Just a few years ago, information about blockchain and cryptocurrencies was practically unknown to the general public. Apart from tech enthusiasts, no one was using crypto for transactions or investments. However, this has changed as the cryptocurrency and blockchain spaces have grown.
As popularity for both grows, many startups and existing companies have decided to plug into the crypto space and reap the benefits from the growing demand. For this reason, the products and services offered vary greatly and include everything from new cryptocurrencies to new services like encryption systems for transactions and data transmission.
In order to build a market for such products and services, it is essential to publicize them in a way that engages audiences of different knowledge levels. This is where the role of a PR professional comes in. Since there remains a plethora of questions and skepticism about the industry, it is essential for crypto companies and businesses embracing the technology to share information in a transparent and understandable way.
The steady increase in the number of companies and industries promoting products and services based on blockchain has given PR companies reason to enter a whole new market. PR professionals who take the time to understand the latest technology open themselves up to a new and growing market that needs good representation. Agencies that already understand the potential of the crypto market have either dedicated themselves entirely to this niche or have engaged additional staff who specialize in the space to serve their new customers better.
PR agencies that understand the power of blockchain can use its advantages to benefit their existing clients and gain new contracts. Since it provides reliable encryption and verification, for example, news stories will soon be verified using the blockchain to prevent the spread of fake news. Copyright will be better protected, and information will be transmitted more securely, which is critical for businesses in highly competitive industries. Finally, as real internet users adopt encrypted identities and fake traffic (e.g., from bots) becomes more easily identifiable, brands will soon be able to measure the reach of news stories, advertisements, and social media postings more accurately. This will make determining the success of a campaign, calculating its ROI, and deciding the next steps easier.
With the many benefits of the blockchain come some risks and challenges. One of the challenges is understanding the potential of this new technology. For a long time, many other new developments, such as the internet, online content marketing, and social media, were undervalued in terms of their commercial, financial, and reputation-building potential. Until recently, the PR industry has also underestimated blockchain. While some firms specialize in this new field, the industry has shown little interest thus far.
For agencies that represent businesses working with blockchain, they face a different challenge. While there is more information about it than ever before, the topic is still relatively new. This means that some mainstream publications are still not entirely familiar with the industry. For agencies to represent their clients properly, their PR professionals need to provide sufficient information to ensure accurate media coverage.
With all of this in mind, it is essential for crypto startups and companies that have embraced blockchain technology to figure out their next steps when it comes to PR. With so many services and platforms being founded on blockchain technology and growing interest in cryptocurrencies, new startups need to consider many strategies to set themselves apart from the rest. This becomes more important as more people invest in crypto-based assets, trade in all forms of tokens, and do business through cryptocurrencies.
Whether or not to hire a crypto marketing agency or do your marketing in-house is a crucial decision that you must consider. Let us look at some advantages and disadvantages of both,
1) Time and Team
Hiring an in-house team can cost you a lot of time and this can be a significant disadvantage if you’re just starting out. Factor in the time it takes to find the right people, align them with the industry and train them on your brand standards, and you can see how this could turn into a huge time commitment. Additionally, since the sector is relatively young, your newly trained employees could also leave and develop something of their own as soon as you’ve taught them what they need to know.
On the other hand, if you hire an agency to market your crypto project, your advertising campaign can start without a hitch within a few days to a week. Human resource issues would not affect an agency’s crypto marketing projects because they are prepared for multiple projects and have a larger team than you would ordinarily have. Hiring a crypto marketing agency eliminates the demands on your time because they’ll already have a team trained and aligned for the job.
2) Experience and Integration
An in-house team can undoubtedly integrate into crypto marketing needs and the industry’s constantly changing environment with enough time. A blockchain marketing firm would already be well-versed in the specifics of the current situation as well as previous ones. The agency would have a much broader range of experience than an in-house team that is more focused on marketing a company’s specific type of crypto project.
If your company is just getting started, a crypto marketing agency will provide more benefits, and in-house teams will play a more prominent role with a tried-and-true strategy. In addition, a good blend of in-house marketing on some aspects and outsourcing other aspects to an agency can be very beneficial and holistic. Integrated approaches are most effective when backed by experience and data.
3) Activities and Engagement
They say marketing is both an art and a science and both aspects work together. There are a plethora of marketing activities that an entrepreneur can engage in to promote their blockchain business. In other words, you will need various experts to get the job done correctly. Hiring a blockchain marketing agency gives you the added benefit of immediately hiring a pool of experts with the flexibility of involving them when and where needed. This diversity of expertise cannot be maintained in-house without a huge budget.
On the other hand, some activities, such as social media engagement, need consistent efforts over a long period of time. Typically, such activities are designed to build a higher audience engagement with a brand and require dedicated resources. While an agency can handle campaigns and other activities effectively, it is more cost-effective and efficient to do this in-house. The main reason is that, even if you hire dedicated resources from a company, agencies will need approvals before publishing or acting on your behalf. For this reason, activities like engaging an audience on Twitter through comments and replies are best handled by in-house social media personnel.
4) Logistics and Partnerships
Performing so many activities requires a great amount of logistics. These may include a great deal of communication, research, relationship management, resource acquisition, and so on. This may be a typical workday for a crypto marketing agency, but in-house employees may not be as equipped or prepared to do all this. This is because some of these logistics can be a long-term problem, while others occur only occasionally when you are trying to shake things up. Some of these can have legal or regulatory ramifications, or they could be costly.
Thanks to their experience, the experts at a blockchain marketing agency can provide your company with better and more cost-effective services in this area. In the case of PR, outreach programs, and influencer marketing partnerships are crucial in crypto marketing. An influencer marketing agency will have ongoing relationships with important thought leaders in your niche. Crypto influencer marketing at the company level can undoubtedly use these channels, but maintaining these relationships can be time-consuming if you don’t have a large team assigned to this. For this reason, partnering with an agency is the best option if you want to engage in influencer marketing.
5) Cost and Content
Cost is a significant consideration when deciding whether to hire or outsource. You should consider the cost of your PR efforts from both a monetary and time perspective. We’ve established that hiring and training an in-house marketing team will cost money. Even once you’ve done that your team might not be able to meet all of your company’s needs. Hiring a blockchain marketing agency may be more expensive in terms of money, but it will save you time that you can use to improve your product and boost sales.
A significant portion of the cost of marketing is spent on content creation. Content that is designed to be professional and valuable is already 80 percent marketing. If a crypto marketing agency can create the right content and get it in front of a company’s audience in the right way, the cost of hiring them can be justified. While you can have more control over these activities in-house, this does not always imply that your content marketing will be done correctly. A period of testing, analysis, and experimentation is required to create the content that your company needs to attract the right people. With an agency’s experience, this may be easier to figure out. However, you will incur costs whether you do your content creation in-house or outsource it to an agency.
Making the decision over whether to hire a blockchain marketing agency or build an in-house team is difficult. Ultimately, both options have their advantages. As a result, both of them are crucial in the long run.
If you are new to the blockchain industry, it would be wise to hire a crypto marketing agency, at least in the begining. Time is a more valuable resource than money, and it is also irreplaceable. You can hire internal members who can coordinate, strategize, and communicate with the agency as the company grows. You can undoubtedly expand your in-house team to include operational aspects of the process. If your company is already a mature blockchain company, you can hire a blockchain marketing agency for specialized operations while also keeping an eye on what the agency can help your in-house team with
Pressfarm is a PR agency that has experience working with crypto startups to create newsworthy content and distribute this content to media professionals and influencers within the industry. Armed with a team of PR specialists, expert writers and certified designers, Pressfarm can create everything from email pitches and press releases to guest posts and media kits to help you gain the media coverage you desire. Beyond that, they will also handle the distribution, and monitoring of the content while also working closely with you to make sure that your unique knowledge and passion for the industry is not forgotten along the way.
By submitting your content to the right media outlets, professional networks and startup directories, Pressfarm can boost your online presence. This distribution strategy is designed to help you stand out in relevant search results across different search engines including Google, Yahoo and Bing!
Finally, as a Pressfarm client, you get custom media lists built personally by an account executive who curates these lists with the best media contacts in your niche. Additionally, you get access to a media database of 1 million+ journalists, bloggers and influencers. With these contacts, you can continue to do extended media outreach for your crypto project for up to a year.
Whether you choose to do marketing and PR for your crypto project in-house or you prefer to outsource this, both options can help you generate publicity and achieve your marketing goals. Ultimately, the best option for you will depend on your priorities at a specific moment in time. Moreover, the best option for you now might not be the best option in a few months. It’s important to keep reviewing your needs as they change, then decide on the best strategies to help you meet those needs. In an industry that is rapidly becoming saturated with more and more businesses, it is essential to adopt the right strategies to stand out from the competition.