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10 Commandments of ORM for Cryptocurrencies


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Are you aware just how important online reputation management (ORM) has become for cryptocurrencies? This is why we have created 10 commandments of ORM for cryptocurrencies to help guide your brand in the right direction.

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10 Commandments of ORM for Cryptocurrencies

  1. 1. Areyouawarejusthowimportantonlinereputationmanagement(ORM)hasbecome for cryptocurrencies? The 2016 Consumer Review Survey from BrightLocal found that 92 percent of investors search the internet when they want to find out more about a business, while, 54 percent of people will go on to visit a brand’s website if they find positive content elsewhere on the internet. Meanwhile a whopping 25% of a company’s valuation can be attributed to its reputation. Yet online reputation isn’t just about customer opinion. According to Pew research, 65 percent of adults are active on social media and these numbers continue to grow as more young millennials join the workforce. Cryptocurrency companies without an active up-to-date profile on social sites will find it difficult to attract customers. of consumers search the internet when they want to find out more about a business. 92% 25% 54% of a company’s valuation can be attributed to its reputation of people will go on to visit a brand’s website if they find positive content elsewhere on the internet Online Reputation Management for Cryptocurrencies The 10 Commandments BLOCKCHAINDEFENDER
  2. 2. Creating a Positive Profile At ReputationDefender this doesn’t come as any surprise. We’ve spent over a decade building and maintaining brand reputations. A company’s online profile is based on the results that appear on the first page of a Google search. This can affect almost every aspect of the business and ultimately determine its success. Negative content hurts the brand’s image, but lack of information online can be just as damaging. If the Search Engine Result Page (SERP) isn’t promoting your cryptocurrency, then its advertising competitors and sending potential customers elsewhere. Reputationmanagementisaboutbuildingcredibility. Investors researching your cryptocurrency or running a general search on topics related to the industry need to find answers to their questions. They need to find positive content directly related to your company, most importantly a well organised website, but also relevant blog articles, professional social media profiles, pdf’s, infographics and videos. Negative comments or company scandals will take away from this image. Fintech companies must put active effort into creating a positive online profile and building better customer relations via the internet. If this seems like an overwhelming task, you’re not alone. Most company leaders know they need to improve their brand’s online reputation, but they’re not sure where to start. This is why we have created 10 commandments of ORM for cryptocurrencies to help guide your brand in the right direction: Managing Brand Reputation
  3. 3. 10 Commandments GAIN RESPECT As a child, no doubt, you had a teacher or a parent who told you respect wasn’t handed out for free; it had to be earned. Companies gain respect in the same way a person does, by showing competence, honesty and accountability, by admitting mistakes when appropriate and handling conflict gracefully. Unfortunately, the internet complicates things since it doesn’t necessarily tell an accurate version of events and often ranks negative and sensational stories higher than other types of content. An affective ORM campaign must counteract this tendency, by placing the crypto brand as an authority on various topics within its field. LISTEN TO WHAT PEOPLE ARE SAYING Don’t dismiss customers’ comments. Even the most unreasonable review probably has a grain oftruth.Byhighlightingtheroot-issueandfixing it,youreducethechancethatsomeoneelsewill make a similar comment in the future. At the same time, analysing positive feedback will give you a chance to see what customers appreciate and make sure this becomes an even more integral part of the brand’s image. Today, listening to people online means using the right technology. The internet is too big and there are too many different platforms to monitor each one separately. Depending on the size of your company, a simple Google Alert for the brand name can help to track content that is indexed by search engines; however, you’ll still be missing social media platforms. Social monitoring software such as Hootsuite, Social Mention and others can address this issue. Most programs have a basic service that is free, with advanced options requiring a subscription. 1. 2. 46%OF ICO’S FROM 2017 FAILED DESPITE RAISING OVER $110 MILLION IN FUNDS.
  4. 4. TRY TO BE TRANSPARENT Transparency can be risky, but cryptocurrency companies that manage to achieve it have a lot to gain. Transparency is about acknowledging issues and criticism, rather than making an effort to cover it up. Cryptocurrency investors respect this level of honesty and are more tolerant of problems when they can relate to the organisation on a human level and feel they are part of the team. Yet however transparent companies want to appear, some aspects of the business will need to remain private. Employees who aren’t trained in PR may expose unflattering secrets. Public feedback can draw attention to issues that might not otherwise have come up. REMAIN POLITE AT ALL TIMES Remember, in any online interaction, you’re the professional. Some investors frequently post comments that are unreasonable and even offensive; a brand response that is defensive or argumentative will only make the issue worse. In most cases, it’s best not to respond to overly irate comments or obvious trolling. The authors of this type of post simply want to argue, and by responding, even politely, you will give them a chance to do so. 4. 3.
  5. 5. TREAT THE GOOGLE SERP #1 AS YOUR FIRST IMPRESSION Some company leaders who came of age before the internet still think in terms of business cards and flyers. This is a mistake. Today’s consumers are on the internet, and that’s where they will be looking for you as well. The Google SERP is now your calling card. It’s the first thing the Investors will see, and, unless there’s positive content that attracts their attention, it could be the last as well. This poses something of a problem for company leaders. It’s easy for marketers to design, draft and publish content that represents the brand, but ensuring that these are the results ranking highest on a Google search requires a different skill-set. Search engine algorithms use various ranking factors designed to promote content that attracts the most organic traffic. There’s no sure-fire way of controlling them, but there are a lot of techniques that can help promote your content and generate positive autocomplete suggestions. This element of ORM is quite technical; it requires a specialist with a thorough grasp of Google’s latest algorithmic updates. Using the wrong techniques, even unintentionally, can result in content getting penalised or banned. DON’T IGNORE VALID CRITICISM Cryptocurrency companies that ignore criticism often end up paying a high price. An isolated incident may be forgotten, but a complaint that resonates with a wide-audience can quickly go viral and company leaders will have a reputation crisis on their hands. It’s important to take reputation issues seriously from the start. Accept complaints as constructive criticism and thank posters for expressing their opinion. It’s tempting to delete negative comments, but this is almost always a mistake. Nothing on the internet is erasable; there’s an archived copy of the original somewhere and taking down a comment posted by someone else is likely to generate more negative attention. 6. 5.
  6. 6. LEARN FROM YOUR MISTAKES It’s impossible to build a business or a reputation without making mistakes. The important thing is to learn from these errors and use them to build a better company image. At ReputationDefender, we don’t believe people or companies are defined by past actions, but this is what happens when events become memorialised on the web. Reputation management is a chance to explain your version and show why the brand is much more than one recent misstep. FOCUS ON THE POSITIVES Posting positive content about the company is the best way to improve a brand’s reputation. This rule holds true whether things are going well or you’re in the midst of a reputation crisis. Remember, many of your investors still haven’t heard of the issue; they had a good experience working with you. They just need some encouragement to remember that. Positive content that resonates emotionally with a wide audience is the best way to create your own high-traffic results capable of countering negative stories. Check out some of the top crypto industry blogs (for example CoinTelegraph, CoinDesk) for ideas on how to use a positive message to your advantage. 7. 8.
  7. 7. 10.KEEP AN EYE ON COMPETITORS You’ve taken a good hard look at your own reputation, but what about your competitors’? If other cryptocurrencies are shown in a more positive light than your own, this means you’re losing business. Don’t forget to monitor customer comments for competitors as well. There’s no shame in eaves-dropping when it comes to public content on the internet; it’s all fair game and you can be sure competitors will also be tracking what people are saying about you. Don’t be too obvious about what you are doing since this could become its own damaging story, but remember you can’t manage your reputation effectively without ranking the brand against its competitors. 9. ASK FOR PROFESSIONAL HELP WHEN YOU NEED IT Reputation management is as time-consuming as it is important. Many cryptocurrency companies think they can handle it themselves, but as the industry grows, this will become harder and harder. ORM requires specialised knowledge and expertise that can’t always be found on a typical marketing team. Ongoing initiatives are needed to create fresh content and update the brand’s strategies based on public opinion and the latest algorithmic changes. Many cryptocurrency companies only invest in professional ORM services when they face a crisis. Unfortunately, this is a flawed strategy. Every brand will eventually generate negative publicity online. Preventative efforts help build reputation capital before this happens, so that negative stories never gain much ground against the brand’s own positive content. Timely reputation management can avoid a drop in revenue and even pull the company out of a downward spiral. ReputationDefender has many services to choose from, whether you are in the midst of a crisis, or just want insurance against future issues. Our professional reputation specialists regularly help companies to build and improve their online profile, and we also manage damage control after the fact.
  8. 8. FOR MORE INFORMATION ABOUT WHAT WE DO, CALL ONE OF OUR EXPERTS OR VISIT THE COMPANY WEBSITE The importance of a positive online reputation cannot be underestimated. If you are worried about your online reputation contact the experts on 0800 131 0700 or email BLOCKCHAINDEFENDER