In this episode, we have Srivathsan, who pursued an MBA and gained a deep understanding of media and communications from his early career days. He provides insights on what cryptocurrencies are, their different classes, the associated risks, and valuable guidance on how to approach investing in them.
Introduction
0:53 I think my journey in roles related to communication and marketing started with my MBA about a decade ago. I joined a media house called Star India, specifically the sports brand Star Sports, which was launching as a separate entity from ESPN in 2013. I was part of the team that worked on corporate strategy and marketing, including the launch of the Indian Super League, a football tournament that started in 2014 and was associated with Reliance at that time. I learned about mass communication and understanding how and why certain things are done in communication during my early days at Star Sports, and I have been building on that knowledge in my current role in a cryptocurrency platform. Our platform has over a million users or investors who are looking to build wealth through cryptocurrency, but we face challenges in educating and communicating with the user base in India. We have been somewhat successful with Jio in this space, but we are constantly learning and optimizing our communication approach. Despite the challenges, I find excitement in my job and enjoy the process of building a reputable and safe environment for investors to trust with their money. I have been with the platform for more than 1.5 years now, and we are working towards making it a trusted platform for cryptocurrency investment.
Metric to Measure
4:09 I have been interested in suitable roles and communication with customers since my early twenties. This journey began with my MBA, which I completed about a decade ago. I joined a media house, Star India, specifically the sports brand Star Sports, which was launched separately from ESPN in 2013. I was part of the team that helped with corporate strategy and marketing, including the launch of the Indian Super League, a football tournament that has been running since 2014. In the first two seasons, the league was closely associated with Reliance and their team, as they were equity owners at that time. My background in mass communication and understanding how and why we communicate certain things was a learning experience from my time at Star Sports, and I have been building on that in my current role at a cryptocurrency platform. Our platform has over a million users who are looking to build wealth through cryptocurrency. However, one of the key challenges we face is that not everyone in India intuitively understands cryptocurrency, and there is a need for education and effective communication with our user base. We have had some success in addressing this challenge, but we continue to learn and optimize our approach as we go along. It’s interesting to see how investors react to different communication strategies, and it’s a constantly evolving process. I enjoy the excitement of the job, even though it requires redoing things when unexpected changes occur. I have been with this platform for over 1.5 years, and our goal is to build a reputable and safe environment that investors can trust with their money. That’s what we are striving to achieve.
Favourite campaign
7:25 I do not have a favorite kind of marketing campaign, but I focus on what works for my company during different periods. For instance, in 2021 from April to June, there was aggressive television advertising by competitors during the IPL season and the peak of cryptocurrency interest. However, as a bootstrap company, we did not have the resources for television advertising at that time. So, we relied on PR-based communication and other aspects of marketing such as influencer marketing and performance marketing. I am proud of the 2-3 months during which our user base grew 3x, in a span of 4-5 months, primarily driven by our PR efforts and relationships with media houses. Our PR campaign was recognized and awarded as one of the most successful campaigns by our PR agency. Being available and responsive to journalists, providing education about the industry, and maintaining open communication with them were key strategies. Our founders were always available for interviews, and communication and PR were given top priority in our business mindset. PR and strategic use of campaigns continue to be our key focus in terms of marketing and publication.
Favourite tools
12:45 We do have a measurement platform which helps us with performance marketing. We try to understand where our traffic is coming from through the app, and we started with a website-based product. We partnered with a measurement platform over a year ago to understand our traffic sources. We also integrated Google Analytics to track user behavior and engagement within the app or website. Recently, we partnered with another company that provides us with detailed user behavior and marketing analytics, including geographic information and engagement levels. On a regular basis, I personally look at key metrics such as daily active users (DAU) and monthly active users (MAU) to understand what’s happening in the ecosystem. We also have internal metrics and CRM developed by our tech team to track specific features and user engagement. We also monitor user ratings on platforms like Google Play Store, Google, Facebook, and Trustpilot for feedback. We continuously listen to user feedback and strive to be a credible and trustworthy brand for investors and industry leaders. We are mindful of the competitive landscape within our industry and keep tabs on our competitors’ performance. I personally review user feedback on a weekly basis to stay informed.
Role of PR in Cryptocurrency During Recession
17:32 I think PR (Public Relations) is very important, and this applies to any industry you can think of. There is always a limit to what you can achieve with branding or performance marketing, or any other vehicle that you use. PR completes that circle for you. There is always a possibility that your press releases and press-based engagement will reach a far wider audience than you would on your own through other means. For example, I can place an ad, but that ad will only convey that I exist in the market, it will not convey the fundamental rationale with which my brand is working. To achieve that and to communicate it with a wider audience, whether it’s national media or vernacular (local) media, I believe you can only do more with PR. There is no other vehicle that has that power even today to get your communication going very well. This is particularly relevant in India, where Giottus is looking at a vernacular route to growth. So, we will be focusing more of our efforts in building relationships with media houses, particularly vernacular media houses, and also trying to see if we can make them start covering crypto regularly. My stance on this is that media houses should cover crypto to educate their readers about it, whether they end up investing in it or not is secondary. It’s important that people understand what crypto is, its classes, the risks involved, and how they should go about investing. There’s a lot of myth that you can put ₹1000 (Indian Rupees) and take out one lakh (100,000) in crypto, but that might have happened for a few people, not for 99% of people. You have to play the waiting game with crypto, just like any other investment class. So, probably crypto will give you better returns over time, but that “over time” is a 4 to 5 year time period, not 4 to 5 days. We are trying to communicate certain aspects like that, and my communication team is growing day by day. Whatever efforts we continue to do, despite any recession or macroeconomic headwinds in the future, there is one activity I will not stop, and that is my relationship-building with the press and trying to make them cover crypto more.
Data’s Evolution in Communications and PR: A Forward-Looking View
20:38: I have noticed a shift in the past 10 years where there is a general acceptance of data in media and journalism. Journalists now ask for data in addition to subjective quotes. They even call me late at night to ask about cryptocurrency performance over a certain period of time. It seems that journalists are becoming more data-led in their communication. As a brand, it’s important for us to react to this trend and ensure that any communication we send out is backed by relevant data for the audience. Using data in press and communication should involve two steps. First, using data that is relevant to the audience. Second, tracking our brand’s performance in press and communication. Brands should not only focus on being covered in a few national newspapers or media houses. We need to understand the reach and performance of our brand compared to competitors. Press relationships should be based on metrics such as share of voice. We need to set objectives and strategies to increase our share of voice in a defined timeframe. Taking a more objective approach will help us identify new segments and media houses that cover our segment well. It’s important to adopt a data-led approach in planning campaigns, including press releases and communication to different audiences. I am empowering my team to come up with data-led approaches and it’s an evolution that requires effort from the industry and professionals. I believe this shift towards a data-led approach in media and journalism is in the right direction and requires concerted efforts from the industry as a whole.
My two cents
23:44 When entering a new industry, it’s important to be curious and eager to learn, regardless of whether you have a natural passion for that industry. What matters is how curious you are about learning and understanding the industry, including what works and what doesn’t. Every industry has its own challenges and communication objectives, and as a communication professional, it’s important to understand them quickly, even within a short assignment timeframe. Don’t restrict your thought process to just your role or designation. Be open to feedback from various sources, such as journalists, and take that feedback back to your organization to explore new ideas and opportunities. Always be ready to hear what’s happening in the industry and what feedback you’re receiving. Being curious, constantly learning, and having your ears open for feedback can make a real difference in your role and help you contribute positively to the brand you represent.