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Hackernoon logoInfluence Marketing Opportunities for the Crypto Industry by@golubev

Influence Marketing Opportunities for the Crypto Industry

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@golubevGolubev_Od_UA

Crynet.io (project manager), vtorov.tech (expert), ICO/STO/IEO, venture & marketing projects

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Working with influencers

Working with influencers is becoming the standard of marketing promotion for any brand. The information received from bloggers is trusted more than traditional media tunnels. One consults with them, listens to them, and “buys” from them. Over the short period of existence of Influencer marketing, different approaches to working with opinion leaders have already been formed today. It all depends on the promoted product in general. Influencers are the fastest growing customer acquisition channel today. They set trends and shape public opinion. Influence marketing is so popular that in 2020 the market volume reached $10 billion. Influencers play a special role for the crypto industry as well. Cooperating with bloggers, any brand simultaneously gains access to an audience of thousands and author's content to promote its product. Working with opinion leaders requires taking into account a number of features:

  • Brand ideas and suggestions should be consistent with the theme of the account. Ads will only succeed if the influencer's subscribers are your target audience.
  • It is important for influencers to gain creative freedom. Just a promotional blog post will look disorganized, so immediately think about how the chosen blogger would be able to communicate about your product.
  • Many influencers value their reputation. Goodwill is their capital. Therefore, they will not advertise whatever is horrible, and first you need to convince the blogger that your product is of high quality, will be interesting and useful to their followers.
  • Difficulties in choice and control. The young influencer market is an ideal environment for fraudulent scams. Bloggers increase subscribers, fake statistics, buy likes and comments to see activity. At the same time, it is not so easy to track frauds and only a detailed analysis of statistics helps.

Anything can be promoted through influencer marketing. With its help, any company can contact potential customers, erase the boundaries of formality, increase trust and recognition. It is only important to choose the right influencer and establish cooperation. There are several ways to interact with influencers:

  • Directly

Influencers are social media users. You can search and negotiate cooperation with them right there. To find a suitable account, you can use the search method by hashtags, geolocation, and keyword in the description. When the list of potential candidates is selected, you need to contact each of them to request account statistics, discuss the terms of cooperation.

  • Through an agency

Demand breeds supply. Today many influencer-marketing agencies take over the organization of work with bloggers. Agencies provide a full range of services: from the selection of a suitable opinion leader to drawing up a contract and monitoring compliance with all its conditions. Agencies charge a fee for their services. As a rule, this is a certain percentage of the contract value. This is a relatively quick and safe way to find bloggers, in which the agency acts as the guarantor of the deal.

How to build a cooperation job

When a blogger with a suitable audience has already been selected, and the goals are predetermined, you still need to competently organize the work. To protect you from possible difficulties, let's highlight the key stages of working with bloggers and describe each of them in detail. Working with an influencer can both take your brand to a new target market and waste your advertising budget. To anticipate the last one, please conduct a short interview with a potential influencer to collaborate with. What you need to ask him:

 Who reads and watches the influencer? Influencer followers should represent your target audience. Otherwise, you shouldn't count on a large conversion. In your case, the audience should be interested in the crypto industry and blockchain projects

 What kind of content does the blogger create? Account content should be consistent with the goals and position of your brand or crypto project. In addition, you need to make sure that what he says in the past or the future does not harm your brand's reputation.

 Has the blogger collaborated with your competitors? The partnership may not make sense if the blogger is already working with your direct competitor, because in this case the content will seem unreliable and contradictory to the audience, which will harm your crypto project.

 How much ad content is posted in his account? It may seem like a trifle, but as practice shows, the more often ads are published in the account, the less the conversion from cooperation.

 What does the opinion leader already know about your product? If the blogger is an honest admirer of your products, then the advertising campaign will flow more native. If an influencer has never used your products, that's not always a bad thing either. You just have to introduce him to your brand and project. Here, your management should make sure that the blogger starts using the product of your crypto project, since the mode of use will help him to more accurately describe your advantages to the channel followers

 What will your collaboration look like? Discuss with the influencer how many posts or video reviews will be published, what their format will be. There are tons of creative possibilities here.

How to check audience quality

Before starting cooperation, you should check the quality of the blogger's audience - engagement, lack of markups, compliance with the portrait of your target audience. A number of specialized services (such as trendHERO) and channel quality analysis will help in this. Such similar services provide detailed statistics about influencer accounts, including such metrics that are useful for determining the quality of the audience as:

  • level of involvement;
  • audience accessibility and authenticity;
  • demographic characteristics and interests of the audience;
  • growth of subscribers;
  • average number of likes and their distribution;
  • types of comments and their distribution.

You shouldn't prefer audience size over quality. Social networks have not taken the number of followers and subscribers into account for a long time. The percentage of engagement and the quality of the audience decides everything.

Preparation and launch of an advertising campaign

In order for your ad to work, everything must be planned to the smallest detail, and only superficially look like a random post or review initiated by the blogger himself. First, tell the influencer the goals that you set for the advertising campaign. Only in this case he will be able to convey the desired message to the target audience. Next, ask the influencer what options the blogger can offer to achieve their goals. It is optimal if 2-3 publications of different formats are developed. For reviews and publications, it is best for you to prepare a media publication agenda for the influencer (in fact, what and how to talk about, what to emphasize, and so on). Since all the details of the agreements must be included in a full-fledged marketing brief, which includes:

  • placement platform;
  • publication format;
  • scripts and texts of publications;
  • timing;
  • placement of links;
  • minimum achievable KPIs;
  • release date;
  • cost of placement;
  • copyrights;
  • blogger's participation in discussions through comments, etc.

Try to discuss each of the points with the blogger and come to a mutual understanding. The next step is content production and placement. The blogger, like no one else, knows his audience, and what format it will "enter", so here he can be given freedom, but you should definitely ask to send a draft of a post or video review before publishing it for approval. The classic model in influencer marketing looks like this:

  1. Story is a problem the blogger faced.
  2. Market situation - a story about poorly performing solutions on the market.
  3. Proposing an ideal solution - native advertising for your product or service.

In a sponsored post, most of the time, a blogger will have to tell a life story, and for influencer marketing, this is more than normal. The 80/20 scheme works great here. Therefore, you do not need to try to fit all your benefits into one ad post. This will only cause distrust and subconscious blocking of content among his followers. The only thing left to do is to publish the content at the agreed time. After some period, it will be possible to evaluate the effectiveness of cooperation.

How to calculate KPI

There is no universal indicator that would show the effectiveness of cooperation. Before starting work, you need to determine the goals of your advertising company and KPIs that could best reflect the performance. So, depending on the situation, the most important KPI indicators can be the overall impressions of the publication, the number of registrations, leads or sales made. For example, if the goal of an advertising campaign was to increase brand awareness, then the most important metric is the impressions achieved. And so on - the indicators depend on the goals of the advertising campaign. In general, in order to understand the effectiveness, it is recommended to consider the following indicators:

  • ROI;
  • Conversion;
  • attracted traffic;
  • The number of clicks and their cost;
  • Growth of subscribers and registrations;
  • engagement;
  • Impressions

Benefits of working with influencers

Influencer marketing is a more delicate approach to promotion. The ads offer in it is disguised in a confidential tone and unobtrusive manner of presentation, due to which it does not cause rejection, unlike traditional advertising. Agree that people have long been not guided by beautiful advertising when choosing a product or service. Today it is important for people to know the opinion of those who tested a product or used a service. Brand promotion through influencer marketing has several benefits:

  • increasing coverage;
  • the opportunity to get interesting content;
  • increasing the level of trust;
  • increasing the loyalty of potential customers;
  • increasing the level of recognition.

According to statistics, 49% of all consumer decisions depend on the recommendations of opinion leaders, and after cooperation with influencers, sales growth increases by an average of 20%.

How to avoid mistakes

Influencers can be of great benefit to a company, but, of course, only if everything is done right. To avoid problems with cooperation, we suggest that you familiarize yourself with the list of the most common mistakes:

  • Lack of clear goals. Define clear goals, methods for measuring them, and deadlines. You need to know what to strive for.
  • Audience mismatch. Be sure to select opinion leaders who give access to your target group (in the case of crypto, it's easier - there are many influencers on the market who professionally promote only this topic)
  • Underestimating the creativity of influencers. Control everything, but do not force the blogger into a rigid framework.
  • Not a long-term partnership. It is recommended to have several sponsored publications of different formats with one blogger. This will help your ad look more organic.
  • Remember that this is, first of all, content, and only then advertising. No need to try to fit all the marketing gimmicks into a post or video review on YouTube. The offer must be present, but in moderation.
  • Experiment constantly. Sometimes, having implemented several successful advertising campaigns, a brand begins to do everything like a blueprint. This is fundamentally wrong, because what "went" well for subscribers of one blogger may not work at all in another account.

Working with influencers will help your project increase the loyalty of potential customers, reach new audiences and pump your content marketing. But for everything to be successful, you need to collaborate only with those influencers whose audience will be interested in your product. It is equally important to learn how to adapt your sales proposal to the format of influencers and make it as native as possible. If you take into account all the nuances of collaborating with influencers, the ad response can be overwhelming. Otherwise, the results may be blurry.

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Sergey Golubev (Сергей Голубев)

Crynet Marketing Solutions, vtorov.tech, ICO/STO/IEO projects, venture & investment projects, project management

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