The Full Guide to Strategic Fundraising with KOLs in the Crypto Space

The Full Guide to Crypto Influencer Marketing in A Bull Market

7 min read
Jan 26, 2024

The Full Guide to Crypto Influencer Marketing in A Bull Market

"Word of mouth" is like the gossip of the business world – it's how the best secrets (like where to find the coolest stuff or the next big thing) get passed around. It's old school but still cool. Think about it: from the first cavemen sharing fire-making tips to bees doing their waggle dance to show where the sweetest flowers are, sharing recommendations is in our nature.

Then there's influencer marketing, the hip, modern cousin of word of mouth. It's all about cool people on the internet showing us the next big things. They've got followers galore, and when they say, "Hey, check this out," - people listen. It's like having a friend who knows all the best trends – only this friend is followed by thousands. That's influencer marketing for you – digital word of mouth with a trendy twist!

Today, let’s take a deep dive into what influencer marketing means in the world of crypto, its benefits, and why it really matters for brands building in the space.

What Is Crypto Influencer Marketing?

Crypto influencer marketing is like the geeky yet cool kid in the influencer family. It's all about diving into the world of crypto – a place where complexity meets trendiness. Here, influencers aren't just popular; they're smart cookies who can break down crypto speak for everyone from the 'crypto curious' to the hardcore enthusiasts.

When the “vibes are up” (meaning the crypto market is soaring - a.k.a bull market), these influencers become the go-to guides for the thrill ride. They stir up excitement and guide decisions with their insights. This in turn adds more value to the communities they empower, and eventually boost the crypto economy to new heights.

They're the cheerleaders when things look up, unlike in a gloomy bear market where skepticism reigns. It's all about riding that crypto wave, building trust, and sharing the joyride with followers eager to hop on the bandwagon!

Why You Need Crypto Influencer Marketing

In a bull market, where there's a soaring interest in crypto investments, crypto influencer marketing becomes a key player. These influencers wear many hats: they're the educators for newbies, the guides for the tech-savvy, and the highlighters of the hottest crypto projects and tokens out there. Think of them as the Degens who actually made it, but made it because they know what they’re doing.

Their role is crucial for two reasons. First, they clear the fog in the complex world of crypto, making them a treasure trove of knowledge for investors at all levels. And second, in this upbeat market atmosphere, they're the storytellers who weave confidence into their narratives about various crypto ventures.

What's more, these influencers are like translators. They take the intricate jargon of blockchain and turn it into something you and I can get. They're not just teaching; they're building a community vibe, making everyone feel like they're part of this exciting crypto journey. They’re leaders of their community, “shillers” of cool projects, and degens of the highest order.

One of the most important reasons they should even exist is due to two words we’ve all heard all through our time in crypto - “mass onboarding”. These influencers give beginners an insider perspective and viewpoints into the way we do things in web3. And without them, we’d all be back in our McDonald’s counters, taking orders from the web2 people (God, please not the web2 people).

We recently posted a case study for how we drove upwards of 800,000 impressions, and over 8,000 waitlist signups for one of our clients in DeFi within 30 days. Crypto Influencer Marketing is like rocket fuel to launch spectacular projects and build crypto communities.

Benefits of Crypto Influencer Marketing

Crypto influencer marketing offers several benefits, particularly in a bull market:

  1. Increased Visibility: Influencers can rocket a crypto project to the moon, grabbing the attention it might not get otherwise.
  1. Trust and Credibility: In an industry where skepticism is common, influencers who are trusted can lend a hefty dose of credibility to the projects they back.
  1. Targeted Reach: These influencers usually have a specialized following, perfect for reaching an audience that's genuinely into crypto.
  1. Enhanced Community Engagement: Beyond just promoting, influencers are great at building and managing a community vibe around crypto projects, they build these vibes via memes, cool videos, funny tweets, and being the go-to reply guys for the space. All of these skills combined make them the key for organic growth and long-term success in web3.

Running A Successful Influencer Marketing Campaign

To run a successful influencer marketing campaign in crypto, especially during a bull market, consider the following steps:

Audit Key Opinion Leaders (KOLs)

Key Opinion Leaders (KOLs) in the crypto world should be thoroughly audited. This involves assessing their credibility, understanding of the crypto market, and the quality and engagement levels of their audience. It’s essential to ensure that they align with your brand's values and messaging.

KOL Investors Rounds

Engaging KOLs in investment rounds can be a strategic move. It not only gets them financially involved in your project but also encourages them to be more invested in its success. This can lead to more authentic and passionate endorsements.

Paying for Posts

Investing in paid posts is a direct way to get your message across. However, ensure that these posts are well-crafted and in line with the influencer’s style to maintain authenticity.

Paying for Videos

Videos, particularly in formats like tutorials, reviews, or experiential content, can be highly effective. They offer a more engaging way to showcase the project and its benefits.

Additional Strategies

  • Engagement in Community Discussions: Active participation in crypto forums and discussions can enhance the campaign's reach.
  • Collaborative Content Creation: Working alongside influencers in creating content can ensure that it aligns perfectly with both the influencer’s and the brand’s image.

Buying ‘Packs’: The 3 Waves

The "Buying Packs in 3 Waves" strategy in crypto influencer marketing is about strategically releasing marketing efforts in three distinct phases. Each phase involves a different group of influencers, or "packs," and is tailored to achieve specific marketing objectives.

  1. First Wave - Seed Influencers
  • Objective: This initial phase is about creating buzz and laying the groundwork for the campaign.
  • Influencers: It typically involves micro-influencers who have a highly engaged, niche audience. They are seen as more authentic and can effectively generate initial interest and trust.
  • Approach: The content here is usually organic and aims to seed the product or message subtly into the market.

  1. Second Wave - Growth Influencers
  • Objective: Building on the initial momentum to broaden the campaign's reach.
  • Influencers: This wave may include mid-tier influencers, offering a balance between reach and audience engagement.
  • Approach: Content in this phase should focus on educating the audience about the product or service, leveraging the groundwork laid by the first wave.

  1. Third Wave - Scale Influencers
  • Objective: This final wave aims for maximum exposure and conversion.
  • Influencers: Involves macro-influencers or celebrities with vast followings and broad appeal.
  • Approach: The content is now more direct, with a clear call-to-action. It's designed to capitalize on the established interest and convert it into tangible outcomes like sales or sign-ups.

The Importance of Strategy: In a bull market, where investor sentiment is high, and the audience is more receptive, this phased approach can be especially effective. It aligns with the growing interest in the market and ensures a sustained impact.

Best Platforms For Crypto Influencer Marketing

Different platforms offer unique advantages for crypto influencer marketing:

X (formerly Twitter): Did Jim Cramer tweet crypto today? Did Michael Saylor buy more Bitcoin? Did Machi Big Brother nuke yet another floor price? It happens on X first! X is known for real-time updates and hosting a majority of the world’s crypto community. It’s ideal for quick engagement and news, and also allows for ground reactions to come to light at full speed. If anything happens, this is where you’ll come to know first.

Supercharge your Web3 Strategy: Follow Us On X!

Telegram: A favorite in the crypto community for its privacy and group features, perfect for detailed discussions and community building. There are multiple trading groups for memecoins, altcoins, and more. Top Crypto influencers and traders usually lurk around these parts to discover top tier gems in the space. They also run these projects through their own telegram channels and shill the digital token(s) they’ve researched and invested into.

YouTube: Youtube is a vast educational resource in general. But specifically for crypto, it has become the fastest way to get up to speed on the fundamentals of the industry. It offers in-depth analysis, reviews, and tutorials, which are essential for educating and engaging potential investors.

Discord: A rising platform in the crypto space, known for fostering community engagement and direct interaction with project teams. This is where communities are born, raised, and elevated. Getting involved in a project’s discord in its early days is the best way to ensure continued success in crypto and getting a first-hand look into community building and more!

Drawbacks Of Crypto Influencer Marketing In A Bull Run

Okay, so we’ve covered most of the benefits of crypto influencer marketing, but we can’t leave you in the dark about the negatives. Despite its advantages, crypto influencer marketing in a bull market has drawbacks. Some of them include:

  • Overexposure Risk: Too much promotion can lead to skepticism. If a project doesn’t start from the grassroot level, and suddenly pops up on the radar, there’s always going to be a hint of distrust. This is because the web3 scene is no stranger to ‘rug pulls’, frauds, and scams.
  • Volatility: Rapid market changes can quickly alter the effectiveness of a marketing campaign. The crypto market's unpredictable nature can affect campaign timing and messaging. Stay flexible and ready to adapt strategies in response to market changes.
  • Communication Gaps: Clear and consistent communication with influencers is crucial. Ensure they fully understand your brand, messaging, and campaign goals. Regular feedback and discussions help maintain alignment and prevent misunderstandings.
  • Fake Influencers: A significant issue is the prevalence of influencers who inflate their follower counts or engagement metrics artificially. To counter this, thorough research and vetting are essential. Analyze their engagement rates for authenticity and consistency before engaging in partnerships.
  • Regulatory Compliance: The crypto industry is heavily regulated. Ensure that your campaigns comply with legal requirements, such as transparently disclosing partnerships and including necessary disclaimers, especially when content involves investment advice.
  • Audience Skepticism: Due to past scams and misinformation in the crypto space, there's a general wariness among audiences. Overcome this by partnering with reputable influencers and focusing on transparent, informative content.
  • Misaligned Incentives: Influencers may prioritize earnings over genuine endorsements, affecting credibility.

How To Measure The Success Of Your Crypto Marketing Campaign

Evaluating the effectiveness of crypto influencer marketing campaigns is crucial, particularly considering significant investments in this area. Here's a restructured and expanded view on how to measure success:

  1. Followers/Subscribers Growth: Monitor the rise in followers or subscribers on social media platforms as a direct impact of your influencer collaborations. Delve into the sources of this traffic to gauge whether your strategies align with your objectives.
  1. Impressions Analysis: For content like blogs, tracking impressions is vital. Tools like Google Search Console or other CRM platforms can be instrumental in analyzing how your educational or promotional content performs in attracting audience or investor attention.
  1. Social Media Engagement: This encompasses likes, comments, shares, and click-throughs on posts. By measuring these interactions, you gain insights into the resonance of your content and the appropriateness of your influencer partnerships.
  1. Reach and Impressions: Assess the potential brand exposure through total views and unique visitor counts. This metric helps in understanding the extent of brand visibility achieved through the campaign.
  1. Engagement Rates: Evaluating direct interactions such as likes, comments, and shares indicates how receptive the audience is to the content presented by influencers.
  1. Click-Through Rates: This measures the effectiveness of influencer content in driving traffic to your website or landing pages, reflecting audience interest in exploring more about your offerings.
  1. Conversions and ROI: Perhaps the most crucial metric, this involves calculating the actual actions taken - such as sign-ups or purchases - against the total campaign investment. This metric demonstrates the profitability and real business impact of your influencer marketing efforts.

By combining these quantitative measures with qualitative feedback, you can construct a comprehensive picture of your campaign's success. This approach goes beyond surface-level metrics to unearth the true efficacy of influencer partnerships compared to other marketing channels.

The Future Of Crypto Influencer Marketing

The future of crypto influencer marketing lies in greater personalization, use of AI for better targeting, and an increased focus on building long-term relationships with influencers. As the crypto market matures, expect more sophisticated and nuanced marketing strategies to emerge.

  • Rise of Niche Micro-Influencers: Smaller influencers with specialized expertise in particular crypto niches are becoming more influential. Their smaller, but highly engaged audiences offer targeted and effective marketing opportunities.
  • Dominance of Video Content: Video and live streaming content are becoming increasingly popular. This trend suggests a shift towards more video-based influencer collaborations that provide interactive and engaging experiences.
  • Focus on Long-Term Partnerships: Brands are moving away from one-off collaborations, favoring long-term partnerships with influencers. Such relationships help in building a consistent and authentic narrative over time, fostering deeper connections with audiences and ensuring sustained engagement.
  • Novel AR/VR and AI Experiences: In addition to the identified trends in crypto influencer marketing, the integration of advanced technologies like Augmented Reality (AR) and Virtual Reality (VR) is expected to play a significant role. With advancements in video technologies such as Apple Vision Pro and spatial video, influencers can create more immersive and interactive experiences.
  • Novel AI Experiences: Furthermore, with the masses being able to take their creativity to the next level via AI, we can expect many new types of content popping up. These technological leaps could transform how audiences engage with crypto-related content, offering more dynamic and engaging ways to showcase crypto and related projects.

These trends point towards a future where digital marketing is not just about information dissemination but creating experiential and interactive journeys for the audience. They also indicate a strategic shift towards more personalized, content-rich, and relationship-focused marketing approaches in the crypto space.

Conclusion

Crypto influencer marketing in a bull market is a dynamic and powerful tool. Understanding its nuances, leveraging the right platforms, and measuring its impact are crucial for its success. As the crypto landscape evolves, so too will the strategies for effective influencer marketing in this exciting and ever-changing space.

Frequently Asked Questions Around Crypto Influencer Marketing

1. How is Crypto Influencer Marketing Different from Traditional Influencer Marketing?

Crypto influencer marketing focuses on engaging web3 enthusiasts, crypto experts, and tech-savvy audiences, primarily through platforms like Twitter. Unlike traditional influencer marketing, which often values broad appeal, crypto influencer marketing emphasizes authority and expertise. Crypto influencers usually have smaller, but more dedicated and knowledgeable audiences, making their endorsements more valuable in the niche market.

2. What is the Average Cost of a Crypto Influencer Campaign?

Costs vary widely in crypto influencer marketing, ranging from $500 to $50,000 per campaign. Factors influencing price include the influencer's following size, engagement rate, and the specific deliverables required.

3. How to Identify Suitable Crypto Influencers?

Select influencers who actively discuss topics relevant to your project and have engaged, knowledgeable followers. Or you could just hire crypto marketing agencies like Lunar Strategy to analyze influencer profiles and build engagement levels across platforms like Twitter, YouTube, and Instagram.

4. What Types of Content Do Crypto Influencers Create?

Common deliverables include sponsored blog posts, social media posts, videos, Instagram stories, guest articles, interviews, live streams, podcast features, and tutorials. The content type should align with your campaign goals.

5. Typical Duration of Crypto Influencer Campaigns

Campaign lengths can range from one week to several months. Short-term campaigns are typically 2-4 weeks, but long-term partnerships lasting over three months are ideal for deeper community engagement and sustained impact.

6. Tips for Negotiating with Crypto Influencers

Offer fair compensation based on the influencer's reach and engagement. Consider additional incentives like exclusive access or networking opportunities. Be clear about expectations and deadlines, and aim for a mutually beneficial agreement.

7. Measuring the Success of a Crypto Influencer Campaign?

Use tools like Google Analytics to track website traffic and engagement. Monitor key performance indicators such as sign-ups, sales conversions, and ROI. Collect qualitative feedback through surveys to gauge audience perception and refine future strategies.

8. Are There Legal Considerations in Crypto Influencer Marketing?

Yes, legal compliance is crucial. Ensure influencers disclose sponsored content as per regulations. Understand the laws governing influencer marketing in your region to avoid legal pitfalls.

9. How to Ensure Content Authenticity in Campaigns?

Encourage influencers to create content that aligns with their style while staying true to your brand's message. Authenticity is key in resonating with the audience and building trust.

10. Role of Emerging Technologies in Future Campaigns?

Emerging tech like AR and VR, coupled with advanced video platforms, will enhance the interactivity and immersion of crypto influencer content, offering more engaging experiences for the audience.

Tim Haldorsson
CEO
CEO of crypto and Web3 marketing agency Lunar Strategy, involved in the crypto scene since 2017. Provides forward-thinking Web3 marketing insight as a contributor to Cointelegraph, Rolling Stone, Daily Coin, NFT Plazas, and Finance Magnates.
Jack Haldorsson
CMO
CMO at Lunar Strategy. Been in the crypto space since 2017. Jack leverages his know-how of the blockchain ecosystems and strong KOL relationships to execute result-focused strategies that amplify brand storytelling, drive awareness and grow the project sustainably with the help of Influencer relations.
Adam Westerén
Head of Sales
Adam's passion is to create self-sustainable communities in the Web3 world. He enjoys when you create a Web3 community that can grow by itself. This is what he does in his current role as Head of sales.
William Rejström
COO
As a Community Manager at Lunar Strategy, I'm passionate about finding new ways to connect people, add value and build strong community relationships.
Shann Holmberg
COO
As head of growth at Lunar Strategy, I understand the significant shift away from traditional marketing strategies that Web3 projects require.
Nick Ballanutsa
Crypto Content Creator
Crypto Content Creator, Nick is creating engaging Twitter threads & posts for leading crypto & NFT companies.
Vide Haldorsson
Influencer Manager
Influencer Manager at Lunar Strategy.
Johnny Pedro
Head of Partnerships
Head of Partnerships at Lunar Strategy, creating win-win solutions for Web3 companies. You might have heard his music on Tomorrowland from his previous ventures in the music industry.
Jarrod Frankel
Head of Community
Jarrod is responsible for the teams that provide both engaging social media content and enticing and informative articles for our clients.
Tayler McCracken
Editor at Coin Bureau
Tayler McCracken is the Editor-in-Chief of the Coin Bureau, a leading publication that provides cryptocurrency education.
Vineet Nair
Writer
As a web3 storyteller, Vineet brings a wealth of experience in content, journalism, and management, with hands-on knowledge of metaverses, NFTs, AI, and finance.
Hassan Shafiq
Lunar Strategy
Lunar Strategy.
Mairead Finlay
Writer
British writer specialising in NFTs, luxury lifestyle & travel based in Portugal. Previous publications include Business Insider, LoveEXPLORING, The Guardian and My French Country Home Magazine. Previously the SEO Editor of tech & startup website TechRound.
Sandra Vukovic
Content & Marketing Specialist
Content & Marketing Specialist at Lunar Strategy.
David Kevin Jeppesen
Lunar Strategy
Raised in the spring of technology, solving problems and finding simple digital solutions is part of my nature. I’m a teachable individual who is always eager to learn and develop as a person.
Julieta Ose
Crypto Content Creator
Crypto Content Creator at Lunar Strategy.
Gino De Graaf
Google Ads Specialist
Google Ads Specialist at Lunar Strategy.
Sam Runge
Media Manager
Lunar Strategy.
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