MONCCO PR CEO Cagla Ertugrul on the Importance of PR & Marketing in a Bear Market
One of the inevitable evils of the crypto market and the capital market, in general, is the dreaded bear market. We all know the one; when the homepages of trading apps are flooded in red, crypto skeptics declare the market dead for the hundredth time, and people and corporations alike are counting their losses.
When a bear market happens, it is easy to think that marketing and PR activities should grind to a halt. After all, if the market is red, what is the point of advertising to anyone?
Well, according to Cagla Ertugrul, Founder of MONCCO PR, this is actually one of the times for crypto businesses to push forward even more with PR and marketing. Today, she tells us about all things crypto and how to navigate the infamous bear market.
- We’ve seen bear market after bear market over the years and still when a dip happens, many still think that crypto cannot bounce back. Why do you think that is?
I think a lot of people are just biased against cryptocurrency and refuse to change their minds, even when the market says otherwise. Think about it. How many times have traditional stocks seen a crash? In 2020, all the markets were red and fortune 500 companies took a dive.
But everyone knew they would recover eventually. When it comes to crypto, some people are convinced that it will fail, no matter how many times Bitcoin rises again or the markets see new gains. Even if Bitcoin gets to $1 million, these people are determined to not be convinced or change their minds.
- You’ve said that PR and marketing are still important, even in bear markets. Why?
Because during a bear market, the industry is ‘quieter’, which can be a good time to reflect and build away from distractions. Not every company makes it through a bear market and those that do are those that can keep strong even when things are quiet.
This means taking advantage of the market to connect with customers and show them what value you bring into their lives and the people behind the team. You can’t only reach out to your customers when you want to market to them; it is an ongoing process.
- What can businesses do to take full advantage of the bear market?
There are two things they can do. The first is to keep customers engaged. This means putting out content that informs them about the crypto industry and your business as a whole. Put out helpful videos, and publish articles about your team and your mission.
Also, tease information about your upcoming projects and get them excited about them. Community building should be at the forefront of your mind and this is where the marketing and PR angle needs to come into play.
- How should consumers themselves respond to bear markets?
They should educate themselves the best that they can. There are so many aspects to blockchain and a bear market can be a good time to step away from the crowd and learn more; read books, watch videos, listen to podcasts, and all that.
It could be an opportunity to do more research about different projects and see which ones are worth paying attention to ahead of the next bull run. Bear markets can last for many months at a time and if the consumer can find some way to be productive and educate themselves during it, they can come out on top.
- How does your business help crypto projects take advantage of the markets?
For all of our customers, we create customized PR and marketing plans. These plans are not only to gain momentum when the market is high but to also sustain it and connect with customers when the market is low.
What we do is that we find out our customers’ strong points that can be leaned into during market dips and leverage those as much as possible. Our plans are not one-size-fits-all and as such, they adapt as both the client and the market change as well.
The bear market is feared by crypto projects and buyers alike but it might not have to be. A market dip holds massive potential for both groups and can be a way to maximize returns on their investment.
This can be done with the right research, the right team behind you and some good timing.
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