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As thousands of crypto startups pour millions into marketing and public relations, the key question for the industry is whether their efforts are having an actual impact. PR crypto strategies are difficult to measure or track, but that doesn’t mean there’s no way to judge success. In fact, using sophisticated tools and innovative models to measure success could prove to be your competitive advantage in this crowded field.
Here are five ways you and your team can track the wins and fails of your PR crypto strategy and make adjustments accordingly:
1. Measure engagement
The primary focus of any public relations campaign is to position your brand in a positive light and get more people to talk about it. On digital platforms, this sort of engagement is easier to measure. Simply tracking the number of comments on each YouTube video you upload or the number of retweets every tweet gets should help you judge whether your PR efforts are having a tangible impact.
2. Track the sales funnel
An uptick in sales is excellent, but the headline sales figure doesn’t say much about the underlying factors driving each purchase decision. If you’ve managed to garner new users on your platform or secure new investors for your upcoming ICO, it’s important to understand how they heard of you and what convinced them to sign up for your service.
Affiliate links and promo codes are a great way to track the sales journey each customer has, but perhaps you could also use a blockchain solution to track this more robustly.
Understanding the first point of contact for all your customers should be an important element of the crypto PR strategy.
3. Calculate RoI
Weighing the costs of your PR team or outsourced PR agency against the direct monetary benefits of their work is a great way to measure success. However, there’s no industry standard on how this metric is measured. A purely financial method of measuring return-on-investment would simply divide the dollar value generated directly by the PR campaign against the dollar costs of hiring and retaining the team.
Another way to measure this RoI is through key performance indicators and the dollar cost of meeting certain targets within specific budgets. For example, you could instruct your PR team to keep the average cost per 1,000 impressions below $2 every month. This means the team must measure the number of impressions generated and divide them by the cost of running the team every month.
4. Media impressions
Traditional PR and marketing agencies have sophisticated ways to measure the value of each new person who comes into contact with the brand. This measure is based on the conversion rate and the effectiveness of the targeting strategy. For example, 1,000 impressions on the Wall Street Journal may be worth more to a FinTech startup seeking high-networth investors than to a consumer brand trying to sell a blockchain game to teenagers.
None of these four methods of measuring PR success are perfect. However, a combination of some or all of these tools could help you track your progress in creating traction for your platform and company.
EAK Digital is a leading Global Blockchain PR Agency that works with Blockchain start-ups to help them gain mass media coverage across both mainstream and crypto publications alike.