Marketing | 12 minutes
1 Jun 2022
1 Jun 2022
Crypto Influencer Marketing: Everything You Need To Know
Within this article, we explore everything you need to know about crypto influencer marketing, demonstrating how to do it well.
The world of influencer marketing has taken off over recent years, quickly rising to establish itself as one of the core methods that businesses and brands can disseminate their products across the internet. With this initial success, the progression into other niches has been natural, with crypto influencer marketing now being an important strategy that every single marketer in the world of blockchain should be familiar with.
Influencer marketing has grown into a world-changing industry, currently valued at over $13.8 billion. With the accessibility of online social media pages, it’s never been easier to become an internet personality, with sites like Twitter, Instagram, and even TikTok now being prime locations for marketers to look for opportunities.
In the world of blockchain, crypto influencer marketing has become even more important due to the pressure to establish trust between a brand and an audience. With this in mind, it is one of the vital marketing streams that you need to understand. To help you navigate this world, we’ve constructed a full crypto influencer marketing guide.
We’ll be covering:
Let’s get right into it!
Crypto influencer marketing is any form of social media content that’s published by an individual on behalf of a brand. This could be through that individual advertising a certain product or cryptocurrency that they’ve taken an interest in. Most commonly, crypto influencer marketing will focus on partnering with influential figures within the world of cryptocurrency, helping to bring more awareness to an ongoing marketing campaign.
There are a range of primary social media platforms that people use for influencer marketing. But, when it comes to crypto influencers, the most common sites that you’ll find them on are anywhere where lots of traffic generates directly relating to blockchain. For example, YouTube, Instagram, and Medium (to a smaller extern) are vital sites to understand.
Equally, some communication channels, like Telegram, have been very popular for influencer marketing in the past. However, these are becoming less favored when compared to the reach of some people that regularly post on YouTube and other larger social media networks.
The main goal of a crypto influencer marketing campaign is to generate awareness, using the influencer’s social network in order to gain traction around one of your projects. This format of gaining attention online is now incredibly popular, with 9 out of 10 brands using some form of influencer marketing.
As a well-established field, crypto influencer marketing is one of the most actively used formats for media campaigns, with marketing experts from around the globe targeting this stream.
If you’re about to launch your cryptocurrency marketing campaign and haven’t thought about influencer marketing, then you should take a second to reassess. As one of the most effective formats for crypto marketing, you cannot overlook this format.
Here are just a couple of benefits of running a crypto influencer marketing campaign:
Let’s break these down further.
While it was once a fairly unheard-of profession to become an influencer, in our current era, more and more people are attempting to make it big on social media. Considering that the algorithm on TikTok or Instagram could favor you one day, many people are getting their content blown up and splashed all across these spaces.
With the relative ease of becoming an influencer getting more and more accessible, there is now a larger pool of influencers than every before. While 15 years ago, there were only a handful of notable influencers, you’re now able to find accounts that regularly post about cryptocurrency all over the internet, across a range of different social media sites.
Due to this, and the understanding that new influencers are ‘making it’ every single day, you’re now able to access an almost continual stream of new crypto influencers to turn to. With this, there is almost an infinite supply of people that you can turn to, ensuring that you are always able to find someone to work with. Due to the much larger base of influencers, you’re also able to be cost-effective when launching crypto influencer marketing campaigns, sending out messages to many people to see what figures you can theoretically pay.
While around 10-15 years ago it seemed that the only form of content that you could receive from an influencer was a written blog post talking about your product, this has now significantly shifted over the past few years.
Nowadays, with the huge range of different social media and different social media streams that are available for people to use, you’re now able to get a lot of distinct forms of endorsements. For example:
With the sheer amount of different platforms that are now available, you no longer have to only receive a written blog post to endorse your cryptocurrency. This also means that crypto influencer marketing is now much more diverse, allowing you to capture elements of audiences from a range of different content formats and types.
With all these different formats coming into play, you’re able to find lots of different people that have different preferred ways of consuming content related to the blockchain industry. This directly targets a distinct audience segment when compared to users you can find from getting published in crypto news websites.
It’s no secret in the world of any form of blockchain PR that new cryptocurrencies have a hard time getting off the ground. The association with scams and new cryptocurrencies, especially ICO projects, peaked in 2019, but has retained an element of distrust ever since that year.
Due to the vast amount of ICOs that turned out to be fraudulent, with 80% of all ICOs launched in 2017 turning out to be scams, many people still distrust this industry as a whole. With this in mind, one of the core elements of any crypto marketing campaign is to build up trust within their audience.
While you can launch longwinded campaigns that establish your company as a respectful player within the community, a much faster way of building up a sense of transparency and trust is to use crypto influencer marketing.
Influencers, to claim their job title, need an audience that trusts them. Without an audience, they cannot successfully run their pages, and won’t be able to pursue this field of work. Due to an influencer always having an audience, you’re able to use their network of trust to quickly get people on your side.
If you have a partnership with an influencer who demonstrates why they love and trust in your crypto project so much, then the audience that trusts them and sees them as a positive figure will also then favor your project.
With this, you’re able to rapidly gain trust within the community, gaining new leads and investors without as much effort or time that would normally take a marketing campaign.
Another fantastic part of influencer marketing is that by posting within their network, you’re actively sending out a message to an audience that is interested in a certain topic. After all, no one will follow an influencer page that continually discusses cryptocurrency if they, themselves, are not interested in crypto.
Due to this, whenever you partner with a crypto influencer, you know that any part of your campaign that you launch on their page will hit home with their audience, as you’ll be directly targeting the correct user segment. With this, you have a much higher return on investment (ROI) as you’ll be directly pandering to a specific audience.
As you can see from the above graph, 89% of marketing experts say that influencer marketing is either comparable to or better than other marketing campaign formats, ensuring that you have fantastic results when you use this marketing strategy.
If you’re convinced after reading the many distinct benefits of crypto influencer marketing, then you’ll be rearing to get going with this exciting marketing campaign format. To get you started, we’ve outlined a range of different tips that you should follow and try to incorporate into your campaign.
These tips will cover important aspects like how to find the best crypto influencers, how to sustain relationships, and even how to track specific campaigns and their effectiveness. Each of these tips comes from our years of experience creating effective crypto influencer marketing campaigns, helping you to excel as quickly as possible.
Our main tips for getting started with crypto influencer marketing are:
Let’s break these down further.
Actively finding crypto influencers is one of the first challenges that you’ll come across when trying to launch your very own campaign. While marketing agencies will have already established lists of different influencers that they’ve worked with successfully in the past, you’re most likely not in a position where you know who to reach out toward to begin with.
One tip, no matter what social media channel you’re aiming to gain traction on, is to never reach out to the very biggest names in the industry, While an endorsement from a huge name in the industry is likely one of the best ways to explore the popularity of your campaign, it’s also deeply unrealistic as they are the ones that will charge the most for any communications that they put out.
Instead of reaching for the very biggest names in the world of blockchain, focus on starting with small and medium accounts, with follower counts of between 5,000-100,000+ followers. At this level, you’ll be able to find people that won’t charge too much for their services, giving you a great deal when comparing the number of followers you’re accessing for a specific type of content.
When deciding exactly where you should find crypto influencers, you should always start off by asking yourself questions about what media your project would best work with. If you want to actively show the benefits of your cryptocurrency, then maybe a video format would be best, as the influencer could talk through why your project is so fantastic.
Alternatively, if your project is very methodical and involves a lot of documentation, then maybe a written format on social media would be best. Before you pick a certain social media, you should endeavor to ensure it aligns with the goals of your campaign and what would best suit your project itself.
From there, you’re then able to start getting to work with the actual searching portion of influencer marketing. On a site that has hashtags, this is fairly easy, with simply looking into the #Crypto tag on Twitter or Instagram helping you to find a range of accounts that are posting about this topic.
Our best tip for getting started in this is to make a huge list of different accounts in a spreadsheet. From browsing through all of these accounts, you can list their username and the number of followers or subscribers that they have. Once you’ve built up a sheet with between 50 and 100 names on it, you’re then able to start reaching out to these accounts.
There are two strategies that you can use here. The first is to reach out with a proposition of what content you would like and a price you would do it for. Alternatively, you can reach out and ask for the advertising rates on their pages.
From there, wait until the responses come in. If they quote you a certain price, you can write that down in your spreadsheet, then use all the figures to calculate how much money you’d be paying per follower.
By doing this, you’re able to build up a general idea of which the most cost effective influencers will be. These are the ones you should start with, recording all the stats from your engagements with them, as well as noting down how well each of your advertisements performed on their pages.
One way of launching a huge scale crypto influencer marketing campaign without having to pay huge amounts upfront is to work out an ambassador program for your brand. Within these programs, you’ll offer a certain % of an investment or a sale into your platform if it comes through an influencer. An example of this would be if someone got one of their followers to invest $100 in your cryptocurrency, then that influencer would get a small percentage of their investment or a flat fee.
With this ambassador program in place, you essentially create multi-level marketing where you will then get influencers from around the internet to work on advertising your cryptocurrency for you. This is one of the most effective ways of getting a lot of advertising for your crypto without actively having to reach out to new influencers and get them on board.
As you make these influencers feel like a partner in your company, known as an ambassador, they almost feel like they have a personal stake in the business, driving them to attempt to gather as much traction as possible through their own referral links and codes.
After you’ve used an influencer for the first time, this doesn’t mean that you can now never work with that person again. On the contrary, whenever you work with someone, you should aim to note down exactly how much traction they generated for your cryptocurrency. By giving them a personal hashtag, or using view monitoring tools that the influencer will have access to, you’re able to work out exactly how much engagement you got from their content.
From there, you can see how much you paid them and how much engagement they generated, using this to rapidly calculate how much you’re paying per engagement with your cryptocurrency. By working out which influencers were the very best for your business, you will then know which influencers you’ll want to work with again.
After a month or so, or only a few weeks, considering how quickly the world of crypto influencer marketing moves, you’ll be able to reach out to that same person again, offering the same deal. As you know their prices as well as how much engagement they’ll generate for you, this then becomes a very sustainable form of marketing with often incredibly useful results.
Forming these long-term relationships is one of the most effective ways of creating a stable crypto influencer marketing strategy.
Without using an influencer marketing tracking tool, there are a range of different ways that you can track metrics around different campaigns.
Here are some of the most effective methods of tracking your campaigns:
By using these three strategies, you’ll have a much easier time when it comes to tracking crypto influencers, helping you to accurately measure the success of this form of marketing for your cryptocurrency.
Crypto influencer marketing is one of the hardest elements of a successful campaign to run. Not only does it require a huge amount of external research, with marketers having to actually find people to partner with, but you also need to actively rely on other people. Unlike an in-house marketing campaign that makes use of social media channels, your success within the world of influencer marketing relies on actually striking up a connection within individual people.
The navigation through budgets and expectation chats is often a lot to handle for people that are new to this world of crypto influencer marketing. Due to this, if you don’t feel completely comfortable engaging with this highly influential form of marketing, then we recommend that you turn to a crypto marketing agency like GuerrillaBuzz.
With years of experience, we’ve risen to the top of the world of crypto and blockchain marketing. We have an international pool of contacts through which we run influencer marketing, meaning that you’ll be able to partner with us and instantly gain pathways to display your crypto on a global scale.
Going beyond geographical barriers, we’re able to deliver an unrivaled crypto influencer marketing experience. Get in contact with us today to see exactly what we could do for you.