The Importance of Influencer Marketing in the Crypto Industry

The cryptocurrency market is still a relatively new and emerging industry. However, it has already grown to be worth billions of dollars. In fact, the market reached an astonishing $630 billion valuation in January 2018. And as the market continues to grow and develop, it is likely that we’ll see this value continue to rise in the future. Consequently, businesses are looking for new ways to capitalize on this growth and further their own revenue streams. As such, more and more organizations have begun investing heavily in the practice of influencer marketing in general—and influencer marketing specifically for crypto brands and projects a significant part of that strategy. So what exactly is influencer marketing? How can it help your business grow? Here are some answers to these important questions

What is Influencer Marketing?

Influencer marketing is a marketing strategy that places emphasis on using social media personalities to endorse a product or service. This strategy involves a company partnering with social media “influencers” and “Celebrities” with large followings on social media to promote products or services. With influencer marketing, brands partner with social media personalities who have a following of people who trust and rely on their recommendations. In many cases, they are paid a fee to advertise your product and give it their seal of approval.

Why is Influencer Marketing Important?

While it’s easy to write off influencer marketing as a frivolous and superficial venture, it is actually one of the most important marketing techniques available to modern brands. Influencers are trusted sources of information that can help create a personal connection with potential consumers and improve brand loyalty. This can be especially critical for a cryptocurrency-related business. These types of brands are typically associated with a high level of risk. As a result, many potential customers are skeptical about investing in them. By partnering with an influencer, you can help bridge this gap and create a more welcoming and approachable image for your brand. Furthermore, many influencers are also experts in their field. This means that they can provide additional information and advice to their followers—helping to promote your product even further.

How Can Crypto Brands Benefit from Influencer Marketing?

As we’ve seen, the benefits of influencer marketing for any business are numerous. These brands stand to generate a significant amount of revenue and increase their customer base significantly. In fact, a recent study found that 84% of customers trust recommendations over branding and advertising. With this in mind, partnering with influential crypto personalities can help your brand reach a wide audience and generate a significant amount of revenue. Moreover, influencer marketing is an extremely cost-effective strategy as these personalities typically charge a fee to promote your product. This means that it should not put too much strain on your budget and will help you to reach a wider audience. Moreover, influencer marketing reaches individuals who are not actively looking for your product or service. This is critical because it helps you to reach people who may not know that they need your product. This can be especially useful for crypto.

Tips for Successful Influencer Marketing in Crypto

There are a few things to keep in mind when pursuing influencer marketing for your crypto brand. First, you want to make sure that you choose the right influencers to partner with. After all, they will be representing your brand—so it is critical that they are a good fit. Secondly, you want to make sure that you are prepared for the process and have everything needed before you begin. This includes a detailed pitch, a contract, and the funds to pay your influencers. Thirdly, you want to ensure that you track your progress. Successful influencer marketing is not a one-off event. Instead, you want to track your progress over time and make adjustments as needed.

Conclusion

As we have seen, crypto brands can benefit from influencer marketing in a number of ways. If you want to build powerful audience connections for your brand and don’t know where to start, or if you don’t have access to the right influencers suitable for your project, the safest way is to work with a crypto marketing agency that can guide you through the process and make sure you get your money’s worth.