Both sides of the conversation, between you and any companions (or accomplices) you want to forget, and consequently remember there are better things in life after a bad experience.
Your audience wants to forget your missteps too, unless these mistakes are really egregious and belie malicious intent. People are sick of Facebook, for example. But that is a result of ambiguity over what they actually do with personal data and the fact they are ruthlessly monetizing users without being transparent.
So… Leave it in Vegas
Your mistake can be left in a moment in time. Maybe you failed to anticipate what users wanted, or made moves without explaining them to the community which in hindsight look sketchy. Trust is key in the crypto space, so you want to leave it behind.
Unfortunately the analogy of Las Vegas nights cannot be extended to copious amounts of booze leading to a case of amnesia in all those involved. But you can look back at one night and isolate it as a unique case.
A crypto PR strategy is key here. Your audience needs an apology when you’ve made a mistake. Furthermore, good news should always be forthcoming after an error. In the blockchain space companies are dealing with some of the most cynical, flighty users possible.
But proving you are here to stay and will continue to deliver a great product or service can go a long way to repairing the relationship.
Your First Actions Will Define Your Response
There should be a dedicated team whose job in the early stages of a crisis is to manage a round the clock community response. Each member of the team should be briefed on a communications strategy, which in crypto should more often be proactive rather than reactive.
The best way to handle a crisis is to be open and honest with the audience. You want to avoid at all costs the prospect of more information being uncovered at a later date, dealing a double-blow of bad crypto PR and further entrenching the mistrust from the initial mistake.
Craft your message and brief all employees dealing with the crisis properly. This will ensure messaging is consistent and remember: be apologetic, say how you will fix the issue going forward and be clear this is an isolated incident.
Dealing With the Aftermath
Review and learn from the situation, just as you might around a dizzy Las Vegas brunch the morning after. Conducting a post-action review is crucial because it minimizes the risk of the mistake happening again. You can just about recover the first time, in crypto, but your stock will quickly fall if users are seeing the same suspect actions time and time again.
Recovery can take some time but it’s important to remain mindful of how quickly the crypto space moves. While one public relations error can wipe out months of progress, there is always a chance to bounce back within half a year of solid performance and clear, concise communications.
You may lose users forever and this is the specter of crypto. Some people will never forget that one night in Vegas and will move on to the next crypto project as a result.
But, depending on the PR response, there will be those who stay and of course new users who join into the project at a time where the leaders are wiser and less likely to abuse their trust.