Every company needs to generate attention from its target audience and from media outlets. Because of that, there are right and wrong strategies that companies can use to achieve that goal, and that’s especially true in the cryptocurrency industry.
In fact, a company’s reputation can be damaged in the short time span that it takes to send out a tweet, which means companies need to be careful not to make the wrong move or attract attention for the wrong reasons.
Although social media platforms tend to be a numbers game most of the time, having a small number of devoted investors tends to make companies in the cryptocurrency appear a lot more influential to other potential investors that are exploring their investment options. However, purchasing followers, or using bots doesn’t work.
There are plenty of tools available online that can help consumers figure out if an account has real or fake followers with the click of a button.
Additionally, plenty of social media platforms have started doing regular housekeeping and removing any potentially fake accounts from their servers.
This means companies that end up buying their followers or using bots can quickly lose that investment whenever the platform decides to purge any fake accounts, or a potential investor decides to thoroughly research the business before making an investment.
Most people these days find it tempting to participate in making negative comments and piling on if a rival business gets exposed for some mistake they ended up making along the way.
However, criticizing or flaunting at a company’s market competitors only provides a temporary positive emotion, and can end up easily damaging potential fruitful partnerships in the future.
There are plenty of times when the cryptocurrency industry has seemed like a very cutthroat space, but in recent years, as many start-ups have started noting the value of building a network, the number of strategic collaborations and partnerships has sharply increased.
That’s why it’s best for companies to avoid going after any of their competitors, and not commenting on the negative situation.
In the crowded and hectic cryptocurrency industry, many businesses tend to feel pressured to constantly share updates on social media to maintain their relevance.
Many companies in the cryptocurrency industry have been guilty of continuously sharing irrelevant updates that aren’t actual updates for their target audiences.
Whether that means talking about rewards programs, promoting webinars, creating giveaways that aren’t worth much to the consumers or investors, or plenty of other strategies, cryptocurrency companies have frequently shared updates when they actually had no news to share.
This is a common mistake that companies should avoid, and instead only focus on the core solution that they are offering and only update their audiences when they truly have something to say.