Be wary of the INFLUENCER

Infamously shady promoter Don King

An influencer is simply another word for a PROMOTER, ultimately they are paid one way or another to promote a product or service, they usually have a large audience, hence why they are sought out by brands/companies to promote their product……to their audience.

As Crypto is no different to other digital industries, it is rife with influencers who will for the most part say anything for a quick buck, and to be fair, we don’t blame them, everyone has rent and bills to pay. However it is up to us to be aware of this fact and assimilate the information they provide accordingly.

Becoming an influencer is big business these days, influencers can get paid huge sums per post or article, ranging from $1000 to $100,000 if they are on Celebrity status with millions of followers,

Although most influencers get paid for posts, the other type of influencer is one who has invested greatly in Crypto (or any investment) and thus REALLY wants it to succeed and will thus promote and influence their audience accordingly.

(Right, please lay down on a sofa somewhere, Psychology session is about to commence)

There are two biases we would like to bring to your attention;

Confirmation bias and bandwagon effect

Confirmation biases – The inclincation to look for words/information/data that confirms your preconception e.g You have preconception that a particular sports team is the best, you will subconsciously look for news articles or data that support this thought, and ignore anything in the contrary.

Bandwagon effect – The tendency to do/think things because many others do it, related to herd/sheep mentality

Now that we have established the motives behind most, if not all influencers, we can also combine some psychology with it just to paint a full picture of what we are seeing when coming across the work of an influencer. The above biases have a huge influence on us, whenever we come across an article, most of the time we are immediately scanning for whatever is supporting the preconception we have in our head, so for example, if we’re a fan of bitcoin, we will assimilate any infromation supporting it, and reject or ignore information opposing it.

If you combine that with bandwagon effect, many smaller influencers or just regular twitter users/writers, will copy or write about things influencers have written, simply because of the fact that THEY have, thus causing a snowball effect of untrustworthy information.

On the Flipside

Influencers in the same breath, are arguably the most affective marketing strategy and is used by many companies/brands to that affect, therefore, projects that one otherwise would not have seen, becomes visible. This is the positive side of the work of an influencer, increases visibility of a project.

How to use them

Use influencers in the same way you would consume advertisements on a billboard, magazine, TV, youtube ad etc, take notice of it, and delve in further, follow the bread trail, go on their website and see if there is anything of value there. As mentioned influencers are promoters, promotion is a form of marketing, marketing is a way to get your attention, just be aware of the fact that they are all paid one way or another, keep that in mind while you dance with the influencer.

As always, we encourage comments/questions/feedback, leave some below!

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