The crypto market is notoriously volatile. Just recently we experienced a major drop in prices due to the news about Evergrande’s debt crisis, and after that we had the news regarding China’s ban of bitcoin. So what should you do as a crypto project when the market is down in order to strengthen your brand? Should you continue to pump out press news or should you wait for the market to recover?
To retain strong brand positioning during the inevitable market downturns and to be best prepared for the eventual uptick, you need to pursue several strategies. All of them hinge on keeping your team and your community informed, engaged, and focused on the end goal. In moments of crisis, your community members are your safe haven and buoy to keep you safe from the market’s tidal waves. You can help them by defueling the FUD and reminding them to stay focused and not to panic. Here are a few more things you can do to strengthen your project.
Time for product development
While talk of the next great crypto depression is flying around, it’s probably not the best time to announce your long-awaited news to the press. Instead, during this time, invest your and your team’s efforts into product development. Now is the time to work out the kinks in your wallet, to supercharge your plans for a smart contract solution, or to add new security features to your platform. The period during a down market is a great time to roll up your sleeves and focus on some intensive in-house production work as opposed to external, overt communication.
Working intensively through the market dip also means that when the market goes back up and it’s time to ramp up external communications, you have even more great news to share. So document your product development meticulously and have your announcements at the ready for after the crisis is over. Then you can enjoy maximum impact and well-deserved media attention, as crypto media will likely be looking for positive stories to tell after a prolonged period of pessimism and tanking valuations.
Direct communication inwards
A down market means you should put your media outreaches on ice, yet there is another audience you should be speaking to even more often: your team. As you pursue company progression and product development, you need to kick your internal communications into higher gear. This involves more internal company memos and speeches, maintaining transparency, checking in regularly with the team members, and boosting morale. Your employees are getting the same news and market analyses as everyone else in the space, so it’s natural for them to feel at least a little bit disheartened about the current low.
It’s your job to keep the team members’ and the community’s spirits high and remind them why they’re a part of your project in the first place. Remind them of the vision, give them strength and encouragement to hold on, and reassure them not to let any FUD detract them from their mission. Make sure you communicate the project’s goals clearly and demonstrate how each step contributes to achieving them. Draw up a roadmap clearly depicting how your project will not only survive but thrive in the future. Such a programmatic document helps you plan your activities better. It also brings the team closer because it presents a unified vision of the different groups’ and departments’ efforts coming together. This sense of belonging is always crucial, but especially key during a market downturn.
Communicate genuine WAGMI messaging with the community
Product development and maintaining morale internally are all well and good, but there is one more activity during a market low that you cannot put a price on: Huddling your community together and letting them know that “we are going to make it” (WAGMI). The investors, developers, and believers all need your encouragement right now. They are probably rattled by the market reports, high on FUD, and consider abandoning ship. You need to speak to them directly and keep them strong and focused.
First and foremost, make yourself available to speak directly with your community. Genuine conversations on crypto podcasts or scheduled AMA sessions and the immediacy of hearing your voice or seeing you in a livestream can make a world of difference to them.
Social media appearances should be part of your regular communications strategy anyway, but they become especially important during times when you have to keep your community strong.
Help the community with thought leadership and commentary
Sharing your expertise and advice especially during a down market, is a wonderful way to show your tribe and the crypto community as a whole that you are here to help the ecosystem. A down market is a genuine opportunity to speak candidly and openly about current challenges and to chart a path forward. By sharing your expert thoughts, you have a chance not only to bring your community together but also to extend your knowledge and experience to other folks in the industry in need of encouragement and guidance.
Even under normal circumstances, readers appreciate a well-researched and insightful thought leadership piece that expands their horizons and provides them with a fresh perspective on the crypto space. A market dip naturally increases their appetite for content that educates them on how to handle the situation properly. It is also a prime opportunity to broaden your audience and increase your brand recognition while also helping out journalists who may need a comment or two from an OG such as yourself. People will remember that your deep analyses and insightful observations got them through the hard times and will continue keeping an eye on your project when the sun is shining again.
Beat the down market and set sail for growth
Thanks to the above steps, your crypto project can maintain its top-of-mind brand positioning despite the inevitable market fluctuations. By investing internally and giving back to your community, while also sharing your knowledge and expertise with the whole crypto space, you strengthen your own brand and help people suppress FUD. With these actions you benefit the whole crypto community, and folks will remember you for it.
A down market causes widespread distress, but it also presents an extraordinary opportunity for crypto projects – and crypto leaders – to set themselves apart. After all, crypto is about community, trust, and boldly chasing the horizon. Fluctuating market conditions cannot change these fundamental truths. If you remain faithful to a blockchain future, no price drop will take you off course, and you will emerge stronger and wiser on the other side.