What is Crypto Influencer Marketing?
So, you’re on the hunt for a guide to crypto influencer marketing—you’ve come to the right place. Before we get into the nitty gritty, we should establish what is actually meant by this because influencer marketing is still relatively new and cryptocurrency influencer marketing is even newer.
Influencer marketing is when a brand uses individuals who have a large social media following to feature their product or service on their social platforms. These influencers have a dedicated following and are often experts within a chosen niche. Those who follow them are interested in this niche (hence the following), and therefore these influencers are an excellent way to target an engaged and interested audience. This is one of the most important benefits of influencer marketing: that you can choose an influencer whose audience matches up with your brand’s target audience. This means your marketing is focused and direct.
So, to look at this through the lens of crypto influencer marketing, there are two approaches you can take:
i) Partner with a crypto influencer.
This is where you enlist a crypto influencer to promote your crypto-related product on their channels. Those who follow these crypto influencers are interested in crypto and are therefore more likely to be interested in your product than the followers of any other influencer. This taps into one of the key pillars of influencer marketing best practices: choosing the right influencer for your product.
ii) Partner with an influencer from a different genre.
This method involves enlisting an influencer from a passion point outside of cryptocurrency. Crypto influencer marketing doesn’t solely rely on crypto influencers—you can find and use influencers within relevant passion points to also target audiences who would be interested in crypto. This is more difficult to execute but provided you choose your influencer wisely and have a thorough strategy, this methodology has been leveraged successfully by several brands engaged in blockchain influencer marketing.
How to make the most out of crypto influencer marketing:
The first thing to consider if you’re wanting to launch a successful crypto influencer marketing campaign is the same influencer marketing best practices that are true of any campaign. There are a number of things you must consider regardless of the product you’re trying to promote.
This starts with influencer selection. Your influencer selection will be determined by the answers to a number of questions: is there a market you’re trying to increase awareness in? What’s your target age demographic? What’s your available budget? These things, among others, will be what guides your influencer selection. You should choose influencers whose audience aligns with your target audience in order to maximize your ROI. Even if your budget is small, you can make an impact just by leveraging a tribe of micro influencers (influencers with just a few thousand followers). Often these influencers will promote your product as part of a gifting program. For many brands in the blockchain space, micro-influencer campaigns have been enough to kickstart awareness and from there, it takes off quickly.
It’s also important in any influencer marketing campaign that you keep your ear to the ground when it comes to influencer marketing trends. What are the big brands doing with their influencers that you can take learnings from and bring into your crypto influencer marketing campaign? Influencer marketing statistics are another thing it might be worth your time keeping your ear to the ground with: which tribe of influencers are driving the most engagement and awareness?
When it comes to crypto influencer marketing specifically, there are additional considerations you’re going to need to make due to the sensitive nature of the business. Crypto is still an emerging and innovative financial sector with much less awareness around this industry than most industries promoting themselves on social media. Because of this you must exercise caution when it comes to your strategy and your influencer selection. Crypto influencer marketing has, recently, received bad PR related to “Pump and Dump” scandals.
What does this mean for your campaign? Well, you need to make sure that the influencers you select have a legitimate understanding of crypto and this authenticity can be effectively communicated to the audience. The influencers must be credible, and it helps if they already have a positive public perception (Tom Brady and FTX for example). This can be achieved either by partnering with crypto influencers (who can speak about blockchain brands with authority) or the careful selection of influencers who are authentic and trustworthy.
What do crypto influencers do?
Crypto influencers are influencers who operate within the niche of crypto currencies and all things blockchain. Their audience is interested in the topics surrounding crypto. These influencers will often provide advice to their audience surrounding new cryptocurrencies, platforms, and services. Working with these influencers will improve the legitimacy of your brand among crypto audiences.
Who is the biggest crypto influencer?
Vitalik Buterin is the biggest crypto influencer with around 3.6 million Twitter followers. He’s the co-founder of cryptocurrency Ethereum and one of the world’s youngest crypto billionaires. On his Twitter account, you can find insightful commentaries about crypto and blockchain. He also shares relevant reviews, articles and other valuable resources.
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