“People can break through the noise…People trust people. Influence is about relationships.”
– Ty Heath
As indicated by this quote from Ty Heath, Director of Market Engagement at LinkedIn, the power of influencing is extremely crucial. With the rise of social media stars over the past several years, influencer marketing has expanded in popularity. It is important to note that this form of marketing is far more effective than it appears – which is why you need an influencer marketing approach even in the world of crypto.
Most effective cryptocurrency marketing plans now include influencer marketing, as businesses of all sizes seek to capitalize on the buzz-generating capabilities of some of the biggest and most prominent influencers. Instead of thinking of influencer marketing as simply getting likes or shares on social media, think of it as a single customer endorsing your product to thousands, or perhaps millions, of their friends.
But what exactly is crypto influencer marketing, what do these crypto influencers do, and what can you expect when beginning your own influencer marketing plan? How do you go about developing a successful influencer marketing strategy to help your company grow? Which platforms do these influencers use? How are crypto influencers different from brand ambassadors? How do you measure the performance of influencer marketing campaigns?
The above are some legit questions that need to be answered. Our holy bible of crypto influencer marketing has the answer to all of these questions and more. Keep reading to find out everything you need to know about crypto influencer marketing.
Table of Contents
What is Crypto Influencer Marketing?
In accordance with its name, crypto influencer marketing is a sort of marketing that makes use of influencers that have a following that is mostly consisting of cryptocurrency users, blockchain enthusiasts, investors, and financial professionals who have a passion for all things crypto.
These influencers command the attention of tens of thousands, if not hundreds of thousands, of ardent investors, and can help generate significant interest in cryptocurrency products, services, and other offerings that their followers may or may not be aware of at the time of publication.
In turn, a portion of these viewers will go on to interact with the brand in other ways, such as through purchasing items or services. Influencers accomplish this by providing material, such as films, articles, stories, features, and tweets, that is both informative and promotional in nature – without coming across as phony or shady.
Those who are influential in the cryptocurrency sphere use various social media platforms such as YouTube, Instagram, and Twitter to churn out content that focuses on cryptocurrency projects and the web subculture that has developed around them.
A limited number of crypto influencers exist in comparison to other sectors, but the crypto and blockchain industries are expanding at a rapid rate, and consumers and businesses are increasingly turning to their favorite influencers for product recommendations, advice, and direction.
Partnering with crypto influencers provides many benefits to projects, like:
- Reach to a bigger audience
- Sense of trust in your company’s brand
- Increase in the social media following
- Generation of more leads
- Increase in the number of sales
Relevance of Crypto Influencers
Due to the fact that traditional digital advertising has lost its significance in the blockchain environment, crypto influencers have arisen as an essential alternative marketing technique in the blockchain space.
Many factors contribute to the extremely tough nature of the crypto sector – changing regulations, blockchain technology concepts, highly unpredictable market patterns, and an influx of scammers – are just a few of the complicated issues that investors must deal with.
For this reason, influencers are necessary: they are responsible for making these complex issues intelligible to individuals who are not technically skilled. A large number of influencers help to demystify the complex issues that crypto investors and the blockchain community must deal with. This is important since the average crypto investor will not have enough time to keep up with every change that occurs in the constantly growing blockchain sector.
Top Crypto Influencers
Similar to any sector, the cryptocurrency market has a large number of influencers to pick from, each of which has its own set of advantages and disadvantages, as well as a distinct follower/audience demographic and content style. For those just getting started with their crypto influencer strategy, here’s a list of the top crypto influencers 2022 to get you started.
- Elon Musk
- Michael Saylor
- Mike Novogratz
- Jack Dorsey
- Vitalik Buterin
- Roger Ver
- Tim Draper
- Nayib Bukele
- Nick Szabo
- Charlie Lee
Platforms that Crypto Influencers Use
Twitter, YouTube, Instagram, and Telegram are the most sought-after platforms for influencer marketing for crypto projects, whereas other platforms such as Facebook, TikTok, and LinkedIn are less commonly used, but can still be considered depending on the target audience, budget, and nature of the project or product that is being promoted.
Depending on the size, metrics, and distinctive flair of each crypto influencer, the impact of these platforms can vary significantly. Following is a brief overview of the platforms that are most regularly used:
In terms of crypto influencers, Twitter is by far the most popular platform, with some of the most prominent Twitter crypto influencers having well in excess of 100k followers. Because of its wide user demographics, Twitter can be used to advertise almost everything cryptocurrency-related, and nearly half of Twitter users follow the businesses that they care about.
YouTube crypto influencers, who are arguably the most engaging platform of them all, can bring tremendous exposure to projects trying to spread the word, develop their user base, or attract investment. YouTube is one of the most popular places for influencers who wish to establish substantial followings on the internet, thanks to the fact that 300 hours of videos are published every minute on YouTube.
Videos on YouTube are undoubtedly one of the most effective ways to sell a product or service, owing to the length of time they can retain a viewer’s attention and the degree of flexibility it provides to brands.
According to the most recent age demographics statistics, more than half of all Instagram users are between the ages of 18 and 34, and over 70 percent of the most popular hashtags used on the network are affiliated with a company or organization. Instagram is fast gaining favor among cryptocurrency companies, owing to its high user engagement and rapidly rising user base, which includes many people with significant disposable wealth.
Due to a small number of crypto Telegram influencers who have managed to build substantial followings in their channels and discussion groups, Telegram is swiftly gaining in popularity as a cryptocurrency marketing platform. Because of the enormous number of cryptocurrency traders and investors that use Telegram for both commercial and social purposes, this platform is the most effective for marketing new coins and investment opportunities.
Confused Between a Brand Ambassador and a Crypto Influencer?
In the event that you have ever contemplated collaborating with crypto influencers as part of your marketing strategy, it is almost certain that you have also explored collaborating with brand ambassadors. Despite the fact that the two are comparable in some aspects, there are some significant differences to be aware of that may influence your decision.
Simply out, both crypto influencers and brand ambassadors are employed to market your product or service, to assist in onboarding new customers, to enhance revenue, to drive traffic, or to improve some other key performance indicator. However, Crypto influencers are typically persons or businesses who have a huge following or an engaged user base, whereas brand ambassadors do not have a large following, but do typically have some authority or significant connections in the cryptocurrency market.
Crypto influencers are individuals that advertise your product or services to your audience using their own words and style. They are typically employed for short and medium-term campaigns and have a large following. They may not have had any prior exposure to your items, and they will typically want payment in the form of cash or free things in exchange for their services.
While brand ambassadors are typically intimately aware of your products and truly interested in their success, they are not necessarily paid to promote them. Brand ambassador relationships are often medium to long-term in nature, and they are either unpaid or compensated on a performance-based basis. Crypto influencers and brand ambassadors might differ significantly in their effectiveness and reach, but well-picked partners can help to create a compelling reason for customers to trust your brand and products and your company in general.
Marketing Your Business Through Crypto Influencers
Influencers in the blockchain and crypto sector are not a substitute since they have a different impact on your brand’s success. They provide you with a platform for organic brand connection and growth, which you can take full use of.
In contrast to major social media platform adverts, crypto influencers give your company a smaller but more loyal following that is both easier to engage with and more vital to the success of your firm’s marketing efforts.
Advertising efforts of all sizes can help to boost brand recognition, but influencer campaigns can help to raise organic interest, support community expansion, and aid to establish a company’s image by establishing relationships with influential people. Consequently, rather than expecting millions of random encounters, you should expect tailored engagements that are relevant to your project instead.
Is Crypto Influencer Marketing cost-effective?
Similar to the cost of other marketing techniques, the cost of cryptocurrency influencer marketing can vary significantly depending on a wide range of criteria. It is likely that your budget and personal requirements will have an impact on the number and size of influencers you are able to recruit, and this will have an impact on the overall effectiveness of your campaign as well.
The top, most powerful crypto influencers with hundreds of thousands of followers/viewers would charge substantially more than the lesser, less well-known influencers, as you might imagine. In most cases, however, the cost does not scale with their size, as hiring larger influencers is often proportionally cheaper (measured in terms of followers/viewers) than hiring smaller influencers – even if the absolute cost is higher. Micro-influencers, on the other hand, are frequently incredibly cost-efficient, and because of their relatively restricted reach, they will frequently charge very little (and sometimes nothing) for their services.
According to a MediaKix survey, the majority of brands (19%) spend between $1,001 and $10,000 per year on their influencer marketing strategy, with a slightly smaller proportion (18%) spending between $100,001 and $500,000 per year on influencer marketing strategy. The fact that 89% of brands believe that the return on investment (ROI) for influencer marketing is comparable to or better than that of other avenues indicates that working with professional crypto influencers is a no-brainer.
How to Evaluate Crypto Influencer Marketing’s ROI?
- Goal setting: Are you trying to build a community? Sell tokens? Or increase sales? That will be your measure of success.
- Track key KPIs: If your goal is to increase awareness of your project, you can track impressions and pageviews. Creating a whitelist and counting email subscribers are two ways to measure potential buyers.
- Pick the right platform: Decide which platform is right for your project and audience. Telegram, Twitter, Medium, and YouTube are the most popular crypto platforms. Instagram, Facebook, and LinkedIn are less efficient.
- Analyze your budget: Influencer fees, production costs, and analytical software will be included in your expenses.
Metrics to be analyzed
- The revenue and conversions. By asking opinion leaders to use unique promo codes or custom URLs, you can track sales. But remember that the path to a purchase may not be direct.
- Views and impressions of the page. This is particularly useful for new launches and products. You can easily measure impressions via the platform’s analytics or insights dashboard.
- Engagement in social media posts. Likes, shares, comments, and click-throughs are all included.
- Earned media value (EMV). Influencers generate impressions that are worth a dollar amount.
- The number of followers/subscribers. This applies to all social media platforms. The use of a CRM that tracks lead origination and helps you understand the source of traffic will help you track subscribers.
On a Conclusive Note
Never underestimate the impact of influencers in your cryptocurrency endeavors, as they have the ability to raise your entire campaign to the next level, which is critical in the blockchain and crypto business, which relies on brand reputation.
Blockwiz specializes in crypto influencer services, helping you connect with trusted, verified, and result-driven influencers. Connect with our experts at your convenience to get your crypto influencer marketing up and running. Now is an excellent time for blockchain companies to establish relationships with well-known influencers in order to promote their products and services.