value of influencers in raising moeny

The Value of Micro Influencers in Raising Money

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What is a Micro-Influencer?

A micro-influencer is someone who has an audience within the follower range of 2,000 up to about 50,000 on a particular social media channel, usually comprised of a focused passion, topic, or niche market. They often recommend products and brands to their audience and receive positive responses because their following often shares similar interests and passions. According to a study led by Collective Bias, 70% of Millennials prefer product endorsements by non-celebrity bloggers aka micro-influencers. They feel like they are more genuine and not biased. In fact, a study by Twitter found that 40% of users made a purchase directly after seeing a tweet from an influencer.

According to the same study by Twitter, 56% of consumers are influenced by their friends when they make purchase decisions. This only shows how word of mouth is one of the most powerful ways when trying to grow your business. Simply getting your name out there through reviews and referrals—utilizing the network of micro-influencers is a vital part of raising money.

Similar to micro-influencers, blockchain projects are often comprised of very specific, often narrow audiences that are deeply interested in very precise topics. Blockchain is a powerful technology that has the potential to positively transform many existing business areas. One major area is Advertising and Marketing, especially Influencer Marketing.

Use of Blockchain in Influencer Marketing

Simple, Safe Payments

Influencer marketing often deals with individuals from different countries and different cultures. Currency, bank, and government policies are not the same in every country so cryptocurrency allows influencers to be paid no matter where they are located. Through blockchain technology, payment is fast, simple, and secure. Because of decentralization which eliminates the need for middlemen such as marketing agencies and social media consultants that take a cut of the revenue, the total cost of transfer is reduced. Influencers and brands are brought together in a decentralized marketplace.

Transparency and Immutability of Data

Because data on the blockchain cannot be changed, but simply built on, this transparency of data within a blockchain has the ability to improve influencer marketing and strengthen trust between influencers and brands. Reputation of influencers and brands is also stored and shared on the blockchain and can determine honesty based on past performance. No one wants to see fraud, biased reviews. With information about influencers and their audiences readily available, brands can determine the best fit. Brands are able to see data on ROI and see exactly what influencers are doing in the programs that they are investing in.

Should I utilize Micro-Influencers to Raise Money?

Yes. Blockchain technology has the ability to save you time and money. According to Business Insider, spending on influencer marketing is projected to reach $10 billion by 2020 and $15 billion by 2022. Instagram, Twitter, YouTube, and other social networks have created these influencers with up to millions of followers. Whatever target your business wants to attract, there will always be an influencer of your choice who can bring in more customers who share the same values as you. As more and more micro-influencers are working with businesses, ROI is increasing when they engage in campaigns.

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