INFLUENCER MARKETING IN WEB3. HOW TO APPROACH KOLS?

30.06.2023

Misha Intro

17 min

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Crypto influencer marketing is a powerful strategy for promoting your Web3-based project by leveraging the knowledge and reach of individuals who possess expertise in the crypto industry and have a dedicated audience that actively engages with their content.

Crypto-influencer marketing stands apart from classic promotion methods, such as PPC advertising, due to its personalized approach. Here are the key distinctions:

1. Unique Advertising Format: Unlike ubiquitous banner ads that may be met with skepticism and limited trust, crypto-influencer marketing leverages an advice-recommendation format. The ads are presented by trusted experts whom users follow, fostering a higher level of confidence and credibility.

2. Enhanced Advertising Integration: Crypto-influencer marketing allows for more immersive and native advertising integration. It goes beyond conventional banner ads, enabling the incorporation of storytelling elements, affiliate offers, and other engaging techniques. Traditional advertising platforms often restrict crypto-related ads, making it challenging to directly promote such offers. However, influencers provide a channel to communicate your offering more directly.

3. Targeted Audience Affinity: By thoroughly analyzing an influencer's audience, you can ensure that your message reaches individuals who are genuinely interested in your offering. This targeted approach increases the likelihood of attracting relevant prospects who align with your target market.

However, it's important to recognize that crypto-influencer marketing is not a panacea for all promotional challenges. While it offers numerous benefits, there are pitfalls to consider, including cost implications and the potential risk of falling victim to scams.

ROAS (Return on Ad Spend) serves as the primary KPI for assessing the campaign's overall success and profitability. By calculating the ratio of revenue generated to the cost of the influencer campaign, you can determine the effectiveness of your investment. ROAS helps you gauge the campaign's efficiency in driving conversions and achieving desired financial outcomes.

ROAS = Total revenue generated divided by the total costs incurred (including commission fees).

However, let's face it, even armed with this knowledge, it doesn't guarantee a smooth journey devoid of obstacles. There may be pitfalls along the way—falling victim to fake accounts operated by bots, struggling to connect with the precise influencer you need due to a lack of direct contact, or experiencing setbacks.

Luckily, we at Cryptorsy have experience partnering with influencers over years. Working with us means you can connect with influencers we know deliver results. We have a list of proven, effective influencers available anytime with very good pricing and terms.

Send your request and we will organize a triumphant marketing campaign to promote your esteemed Web3 brand.

Welcome to the wild world of digital currencies, where the game is changing faster than you can say "crypto influencer marketing". In this article, we're gonna lay down the law. We'll show you how to conquer this untamed territory, from finding the right influencers to crafting a killer strategy. We'll teach you how to slide into those influencer DMs like a boss, measure your success, and drop some serious optimization tips along the way. Get ready to dominate, Web3 Fam.

Let's simplify and clarify the differences:

Influencer: An influencer's main focus is to create engaging content regularly and attract new audiences. They may not be directly involved in Web3 or actively participate in the market. They might monitor the market, test new projects, or engage in speculative trading. Their goal is to monetize their content creation.

Example - @Crypto__Diva

Key Opinion Leader (KOL): A KOL is a recognized authority in a specific field, often as a founder or CEO of leading projects. Unlike influencers, their primary objective is not to make money from content creation. KOLs produce content to educate their audience, share insights, and promote beneficial ideas. Collaborating with KOLs is valuable as they rarely engage in advertising and only endorse products they genuinely use.

Example - @APompliano

When it comes to choosing crypto influencers for your marketing campaign, it's essential to carefully consider and align their attributes with your specific objectives within the Web3 ecosystem.

Now that you have identified the right influencers with relevant audiences for your project, it's time to dive into the exciting phase of strategizing your promotion.

Here are key elements to consider during this stage:

When it comes to collaborating with Web3 influencers, it's crucial to approach them with a well-crafted pitch that highlights the alignment between their values and your brand.

To ensure the success of your marketing campaign, it is crucial to thoroughly understand and document key aspects of your project, including its purpose, target audience, and the desired outcomes of the promotion. Conducting a preliminary analysis is an essential step that contributes significantly to the effectiveness of your campaign.

To illustrate this point, let's consider an example: Suppose you have a trading exchange, and your primary audience consists of traders. In this case, it would be logical to seek an influencer who has a substantial following of traders. It is rhetorically evident that approaching an influencer who focuses solely on analyzing upcoming airdrops in the NFT space would not be the most suitable choice.

Instead, it would be more sensible to collaborate with an influencer who regularly reviews the market situation and shares their trading activities. By conducting a more detailed analysis, you can gain a better understanding of the specific type of trader you should target and tailor your offer accordingly to resonate with their audience.

Remember, the more thorough and comprehensive your analysis, the better equipped you will be to identify the ideal influencer and craft a compelling offer that aligns with their audience's interests and needs.

Now that you have a clear understanding of who you should be looking for, it's time to embark on the exciting journey of finding the perfect influencers.

However, it's essential to be aware that this task can be challenging due to the prevalence of scams and fake influencers, constituting approximately 90% of the pool.

Vetting potential influencers becomes the most crucial part of the process. Here are some key steps to follow:

1. Conduct a Primary Analysis: Examine the influencers' comments, followers, and likes. Ensure that the comments are not posted simultaneously, indicating possible bot activity. Verify that the individuals liking the posts are genuine and not empty bot accounts. You can do this analysis yourself, or you can use special programs for this, such as Twitter Score.

2. Evaluate Engagement Rate (ER): Determine the correlation between the influencer's impressions and their engagement. Ideally, the engagement rate should be between 5% and 20% for every 100,000 followers. Anything significantly lower or higher suggests suspicious or artificial engagement.

3. Request Past Campaign Results: Ask influencers for the outcomes of their previous campaigns. Inquire about the performance and results achieved for past clients. Don't hesitate to pose challenging questions to the influencers before making any payment or commitments.

Bear Market Strategies: During bear markets, influencers tend to prioritize stability. They may prefer fixed fees or CPA models, ensuring a consistent income stream regardless of market fluctuations. This allows them to weather the storm and maintain financial security.

Bull Market Opportunities: In bull markets, influencers are more open to revenue-share deals. With optimistic market sentiments and higher potential returns, they are willing to take on more risk in exchange for a higher percentage of revenue generated. This aligns with their expectations of greater profits during bullish trends.

Using influencers from adjacent industries to crypto – such as finance, technology, and gaming – can attract a lot of audience. The crypto community is still relatively young and small in size, so tapping into other much larger and more established communities will help you achieve further reaching attention. However, these users need easy onboarding and guidance, because they are new to Web3.

Define your promotion goals, such as acquiring 1000 registrations on your NFT Marketplace. Ensure that your goals are relevant, realistic, and achievable within the given timeframe.

Develop an attractive advertising offer that resonates with your audience. Understand their desires and pain points related to your product or service.

For instance, if traders are concerned about transaction fees, address that pain point by offering something like "2 weeks of commission-free trading for new users." Tailor your offer to provide a solution to their specific needs.

Determine the type of content that will be used for promotion, such as text, banners, videos, or posts. Consider whether additional activities, like an Ask Me Anything (AMA) session, can be incorporated. Specify the actions users will take after clicking on the link, such as landing on a specific page or engaging in a specific conversion process. Pay attention to the details of the promotional content to ensure its effectiveness.

After building a positive relationship with an influencer and creating an engaging pitch, it's time to negotiate and finalize the collaboration details:

Transparency in Expectations and Requirements: Clearly outline the scope of work, deliverables, timeline, and payment schedule. This helps avoid misunderstandings and establishes a solid foundation for the collaboration.

Agree on Objectives: Define the goals and expectations for the partnership, discussing key performance indicators that both parties consider indicative of success.

Flexible Compensation Models: Explore various compensation models, such as flat fees, revenue sharing, hybrid models, or token incentives. Consider the influencer's preferences and align them with your budget and marketing objectives.

Legal and Compliance Matters: Ensure that all agreements and contracts comply with relevant legal and regulatory frameworks. Seek legal counsel to address potential risks, intellectual property rights, and disclosure requirements to maintain transparency with the audience.

To maximize the effectiveness of your influencer marketing campaigns in the Web3 space, it's crucial to foster strong, long-term relationships with influencers:

Maintain Open Communication: Regularly update influencers, share insights, and seek their feedback. This builds trust and keeps them engaged in your brand's journey.

Offer Exclusive Opportunities: Provide influencers with unique opportunities to engage with your brand, such as beta testing, exclusive events, or early product launches. This deepens the sense of partnership and commitment.

Ongoing Support: Show appreciation by offering ongoing support, resources, and access to your team. Assist with content creation, provide timely information, and offer technical support when needed.

Lifetime Commissions on Referrals: Consider incentivizing long-term collaboration by offering influencers lifetime commissions on revenue generated from their referrals. This aligns their interests with your brand's growth and encourages sustained advocacy.

Determine the overall budget for the campaign and allocate it appropriately among the selected influencers. Consider factors like influencer reach, engagement, and potential impact on your goals. Distribute the budget strategically to maximize the campaign's reach and effectiveness.

Example of Common goals in crypto:

1. Increasing Brand Awareness: Enhance brand recognition by 20% among crypto enthusiasts and investors through targeted influencer collaborations and social media campaigns.

2. Driving Website Traffic: Achieve a 30% increase in website traffic from unique visitors originating from influencer referral links over the next six months.

3. User Acquisition & Trading Volume: Drive sales and conversions by acquiring a minimum of 500 new users, successfully guiding at least 70% of them through the KYC stages, and achieving a minimum of 100 first-time deposits (FTDs) with a total trading volume of $5,000,000 over the next quarter.

4. Building Social Media Followership: Foster engagement and grow social media ER by 25%.

Here are some tips to help you create compelling partnerships:

• Do research to understand the influencer's niche, interests, and past partnerships. Personalize your pitch to show you truly want to collaborate.

• Explain how your brand's values align with the influencer's values and their audience's interests. Show how your product/service benefits their followers and the Web3 community.

• Communicate what makes your brand unique and valuable. Explain how you are different from competitors.

• Be transparent about what you expect from the influencer and how you will compensate them. Influencers want clarity on what they gain.

• Encourage questions from the influencer. This shows you want an open dialogue and shared goals.

Tracking KPIs is one of the best ways to gauge the success of your influencer campaign. KPIs are measurable values that reflect how effectively a company is achieving its key business objectives.

Tracking KPIs is one of the best ways to gauge the success of your influencer campaign. KPIs are measurable values that reflect how effectively a company is achieving its key business objectives.

In the end, how influencer marketing works has changed a lot with new websites (web3) and cryptocurrency becoming very popular. As we talked about before, working with influencers who talk about cryptocurrency can really help companies who want to be strongly seen in places online that aren't controlled by any one person or group. Partnering with crypto influencers can help businesses make a strong name for themselves in the new decentralized spaces online.


By smartly connecting your brand with respected and knowledgeable influencers who talk about cryptocurrency, you can reach their loyal followers. This lets you spread your message further and helps people trust your company more. It ultimately helps make you more money too. What makes influencer marketing so useful is that people really trust and listen to the influencers in their communities. Partnering with influencers is a great way to help more people know about your brand, keep customers loyal to you, and get more people to buy from you. Influencer marketing lets you tap into the trust and influence these people have built within their follower groups.

Understanding your audience engagement and conversion behavior will help you optimize your campaigns. Analyze the impact of the influencer on your performance, identifying instances where co-branded content has performed better than regular content. Use this analysis to refine your partnership with influencers, making changes that improve results for both parties

Based on your analysis, make adjustments to your campaigns to improve effectiveness. This may involve tweaking your budget, selecting more suitable platforms, or collaborating with different influencers. Continuously evaluate your campaigns and make data-driven decisions that yield the highest ROAS.

Remember, influencer marketing is not a one-size-fits-all approach. What works for one brand may not work for another. Be open to experimenting with different strategies and tactics to find the optimal approach for your project and target audience.

• Leveraging Insights: Utilize the insights gained from analyzing your campaign's performance to inform your future influencer marketing strategies. Identify patterns, trends, and audience preferences to refine your targeting, messaging, and content approach. Learning from both successful and unsuccessful campaigns will enable you to optimize your strategy and increase the likelihood of success in future endeavors.

• Testing and Experimentation: Embrace a culture of testing and experimentation in your influencer marketing efforts. Explore different influencer partnerships, content formats, and messaging styles to discover what resonates most with your target audience. A/B testing and gathering feedback provide valuable data that informs your decision-making and helps you refine your approach for future campaigns.

• Continuous Monitoring and Adaptation: The crypto landscape is dynamic, and consumer preferences are ever-evolving. Stay updated on the latest industry trends, emerging influencers, and shifts in user behavior. Continuously monitor your campaign performance, adjust your strategies based on real-time data, and adapt to changes in the market to ensure your future campaigns remain relevant and impactful.

Here are some common KPIs for influencer campaigns:

• Impressions: By tracking the number of impressions generated by your campaign, you can assess its reach and exposure. Impressions indicate how many times your content has been viewed by the target audience, giving you valuable insights into campaign visibility and potential impact.

• Engagement Rate: Monitoring the engagement rate allows you to evaluate the level of interaction and interest sparked by your crypto influencer campaign. Analyzing metrics such as likes, comments, shares, and click-through rates helps you assess the effectiveness of your content in capturing and retaining the audience's attention.

• Conversion Rates: Conversions serve as a vital measure of success for any performance marketing campaign. Monitoring the number of new users, first-time deposits (FTDs), and trading volume resulting from the influencer campaign provides valuable insights into its impact on user acquisition and revenue generation. However, keep in mind that the specific conversion goals may vary based on your objectives.

For instance, if you observe higher engagement rates when collaborating with micro-influencers rather than macro-influencers, you may consider adjusting your strategy to focus more on these niche influencers.

• Achieved ROAS vs. Expectations: Compare the actual Return on Ad Spend (ROAS) with your campaign expectations. This assessment will reveal whether your crypto influencer campaign exceeded or fell short of anticipated results. Meeting or surpassing your ROAS expectations indicates a successful campaign, while falling short prompts you to explore areas for improvement.

• Identifying Cost Optimization Opportunities: Analyze the various cost components of your campaign, such as influencer fees, content production, and ad spend. Evaluate if there are any opportunities to reduce costs without compromising the campaign's effectiveness. For example, you might explore alternative influencers with similar reach but lower fees or optimize your content production process for greater efficiency.

• Maximizing Returns: Seek strategies to maximize returns from your crypto influencer campaign. Consider factors such as optimizing the conversion funnel, refining targeting parameters, or partnering with influencers who have a stronger connection with your target audience. By continuously refining your approach, you can improve conversion rates and enhance the overall impact of your influencer marketing efforts.

CONCLUSION

Introducing "The Ultimate Guidebook to KOLs & Ambassadors Campaigns."

Dive deep into a wealth of valuable information that covers every aspect of successful influencer collaborations.

This comprehensive guidebook provides:

• Actionable insights on picking the right influencers based on key criteria.
• Proven strategies and scripts for creating compelling creatives that resonate with your target audience.
• An exploration of platforms and their suitability for your specific campaign goals.
• Best practices for defining campaign conditions and setting up mutually beneficial partnerships.
• Expert tips on building results-oriented funnels to maximize conversions.

Ready to unlock the full potential of crypto influencer marketing? Grab your copy today at the end of the article.