What’s the Deal? Crypto & NFT Marketing 101
Influencer marketing is not a new concept. Around 2010 is when we saw a surge in influencer marketing. While it first began with celebrities, it has expanded thanks to social media (Instagram, TikTok, Youtube, etc.) into a multi-billion dollar industry. Crypto and NFT influencers have the ability to affect the worth of a cryptocurrency based on their recommendations. According to research, approximately 90% of buyers would prefer to make their purchase based on the recommendation of a trusted influencer rather than a media ad.
It is important to remember that the content posted by influencers is already content their followers are engaged in. This means that their target demographic is readily available. Their followers will not be off-put by the marketing post or “advertisement,” as this is the type of content they are looking for. Once an influencer in this arena markets your new project to their followers, you will be exposed to a much larger audience. This has the ability to attract investors and therefore boost your growth, in terms of funds and the number of consumers aware of your brand.
What is The Best Way to Market Crypto & NFT
When it comes to marketing, the best method is typically videos. This is because videos are interactive and help make information easier to understand. It is estimated that approximately 300 videos are uploaded to popular social networking sites such as Youtube every minute, in over 70 languages. Any influencer operating on a large scale will utilize Youtube and all it offers.
There are a few different ways influencers market this type of content. Some of it can be entertainment while some of it is strictly for informative purposes. It is very important to continue discussions on the latest trends and maintain a following that way.
As mentioned above, videos are engaging. They are fun, easy to access thanks to Youtube, and include important information consumers need to purchase a product or service. This is the sweet spot for cryptocurrencies and NFTs. Blockchain content can be found on many platforms including Medium, Instagram, Youtube, and even smaller websites in blockchain niches.
Crypto Influencers & NFT Influencers: What They Really Do For Your Brand
The sole purpose of influencers in this space is to generate organic engagement, growth and opportunity. To break this down, influencers in this space, much like any other space (tech, health, wellness, etc.), have loyal followings. This means their followers trust their advice and have already established loyalty to them. This becomes useful when your brand needs real growth from real people. This drives the community interest in your brand and really amps up your existing profile in the space. You become a name worth knowing and more importantly, a trusted one.
The Current Method for Marketing: How Things Have Changed
With NFTs and cryptocurrencies on the rise, it seems that marketing has become all the craze. Trends in marketing have evolved over the years. A prime example of this is Instagram’s Explore Page. Let’s take a look at another industry, the fashion industry, for comparative purposes. A trend we see on Instagram now is neutral colors for everything from clothing to product packaging. However, certain influencers are sticking to their bright-themed aesthetics, vehemently going against the masses. According to logic, their pages should be failing and unsuccessful. However, quite the opposite has happened. Those pages have gained more recognition over their competition for being colorful, vibrant and “separate from the crowd” so to speak.
As a result of this bold behavior, these influencers have become known for their bright aesthetics and this is what their followers now expect. When influencers go against the trends set for a particular niche, whether it be fashion or blockchains, they are laying the groundwork for their success. They stand out so obviously from everyone else and it allows them the upper hand others may not be able to access.
The True Value of Marketing in the Blockchain Space
According to a new study from Adweek, influencer marketing is over a $10 billion industry. This includes heavyweights such as Snapchat, TikTok and Youtube. Studies conducted on influencer marketing have found that 89% of marketers compared an influencer’s ROI on par with paid media marketing. In many cases, influencer marketing out-performed traditional paid media marketing. It is quite clear where the future of marketing is headed after numerous studies and reports like such have been analyzed.
Seeking Influencers: How to Find The Right Ones
Researching influencers and what they bring to the table is a great starting point. You want to make sure your brand is represented in the best light possible. A great tip is to hone in on just one platform to begin, such as YouTube. You’ll want to establish yourself well on one platform before branching out into others. Don’t worry, branching out can and will be done once the momentum builds.
Using strategies such as social listening will enable you to really understand insights and use them to your advantage. Knowing your industry inside and out will prove tremendously helpful during the planning stages. It can help you short-cut mistakes. Whether you are looking into celebrity influencers or micro-influencers (with followings <2,000), the goal is to know your audience and reach them.
The compensation per influencer can vary as well. This means every influencer has their own price. However, as a general rule, smaller influencers are less expensive than more established ones. It is true some influencers are represented by a small agency, therefore pricing or specifics will vary per situation. When it comes to celebrities, they will typically go through a talent agency or a rep.
It is important to establish a budget for this type of influencer marketing. You will receive an ROI, however, you have to estimate how much you believe that will be based on your brand and what you’re trying to accomplish. For many brands in the blockchain space, micro-influencers are all they need to get started and from there it takes off quickly. Regardless of what you choose, remember to stay focused and up to date with the latest trends and patterns in the blockchain industry.