Welcome to ReferralHero! The whole production lot is abuzz with excitement for our brand-new film starring your company and wild marketing skills! There’s a huge craft table and some of the biggest names in Hollywood marketing backing your success. Ready for your close-up? Lights, camera, referrals!
The power of word of mouth marketing is staggering. This is especially true in industries with a strong and passionate following.
Crypto has a HUGE following, with the sheer amount of crypto conferences and media channels showing how invested they are.
What if you could use all that passion to get a marketing advantage? That’s where affiliate marketing comes in!
I’ve got years of experience building awesome referral and affiliate programs, and I want to pass that expertise on to you and your team.
With a little bit of knowledge and work, your cryptocurrency will be on its way to the moon in no time!
What is A Cryptocurrency Affiliate Program
An affiliate program is a stellar way to mobilize that passion and drive traffic to your cryptocurrency.
These programs consist of finding affiliates that will talk up your crypto to their audience, and bring in business.
Of course, you can’t get something for nothing. In return for their recommendation, affiliates can be rewarded with anything from cash, free tokens, discounts on purchases, and more.
Whatever you offer, make sure it lights a fire under your team and gets them excited to share your crypto!
Typically, this is based on a commission structure. For example, If someone sends business your way, and their follower buys $100 worth of your currency, the affiliate receives 10% of that sale (or $10).
It’s also possible to set up a pay-per-click structure where affiliates are rewarded for driving traffic to your site.
Depending on your team, you can offer multiple payment methods including bank transfers, PayPal, gift cards, and - of course! - crypto.
You’ll set your own rules for who is able to become an affiliate, but typically you’ll want people with at least six months of experience with cryptocurrency.
You want people to take you seriously, so they need to take your affiliates seriously too!
Once you have your affiliates, they’ll need a way to track their referrals. Typically, they’ll have a unique link or code that lets their followers quickly access your site and lets you know who sent them.
Keeping track of all those codes can be mind-numbingly difficult. That’s why I always work with ReferralHero to make sure none of my team’s referrals slip through the cracks.
How To Market a Cryptocurrency Affiliate Program
As you’re no doubt aware, marketing a cryptocurrency isn’t easy. You can’t rely entirely on traditional techniques.
Your affiliate program will be no different. You need to engage with it in a creative way that makes you stand out in the ever-growing crypto crowd.
Content Marketing
Content marketing is wildly effective. Hey - you’re engaging with content right now!
As you can see, this strategy is a great way to educate potential affiliates and customers about your cryptocurrency and help them know where to put their time and money.
It’s also a great way to highlight how awesome your affiliate program is, and how easy it could be for them to earn cool rewards.
Social Media Marketing
We spend so much time on social media, so why not use that to your advantage?
Getting the word out with a pithy and eye-catching social media campaign can bring in great affiliates and drum up interest in your crypto itself!
You may even want to engage with some influencers and get them to run a campaign for you. With the trust they’ve built with their followers, it can be a quick way to build brand awareness, credibility, and loyalty.
Email Marketing
Email marketing works great because of its relatively low cost and potential for personalization.
You can include all the information people could want about your program, and even include a unique link for them to get started right away!
This is especially helpful if you have amassed an email list of people in the crypto-sphere who are interested in your currency.
Common Mistakes When Promoting Cryptocurrency Affiliate Programs
You can’t get everything right all the time! Here are some common mistakes to avoid when you’re promoting your affiliate program.
Overpromising Earnings
No one likes to feel that they’ve been tricked into something.
You should never make the rewards sound like a guarantee, they are something that your affiliates earn by bringing in meaningful business.
While technically the potential earnings for your team are infinite, promising that kind of success outright can lead to some angry former affiliates down the road.
Neglecting to Educate Your Audience
You’re not going to have qualified affiliates if you don’t put in the time and effort to teach them about your cryptocurrency and the market.
These are the people who will engage with your future customers, and only by providing them with enough information can you guarantee those customers can make informed decisions.
Not Using The Right Marketing Channels
You understand your niche in the market. You know where the future leaders of your cryptocurrency are, and what they’re passionate about.
Use that information to your advantage when deciding where to market your program.
Chances are, the way your affiliates find out about your program is pretty similar to how they’ll market it to followers. Make sure you put your best foot forward.
Not Tracking Results
If you don’t know what’s working, you can’t make any improvements. You MUST have a thorough way of tracking your affiliate program.
Try to understand conversions, ROI, and customer lifetime value to see where your program is successful and where it could use a little work.
All of these metrics and more are available through ReferralHero, making it an easy way to stay on top of your affiliate program.
Top Lucrative Cryptocurrency Affiliate Programs
Some of the biggest names in crypto have used affiliate marketing to bolster their users. Why reinvent the wheel?
Let’s take a look at a few of the top affiliate programs in the crypto world to see what can be learned from their success.
Binance
Binance boasts one of the leading affiliate programs in the crypto-sphere. With tempting commissions and easy payouts, they’ve been able to amass an army of loyal affiliates and referees.
Why It Works
Sliding Scale
Binance offers their affiliates higher rates of commission - up to 50%! - if they have lots of their crypto in their wallets. This encourages investment in their company!
Variety
Affiliates for Binance are able to promote multiple cryptocurrencies at once. To make things simple, they are paid in whatever crypto their referral trades in.
Coinbase
Coinbase is built on the goal of creating a more equal world. This has helped them grow their affiliate program immensely.
Why It Works
Limited Payout
While Coinbase does offer their affiliates 50% of the referee’s trading fees, this only lasts for three months. This encourages their team to keep bringing in more and more new buyers.
Vision
Studies show that people are far more likely to engage with a brand whose values align with their own. Stating upfront that they are hoping to encourage an equal playing field in currency brings in affiliates who are just as passionate as they are.
Bitfinex
With a unique structure and easy invite links, Bitfinex has been able to bring in quite a few referrals over time.
Why It Works
Trust
Bifinex has built a reputation as a company that cares about its traders. They always pay back anyone who loses crypto during hacks.
Multi-referrals
Affiliates are encouraged to bring in high-quality referrals because they earn commission on anyone their users bring in as well. This means that they’re far more likely to exponentially grow their user base.
Trezor Wallet
Trezor Wallet is a little different from other companies on this list because their affiliates are promoting a physical item. The wallet allows you to safely store your cryptocurrencies offline.
Why It Works
Provided Promotion
To keep a consistent image and quality across affiliates, Trezor Wallet provides a ton of marketing material for their team to use.
Continual Updates
It’s easy for affiliates to know how their efforts are progressing with real-time account updates. They’re able to access a full breakdown of every purchase made with their link.
Coinrule
With its dedication to making automated trading simple and accessible, it’s no surprise that Coinrule’s affiliate program is straightforward and effective.
Why It Works
Clean Reporting
With a simple and easy-to-navigate dashboard, affiliates can quickly see their progress and understand what’s working.
Rewards Across The Board
Again, the better the referral, the more Coinrule’s affiliates earn. Because they make money on each trade their referrals make, they are more likely to recruit high-value customers.
The Bottom Line
One of the best parts of getting into crypto is the community. Affiliate marketing lets you tap into that and use it to jumpstart your growth!
With the right tools like ReferralHero and the knowledge gained from those who’ve gone before, you can build the buzz around your cryptocurrency faster than you can say HODL!
Ready to 10x your software platform, mobile app, or web3 company with our automated growth engine?
In just 14 days, we help you build the same waitlist, contest, or referral program used to launch and scale Airbnb, Uber, PayPal, and 1000s of other businesses. Start your ReferralHero free trial today.
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