypto partnerships have in the industry. Announcing a partnership has proven to be a powerful marketing technique. So much so that many successful crypto projects are using this strategy to grow their businesses. Let’s take a moment to think about this outside the context of the crypto market. When B2B companies announce a new partnership, they have an easier time demonstrating their potential to their target audiences. Partnerships are believed to boost the success of businesses. As a result, when a brand announces a new partnership, the value of shares of that particular company increases.
For instance, with the announcement that Binance-based Travala.com was partnering with Expedia, its token value rose by 30%. In other words, in addition to giving investors access to great Expedia deals, this partnership increased the value of Travel.com.
In a more practical sense, people can now book Expedia’s hotels using cryptocurrency instead of cash. This also means that Tvala.com can tap into the massive community that Expedia has. This just shows you how strategic crypto partnerships are as a marketing technique.
Benefits of crypto partnerships
It’s worth noting that a crypto partnership is more than an accelerator for money. In our earlier example, you can see how both companies can generate more income from the partnership. As the number of crypto partnerships increases, we’re noticing new benefits from these collaborations.
Here are some of the ways in which businesses can benefit from crypto partnerships:
- Evading bottlenecks that are preventing growth and expansion
- Plugging into the network from the new partner’s previous partnerships to enhance performance
- Getting insight into the new demands of consumers
- Accessing new market areas you couldn’t reach before
Besides serving as a powerful marketing tool, another benefit of this kind of collaboration is increasing your marketing reach. It creates a new breed of consumers you didn’t know about before. As a result, your business gains a bigger market share. Through the partnership, you can explore your partners’ audiences, and they can do the same with yours.
In addition, you will be gaining new backers and potential clients for your project. Generally, this is the same purpose that marketing campaigns serve. They simply expand your market reach by attracting more prospective consumers and investors.
How to use crypto partnerships to drive growth
The cryptocurrency market hasn’t realized its full potential because people are still transitioning from the traditional finance model. As more people realize that the traditional model is flawed and full of more drawbacks than benefits, they’re opting for alternatives.
On the other hand, the cryptocurrency economic model has solutions to many problems we are facing today. It guarantees security, one thing that’s hard to come by with the traditional finance model. For crypto developers who are welcoming new community members, crypto partnerships can strengthen the brand, streamline its operation, and even improve its adoption.
To put this into perspective let us look at some valuable statics that crypto developers to leverage the full benefits of crypto partnerships.
How these partnerships impact business growth:
According to a 2019 research study on business partnerships that involved more than 450 companies:
- Nearly 50% of the companies sampled experienced a significant increase in brand awareness from the partnership.
- 52% claimed that over 20% of the revenue they generated was a result of the business collaboration.
- Almost all the companies that were sampled rated the performance of partnership as critical or high
- Over 70% were ready to prioritize strategic partnerships as a marketing strategy for their businesses.
We know that numbers never lie, and these statistics reveal the great potential that strategic collaborations hold. Therefore, if you are still operating solo, it’s time to find the right company to partner with.
How to choose the right partner
You shouldn’t rush into collaborating with just any company. It’s important to identify unique advantages you can gain from your partner before signing the agreement. For starters, you can review your partner’s market reach or share. Are you going to benefit from their market reach? Next, consider their competitive advantage. What’s their performance in the marketplace? You need a partner whose competitive advantage is greater than or equal to yours. Most importantly, check out their customer demographics, goals, visions, and even values.
When you leverage the power of a strategic partnership, you no longer need a massive income to expand your market reach. In a crypto partnership, each partner can tap into the potential of the other party. In this way, it’s a symbiotic relationship. The result of joining forces in this way is massive adoption of your crypto assets or purchase of your products or services.
How Pressfarm can help with building strategic crypto partnerships
In order to convince respected players in the crypto market to enter a partnership with you, you need to develop a memorable online profile. We can help with that. Our team of PR specialists, expert writers and certified designers at Pressfarm are skilled at creating the kind of quality content that you need to boost your online profile and make a name in the industry. Whether you need a professional press release, inspiring guest posts or a branded media kit, Pressfarm is the right place to go.
In addition to creating this content, the experts at Pressfarm can distribute this content to get it strategically placed in front of potential crypto partners. Finally, our Account Executive personally curates a media list to help each client connect with respected media professionals. With these contacts, you can reach out to the most engaging media professionals to help you craft a positive brand story that will draw prospects in.
By signing up with Pressfarm, you could attract the best and brightest minds in the industry and form a mutually beneficial crypto partnership. The best part is that launching a PR campaign with Pressfarm will improve your online profile before you’ve even secured the partnership. Once you do actually find a good partner, they will only be adding to what you’ve already done. Additionally, when you’ve done your own work building your image, you can make sure that you truly have value to offer in a crypto partnership.