PR strategies for cryptocurrency projects are difficult to measure or track, but that doesn’t mean there is no way to measure success. Using different tools and innovative models, the ability to measure success can be your competitive advantage in this crowded field.
Here are a few ways you can track the ups and downs of your PR campaign:
1. Track your sales performance
PR will show you some results in a while, even though it may not give you an instant great sales boost. In fact, a well-thought-out digital PR campaign can provide a significant increase in sales over time. Increased sales are great, but the main sales metric says little about the factors behind every buying decision your customers have made. If you’ve managed to attract new users or new investors to your platform, it’s important to understand how they found out about you and what convinced them to buy your services or invest in the project. Nevertheless, if you don’t see any change in your product sales, you need to analyze your PR strategy and change it if you’ll find it necessary.
2. Measuring engagement
The main goal of any campaign is to position your brand positively and get more people talking about you. It’s important to determine your campaign’s desired results and set realistic goals for a specific category of users. Whether you’re measuring page views, the number of active users, or actual conversions on your site, these metrics will help you determine if you’re on the right track, what can be improved and where you’ve achieved success. The way how PR efforts may change your website traffic is the key object to keep track of for many marketing and PR teams. Tools like Google Analytics or Yandex.Direct help to measure how people are responding to the content. On digital platforms, this kind of engagement is easier to measure. The success of a PR campaign can be measured by the number of new subscribers and the average monthly reach of posts on your social media channels. Simply tracking the number of comments and likes on YouTube videos or upvotes on Reddit, the number of retweets of a tweet will help you assess whether your PR efforts are having a great impact.
Another indicator is mentions on the Internet.
Brand mentions are the number of mentions of your company name or your specific product in social media, forums, or other blogs over a period of time. An increase in the number of brand mentions after a campaign leads directly to increased awareness and means that the PR team is doing a good job. Tracking the number of views online is one of the most direct and measurable forms of tracking the success of a PR campaign. You can track the tone, narrative, and conclusions people made about your campaign if it has been mentioned in blogs, newspapers, and websites. Positive comments about your brand enhance its reputation. However, not all the mentions will be positive. In today’s digital age, most customers prefer to raise issues on social media. With effective team task management procedures, you can take appropriate steps to mitigate the negativity.
It’s crucial that these media mentions be of high quality, as a mere number of mentions may not lead to a meaningful interaction with your brand. Measuring success based on media and online mentions is useful because it can show you how your business is compared to others, but it’s important to note that you need to use other metrics as well. Tracking these mentions is the first step to measuring the performance of the PR team.
3. From the second point, it follows that you also need to track media sentiment and impressions.
One of the most effective ways to measure the impact of a PR campaign is the number of press articles about your brand or product. Getting mass coverage in well-known media outlets will easily expand your brand’s reach. Publications with mass coverage will ensure greater awareness of your brand among readers. However, it can be tempting to publish articles on every website. It’s better to do this on sites whose users may have a strong interest in your particular product. For example, 1,000 impressions in the New York Times may be worth more to a crypto startup looking for high-yield investors than to a consumer brand trying to sell roulette or blockchain games to teenagers.
When you publish an article in a publication, how do you know what effect it will have? If the article only got you 10,000 views, is that the only KPI? What about the brand awareness and credibility that your company gains from publishing in a well-known publication? Measuring these things is much more difficult. When running a blockchain PR campaign, it’s very important to maximize your reach and distribute content across various social media outlets and networks.
4. Calculate ROI
Weighing the costs of your PR team or outsourced PR agency against the direct monetary benefit of their work is a great way to measure success. However, there is no industry standard for how this metric is measured. A purely financial method of measuring ROI involves simply dividing the dollar value generated directly from a PR campaign by the dollar cost of hiring and retaining a team. Another way to measure ROI is through key performance indicators and the dollar cost of achieving certain goals within specific budgets. This means that the team must measure the number of reactions received and divide that by the cost to the team each month.
Final words
Obviously, each of these ways is not the perfect one to measure your success gained out of the PR campaign. However, a combination of some or all of these factors can help you track the progress of your platform and company.