If you spend any time on the internet, you’re probably aware of influencers. From TikTok personalities to YouTube stars, influencers exist in every niche and have been used to peddle every product and service you can imagine. It comes as no surprise that crypto influencer marketing is a bonafide strategy for businesses in the space.
If you’re a crypto marketer, there is a chance that you want to jump on this trend and reach a new audience through influencers. But how do you know which influencer is right for your campaign and which to avoid? Here are a few tips:
-
Influencer Niche
When hiring someone suitable for crypto influencer marketing, looking for a ‘crypto’ influencer is easy. After all, it’s right there in the name! But it isn’t so simple. The market has become saturated because being an influencer can be so lucrative. This, along with other factors, has led influencers to become more varied in the niches that they operate in.
In the blockchain space, you’ll see general crypto influencers, crypto wallet influencers, exchange influencers, meme coin influencers, and so on. This means that if your business is trying to sell crypto wallets, one type of influencer will be better for you than others. Brand-influencer alignment is a very important part of a successful campaign because no matter how popular a meme coin influencer is, they will rarely match the effectiveness of a crypto wallet influencer.
Before choosing any influencer, look into their niche. This can easily be done by looking through their social media profiles and seeing what type of content they specialize in. This will let you know whether or not they are right for you.
-
Audience Size
Because your crypto influencer marketing campaign aims to make sales, drive sign-ups, or achieve some other KPI, you need to know the influencer’s audience size. Knowing the audience size can give you an idea of what engagement you can expect and, thus, the expected return on investment.
A common rule when it comes to influencer marketing is to expect about a 1-3% engagement rate. Should an influencer review your crypto wallet in their YouTube video and post a link that is seen by 100,000 people, you can reasonably expect 1,000 to 3,000 to click the link and a fraction of those actually to make a purchase. By keeping this at the forefront of your mind, you can guess how much return you should expect from the influencer. Also, when you reach out to influencers, you should get a rate card highlighting their typical engagement rate.
-
Crypto Influencer Marketing Goals
Another thing that needs to be considered before venturing into crypto influencer marketing is what exactly your business is trying to achieve. It is not just about attaching a person with an audience to your brand but aligning your end goals. For example, trying to sell a crypto hardware wallet would be most effective with influencers who use YouTube, TikTok, or some other video-based medium to sell it to customers as opposed to one best known on text-based mediums.
You also need to team up with influencers who are used to pushing physical products. Just as influencers have their content niche, they also tend to have a type of business they are more successful at pushing. Some influencers are whizzes at convincing their followers to buy products, while some are better at selling subscriptions and experiences.
Overall, it is important that you choose an influencer who is aligned with your goals in terms of the platforms they use and the content medium they publish.
-
Audience Trust and Influencer Reputation
An influencer having a lot of followers is not enough to make them a good fit for your crypto influencer marketing campaign. More important than follower count is their reputation in the industry and the trust the audience has in them. First, look into the influencer’s audience and make sure their followers are legitimate. Some influencers have been known to buy followers, which will not benefit your campaign. Some online tools analyze social media profiles and determine how much of their audience is genuine. Make sure to use these tools before hiring the best person for your crypto influencer marketing campaign.
Also, consider what their reputation is. Are they constantly in the middle of scandal? Have they said unsavory things that would reflect badly on your brand? The last thing you want is to spend money on an influencer that will tarnish your brand’s reputation.
Finally, how much does the audience trust them? Some influencers are known to promote any brand that will pay them, no matter how shady. Ideally, you want someone with high audience trust to front your campaign.
-
Price and Value Offered
Ultimately, crypto influencer marketing is an investment on your business’s part, so you must consider the cost and what you will get out of it. Influencer costs vary, and while some influencers charge a few hundred dollars, others charge hundreds of thousands of dollars.
Before making a decision, reach out to a handful of influencers or their management and request their rate cards. This will help you to narrow down your options and see what is within your budget. Besides the dollar amount, consider what you are getting from the influencer. Does the price include a shoutout in a video? Do you get links in your bio and Instagram stories? How many promotional efforts are you being offered? Do they have package deals? You want to get the most value for money, so consider these when choosing the influencer.
Conclusion
Crypto influencer marketing can be an amazing way to increase your business’s attention and sales, but it has to be done right. The above are some things to keep in mind when choosing the right influencer for your campaign.
