What is Cryptocurrency ?
Cryptocurrency today has become more than just a jargon for the tech and business minded. Broadly put, a cryptocurrency is a currency that takes the form of coins or tokens. It exists on a decentralized ledger and is a digital currency that can be used in return for goods and services. There are more than 10,000 cryptocurrencies that are traded publicly and are almost always away from government control.
Cryptocurrency is growing popular by the day, as many see it as a currency of the future and are racing to purchase them now before they become more valuable and difficult to procure.
Who Are Crypto Influencers and Why You Should Follow Them
With the growing popularity of cryptocurrencies, there's bound to be lots of views, opinions and knowledge shared over the web; some true and many flawed. While there are tons of articles and news that explain what cryptocurrency is, how it works, and its latest trends in the markets, they may lack perspective and key insight. Thankfully, there are a few who are well-versed, experienced and share their findings, learnings and insights to global audiences. Crypto influencers help newcomers and existing crypto users stay up to date and steer their way in the cryptocurrency wagon.
While there are lots of influencers across platforms, some famous and with a huge following are Vitalik Buterin, Roger Ver, Andreas Antonopoulos, Tim Draper, and Charlie Lee. These influencers, among many others, have over a million followers each and are appreciated for their in-depth views about the cryptocurrency industry and market trends. The content they create is easy to understand, interesting, and extremely useful. While Roger Ver keeps his followers informed about the latest news and information on cryptocurrencies, Andreas hosts occasional live streams answering Q-and-As.
Growth of Influencer Marketing
Fundamentally, influencer marketing is a type of social media marketing that uses product mentions and endorsements from individuals who have a huge social following and are considered as experts within their fields. This kind of marketing works well because of the quality (and quantity) of trust influencers have built with their followers, and suggestions from them stand as a form of confirmation to your brand and its potential customer.
When someone you idolize speaks positively about a product, you are most likely to believe them and be influenced. This is how influencer marketing helps you find leads and drive them into conversions. This industry is set to grow at least $13.8 billion in 2021 itself, with new marketing agencies being established almost daily. While influencer marketing has been gaining popularity for a few years now, marketers these days are leaning towards it, more so in the pandemic where people are spending a lot of their time on phones or laptops.
Many seasoned markets report that using influencers also drastically increases brand awareness and helps in managing or retaining a brand's reputation.
Crypto Influencers and Why They Matter
The development in technology has sped up the demand for cryptocurrencies. And, the only way to become a successful trader in this industry, is to always remain updated with the latest trends and developments. Advantageously, the people who are enthusiastic and passionate about the crypto and blockchain arena are also quite generous with their knowledge and vocal about their views.
Crypto is still an area of complexity. As discussed above, there is tons of information, tips and tricks available for beginners and experienced traders alike, but how do you know which one is worth trying? Following the right influencers can keep you informed about the latest happenings and also all that they predict is yet to happen in the digital currency space.
It is always a good idea to read reviews, experiences and have an idea of what to expect before purchasing or beginning something new. Similarly, before making a new trade or beginning your cryptocurrency journey, it will only be beneficial to know these influencers' views and recommendations.
How Can You Reach Out to Crypto Influencers
While reaching out to the more famous and influential set of crypto influencers is not impossible, they will most-definitely charge a lot for their time and efforts. While you can always reach out to them on LinkedIn or their social handles for sponsorships, for bigger campaigns and partnerships, it is always better to reach out to them through influencer marketing agencies. These agencies not only help you reach the influencers, they also assist you in deciding which influencer best suits your business and how they can help increase your ROI.
For new businesses, consider getting in touch with micro medium influencers that fit into your niche. Another key point is that the middle and small group of influencers tend to add a more personal touch to their work, making it a lot easier for audiences to connect. Plus, they charge a lot less and are easier to get in touch with.
Although reaching out to crypto influencers may not be much of a task, it is important to make sure that you are reaching out to the ones that are experienced and are from your specific cryptocurrency or blockchain area.
Curating a Marketing Strategy with Influencers
Like any marketing ruse, an influencer program requires in-depth planning and targeting. Start with building a crypto influencer marketing strategy by figuring out the basic-which platform will you be using for your campaign. Most influencers tend to socialize on one or two platforms. Going ahead with a YouTube Vlogger may give you great results on YouTube and video sharing sites, but, he or she will not be able to churn out the same results on Facebook. It is crucial to first decide the platform for your campaign. If you think Twitter suits your company’s marketing campaign, then it is best to find known crypto influencers on this platform itself.
Once you have selected the platform for your campaign, the next step is to select an influencer who will help you escalate your campaign. What is important while looking into the perfect fit, is the authenticity and relevance the said influencer has to your brand and its values. For instance, choosing a pastry chef to explain the technology involved in blockchain may not be a good fit, further raising doubts on your campaign’s ingenuity.
Secondly, avoid being tempted by influencers with a huge following. Remember, a huge following doesn’t always mean the followers are paying attention. Micro-influencers often have a tight-knit community with a high level of trust and engagement. Depending on the kind of business, it is advisable to also look past follower counts. Rather, consider engagement rates, their reach in target groups, and audience demographics.
Now that you have chosen your platform and influencer of choice, you need to create a budget and a management plan. Be sure to also factor in time for planning, executing, and reviewing your influencer program. Running a successful influencer marketing campaign will need careful monitoring and regular follow-ups.
Lastly, finalize an objective. Albeit, the main reason to host an influencer marketing campaign is to increase brand awareness and sales, it would be effective to understand your brand needs and list them as an objective that is to be achieved. Maybe you want to increase your customer base to a younger age group; the influencer/s can post to and around your requirement. Influencers have the ability to reach very specific audiences, conveying uniquely what you want audiences to know about your brand.
Even in the world of cryptocurrency, influencer marketing can maximize your campaign's reach. While the factors mentioned above will help you find the right influencer, it is still important for any blockchain company or crypto marketing agency to do extensive research before signing a partnership with an influencer.
As we continue to progress and marketing requirements change by the day, it is apparent that we should make good use of influencer marketing for fields it fits best. Influencer marketing will undoubtedly be a plus to your digital marketing strategy and campaign.
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Robb Fahrion is a Co-Founder and Partner of Flying V Group. He is passionate about helping businesses grow using the power of the internet. Robb graduated from Chapman University in Orange, CA and currently resides in Costa Mesa, CA. Robb enjoys writing about digital marketing, helping his clients turn their dreams into reality, and he is a HUGE Mike Trout fan.