Marketing has changed for everyone. Especially when it comes to crypto marketing. A decade ago, no one knew how to go about marketing crypto projects, but now with the abundance of crypto and blockchain projects in the market, it is prudent that your marketing strategies stand out from the crowd.
One crypto marketing strategy that has taken the forefront in all crypto project marketing is crypto influencer marketing. As per the survey done by one of the influencer marketing firms, 91% of marketers believed influencer marketing to be a highly effective strategy. While influencer marketing is an excellent strategy for promotions, working with the right crypto influencers is equally important if you want the strategy to work in your favor.
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Types of Crypto Influencers
Influencer marketing has had tremendous success. When you find the right set of influencers to work with, crypto brands end up making more than five times what they invest in doing so. Thus, finding the right kind of influencers to help the crypto company get actual results is a daunting task. Especially with the option of five distinct influencer types:
Now that you know why working with the right crypto influencers is important, it is time to find out how you choose the right ones. From defining campaign goals to approaching the influencers, let’s take a look at some of the main aspects of picking the right crypto influencers for your project.
Mega Influencers
Mega-influencers are crypto influencers who have more than a million followers and are well-known on social media because of their celebrity status. They produce a tonne of engagement on the social media channels where their audience is engaged.
Usually, huge crypto projects who has well established in the space go for such mega influencers, to get an added advantage in their kitty. These influencers do not work with small or new crypto projects in the business due to less credibility & recognition amongst their followers.
Macro Influencers
Macro-influencers are those who have an audience of 500,000 to 1 million or more and most of whom are thought leaders, athletes, celebrities, and TV personalities. Crypto Brands may anticipate a high price ask from them because they can use their reputation to get followers on social media, however, it won’t be as expensive as with mega-influencers.
Micro Influencers
Micro-influencers are often seen by crypto marketers as being significantly more successful in terms of engagement and trust, despite having a much smaller audience than mega-influencers. That’s because micro-influencers’ content is more specialized and has a close relationship with their fans. Since they have relatively smaller following groups, they are able to resonate personally with the audiences and therefore are able to deliver great engagement and ROI for the brands they work with.
Reasons To Boost Your Crypto Business With Influencer Marketing
The way in which marketing is executed has changed in the crypto and blockchain industries. People are just a click away from sharing information about their favorite crypto projects on social networks and with their friends. Thanks to the internet and social networks, geographical restrictions are broken too. Although it may not seem true, this market is so crowded that it is difficult for projects to stand out and connect with their prospects.
Crypto projects go through different phases, and each one of them lives with the uncertainty of whether they will be able to stand out or not. Crypto projects that are backed or supported by the right set of crypto influencers are usually the ones that see the light of the day.
Rest all are either categorized as spammy projects or just fade off in the ocean of thousands of “unique” crypto projects. This is the reason we reveal to you the three reasons why influencer marketing is a crucial factor for the success of a crypto project.
Visibility
Instead of focusing on traditional marketing, focus on providing a real solution and an excellent service/product. Which, when supported by a crypto influencer, will generate a fantastic snowball effect. Your crypto project will benefit from the word of mouth publicity and the expert opinions of influencers.
Forget that generating traction is difficult, give your project visibility through influencer marketing, innovation and quality through a trusted source i.e. the right influencer, and so many will know about your project in no time. To keep the visibility of your project perpetual, focus part of the crypto marketing effort on community building. With influencer marketing, you can do it quite easily through community-based influencer activities.
Credibility
If your crypto project is brand new, the very first thing you would need to be doing is generating credibility. Innovations in crypto marketing are not only about making high-impact crypto marketing campaigns to take your project to the moon. The crypto world is full of forums on social media like Reddit, Twitter, Telegram, etc, where people talk and share their experiences.
That’s why you have to consider that both influencer marketing outreach and the experience you provide to your users will influence your project’s impact. When your project makes noise on social media, people will run to do their own research on the internet about your project. So you need to be prepared with a deeper level of promoting it with crypto influencers through various channels.
Your crypto project will succeed only when it offers quality service and has credibility and a united community backing it, which together with the momentum of crypto influencer marketing will generate an excellent ROI for your project.
Recognition
People are less and less likely to buy a product if they know about it through typical advertising campaigns. By generating visibility and credibility, you will have the opportunity for people to consider your project as one of their main investment options. But is that enough?
With the right crypto influencer marketing strategies, people might feel a connection with your project in a more personal way. Educating your prospects on how to invest in your project, how to save themselves from scams or click baiters, etc, can be done phenomenally through influencer marketing. This will not only help your project get recognized but also help your crypto brand to be established as a thought leader in your space.
Importance of Choosing the Right Crypto Influencers
Back in 2016, research done by Twitter found that almost 40% of Twitter users made purchases based on tweets from influencers. Now, the global influencer market value is steadily inching towards the $15 billion mark.
This clearly indicates that most, if not all, industries rely on influencer marketing. However, finding, connecting, and working with influencers is no easy task. It requires a lot of market research and for good measure. This is because you would not want to pick someone to promote your crypto project who has fake followers or someone who deals in a different sub-domain in the crypto industry.
Making such choices will tarnish your crypto brand’s image, let alone promote it. This is why it is essential to work with the right set of influencers who can contribute to the growth of your crypto project.
The idea here is to attract and hold your target audience as well as newcomers, spread awareness about your crypto project, and make substantial ROI. Overall, since you’ll be spending a good amount of time and money on influencer marketing, it should yield meaningful results for your crypto brand.
Best Ways to Choosing the Right Crypto Influencers
Now that you know why working with the right crypto influencers is essential, it is time to find out how you choose the right ones. From defining campaign goals to approaching the influencers, let’s take a look at some of the main aspects of picking the right crypto influencers for your project.
Define Campaign Goals
The very first step in influencer marketing is to set your objectives. If you are unclear as to how you want influencers to promote your crypto project, you’ll meet with little success along the way. Goals for an influencer campaign are pretty much similar to that of any other marketing campaign goal.
Your objectives could be brand awareness, generating leads, or boosting engagement and followers across social media platforms. However, you have to be clear about goals and stick to them while reaching out to influencers. This will streamline processes for you as well as the influencers.
You have to set a timeline to meet your goals and also ensure that the influencers you are collaborating with must be in sync with it. After all, you cannot run a campaign endlessly. Let’s take an example. You are planning to launch an ICO in the next two months and your goal is to attract at least 1000 investors, enthusiasts, and newcomers.
You’ll have to design your influencer campaign strategy in a way that gives the aforementioned audience a pretty solid idea of when your ICO will launch, what you are offering in it, what your crypto project is all about, and information about ICOs and the crypto industry, in general.
Your campaign will then include social media posts about ICO essentials, the latest updates, your offerings, a countdown to the event, etc. Overall, the influencer you choose will have to highlight all these aspects and create buzz around your ICO across the channels on which they have a prominent presence. All this is only possible if you have your objectives in place beforehand.
Selecting Channels to Market Your Project
Once your objectives are clear, the next order of business is to identify the channels on which you’ll promote your project. Since there are multiple channels for promotions like social media, blogs, video sharing, etc., it is vital that you pick the ones where you can reach out to a large amount of your target audience.
Also, you cannot expect crypto Instagram, TikTok, and YouTube influencers to write blogs for you. Similarly, crypto Twitter influencers may not be able to make high-quality videos for your crypto project. Thus, you need to first choose the channels for promotions and then start looking for influencers who can help you reach your target audience on the respective platforms. Identifying potentially right crypto influencers saves a lot of time and effort
Identify Potential Influencers
After finalizing the channels for promotion, you have to start looking for influencers suitable for your crypto project. The idea here is to be active across different channels like social media and video-sharing platforms. You must look for influencers who promote crypto projects like yours and also cover your target audience.
This will give you a rough idea of the influencers you can work with. Once you have a list of potential influencers, you can keep an eye on their profiles to find out how they operate. However, you have to set your expectations right. As mentioned earlier, you should not aim to collaborate with GaryVee if yours is a young crypto project.
On the other hand, if you own an established brand, collaborating with macro-influencers can be on your to-do list. It depends on your campaign goals, channels, influencer marketing budget, and target audience. Overall, having a list of potential influencers will make it easier for you to focus on the right crypto influencers who can promote your project effectively. Moreover, analyzing their profiles will further paint a clear picture of the ones you can collaborate with. So, let’s take a look at the same.
Analyzing Influencer Profiles
After listing down the potential candidates for your influencer marketing campaign, there are several parameters to consider. From follower growth to past campaigns, let’s take a look at how you can shortlist the best influencers for promoting your crypto project.
Follower Growth
As you start following influencers across different channels, you have to keep an eye on how they are evolving in terms of followers. If an influencer’s followers have not grown on a monthly basis, they are probably not doing a solid job. However, if you notice substantial growth in the follower count of an influencer, they are more likely to attract your target audience.
On the other hand, if you notice unusually rapid follower growth instead of a steady one, chances are high that they have fake followers. Thus, you have to ensure that your potential candidates’ follower growth is consistent and organic.
Engagement Rate
This parameter essentially measures the interaction level between influencers and their audience. The engagement rate of a crypto Instagram influencer can be calculated by the total number of likes and comments divided by the follower count multiplied by 100. The criteria for determining the engagement rate change according to channels.
However, the idea here is to pick influencers with a moderate to good engagement rate across their respective channels. You don’t want to go ahead with the ones who have an extremely low or high engagement rate. This is because the latter could mean fake engagement whereas the former points to poor content or even bots.
Follower/Following Ratio
You can find this ratio by comparing the total follower count of an influencer to the number of profiles they are following. If an influencer’s follower/following ratio is equal to or higher than 1, they may be using a tactic known as follow/unfollow to gain more followers. While this tactic can initially boost the follower count, it leads to poor results in the long run.
This is because the people who follow such influencers usually end up unfollowing them after a while because of their quality of content. Relying simply on social media etiquette is not a great way to increase followers. So, ensure that your potential candidates have earned their followers based on the quality of content they share.
Past Campaigns
This is a vital parameter to consider because past campaigns can reveal a lot about how good influencers are at their game. If you don’t find any past campaigns, consider it as a red flag. While that might also be because the influencer could be new in the game, collaborating with them will still eventually be a gamble. So, be sure to find out the crypto brands your candidates have previously worked with and whether their campaigns were successful. Approach the right crypto influencers via different channels
Approach Shortlisted Influencers
Analysis of influencer profiles at a granular level will further siphon your potential list. Once that’s done, the final step is to approach the right crypto influencers for collaborations. You can do this by connecting with them across social media platforms. However, manually conducting all the aforementioned steps requires a lot of time and effort.
So, another way to find, analyze, and connect with influencers is via crypto influencer marketing tools. These tools can provide you with all the information you need about the influencers you want to work with and can also help you connect with them. On the other hand, hiring a seasoned crypto marketing agency like Blockwiz can also prove to be beneficial.
This is because such firms usually collaborate with popular influencers across different channels. Moreover, they can substantially reduce the time and effort you’ll spend on identifying, analyzing, and connecting with potential influencers, even with influencer marketing tools. Nevertheless, the endgame is to approach the right crypto influencers for your project.
Wrap Up
Influencer marketing for crypto projects is no longer just about running ads, it’s about creating a wholesome customer experience. Building a crypto community is a task that you must consider thoroughly from the beginning of your project with the right crypto influencer marketing strategies adapted to your objectives.
Now you know that choosing the right crypto influencers and how to go about it is vital. However, getting hold of crypto influencers is not as easy as it seems. It requires extensive experience in the marketing domain that firms like Blockwiz have.
If you want to connect with the proper crypto influencers for your project, get in touch with our growth experts. Having conducted over 1500 successful campaigns for 250 clients, Blockwiz is a trusted name in the crypto marketing field. So, it is finally time for you to start your crypto influencer marketing journey.
