In any economic climate, it’s important for brands to build credibility. However, during a bear market, when investors are especially risk-averse, it becomes even more crucial for companies to establish themselves as trustworthy sources of information and products.
Here are five ways that brands can build credibility during tough times.
- Honesty is the best policy
One of the best ways to build credibility is to be honest and transparent with your audience. Consumers appreciate when brands are upfront and transparent about their products, services, and business practices. In fact, according to the Edelman Trust Barometer Special Report, trust is now the make or break difference for brands.
- Delivering on time
It’s common for web3 projects to receive funding before building a project, making users and investors highly anticipate product launches and brand activations. When these expectations are not met, disappointment within these community-driven projects spreads like wildfire and slowly peck away at credibility. Whether it’s delivering a product on time or providing excellent customer service, following through on promises is a crucial step in brand integrity.
- Build
Build – a common bear market term which refers to building fundamentals and developing strong products internally. A bear market provides an opportunity to differentiate your company from the competition. While some brands are cutting back on resources, such as tech development, marketing and advertising, other companies can see this as an investment which will be well-remembered when the economy improves and markets pick up again. Fundamentals are key, and funnelling activities through public relations and marketing is essential for your community and audience.
- Working with a strategic partner
Achieving the above is easier said than done. So when it comes to implementation, it may be beneficial to work with a partner who understands your target and goals. At Luna PR, we aim to help brands navigate the bear market with a strategy which gets them noticed.
- Develop, grow and stand out
Henry Ford once said “Obstacles are those frightful things you see when you take your eyes off your goal.” The bear market must be seen as an opportunity to flourish. Luna PR is a well-established PR and marketing agency, headquartered in Dubai, with offices in Miami and Singapore, that has served over 600 projects in the web3 industry. For the last five years the company has navigated several companies through three different bear market cycles. A leading provider in its field with an emphasis on quality rather than quantity, Luna PR is renowned for being one step ahead so clients can focus on what’s important in any cycle – develop, grow, and stand out.
