According to research by Influencer Marketing Hub, 75% of brand marketers aim to boost influencer marketing spending in 2022. This is due to the fact that marketers create content in order to persuade and engage with customers. But modern consumers are skeptical and savvy. The moment something hints at an “ad,” they lose interest and move on. This is a huge problem for any marketing campaign and to tackle this, marketers are shifting towards influencer marketing.
Influencers with massive followings can turn your product into a viral sensation overnight. An influencer has their own following and a reputation in their field that makes them an expert. People listen when they recommend anything because they have credibility with their fans.
Now when it comes to Crypto marketing, your followers and admirers have the most influence. Crypto influencer marketing gives you access to a massive audience of millions of people who are ready to buy your product. After all, why go out looking for customers when you already have them come to you by just a simple recommendation from an influencer?
Now we know how influencers can help but it is more important to know what kind of influencer to get partnered with for better and more efficient results for your project.
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Types Of Influencers
When working with influencers, brands must be careful not to come out as pushy. Because the influencer-brand relationship is built on trust, transparency is essential for influencers to keep their audiences happy while engaging with businesses they believe in—and vice versa.
1. Mega-influencers having a million or more followers
Mega-influencers are people with the most number of followings. Their fees can range from $20,000 – $500,000. Just think about it: the average price of a Facebook ad is around $1.50 per click, meaning that you need 100k followers just to buy 1 post. But if you have a mega-influencer on your side, there’s a chance that they can get 10x – 20x as many views as an ordinary influencer (based on their average engagement rates). We’re talking mega ROI here!
Elon Musk is one of the top mega influencers, and the graph above shows why. We can observe Elon Musk’s massive influence because simply changing his Twitter bio to #bitcoin on January 29th, 2021 resulted in a $600 increase in the price of Bitcoin in a matter of hours.
2. Macro-influencers with 100K to 1 million followers
The benefit of using macro-influencers with 100K to 1 million followers is they have influence over a much wider audience. The influencer will share their content on all of their social media channels, giving you access to an engaged audience that is twice as large. There are pros and cons of working with macro-influencers: it takes more time for them to produce content, but because of their wide reach, your audience will be larger than what you can find from a micro-influencer.
3. Micro-influencers with 10K to 100K followers
Micro-influencers are social media influencers who have between 10,000 and 100,000 followers. These micro-influencers have a far greater engagement rate than their bigger counterparts because they post more often and write engaging captions. They can also be easier to work with because they understand what it’s like to start from small beginnings.
4. Nano-influencers with 1K to 10K followers
When you’re just starting out and trying to grow a fledgling crypto-community, nano-influencers are excellent options. These are typically people with 1K to 10K followers who want a piece of your action. They’ll spread your message—and get paid in cash or tokens. It’s an easy way to jumpstart your campaign.
How To Find Your Perfect Crypto Influencer
Finding an influencer is not an easy task for your crypto brand. It takes a lot of research online and decision-making. But you can start by reading their blogs, following them on social media, and becoming familiar with their work before contacting them. You want someone who is going to be genuinely interested in what you offer.
Here are the six key aspects to care about while looking for in an influencer that will help you really target the right one.
1. Understand Your Goals
What is your ultimate ambition? Are you looking to enhance brand exposure, following, or conversions? You won’t be able to determine whether your campaign is successful until you clearly understand your objectives. Make sure your crypto influencers are aware of these numbers as well. They can assist you in identifying and tracking key performance indicators (KPIs) during your campaign so you can make necessary adjustments.
2. Relevancy of Followers
A good influencer has a following who cares about their niche and industry—so that when they promote your project, they’re helping you meet a need. It’s also important to make sure there are enough people following an influencer on Twitter (or wherever) who care about what they have to say. You can do that by checking out how many other accounts follow them.
For example, if an influencer has 100k followers but only 1000 followers are liking and commenting back on the posts by that specific influencer, then it’s likely they don’t actually have much influence with their audience.
3. Put together a Profile Health Checklist and Tools
If you’re a regular online participant in your niche, you probably already know who the most influential people are. In other circumstances, you will need to conduct an extensive study first. Fortunately, there are several influencer marketing tools available to assist you in your endeavor.
- Upfluence is a full-fledged influencer platform with over 3 million influencer profiles in its database. The system assesses the reach and engagement of each piece of content. Using as many keywords as necessary, use Upfluence to locate influencers.
- Post for Rent has a mechanism in place that allows companies and influencers to submit ratings and serve as references for one another. You can use Post for Rent to find crypto influencers based on the hashtags they’ve used in previous posts. This allows for more precise targeting.
- Buzzsumo allows you to do searches based on keywords and influencer names. You may sort the results by social media platform to see how many people have shared each piece of material, as well as who first shared it and how many followers they have.
- Followerwonk is a powerful Twitter analytics tool that helps brands find influencers in their niche by looking at things like follower growth rate, number of tweets per day, and more.
4. Look for Stats and Past Projects
Audit the work of influencers based on stats to check their authority. Any influencer marketing agency should be able to give you stats that show how well they can help you. But don’t just take their word for it; check out their previous work and see how successful it was at reaching goals. If possible, ask them to provide links to sites where they have previously been an influencer in order to get a better idea of their abilities.
5. Decide a budget for your campaign
It’s important to understand what you can afford when starting a crypto influencer marketing campaign. Selecting a budget early on will help keep things in check, but you should know a few other things before deciding on your budget.
For example, when payment is based on any of the following criteria:
- CPE – the cost per engagement (the number of likes, shares, or comments).
- CPA – the cost per acquisition (quantity of sales or leads generated).
- CPC – the cost per click (the number of actions taken by customers when they watch or interact with influencers).
Only if your influencer(s) can deliver greater outcomes will you invest more of your cash. As an alternative, it may be more viable to use an upfront payment approach, deciding on a fixed compensation sum for each blog post, video, social media post, or other content delivered. If your influencer campaign is a smashing success, you won’t have to invest any more money.
6. Hire an agency for better results
It takes a significant amount of time and works to guarantee that your influencer marketing program is up to par, much alone capable of driving results for your company. Building a team of in-house influencers takes time and money.
The money you’ll spend recruiting a team of influencer marketing professionals, as well as the platforms you’ll need to construct your influencer collection, would be considerably better spent hiring a professional influencer marketing agency.
When you engage an agency to manage your campaign, you are paying for convenience, high-quality work, KPIs, and continuing campaign assistance.
An agency can assist you with:
- Connect you with well-known, recognized influencers in your business.
- Building better relationships with influencers and curation of content.
- Deploying the best strategy that works for your brand as they have in-hand experience of working with brands of different domains.
- Manage and promote influencer product endorsements to your website and social platforms.
- Keep track of the outcomes of your influencer marketing activities.
In summary, influencer marketing organizations seek to raise brand awareness online by identifying and screening industry influencers ready to support your business.
For influencer marketing, there are two approaches to discovering the right people. You can reach out to them via their official website or social media profile. The second option for contacting influencers is to work with an agency like Blockwiz.
To find the right crypto influencer, make sure to consider all the above-mentioned points to get the most out of your campaign and generate results. However, if you find all this to be much more overwhelming then just hire a professional cryptocurrency influencer agency.
These agencies will help you with writing content and boosting your product, assist with bringing new influencers onboard, also discuss your campaign with them and give after-campaign insights. Agencies usually have relationships with a wide variety of influencers, so they can pick the perfect person for your project. That’s why it’s often better for brands to hire an agency because they don’t have to hunt for new influencers every time they need one — they can rely on an agency that already knows what to do.