A Beginner’s Roadmap to Web3 Growth: Part 3- Influencer Marketing
Over the past couple of years, we’ve noticed a significant uptick in the engagement of technology, gaming, and finance sectors with social media platforms like Twitter and Instagram. This surge can be attributed to two main reasons: firstly, advertising restrictions on certain product categories, and secondly, the essential focus of startups on owned and earned media.
When it comes to Web3 projects, compliance issues and distinctive user behaviors compared to Web2 mean traditional advertising methods fall short. As a result, these projects are heavily reliant on influencers and their fan bases at various stages.
I recently came across an interesting perspective from a Web3 thinker: for “growth” to be effective, it needs to extend beyond its usual boundaries, which requires diplomatic outreach rather than competitive insularity. To rapidly scale, it’s critical to sync with the product’s lifecycle, cultivate relationships with influential leaders, and collaborate with similar projects or communities.
Creating meaningful relationships with influencers isn’t exclusively for well-resourced insiders. Before diving in, it’s crucial to ponder: What’s our brand identity? Who are our competitors? What ecosystem are we part of? Who’s our target audience? What are our current market objectives? What messages should influencers convey? What’s our user journey? And how will we track and evaluate success?
Take the Bera c、Chain example; it gained popularity for a while, especially after its recent marketing efforts focusing on an airdrop event, spotlighted by notable influencers. Discussing with a colleague, we estimated that Bera’s influencer marketing budget could be tens of thousands of dollars — a significant but seemingly worthwhile investment for public blockchain initiatives aiming for high market valuation.
Bera Chain, a key player within the Cosmo ecosystem with $42M in funding, aims to fill a substantial market void left by Luna, eyeing a billion-dollar valuation. The enthusiasm KOLs show for Bera’s testnet isn’t just about disseminating promotional content. It’s about guiding potential users through a carefully designed journey within the Bear Chain ecosystem. This strategic approach underlines how influencer marketing can educate the market, boost Total Value Locked (TVL) and user engagement, thereby playing a pivotal role in Bera Chain’s growth strategy.
Regarding influencer marketing, there are two primary strategies: Shilling, which focuses on increasing the sheer number of Twitter followers, and content promotion, aiming for meaningful impact. Although gaining Twitter followers might seem trivial, it serves as a vital credential in the Web3 space. Even accumulating a few thousand followers in a month can be a game-changer.
There’s no shortage of influencers ready to shill; the real challenge lies in discerning their value for money. Analyzing their past engagements can provide insights into their effectiveness, balancing exposure and interaction rates against costs.
But beyond initial boosts, true influence comes from content-rich promotion — engaging with content writers, analysts, or airdrop hunters who can articulate your project’s value across various formats. This comprehensive approach spans planning, budgeting, selecting the right voices, and assessing the campaign’s impact, ensuring every dollar spent contributes towards tangible growth metrics.
In essence, whether planning a campaign or evaluating its ROI, clarity, and strategy are key. Influencer partnerships aren’t just about broadening reach — they’re about forging connections, educating potential users, and nurturing an ecosystem conducive to sustainable growth.
Lastly, a word on the jargon: as we delve into specialized fields, it’s essential to clarify terms like owned and earned media, ensuring these concepts are as accessible as possible. Whether discussing Total Value Locked (TVL) or evaluating Cost Per Mille (CPM), our goal is to demystify these terms, making our insights valuable and understandable for everyone.
