Have you ever woken up, made yourself a nice cup of coffee, opened up your smartphone, and everything has changed? No? Then you probably weren’t engaged with cryptocurrencies during a bear market!
Bear markets are scary things, not only for investors but also for business owners and professionals. As cash slowly exits the market and users lose interest in blockchain-based products, many crypto projects suddenly face a life-or-death situation. For most, a bear market means significant budget cuts accompanied by layoffs and sometimes even bankruptcies.
It doesn’t matter if your Shiba Inu based play-to-earn game has the best graphics ever – as long as the bear market reigns, the fight for survival is on.
To come out on the other end of a crypto bear market, it’s all about the right mindset. In fact, with the right strategy and spending practices, companies can build an incredible foundation for the next big rally.
Exponential growth may not be a feasible prospect now, yet planting the seed for future exponential growth is absolutely possible. Just look at Solana, Algorand, Kadena, ICP, and many other projects that were first announced during the last big bear cycle and have since experienced hundred, if not thousandfold increases in value.
And that’s exactly what we’re looking to talk about today. How to plant that seed. And how to feed it with the right, state-of-the-art nutrients.
1. Never stop PR work
Of course, we were going to say that, you must be thinking now. PR agency owners tell me that I always need to do PR. It’s such a cliché.
But all jokes aside, stopping your entire PR communication is a big mistake that many projects make. We believe it’s essential to keep the communication channels open with your audience during a bear market. While cutting back on PR spending can undoubtedly be a smart decision, ceasing all activities may give the impression that nothing is going on. This could discourage retail investor communities from engaging with your project, while B2B partners can easily be scared away too.
The key is figuring out the right amount of PR. Stop any small press release distributions and PR stuff on smaller channels. Instead, concentrate on significant events and announcements that provide tangible benefits, ensuring resources are allocated effectively.
During our podcast, we shared our observation that in a bear market, it’s often easier to persuade journalists from leading media outlets to cover important stories, leading to a more substantial impact than in a bull market. For instance, when a blockchain company unveils a groundbreaking product, it may attract more attention in a bear market due to fewer competitors making significant announcements.
2. Collaborate and forge strategic partnerships
If your business is struggling in a bear market, the good news is that you are not alone. This means that a bear market is a great time to forge new partnerships with other players, expand your network, grow your community, and build better products.
Limited resources in a bear market make it crucial to collaborate with other companies, projects, or influencers sharing similar goals and values. Combining resources and leveraging each other’s strengths can help projects achieve more and amplify their impact.
In our discussion, we emphasized choosing partners wisely and ensuring mutual value in any collaboration. A prime example of a successful partnership in the blockchain space is the alliance between Chainlink and Ethereum. Their collaboration facilitated the integration of decentralized oracle technology into Ethereum’s smart contracts, boosting credibility and exposure for both projects and opening up new opportunities.
3. Prioritize community support and engagement
We underscored the importance of retaining your users’ and investors’ trust and loyalty during a bear market.
By offering exceptional customer service, addressing concerns promptly, and fostering strong relationships, your community will support you when the market rebounds.
Running an engaging Discord channel is great, but you can also do more to engage your community. By investing in valuable content and educational resources, you’ll help them better understand your project, its underlying technology, and the potential long-term benefits, creating brand ambassadors who’ll spread the word, even in challenging times.
You can also incorporate community members into decision-making processes, following the DAO philosophy. Ask what the community wants, and give it to them in the best possible way.
4. Leverage AI to scale content production
As most LinkedIn gurus in 2023 have been preaching to you in your feed 24/7, we also highly recommend integrating large language models such as ChatGPT or the upcoming Google Bard into your operations.
Utilizing tools like Chat GPT can revolutionize projects in a bear market, particularly when resources are scarce. With AI-driven content creation, you can effortlessly repurpose existing content into various formats, such as blog posts, video scripts, podcast scripts, social media posts, or conference speeches, saving time and money.
We discussed how Chat GPT could significantly reduce the time and cost associated with content creation by adapting a solid piece of content into diverse formats and channels. This approach lets you produce and distribute more content with the same resources, helping you maintain a robust presence during a bear market. Additionally, by offering content that educates and engages your audience, you’ll cultivate a dedicated community that advocates for your project during market downturns.
Furthermore, upcoming integration options for both Google Bard and ChatGPT will further broaden the application areas of LLMs. By being at the forefront of these developments, your business can gain a true edge and significantly boost marketing output and optimize workflow processes while saving costs at the same time!
By refining your messaging, establishing thought leadership, forming strategic partnerships, nurturing your community, leveraging tools to reduce spending, and adapting to market changes, you’ll emerge stronger and better prepared for success when the market shifts back towards a bull run. Stay tuned for more valuable insights on marketing and growing your projects in the crypto space in our upcoming episodes.
