The concept of the ‘crypto influencer’ is one that has only sprung up in the last five years or so, but those at the top of the game have the potential to bring tens if not hundreds of thousands of people flocking to your product. But what exactly does a crypto influencer do, and how can you make sure you’re getting your money’s worth? This article explains everything.
Crypto Influencers are Big Business
Following the rapid rise in interest in cryptocurrencies in the past five years, crypto influencers are suddenly big business. While there are no statistics purely on the growth of crypto influencers as a marketing tool, the usage of influencers, in general, has been growing steadily in recent years:
As crypto has grown, so has its band of influencers, with many having millions of subscribers to their various platforms. Crypto influencers are almost identical to traditional influencers, only they concentrate on projects in the crypto sector, using their popularity on these platforms to help give crypto products exposure to new audiences in return for a fee. Crypto influencers are typically famous within the crypto niche but are relatively unknown outside it – no one has yet managed to go from being a crypto influencer to being a ‘mainstream’ influencer, although several celebrities have gone the other way, using their fame from pursuits outside the crypto space to market products within it.
What do crypto influencers do?
The manner in which crypto influencers work will be recognizable to anyone familiar with the concept of influencing in general – they build up their following on social media platforms through their personality and content, turning themselves into a brand and leveraging their fanbase to promote crypto projects in return for compensation.
The benefits of using crypto influencers over regular influencers, or relying just on self-promotion, are many and varied. First, they are a way for you to cut through the noise and get your project noticed. There are currently some 13,000 cryptocurrencies out there at the moment, meaning that there are almost as many separate crypto, metaverse, DeFi and other projects, all vying for attention. Getting heard above the chatter of all these projects online is particularly important if your project is in the same field as others but operates differently. A crypto influencer can explain why yours is better.
Crypto influencers can also help break down a potentially complex project into simple terms, which is a key way to get non-technical people on board. Crypto is always bringing new people into the fold, and many gravitate towards influencers, but they may find the technical jargon intimidating. A good influencer can explain your product in a clear, concise way while generating enthusiasm for it, a vital element of any technical product.
Crypto influencers are also a great option if you are at the very start of your project and looking to raise money. They can help increase the interest for your project and the problem it is looking to solve, helping funnel sometimes hundreds of thousands of people towards your fundraising platform.
The importance of using crypto influencers
While crypto influencers can be great for taking people straight to your project, they also help with brand recognition, which could lead to activity down the road. If someone watches an influencer’s video featuring your project, they may not be immediately interested, but the project name and what it does will stick in their mind. Then, if further down the line they are on the lookout for such a project, they are more likely to check yours out, either by remembering it directly or by seeking out the video in question and re-learning it. An influencer can act as an anchor to your project, giving prospective users and investors a central place to head back to for a grounding on your project.
Crypto influencing is also essential because of the actions taken by some internet platforms to limit or ban cryptocurrency adverts. This directly impacts where, and how, you can advertise, which can be a minefield. Bitmedia knows how to navigate advertising on the likes of Google and Facebook to ensure you stay the right side of the rules, and the same applies to crypto influencers – they know exactly how to promote your product without overstepping the boundaries, giving you a huge advantage over projects that try and use those same platforms themselves without the same knowledge and experience.
How do crypto influencers work?
The top platforms for crypto influencer marketing are those that focus on video content. YouTube has been the biggest driver since retail users began to enter the market en masse in 2017, although TikTok has become a favorite, helping to drive up the price of coins like DOGE and SAFEMOON during the last bull run. There is a difference however in crypto influencing and encouraging a mass trade – crypto influencers won’t shout about how much a coin is going to go up by, but will instead focus on the product. Most ‘influencers’ using TikTok simply encourage others to buy the same coin in the hope it will rocket in price. This is a very different thing, and not something that crypto projects should want to take part in.
Most crypto influencers on YouTube will spend some time talking about your product, describing what’s good about it and what it’s trying to achieve among much else, while others offer interviews with CEOs of projects. These can be great because it helps the project seem a much more solid prospect, with real people behind it that know what they’re talking about. Don’t forget that these interviews are promotion by another name, so it’s simply a chance to talk up the concept to a friendly interviewer.
Many crypto influencers also use supplementary social media platforms such as Twitter, Discord and Telegram to keep their fans in touch with their latest activities and interests, which represent great ways to get discussions going about your project.
Tips for promoting crypto projects through crypto influencers:
- Identify the right influencers: Not all crypto influencers are the same. Some may have a larger following, while others may have a more engaged audience. It’s essential to research and identify influencers who align with your target audience and brand values.
- Develop a partnership strategy: Before reaching out to influencers, develop a clear partnership strategy that outlines your goals, expectations, and compensation. Be transparent about what you want to achieve and what you can offer in return.
- Create custom content: To maximize the impact of your partnership with influencers, create custom content that highlights the unique features and benefits of your cryptocurrency. This can include blog posts, social media updates, videos, or podcasts.
- Leverage influencer networks: Many influencers have their own networks of other influencers or industry contacts. Ask them to share your content with their network or introduce you to other influencers who may be interested in partnering with you.
- Use hashtags and mentions: Encourage influencers to use relevant hashtags and mention your cryptocurrency in their social media updates to increase visibility and engagement.
- Offer incentives: To motivate influencers to promote your cryptocurrency, offer incentives such as discounts, referral bonuses, or exclusive access to new features or products.
- Monitor results: Keep track of the performance of your influencer marketing campaigns and adjust your strategy as needed. Use analytics tools to measure engagement, conversions, and ROI.
Supplementary marketing is essential
It must be remembered that using crypto influencers to market your project should be used as part of an overall marketing strategy rather than being the only thing you do. It’s essential to have all your existing marketing in place so that it is very visible before you hire an influencer to talk about it. That way, the buzz created by using an influencer will resonate more with viewers when they see your promotional material around the same time. You can think of an influencer as the bait that hooks their fan base in, and your website and promotional material as the net that catches them – doing the former without the latter means you will catch far fewer fish.
The tricky thing for most projects is to know which influencers to target. Some are much more serious and technical in their outlook, with fans who take a similar approach, while others are much more brash and in-your-face. This is where Bitmedia comes in. We provide crypto influencer services that will ensure that your project is married to the right influencer but that the surrounding promotion is also supportive of your overall effort – we’ll help you bait the hook and catch the fish.
Our solutions utilize all the top platforms, such as YouTube, Telegram, TikTok and Twitch, working with crypto influencers to ensure that your message cuts through the noise and gets to the right people. So if you’re looking to get your project out there via crypto influencers, trust Bitmedia to make your fishing trip a happy and profitable one.
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