Influencer marketing in the cryptocurrency industry is growing at an astonishing rate.
When done correctly influencer campaigns have proven to be much more cost-effective than similar crypto marketing strategies.
According to a recent survey, for every $1.29 spent on influencers, brands received $11.38 in revenue.
Despite these favorable stats, influencer marketing can be difficult and there is a lot of mystery surrounding how to run an optimized campaign.
Below we’ve outlined 3 helpful tips to keep in mind when running your next (or first) influencer-driven marketing push.
Know your audience
The biggest factor in determining the success of an influencer marketing campaign is knowing your audience. By knowing this key information, you will be better able to judge how well an Influencer fits your needs. Some questions to ask yourself:
- What does my target customer look like?
- Where does my target customer live?
- What is my target customer interested in?
- Where does my target customer spend time?
Fortunately, most social media platforms these days come with extensive analytics capabilities. This means influencers should have a decent grasp on who their content is reaching.
Compare this demographic information with that of your target customer to determine if your message will be heard by the people that matter the most.
In terms of the last question ‘where does my target customer spend time?’, the answer is likely social media. If it wasn’t utilizing popular social media influencers probably wouldn’t be your best use of budget.
But, with almost the entirety of the world on some type of social media platform, it’s safe to say you crypto-savvy audience is spending a good amount of time there.
The next part to that question is figuring specifically which social media channels your audience is using.
If your product is cryptocurrency or blockchain-based, and it probably is if you’re reading this article, then the social media channels you should be paying most attention to is Twitter, YouTube, and Instagram as these have the most highly developed presences in the crypto world.
If you’re interested in learning who the top crypto influencers are on these platforms check out the lists below:
- The Best Crypto Accounts to Follow on Twitter
- Top Cryptocurrency YouTubers to Follow
- 25+ Top Crypto Instagram Accounts You Should Be Following
Give your Influencers room to work
If you’re hiring the right content creators, this isn’t their first rodeo. They’ve likely been promoting brands on their channels for a long time and have a lot of knowledge regarding what type of messages work best with their audience.
Don’t micromanage them. Be sure they know what your key goals and message are and then give them the artistic freedom to get the job done as they see fit.
That being said, every influencer is different. Some prefer full artistic freedom while others would rather not be bogged down with creating sponsored content.
Influencers in the latter category might prefer you bring them a full draft of what you would like posted.
Don’t be afraid to ask which category they belong in. It’s not an unusual question at all.
Because influencer marketing is much more person-to-person than other digital marketing strategies, there is a lot more room for communication.
Brands that find influencers that both match their brand’s audience and their own workstyle will get much better results working with these key opinion leaders.
We’ve managed influencer campaigns for clients of all experience levels and we’ve seen it all. Nothing kills the engagement of a KOL-pushed social media campaign quite like content micromanagement.
Don’t be afraid to ask for help
They say the true sign of knowledge is understanding when you need outside assistance.
Influencer marketing is one of the most complex aspects of marketing and, as such, can be extremely daunting even for highly experienced marketers.
The fact that the cryptocurrency industry is so new adds even more complexities.
If you don’t have a ton of time to devote to analyzing influencers’ reach, negotiating prices, and managing a multi-influencer campaign, it might be time to either hire a dedicated team member or enlist the services of a crypto influencer marketing agency like Coinbound.
As an added bonus, agencies frequently have access to exclusive discounted pricing through influencers which means going through them may actually be less expensive than contacting each influencer separately on your own.
Additionally, influencer marketing agencies work with non-marketers every day and have built a business around making the process as easy as possible.
Well there you have it.
By keeping these key points in mind when putting together your next viral campaign you’re positioning yourself for success.
If you run into trouble or want some help from the pros at Coinbound give us a shout! We offer free consultations and are always happy to lend a hand!
If your interested in a more comprehensive guide to all types of cryptocurrency marketing check out this killer guide.
Goodluck going viral!
Coinbound is a leading cryptocurrency marketing agency. Coinbound has worked with major crypto brands like eToro, OKEx, ShapeShift, and Coinmine to boost brand growth through influencers, publishers, SEO, and paid advertising.