Tech Spec LiteIntroduction to Key Opinion LeadersMarketing
According to data provided by the world's largest independent cryptocurrency data aggregator, as of2023, there are around ,thousands of new cryptocurrencies in the digital infrastructure, a drastic increasein the number from a smattering of digital coins in 2013.
Moreover, the crypto market cap tops $2 trillion, out of which Bitcoin accounts for 50% and remains thepowerhouse of the cryptocurrency market. The numbers tell us that the future of cryptocurrencies isbright and holds a lot of potential for further growth.
Tokenised digital assets are soon becoming mainstream. Millennials overwhelmingly are the generationfueling this trend. And while "bitcoin" and "cryptocurrency" are finally starting to become household words,we are still only at the beginning in terms of seeing what blockchain technology can accomplish.
So, who are Key Opinion Leaders?With over 2.1 trillionUSD of online sales, marketing has changedmassively since the beginning of the 2010s.
What used to be everyday users uploading their daily lives has turned into a machine that can nearlyguarantee the success of your product. Today we call these users KOLs.
KOLs have become crucial figures in the online market. People have always sought advice from famouspeople, and companies have figured out how to leverage them. From dish soap to computer games, nearlyevery item we see marketed today has a familiar face or brand attached to it. The cryptocurrency marketdoes not fall exception to this rule. Byswaying the opinions or befriending the community representative, you can activate entire populations toparticipate on your main sale day.
Whilst, KOLs provide so much value in price growth, understanding andadoption there is no monetisation of the army of KOLs in the industry in.
By the end of the first quarter of 2023, hundreds of crypto projects will have been launched all competingfor access to the investor community globally; those that are successful in generating publicity andconnecting with an investor community are a minority.
A core success criterion is making sure the project team is constantly communicating with the investors,both prior to the ICO campaign and during it. The more communication channels you use, the more likelyyour project will be a success.
This engagement ensures information is better distributed - allowing for more widespread adoption andaccess to mainstream investors. Importantly, the power of social media can do this bringing targetedefforts in naturally occurring instances where KOLs share their satisfaction with a project’s offering.
In today’s hyper-connected world, a single recommendation can have a far greater impact – leading to KeyOpinion Leaders (KOLs) or word of mouth advertising strategies to capitalize on the opportunity.
Many best practices and marketing tactics encourage natural word of mouth, but campaigns are limitedthrough a short supply of KOLs. As the digital asset market grows the bottleneck that continues to affectnew and up and coming projects are with a limited number of KOLs whose airtime is limited.
The problem is further compounded for projects with solid offerings who remain unengaged due to KOLswanting to be seen as impartial, and thereby unable to ‘chase’ projects, even if they like them.
Hence, we come to the core of the issue where projects face the uncertainty of no system to introduceand co-ordinate this KOL/Project relationship leaving aspiring projects with flat launches or post launchdumps.
Projects who do gain traction from the marketing provided by KOLs will proceed blindly as no data existsto quantify, verify or establish the quality of a KOL’s work. Absent of any dependable data projects willsuffer no clear visibility of the following key metrics:
1.validating they are getting what they paid for
2.marketing effect on their price
3.growth of their community in relation to the irmarketing strategy