Working with Crypto-Influencers: Navigating the Challenges
Crypto and blockchain technology have disrupted the traditional financial landscape in recent years. To stay ahead of the competition, companies in this space are leveraging social media and influencer marketing to promote their products and services.
However, influence marketing in the crypto sphere differs much from the usual work with bloggers in gaming, entertainment, education, or other industries. Global Influence trends rarely penetrate this niche due to its closed nature and isolation from others, and the industry is still in its formative stage.
However, it is already famous for some established practices. This article will delve into these peculiarities and advise you on how to even out the potential risks.
Still, working with crypto-influencers is a complex process that requires a deep understanding of the industry and a thorough evaluation of the potential partners.
In this article, we'll take a closer look at the peculiarities of working with crypto-influencers and why you should consider partnering with a professional agency like ours.
Working with crypto-influencers is a great way to expand your brand's reach and gain exposure to a broader audience in the cryptocurrency community. However, it can be a complicated process with many steps to ensure success.
Hey Cryptopreneurs, are you ready to make your mark in the ever-evolving world of cryptocurrencies? With the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs), the crypto space is hotter than ever.
As you venture into this exciting frontier, you might wonder how to effectively promote your brand to a broader audience. And yes! One of those marketing strategies is influence marketing, Crypto influencers.
Meanwhile, before you start working with influencers, you need to know that this process is more complex than you think. With the crypto space still relatively new, the influencer marketing landscape is still developing and presents challenges.
Fortunately, you don't have to navigate this complex world alone. Allow us, the professionals, to guide you through the peculiarities of working with crypto-influencers.
Why So Challenging?
Steps Involved in Working With Crypto Influencers
Influencer marketing can be a powerful tool for promoting your brand in the crypto space. By entrusting this task to professionals, you can avoid the risks of low-quality influencer partnerships and maximize your return on investment.
However, it's essential to understand that working with crypto-influencers is a complex process that requires careful consideration and planning.
Ready to take your crypto brand to the next level? Contact us today to learn more about how we can help you effectively partner with crypto-influencers and achieve your marketing goals.
The faith and expertise factor plays a crucial role for an audience looking for a blogger who can guide them through cryptocurrency operations' complex and confusing world.
Unlike other industries, by trusting a blogger's expertise, people often focus on the line and take investment risks from the decisions that Influencers help them make.
That's why when choosing bloggers to work with your crypto product, we recommend paying attention to the community's opinion about the author because the audience will associate your product with the blogger who advertises it and, therefore, will project trust to the Influencer on your product.
Since the crypto sphere has a high entry threshold for new audiences, we observe the same trait when dealing with crypto bloggers.
Although opinion leader communities are not closed, they are not famous for tens of millions of subscribers and millions of video views. This isolation of the niche generates exciting features.
The highest CPM:
SRM, or cost per thousand content views, is traditionally the highest in the crypto sphere. We associate this fact with the marginality of the crypto business and the fabulous profits of some crypto companies.
Content creators couldn't help noticing this fact, against the background of crypto audience isolation, started demanding up to $500 per thousand views against the usual $30 in other spheres. Since even in the bear market, we characterize Influencer marketing in the crypto sphere as a "bloggers market," which means excess demand for Influencer services over their supply.
Companies are forced to pay higher rates for access to the audience. Under such conditions, we recommend carefully calculating the unit economics of projects so that the high cost of attracting customers through Influencer Marketing more than pays for its LTV.
Just as blockchain is characterized by zero trust, the crypto sphere, still shrouded in a halo of fraud, trusts only prepayment for services. The same applies to working with crypto bloggers, who universally trust only the complete prepayment system.
Fraud is possible on both sides of the deal. It's common when a company does not pay a blogger the promised fee and when influencers receive an advance payment and hide without fulfilling their obligations.
Given this fact, we recommend signing detailed agreements with bloggers before making prepayments and working primarily with prominent bloggers who value their reputations.
There are already familiar platforms for specific audiences and industries, which also applies to working with crypto bloggers. Such platforms are Twitter, Telegram and YouTube, as well as several local platforms.
We don't insist that an influencer campaign for a crypto product launched in TikTok will fail. Still, we recommend clearly defining in advance the target audience of the product, as well as crypto influencers that have it.
Trust and expertise:
Finally, it's crucial to track and measure the results of the partnership, such as engagement rates, conversions, and overall ROI, to see if the partnership is worth continuing and to make any necessary improvements.
1. Identifying Target Influencers:
The first step is to identify the right influencers to work with based on their audience demographics, engagement rate, niche, and reputation within the crypto community.
2. Negotiating Terms and Conditions:
Once you have identified the right influencers, the next step is to negotiate the terms and conditions of the partnership, such as compensation, content creation, and promotion methods.
3. Creating Content:
After terms are agreed upon, the next step is creating high-quality content that aligns with your brand and the Influencer's style and tone. This could be in the form of sponsored posts, videos, or live streams.
4. Measuring Results: