Crypto Influencer marketing was a fringe consideration for most crypto marketers out there two or three years ago. It was not among the most potent marketing tool it is now back then. The social media boom and heavy online video content consumption in recent times changed it all. This marketing ploy has consistently delivered the highest ROI for the crypto brands and has become the go-to marketing tool for every crypto brand in the space.
While Influencer marketing is on an unprecedented upward run, every crypto brand needs to do its due diligence before jumping on this bandwagon. The biggest challenge for any crypto brand running a crypto influencer campaign is to track the campaign’s progress with the knowledge of the performance of critical KPIs. There have been several documented instances where crypto brands end up paying for influencer marketing much more than they get in return. It has become paramount for the brands to inspect the campaign data and look for the patterns in KPIs to gauge the performance.
The biggest challenge that the crypto brands face now is they end up paying the influencers for the engagements that are bot-manufactured. Crypto brands just end up paying the influencers for the sake of vanity metrics. The biggest challenge for the crypto brands, in this case, is their limited knowledge of the vital trackable metrics; it’s still a mystery to many crypto brands. We will compile the shared wisdom of a team of growth hacking experts from Blockwiz, A dedicated crypto marketing agency, on how to run a successful influencer campaign.
Table of Contents
Why Do Crypto Brands Need To Track The Campaign KPIs?
The data shows that it has cost more than 1 billion dollars to the brands because of the fake followers of the influencers. There is no point in shedding thousands of dollars for bot-generated engagements. Crypto brands need to track the campaign KPIs in order to have a precise idea about the performance of the campaigns on their key benchmarks. The most critical aspect here is defining a clear goal that the brand wants to achieve; defining goal-oriented KPIs is a must. Tracking the campaign with a set of KPIs will eventually lead you to achieve the marketing goal much quicker.
It’s an excellent opportunity for crypto brands to edge out the competition.
The popular key performance indexes for any crypto influencer campaigns are- the rate of engagement, reach, and leads. The crypto brands realize success just by tracking these matrices and acting upon them. Thus it’s very critical to follow and track these matrices for the crypto campaigns to impart the maximum intended impact within the community. Let us look into some popular crypto influencer marketing KPIs that one needs to take into consideration, along with some tips and tricks to improve the performance leveraging these data.
Community reach is the ultimate critical factor on which the performance of a number of KPIs depends. The number of individuals who see our content shared by the crypto influencer. Owing to the dependence of many variables on community reach, it ultimately becomes one of the most important KPIs.
The most effective way to measure the community’s reach and the influencers’ effectiveness is by looking at the number of followers and then observing the reach percent of the influencer’s recent posts. We must also keep in mind that it’s not easy to quantify the direct benefit of the reach. This situation becomes more precarious because some percent of the audience will be fake or inactive users.
Rate Of Engagement
Engagement gives a better idea about any crypto influencer marketing campaign’s performance than reach. The quantifiable impact here is visible. The engagement rate and other metrics allow the brands to make a data-driven informed decision. The most common metrics to consider while measuring the campaign engagement rate is by looking at the number of likes, reactions, comments, shares, retweets, and also the mention of the crypto brand using hashtags or even in the general conversations.
Crypto Brand Awareness
Tracking engagement, reach, and impressions of the crypto influencer’s content become very important when the ultimate goal is to increase and spread brand awareness. The brands need to track the brand mentions generated by the influencer’s shared content. Let us look into the ways we can track the variables mentioned above to make the campaign even more impactful.
Brand Mention- There are several intelligent and strategic ways to incorporate your brand mention and increase it with the crypto influencer’s content. One most popular and impactful ways are hashtags. Branded hashtags are easy to track; a crypto brand can use the brand name, slogan, or tagline as hashtags. This is a practical approach to gather the data about the audience and make us aware of the folks excited about the project or the protocol.
Followers Count- The increase in the rate of the follower’s count is also one solid indicator of the campaign effectiveness. Crypto brand needs to track the gained number of followers and the source triggering this increase. There are cases where the reason for the rise in the follower count is not the campaign but something else. Therefore tracking it becomes more important.
Keeping a close monitoring eye on the web traffic during the crypto influencer campaign should be the standard practice for every brand, as this is where most intended conversions occur. The web traffic will reveal the new audience and the brand’s size with the influencer campaign. A sudden spike in web traffic is the instant indicator that the campaign is effective.
Several tools are available to track web traffic, but Google Analytics is the most preferred one among crypto marketers. It gives a clear and detailed insight about the number of people visiting the website, the source of their origin, how much time they spent on the website, which page has the maximum traffic, and numerous other detailed analyses.
Role Of Affiliate Link
The affiliate link is a specific URL that contains the affiliate’s ID or username. This is a very effective way a crypto brand can track the campaign’s effectiveness. One just needs to offer an affiliate link to the crypto influencer, and they use the link to record the traffic that is sent to the website of any crypto brand. This is the most efficient and straightforward way to track the effectiveness of the influencer campaign. These trackable links present a clear picture of the performance of the campaign. It has been used extensively lately by every marketer and influencer.
One cannot imagine a crypto campaign being a success without effective methods for tracking and analyzing the KPIs of a crypto influencer marketing campaign. The overall matrices crypto brands use are dramatically dependent upon the campaign goals. Once finalized upon the objective, now the goal becomes to track the matrices, dissect them and take further actions to improve the campaign.
Tracking the data is as essential as creating a killer crypto influencer campaign. The tracked data can sometimes help change the direction in which any brand is headed with the influencer campaign and could have a more targeted approach. We at Blockwiz certainly know how to track data and later feast on it. Our team has successfully created and managed hundreds of crypto influencer campaigns for our client taking their engagement to a new high. If you are looking for an effective influencer marketing solution, We are just a click away.