by Cheril Clarke
What comes to mind when you hear Coinbase? What about Binance, Ripple or Polygon? If you’re a native Web3 organization or fan, you probably have immediate and distinct thoughts when you hear about each of these companies. Whether poor customer service, low-fee transactions, lawsuits or powerful collaborations, each company is known for something good or bad. It’s crucial for organizations to invest in spreading consistent and engaging narratives, or corporate storytelling, if they want to control their brand and reputation.
Corporate storytelling is a powerful way for blockchain companies to connect with the public. From those in the start-up phase to mature businesses that have survived a decade of turbulent price cycles, having a communications team that delivers a compelling narrative is even more critical as blockchain companies become more prominent in the media spotlight. Here are four reasons to tell a compelling story that celebrates your successes, acknowledges your challenges, and illuminates your long-term vision:
1. To emphasize the value and practicality of crypto: Captivating stories are all about transitions and transformation. They are about change and the evolution from past to present to future. Content for blockchain and crypto companies should emphasize the real-world value of their business and how they can propel people into a future of digital currency and becoming self-sufficient. Cinematic short videos, a CEO blog or an “Ask Me Anything” (AMA) series are just a few ways to tell these stories while noting challenges and stumbles (and how the business plans to improve). The value that a company like Coinbase provides is its ability to allow people to buy and sell cryptocurrencies quickly and safely. Coinbase is also one of the few (if not only) US-based companies that lobby for innovative crypto legal policies—they play by the books instead of doing what they want and asking for forgiveness later. Also committed to offering its users digital wallets, a blockchain company like Coinbase should emphasize the convenience of using crypto instead of fiat.
2. To be transparent: Blockchain and crypto companies should create transparent and easy-to-understand content. This increases trust among their audiences by educating them about blockchain, crypto and all the other jargon that can confuse people. Binance, one of the most well-known crypto exchanges today, is known for having an “accessible” CEO and, for Binance US, a vocal chief communications officer. Besides being the go-to exchange for low-fee transactions, Binance is known for its straightforward and sometimes cheeky personality.
3. To be honest: Blockchain and crypto companies should create content that contains truthful information, including their origin story (why they started the company in the first place), challenges, limitations and consumer benefits. This helps build credibility and allegiance among customers and prospects. If a business has been beleaguered by lawsuits, like Ripple, it should share developments relating to consumer funds (when advised by counsel) openly and honestly. They should also remember that many people today have short memories, so reminding audiences of relevant achievements or even virtues like patience, courage and responsibility can be powerful storytelling tools under challenging times.
4. To be consistent: Innovative blockchain and crypto companies should create consistent content in tone, style and voice across their various communication channels (e.g., website, social media and other platforms). This ensures they remain consistent in their brand messaging and audience engagement efforts. News of companies like Polygon partnering with titan organizations such as Facebook and Starbucks is a testament to the importance of being consistent with branding and communication efforts—the more you engage with your audience, the more they will trust you.
Blockchain and crypto companies can power the next generation of financial technology by changing the way people and businesses transact with each other. There are thousands of projects in the space but not enough investment in strategic communications to tell their corporate story. Quiet innovation doesn’t go far. Silent successes aren’t always the way to go if the media (or everyday consumers) are loud and wrong about an organization. Corporate storytelling can empower businesses to connect with their audiences while building trust and loyalty. If your company needs help telling your story, we invite you to contact us today.