7 Tips For Pitching Cryptocurrency Stories To Reporters
For PR professionals trying to pitch reporters on cryptocurrency related stories, there are a couple of challenges specific to the vertical.
First of all, there’s just the sheer volume of companies competing to get reporters to cover them, with at least 21,844 cryptocurrencies and 528 cryptocurrency exchanges in existence.
Then there’s the issue of cryptocurrency increasingly being associated with financial fraud. That perception has gotten even worse since FTX declared bankruptcy, with CNBC finding only 8% of Americans had a positive view of cryptocurrencies in November 2022, down from 19% in March 2022.
It's far from an ideal environment for talking up legitimate cryptocurrency brands, but that makes following best practices around outreach that much more important.
With that in mind, here are 7 key tips for pitching reporters stories about crypto brands.
Tip #1. Understand What You're Pitching
While that might seem obvious, Will Foxley recalled 80% of the pitches he received when he was a reporter at CoinDesk were "just dog trash". He cited PR representatives clearly not understanding the technology in the stories they are pitching as one of the most frequent reasons he rejected those story ideas.
Meanwhile, Benzinga crypto writer Justin Roberti estimates only about 40% of PR people actually understand the Web3/crypto pitches they send him.
Communicating clearly what makes the technology of your cryptocurrency product different is a must.
Tip #2. Share Third Party Validation
How can legitimate cryptocurrency companies use PR to separate themselves from the less reputable competition? The answer is third party validation.
Quantitative screening by a third party can weed out exchanges that are inflating trading volume, and verify to the general public that your exchange is legit. For example, in their April 2022 Crypto Exchange Vetting report, Digital Asset Research only "vetted" 21 out of 450 exchanges they analyzed. For the 21 exchanges that did pass the vetting process, that's a clear proof point to share with reporters and investors about financial stability.
Another form of third party validation is working with an accounting firm on a proof of reserves audit. This became more popular after FTX's bankruptcy illustrated that solvency isn't something that can be taken for granted with crypto exchanges. While the SEC's chief accountant has warned that proof-of-reserves audits are not absolute proof that a company is in a healthy financial position, they are valuable PR tools to win back public trust.
Tip #3. Expedite The Fact Checking Process
All reporters need to fact check, but PR professionals should be aware there's an extra layer of suspicion around pitches involving cryptocurrency. For example, Edward Ongweso, a staff writer at Motherboard, is baffled by the amount of crypto PR pitches he gets for things that literally don't exist.
There are a few simple steps that can be taken to make your crypto related pitch seem more credible. First of all, avoid all untrue claims. Don't write your company is the first at something, unless that's correct. If your pitch is properly targeted, you're reaching out to a reporter who would actually know if your competitor made the exact same claim 6 months ago.
Additionally, be able to provide an expert who can speak the more technical aspects. For pitches that involve a second company, also be sure to include the contact info for their relevant stakeholder. Reporters will need to verify their involvement.
Tip #4. Pitch in Person (When Possible)
Most story pitches are done via email, especially since the start of the pandemic. However the most effective way to make a pitch is in person, and there are signs that reporters are again open to meeting in real life. For example, Jeff Benson, a senior editor at Decrypt, recommends asking him out for coffee or a drink, and during the course of the conversation asking him, what types of stories are you looking for?
In some cases, in person might be the only way to get your pitch considered. John Biggs, a TechCrunch contributor, apparently deletes over 1,300 emails every couple of hours. Meeting him at a conference is likely the best way to bypass that screening system.
Tip #5. Avoid Pitching Executives For Stories They're Not Involved In
Kate I., a staff writer at Decrypt Media named “Exec wants to be quoted on something they have nothing to do with” as one of the most common bad crypto PR pitches she receives. Additionally, Cian Maher, a freelancer at publications like The Verge, threatened to destroy the internet if one more PR person pitches him an interview with an expert on crypto and NFTs.
Generally when reporters are looking for commentary on a current event they want a recognizable name. The executives actively shopping their take are usually people looking to build name recognition, not people that have it.
Tip #6. Make Sure Exclusives Are Really Exclusive
Toby Bochan, the Managing Editor at CoinDesk recently talked about how she gets the forwarded emails of former employees, meaning she frequently catches PR representatives pitching multiple reporters the exact same "exclusive". Rather than a spray and pray strategy, exclusives need to be tailored to the specific interests of the reporter, and sent only to one person at a time. Bochan also recommends including the window of exclusivity in the pitch.
Tip #7. Keep It Simple
Anthony Ha of TechCrunch says subject lines should spell out what the news is and the pitch should be written in honest, plain English. He gets 80 emails per day (mostly pitches) to his personal email and doesn't have the bandwidth to read flowery prose. Similarly, Archana Shukla, a business reporter at BBC suggests keeping pitch emails to the key facts and 4-5 clear bullet points.
A 2021 study by Litmus Email Analytics found that people only spend on average 10 seconds reading a brand email. Make your pitch with as much brevity as possible, as there’s a very brief window to hook the reporter.
Conclusion
Reporters are under no obligation to cover your story, so it’s important that pitches be as compelling and unique to their interests as possible. Luckily, reporters covering crypto are more than happy to share the best practices for pitching them. Yes it’s a challenging environment but by following these tips, PR professionals can still generate great earned coverage for cryptocurrency brands.