Crypto Influencer Marketing – What is it and How it Works
The rise of influencer marketing has been rapid over the past couple of years, currently valued at around $13.8 billion. Due to the increasing importance of trust between brands and their potential customers, crypto influencer marketing has gained widespread acceptance in the blockchain industry.
Influencer marketing has become a powerful tool for marketers. Brands pay thousands of dollars to get their products featured on popular social media platforms such as Instagram, Snapchat, or Facebook. Even though large companies spend big bucks on these campaigns, smaller businesses also benefit from them. Still confused? Let us explain what influencer marketing is and why it can be profitable for you too.
What is Crypto Influencer Marketing?
A cryptocurrency influencer marketing campaign is a type of social media content marketing involving famous individuals endorsing a specific brand or product. Crypto project founders could do this through the individual’s advertising of a particular digital asset or cryptocurrency. This type of marketing is trendy, with around 9 out of 10 brands using it.
In most cases, the influencer will work with prominent individuals within the cryptocurrency industry to bring more awareness to a marketing campaign. Some popular sites for crypto influencers to generate traffic are Instagram, Medium, Twitter, and Youtube.
How to Start Marketing With Crypto Influencers
After reading about the various advantages of crypto influencer marketing, you’ll be eager to get started. In this section, we’ll talk about some of the most common tips you should follow to get started.
These tips help you find the best crypto influencers and develop effective campaigns. They’ll also cover various aspects, such as how to maintain relationships and track the effectiveness of your efforts.
Consider Your Goals
One of the most common challenges people face when launching their campaign is finding crypto influencers. While marketing agencies have already established lists of successful influencers, you might not be able to find them in a position to reach out to them directly.
A vital tip to remember is not to contact very prominent individuals in the industry. While endorsing a campaign from a top player is a great way to explore the popularity of your brand, it’s also unrealistic since these individuals will most likely charge a considerable amount for their services.
Instead of targeting the prominent individuals in the blockchain industry, focus on starting with smaller and medium accounts. That will allow you to find people who will not charge a massive amount for their services. In addition, you get a great deal depending on the following you are targeting.
The Platform Choice
Before you start looking for a crypto influencer, it’s crucial that you first ask yourself questions about what media platform would work best for your project. For instance, a video format would be ideal if you want to show off the benefits of your project.
A written format might be the best option if your project is time-consuming and involves a lot of paperwork. Before choosing a particular social media platform, ensure it fits your campaign’s goals and supports your project’s various features.
Locating Crypto Influencers
After choosing the platform, you’re now able to start searching for influencers who are talking about crypto. That is pretty simple, as you can easily find a variety of accounts discussing this subject using the #Crypto tag on Instagram or Twitter.
One of the most critical steps you should take when creating a list of accounts is to create a massive list of them in a spreadsheet. That will allow you to see their various details, such as their username and followers. Once you have a list of around 50 to 100 names, you can start reaching out to them.
One of the most effective ways to get in touch with a potential client is by making a proposition. You can do that by stating your price or by reaching out and asking for their advertising rates.
Wait until the responses come in, then calculate the amount of money you would be willing to spend on each follower. Write down the price you want to pay, and then use the figures in the spreadsheet to calculate the amount of money you would be willing to spend.
Before you start working with a potential client, you must have a general idea of what you should expect from them. That will allow you to build a list of the most effective influencers. You should also record their engagements and their ads’ results.
Consider an Ambassador Program
One of the most effective ways to launch a substantial digital marketing campaign is through an ambassador program. This program will allow you to establish a certain percentage of an investment or sale that you will make through an influencer. For instance, if an influencer gets a client to invest in your cryptocurrency, they will receive a small percentage of the investment.
Through an ambassador program, you can create a multi-level marketing campaign that will allow you to get in touch with various influencers who will then work on promoting your cryptocurrency. That is a great way to get in touch with new people and promote your brand without reaching out to them directly.
Create and Maintain a Good Rapport
Although you’ve already used an influencer for the very first time, you can still work with them again in the future. However, you should track the amount of traction the influencer has generated for you. For instance, by giving the influencer a personal hashtag or using a view monitoring tool, you can easily record how much engagement the influencer has generated for you.
Once you determine how much engagement they are generating for you, you’ll be able to identify which ones you want to work with once more. Then, you can reach out to the same person again and offer the same deal.
This method is a sustainable form of marketing that can be very useful for anyone looking to get in touch with a new crypto influencer. You can also expect a lot of engagement from this type of marketing.
It is essential to track the performance of an influencer to determine how effective they are and how much their outreach is.
On platforms such as YouTube and Instagram, there are detailed statistics about every post or videos an influencer has made, such as views, likes, or link clicks. You can use this information to determine how effective a particular post was.
On the other hand, if you only have one campaign going at a time, you can also compare the traffic you received from an influencer’s movement to the traffic you recorded on your sole-marketing activities over a similar period. That will give you a good idea of how much traffic you’re getting from the influencer.
Another tracking method is through affiliate links. These links are easily customizable for each influencer; hence, you can directly gauge the traffic they generate.
Consider a Crypto Marketing Agency
Finding a partner you can trust is one of the most challenging aspects of a successful crypto influencer marketing campaign. Not only does this require a massive amount of research, but it also requires you to rely on others regularly. Unlike in-house marketing efforts, which utilize social media channels, successful crypto influencer marketing involves finding a connection with individual people.
Getting used to the concept of crypto influencer marketing can be a bit overwhelming for people who are new to this industry. That is why it’s crucial to find a company that can help you navigate through this process’s various steps, such as Cryptovirally.