People often say that influencer marketing is ineffective and that they see no results. While it's understandable where they are coming from, Influencer Marketing is an incredibly powerful tool - especially when it comes to Web3 marketing.
As the decentralized space expands, more opportunities arise for promoting your Web3 project in a unique and transparent way. One such opportunity is influencer marketing. This promising social media technique has become increasingly popular for innovative projects to incorporate into their marketing strategies.
If you're looking to get involved in influencer marketing for your Web3 project, there are a few things you should keep in mind. After spending over $3M on influencer Marketing, here are a few things I've learned to help you succeed with this effective marketing tactic.
What Is Influencer Marketing?
Influencer marketing is a strategy that focuses on working with leaders in the online community to communicate your brand's message to an extended audience. Rather than marketing directly to a large group of people, influencer marketing targets individuals who have influence over a community that you want to tap into.
The goal of influencer marketing is to build relationships and create brand ambassadors who will promote your project to their followers.
Benefits of influencer marketing include:
- Increased brand awareness
- Greater reach and engagement
- More authentic and credible community members
- Better ROI than traditional marketing methods.
Tips For Succeeding With Influencer Marketing Community is crucial in Web3, and even top traditional brands are quickly realizing how important it is to establish and maintain an active and engaged community. Influencer marketing plays an essential role in connecting the brand with an extended yet relevant audience.
Set your objective
First, you need to define fundamentals like; Your influencer outreach strategy with corresponding materials; Your overall campaign goal; And the KPIs for each influencer/campaign. Once you have a vision of the ideal outcome, you can start actioning the steps to get there.
Spend extra time on research
Finding the appropriate influencers to promote your business can reap huge rewards, but it requires thoughtful and manual research. You need to gather data, assess influencers' accounts and followers, and ask questions to verify if they will be a promising addition to your marketing efforts. To create a strong marketing campaign that produces results, ensure the influencer's persona is consistent with your brand's voice and demands. A suitable influencer's community should match your target audience to ensure your message is distributed to potential prospects.
Set up clear guidelines
You and the influencer should be on the same page regarding your project's deliverables, specific goals, call-to-action (CTA), and other circumstantial details. Creating a clear and concise brief will help the influencer understand your project while providing enough creative freedom to produce high-quality content that resonates with their audience. Setting up clear guidelines enables you to manage the deliverables and your expectations.
Track your campaigns
After your influencer campaign goes live, track the results to see if it's performing as expected. Record the engagement rates and interest generated by the influencer's promotion to give you an idea of whether the campaign was successful and how much ROI and reach you acquired.
Pursue long-term collaborations
Having long-lasting relationships with influencers is essential. I always see the best results after the second or third promotion with an influencer. This is where consistency of content comes into play-- when the influencer's audience is consistently exposed to high-quality and transparent content about your brand, it increases the likelihood of them clicking on a link or giving your account a follow, for example.
Setting Up Your Influencer Marketing
How you approach influencers can make or break the relationship. Follow these simple guidelines to make sure you approach potential influencers in a professional, transparent, and mutually-beneficial way.
Communicate the objectives clearly
Before launching any campaign, you need to establish the metrics you hope to achieve with each influencer. For example, are your influencers promoting brand awareness or generating leads? Having a clear strategy is paramount for the success of a campaign as well as being able to measure results for current and future campaigns.
Determine your influencer budget
When determining which influencers to approach, it's required to know exactly how much resources you have available and adhere to this budget for the entirety of the campaign. The key objective of influencer campaigns is to make money, not lose it! Keep in mind that even the most staggering influencer marketing budget may be overcome by an expert strategy.
Choose the best platforms
Make sure you use the most popular and active social media platforms for finding and engaging with your influencer and their audience by proxy. The channel you select will be determined by your target demographic. Make sure you choose a platform your target audience uses most and pick an influencer based on that. If you pick the wrong platform, it'll be a maldistribution of your time, money, and effort.
Stay within the law
Check that you're following relevant advertising and monetization laws when executing any influencer marketing campaign to avoid being penalized or having irreparable harm befall your company's reputation. In order to stay within the law, it's important to keep abreast of all policies and let your influencers disclose any promotions or sponsorships in their posts.
Like any professional relationship, influencer marketing needs clear guidelines, maximum transparency, and mutual agreement over the deliverables, timelines, and goals of the campaign.
When done correctly, influencer marketing can be an extremely effective way to reach new audiences, promote your brand, and generate leads. Keep these tips in mind when setting up your next influencer campaign to make sure it's a success.
Are you ready to take your Web3 project to the moon and beyond by employing influencer marketing campaigns?
Lunar Strategy utilizes Web3 influencer marketing to build authority, increase brand recognition, and help target audiences understand the value your project brings them in the crypto sphere.