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In recent years, influencer marketing has become a widespread form of digital marketing, growing into a thriving industry estimated at $16 billion in 2022.
An increasing number of companies in different industry areas have started investing in influencer marketing due to the wealth of benefits it provides. Influencers can help companies in numerous ways, by increasing brand awareness, reaching the right audience, building credibility and trust, attracting more customers, and ensuring high ROI.
So far, businesses that have resorted to this type of strategy seem to be quite pleased with the results, making $5.2 ROI on average for every $1 invested in influencer marketing.
So, it makes perfect sense for a fast-evolving sector like crypto to join the ranks of industries that have embraced influencer marketing. Some may argue that crypto requires no publicity as it’s already developed into a worldwide phenomenon.
People don’t need to be persuaded to buy Ethereum online or invest in other promising crypto projects as there’s more than enough hype surrounding them. It’s true that despite the ups and downs of the market, digital currencies are more popular than ever.
But this doesn’t mean marketers are not required in this space. Quite the contrary, good marketing is crucial in an environment that’s becoming more intricate and competitive by the day, and that’s where crypto influencers come into play.
What is crypto influencer marketing?
The term influencer has often been associated with celebrities and very famous individuals who have a large following and can therefore influence people’s opinions and behaviors. However, it’s important to point out that celebrities are not necessarily influencers and influencers are not necessarily famous.
Looking at the cryptocurrency environment, there are certainly plenty of celebrities that have taken an interest in this new asset class and started endorsing different crypto projects. But just because they’re bringing these topics into the spotlight doesn’t mean they’re engaging in influencer marketing.
The biggest influencers in the crypto space are not world-renowned actors or singers, but individuals with ample knowledge and experience in the blockchain market such as Vitalik Buterin, Changpeng Zhao, Brian Armstrong, Jim Cramer, and Michael Saylor.
So, crypto influencer marketing implies partnering up with these individuals to bring awareness and attract more followers to a certain crypto project. That can be done through a variety of methods from mentions on social media, reviews, and testimonials to direct promotion of the product/service.
Most crypto influencers take to social media platforms like Twitter and YouTube to share their thoughts on different crypto initiatives and promote the brands they work with.
The role and importance of influencer marketing in the crypto space
One may assume that influencers are needed for the same reasons, regardless of their area of activity. While this is true to some extent and the general purpose may be the same, given that every industry and niche has its particularities and crypto differs widely from other sectors, the role of crypto influencers and their approaches differ slightly from those of other influencers.
For starters, we need to keep in mind that the cryptocurrency industry is characterized by high volatility and massive price swings that can turn the tables in a split second. This is due to the numerous factors influencing the market such as supply and demand, economic conditions, political events, competition, government regulations, and so on.
While developers may not be able to control these variables, there is one area they can influence and that is market sentiment. Therefore, influencers can use their power and skills to change the general outlook or attitude traders and investors have toward a certain asset.
It’s also impossible to ignore the fact that the cryptocurrency industry is a rather complex and difficult-to-navigate environment. It’s difficult for traders and investors who lack technical knowledge and the ability to understand the technologies, concepts, regulations, risks, and trends governing this increasingly intricate space. Even if they have the capacity to decipher the ins and outs of the market on their own, they may not have the time to do so. But that’s what influencers are for.
These individuals can take complicated crypto-related topics and explain them in a way that’s easy to understand for everyone. The content they provide via different channels can help traders and investors expand their knowledge in the field and keep up to date with the latest developments in the market so they can make better-informed decisions.
In terms of marketing strategies, the crypto industry does not benefit from the same range of options as other sectors. For example, major platforms like Google, Twitter, and Reddit which dominate the digital marketing space decided to ban cryptocurrency ads. These restrictions forced crypto brands to search for viable marketing alternatives, and influencer marketing proved to be the most effective solution to fill the gaps.
It’s worth noting that influencer marketing also appears to be more effective than other digital marketing strategies when it comes to consumer engagement. Consumers are more easily persuaded by influencer recommendations than by traditional ads.
That might have to do with the fact that influencers tend to include promotional messages in their content in a more natural way, ad provides detailed information about the brands they endorse. So, they come off as more authentic and reliable and that’s what wins people over.
Final thoughts
Influencer marketing might not be a new thing, but the importance it holds in today’s marketing landscape in general and the crypto space, in particular, has increased considerably in recent times. While the benefits it provides are more than obvious, it doesn’t mean that influencer marketing serves as a replacement for conventional digital marketing strategies.
Influencers are not able to reach millions of consumers and boost brand recognition like major platforms can. But they can help crypto companies reach and engage with their target audience and thus support the organic growth of the projects they endorse. Therefore, influencer marketing will most likely become a staple in the crypto space if it hasn’t reached this status already.
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Arnab
Arnab Das is a passionate blogger who loves to write on different niches like technologies, dating, finance, fashion, travel, and much more.
