What is Influencers Marketing?
Influencer marketing is one of the relatively new and emerging marketing channels. An influencer is an individual with numerous followers on their social media and social platform accounts. Among the most popular platforms on which influencer marketing can be delivered are YouTube, Twitter, Instagram, and TikTok.
Influencers produce regular content to showcase the features and capabilities of products and services. The produced content is shared on the influencer`s account and is visible to their followers. One of the main characteristics and reasons for running influencer marketing is the loyal and supportive audience. Moreover, this audience often shares the same beliefs and views as the influencer. This creates an opportunity to push your products and service to an audience, which is very likely to trust the judgment and recommendations of the person they follow.
Crypto blogger and crypto influencer marketing popularity has been growing as a way of reaching digitally aware and crypto-savvy consumers. Along with its popularity, the various promotional formats that are available are continuing to grow. This includes featuring or integrating short promotional content (pre/mid/post rolls), product reviews, tutorials, interviews, Q&A sessions, podcasts, sponsored posts, and affiliate marketing initiatives.
Where and why should crypto influencer marketing be used?
There are different use cases for including or relying on influencer marketing. In most cases, those are dependent on the organizational goals and corporate vision of the advertiser. From a marketing point of view, we can distinguish three of the most popular reasons:
1) creation of a brand identity and increasing the brand awareness;
2) acquisition of leads or customers;
3) combination of both brand awareness and user acquisition.
Despite the different tactics available when running an influencer campaign, one of the most powerful “hidden” weapons of an influencer is the user-generated content (UCG). The UCG is an amazing way for an influencer to interact with their followers in an entertaining and engaging way. This can be used for either of the three campaigns` focuses mentioned above. Our experience shows that very often this type of content strengthens the relationship between the followed person and their followers and results in better KPIs.
Crypto influencer marketing is most active on three of the major platforms – YouТube, Twitter, and TikTok. However, there are also activities across other social platforms although to a lesser extent. These platforms are perfectly suited for visual content that crypto influencers use to showcase products or services. As well as engage with their large and active user base, especially among younger social media users. YouTube functions as the second largest search engine in the world, coming second after Google.
Twitter is the leader in social media platforms in terms of usage in certain countries such as the US market. There are also UK crypto influencers and providers from other parts of Europe that could provide quality Twitter influencers services. A very wide-known example is Elon Musk`s influence and arguably market manipulation on the Dogecoin trading volume and price, which was happening through his Twitter account. Last, but not least, TikTok has its own crypto community with content creators and audiences that are exploring crypto, blockchain and fintech-related topics with short videos.
How to utilize influencer marketing as a substitute channel?
Advertising on traditional channels comes with its fair share of limitations for the crypto sector. Therefore, influencer marketing may be a powerful substitute channel for promoting cryptocurrency-related brands. Crypto influencer marketing may be used in a few different ways:
• Attract new audiences: Crypto influencers have access to a sizable and active social media following, which may give brands and products the chance to reach potential customers who may not be familiar with the brand. Brands may reach a focused and attentive audience by working together with influencers that have a large following in the ever-growing cryptocurrency community.
• Increase credibility and trust: Because influencers tend to be perceived as reliable and knowledgeable sources of information in their specialized field, they may help enhance the credibility and trust of a brand or product. Brands may benefit from this trust and credibility by teaming up and hiring crypto influencers. Those influencers should be well-informed in the crypto world and enthusiastic about cryptocurrencies.
• Highlight product features and benefits: Due to the complexity and technicality of crypto products, it might be difficult for marketers to describe their features and advantages using conventional advertising methods. Influencers may, on the other hand, use their content to show what the product or service does, and how it works, and use real-world examples to highlight the advantages of a crypto product in a more interesting and understandable way.
Advantages and drawbacks of crypto influencer marketing
The opportunity to reach a highly focused and interested audience is one of the key advantages of influencer marketing. Influencers can produce tailor-made pieces of content that connect with their audience. By using crypto influencers, a company may effectively target a certain age group or a specific niche as opposed to distributing a message to a large and general audience.
Crypto influencer marketing also has the potential to be very cost-efficient. Although it might have a bigger influence on the audience, it is frequently more economical than traditional advertising techniques like television or print advertising. Influencer marketing also enables a more custom and genuine approach to advertise. This may result in increased engagement and sales, especially when it comes down to crypto promotion, Airdrops, and other incentives.
Disadvantages and risks:
Influencer marketing does have certain restrictions, however. One of the main dangers is that a badly run influencer campaign may harm both the influencer’s credibility and followers’ confidence. This might be especially harmful if the influencer has developed a devoted user base over time. An influencer runs the danger of driving away their audience by partnering with a commodity or service that does not go hand in hand with the morals or the expectations of their fans. Brands can suffer from high expenses, inappropriate audience selection, and not achieving the targeted KPIs. Also, the reputation of a project may be damaged by conveying the wrong information or message about the brand’s product/services.
Potential risks of working with influencers could be the unsuitability of the project/services to the content that the influencer produces. For example, influencers whose content is crypto trading related are very unlikely to perform well for projects that are NFT related, despite that both topics fall into the crypto and blockchain sector. This is where our team, as experts in the field, can help you distinguish and select your providers by making an informed choice.
Influencers may also find a set of disadvantages when working with a project. The project may have numerous reports about being a scam or a ponzi scheme, potentially inflicting damage to their followers, advertisers, and the overall trust factor that influencers have accumulated over the years.
Another drawback of influencer marketing is that it might be hard to measure and track a campaign’s results. In contrast to conventional advertising techniques, influencer marketing cannot be quantified via measuring indicators, and many of the vanity metrics which are available on the channels such as subscribers, views, and likes are not always accurate and truthful. Nevertheless, there are still engagement rates, click-through rates, and conversions. Those can be used by brands in order to determine the success of crypto influencers’ campaigns. Cryptoken Media also deploys different tools for assessing channels credibility, organic growth over time, overall work of the influencers as well as other KPIs.
Influencer marketing platforms
As influencer marketing has grown in popularity as a main component of the marketing mix for companies and brands. Correspondingly, he number of platforms and tools available to businesses and marketers for better management of their influencer initiatives also increased. IMAI, NeoReach, and AspireIQ are a few examples of well-known influencer marketing marketplaces.
Brands can find, oversee, and evaluate influencer campaigns with any of the all-in-one influencer marketing platforms. Brands may search for influencers based on demographics, interests, and other factors. The platforms may also allow businesses to manage their campaigns, which include influencer outreach, contract negotiations, and performance monitoring.
Some of the available platforms on the market allow businesses to locate and communicate with influencers on multiple social media networks. This brings performance metrics such as audience analysis, influencer analytics, and campaign management tools to help brands optimize their influencer campaigns.
Applications and tools for influencer marketing can be quite efficient in streamlining influencer campaigns, but they can also cause some serious problems. These solutions’ potential cost is a major barrier, especially for smaller brands and companies with constrained marketing budgets. Furthermore, choosing the best crypto influencer through these platforms can be cumbersome and time-consuming since there are a lot of influencers to pick from and create your mix.
Another limitation of influencer marketing applications and software is that they often do not offer access to highly niche influencers. These platforms tend to focus on influencers with large followings. However, this approach may not always align with a brand’s target audience or niche. This can hurt the effectiveness of crypto influencer campaigns. It may also force brands to explore alternative solutions to reach their desired audience. Very often some of the platforms offer “personalized” options. For example, a list of crypto influencers, crypto influencers in India, female crypto influencers, top 100 crypto influencers, and others. Regardless of how narrow the list name may sound, there is still a lack of understanding and guidance on suitability.
Furthermore, almost all platforms operate on a subscription-based business model. Meaning a monthly or annual payment for services your brand may not require or may be capable of saving. Moreover, many of the payments are going through different payment gateways or payment providers. For example, PayPal, which adds an additional tax on top of your subscription. In addition, most of the platforms are only an intermediary option and grant no user fund security or little to no guidance in the selection of the most appropriate providers, especially for the very niche projects and products.
How to win in the influencer marketing game?
It is a difficult task to hire crypto influencers who are suitable for your project. This is where Cryptoken Media steps in as your personal favorite crypto influencer marketing agency. We work with small crypto influencers, medium-sized and large and very popular influencers.
Our team managed to build strong relationships with some of the top crypto influencers on Twitter, YouTube, TikTok, and other social medias. We work with over 1,200 influencers worldwide. However, in order for crypto influencers to do their job in the best possible manner, our team puts all of their knowledge to provide them with the best possible content on the advertised products or services by creating storyboards and specific guidelines. From that point onwards, crypto influencers receive all of the information they need to be able to convey exactly what the advertiser requires as a message.
Cryptoken Media handles all – from creating an influencer marketing strategy to planning and selecting influencers in accordance with the target audience, advising on the promotional formats, creating storyboards and additional documents and visuals to guide and assist the influencers with the delivery, setting up tracking and measuring methods, to monitoring, analyzing and reporting.