In the past decade, the cryptocurrency market has grown tremendously, and competition has become cut-throat as new tokens continue to spring and contend for consumers’ attention.
The industry is even more challenging for developers and creators today as the market goes through a crypto winter, although green shoots are emerging.
While many predict doom and gloom for the industry, Adrian John Ignacio, the head journalist of the rising PR agency Baden Bower believes that effective marketing and crypto publicity can help pivot new tokens to success even during crypto winter. PR outreach is incredibly important in times of crises.
The Crypto Winter
The current crypto winter isn’t the first time it has settled over the market. The last time it happened lasted almost three years, from January 2018 to December 2020. During those times, Bitcoin lost more than half its market cap, and other tokens like Ethereum followed suit as they dropped in value sharply.
It’s evident from previous experience that crypto winter is similar to a bear market in other asset classes where prices drop substantially, and the market goes into panic. Some analysts aren’t as worried as they’ve seen the market bounce back several times, though it doesn’t happen for everyone.
Crypto winters have been known for weeding out young startups and presenting opportunities for top companies to mature and prove their products.
“There’s been plenty of ups and downs in the crypto market, the ability to see opportunities beyond the downturn and respond appropriately set apart successful crypto startups from those that are bound to fail,” says Ignacio.
He thinks that startups who really know the market can double down, go extra hard, and endure the crypto winter. The industry has seen many new startups rise over the past couple of years, only to fail during a bear market.
How Some Startups are Responding
Analysts have seen it before, and they believe it holds true today. When it comes to predicting the industry’s future, it’s safe to say that only the more robust and strategic cryptos will prevail.
While rarely does anyone expect the crypto market to bounce back as it did in 2021 because of the current monetary policies from the Federal Reserve, most experts are optimistic that the world could still see the cryptocurrency market rise from the ashes.
As competing for venture capitalist dollars becomes more challenging, crypto startups will likely cut budgets and be forced to lay off staff. But, analysts say that’s not the only way to stay afloat.
Most crypto agencies limit their game plan to utilising platforms like Discord or Telegram for target marketing. Ignacio says that raising the bar for PR campaigns might do some good. “I’ve seen it happen for our crypto clients who focused on PR and getting the word out,” shares Ignacio. Not only does effective PR get the word out, but crypto winter is over, and venture capitalists will remember those crypto startups.
Ignacio might be onto something, as the market has seen in the past when the crypto winter thawed in late 2020, and there was a period of substantial growth that lasted until 2021.
Baden Bower
Ignacio advises crypto startups to steer their attention toward PR campaigns and reach out to PR agencies like Baden Bower. “We’ve worked with several crypto and NFT startups in the past, and our strategy is to publish on reputable and global news sites. This helps projects and tokens build both buzz and credibility,” says Ignacio
He further explains that publications on news sites help startups reach audiences relatively new to the crypto market, broadening reach and increasing the sales funnel.
