If you’ve spent any time on the internet in the last decade, you’ll have come across some form of influencer marketing. From YouTubers pushing the latest cosmetics to TikTokers promoting restaurants, every kind of business you can imagine has leveraged influencers. But did you know that crypto influencer marketing is also a possibility?
Because crypto consumers are simply consumers in the end, there will be people who they look up to and who can convince them to pay for a crypto-related product or service. But as a crypto business, should you spend the time, money, and resources required for influencer marketing? Consider the following points:
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Consider Your Product/Service
The first thing you need to consider for crypto influencer marketing is the very product or service you are trying to sell. Like any other form of marketing, there has to be product-campaign alignment so you want to ask yourself if the product or service you are selling is suited for influencer marketing.
Typically, smaller and lower-cost items and services will be easier for an influencer to sell to their audience. If your company makes crypto wallets that cost under $100, for example, an influencer campaign for them will be much easier than if you sell mining equipment worth thousands of dollars.
A good way to see if your product or service is a fit would be to look into successful crypto influencers and see what sorts of products they have endorsed in the past. If you find that your competitors have repeatedly used crypto influencer marketing as a strategy, you should feel more confident about approaching influencers.
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Consider The Influencer
The next thing you want to do is consider which influencer you want to use. The term ‘influencer’ is actually very broad and includes several different types. From food to pet influencers, you’ll find one of every kind. Even in the crypto space, it is important to find influencers that align with your business.
Some crypto influencers focus on crypto tokens, some focus on hardware, some focus on exchanges, and so on. If an influencer has millions of followers but their speciality is wallets while you’re trying to sell a token, it might not work out. Conduct research and try to find influencers who focus on your business type.
You also want to consider the size of their audience. There are micro-influencers with a few thousand followers and mega-influencers with millions. Ideally, you’ll want an influencer in your niche with a large following but this could have cost implications (more on that later).
You should also consider what geographic location they are in as an influencer whose audience is mainly in Asia might not help your business that is trying to sell products in North America. Finally, take a look at previous campaigns that have launched for brands. Was the content well done? Was it engaging? Use all these to narrow down your list of potential influencers.
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Choose Your Strategy
After you choose the influencer you want to work with, you’ll have to decide on what strategy you want to employ. Influencers can promote your product or service in several ways. These include giving them a shoutout in videos, posting on their Instagram story, posting on their social media feeds, and much more.
Ideally, you want this to line up with your product or service rollout and also follow a format that benefits you the most. If you’re selling crypto wallets, for example, a short video showing how it works would be the best. You also want to decide how long the campaign will run. Some influencers give bundles to businesses that cover several different campaign efforts, so you might want to consider that as well.
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Consider The Cost of Crypto Influencer Marketing
Crypto influencer marketing, like any other kind of marketing, has a cost attached and you’ll need to consider this. As we’ve said before, the bigger the influencer, the more you’re going to have to pay for their services. Some influencers have been known to command tens of thousands of dollars for a single marketing effort so you’ll have to do a bit of budgeting.
Decide in-house how much you are willing to spend on crypto influencer marketing and how much millage you want out of this spend. If your budget is $1,000, for example, and you’d like 5 pieces of marketing content, you’ll have to find an influencer that will work with this amount.
The good news is that there are marketplaces that list influencer fees and agencies you can approach that will help you find someone within your price range who will deliver what you want.
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Consider Your KPIs
At the end of the day, you aren’t trying out crypto influencer marketing for the sake of it. You want to see results. This is why you need to define your KPIs before you begin your campaign and decide what success means to you. A common way to do this with influencer marketing is by giving out discount codes for the influencer to share with their followers.
This allows you to measure the success of the campaign in terms of purchases and sign-ups. Of course, this could mean different things to your business, be it purchases, followers, and much more.
Before you agree to launch a campaign with any influencer, ask for some information about previous campaign performances. Most influencers will be willing to share their conversion rate and stats with you, which will be helpful. After the campaign is over, make sure to get a report from the influencer and generate one on your end about its performance so you can improve next time.
Conclusion
Crypto influencer marketing can be a great way to expose your business to a wide and dedicated audience, as well as gain more credibility in your niche. But as we’ve broken down in this article, it needs to be approached with care and lots of research to choose the best influencer and get the best result.
