Web3 is here to stay. And, it’s safe to say it will change the way brands interact with consumers, influencers, and journalists.
The exponential demand for Web3 brands leaves no room for interpretation that it is indeed the future. Given this trend, several established companies and new players are entering the market to capitalize on this ripe opportunity.
The heterogeneous mix of products and services derived from Web3 businesses requires appropriate platforms so that they can cut through the hype and the noise to truly stand out. And here’s where Web3 public relations, or PR, enters the scene.
In this article, we will talk about how PR can add value to your Web3 business in the following ways:
PR for Product or Technology Education
Despite the wide coverage given to Web3 technologies in the recent past, the general public mostly (and narrowly) views it as the stepping stone to cryptocurrency.
However, the scope and applicability of Web3 far extend this association. For instance, very few would know that even though financial services occupy the lion’s share of the global Web 3 market, it finds rampant use across other industry verticals such as sports, art, music, fashion, gaming, and even PR and digital marketing, for that matter!
On this front, PR can be an excellent strategy to impart relevant and useful information on everything Web3 and offset this information gap.
For a start, businesses can demystify the concept that is Web3 and the technology behind it. They can then divulge information surrounding its various use cases before introducing their products and services. Then, of course, they can deep dive into the specifics of their offerings and finally explore the ongoing market trends and future potential.
Such a drip campaign can share fact-checked and industry-specific information. Most importantly, it will project your brand as a source of reliable and relevant information (more on this later).
PR to Create a High-Impact Marketing Strategy
While the efforts you put into educating the general public on Web3 entities cast a wide net, marketing follows a defined, organized, and systematic approach to targeting audiences.
Given this background, treating PR and marketing as two separate entities has become a thing of the past. In the current context, where the boundaries between such activities have started to blur, PR has emerged as an integral component of a highly effective marketing mix. It melds seamlessly within any marketing layer, be it directed at the Top-of-the-Funnel or Bottom-of-the-Funnel.
For instance, PR can be useful for generating awareness about the organization and establishing brand identity during the outreach phase of marketing. Similarly, it can shed light on the Web3-based product line, which can appeal to customers who are already acquainted with your company but are willing to know more. And finally, PR also contributes to post-sales marketing by sharing company updates, new product launch details, partnership announcements, and even corporate social responsibility activities.
As such, integrating marketing with PR can be a smart move to enhance marketing and advertising effectiveness.
PR to Build Domain Expertise and Earn Credibility
Considering that Web 3 brands are still in their infancy, several players have entered the market to harvest the potential benefits. As a result, the industry has become increasingly saturated, which is truly turning on the heat for businesses to gain a competitive edge over the others.
While established businesses do not have to go through the motions of building brand identity, a majority of market entrants are fledgling startups that are yet to carve a niche for themselves in their respective fields. And here’s where PR swoops in and comes to the rescue by offering a medium to highlight the business’ competitive differentiator.
Even the most anonymous Web3 companies can leverage strategic PR to shape brand perspective by influencing the press or end-users to stand out from the rest.
Further, PR can fortify a business’ role within the industry by amplifying its information dissemination activities to establish the organization as a thought leader and a domain expert. Such an approach earns more goodwill as the firm is no longer seen merely as a profit-making machine. As a result, the business can gain greater trust and credibility while illustrating how you are a cut above.
PR for Transparency During Crisis Management
NFTs and Web3 brands have had their fair share of negative press – whether it is caused by one company spreading rumors about the other or because of the lack of understanding on the customer’s part. And in such adverse situations, a solid communications plan can be an effective tool in dousing fires and nipping panic right in the bud before it avalanches.
Apart from the obvious benefit of isolating the business and its reputation from the ill-effects of the threat, PR can set the facts straight and bust baseless rumors or myths to assuage troubled minds. If anything, good PR can put a positive spin even on catastrophic horror stories and highlight the silver lining to boost overall morale! On the other hand, if the condition is beyond salvaging, knowing that a business has a disaster recovery plan can also instill greater trust. And how would people know about this? Through strategic PR!
That being said, it is always a good practice to maintain absolute integrity while influencing public opinion, as sensationalized promotions can do more harm than good. Customers, investors, and other stakeholders would any day prefer a stand-up guy, who takes responsibility, over someone who whitewashes truth – which brings us to another notable role of PR – to maintain openness and transparency. Given that these very qualities cause individuals and businesses to gravitate towards Web3, Web3 PR should also follow suit. Responsible PR management could sow the seeds of a hands-on risk management strategy.
PR to Attract New Investors and Engage Existing Ones
While PR-led initiatives are often seen as customer-facing, it has one unique advantage for new-age companies looking to raise funds – it helps expand and enrich investor relationships.
Here’s how: On the one hand, you have a well-crafted PR campaign that can create a buzz within the Web3 community; and on the other hand, you have insights into digital marketing techniques, such as search engine optimization (SEO) or social media marketing (SMM), to offer visibility to the PR asset. In other words, you have a perfectly complementary strategy to attract more traffic!
Once this stage is set, a potential investor would effortlessly make a fruitful investment decision in a linear, frictionless path!
Moreover, this approach also extends to existing investors. In a way, strategic PR campaigns offer a tangible and non-monetary return on investment as it keeps the investors in the loop on all business activities and progress. Apart from making the investors feel like a cohesive part of the organization, the active involvement of investors reinforces the belief that the flurry of activities is leading to something fruitful, thereby justifying the investment and serving as reassurance even if your investors are having second thoughts.
PR to Build Positive Community Relations
Positive press is a magnet that attracts a host of benefits, such as establishing your thought leaders as subject matter experts–earning credibility and recognition. You might even consider the fact that PR is 90% more effective than advertising alone!
And while each benefit adds value to your organization, it also contributes to the larger picture of building a community surrounding Web3 technologies.
As an example, product education can help people grasp the nitty-gritty of Web3. Or crisis management activities can reinstate the trust that the technology will overcome the pressing challenges. Companies that make PR a part of their marketing responsibilities can publish their material at forums or social media platforms to share valuable insights with community members. In fact, PR strategies can help other businesses, especially startups, in finding their way around the industry.
As such, it forms a nurturing community that, despite competition or differences (if any), works towards the betterment of the common thread that brings them together – Web3.
Clearly, PR has a lot to offer to the Web3 industry. However, Web3 businesses that use PR to their advantage also walk a fine line that can make or break their reputation. As such, handing over the task of PR management is best left to experts. When placed in the right hands, Web3 companies can use PR to engage with the community, attract traffic, gain a positive rep, establish a powerful brand identity, and catapult growth. In other words, a reliable PR agency could be the key to success for your Web3 business!
