Leofinance's DHF Proposal is already 100% funded and is underway to double the user base of Hive. While the need for funding has already been met, you can show continued support by voting. You can read more about it here.
And just a a day ago they went in-depth in their approach on the use of Social Media Influencers to grow the monthly average users. Here's the link.
I also recently published my commentary on Leofinance's guerrilla marketing strategy. You can learn more about it by clicking the below link: @beerbod/leofinances-guerrilla-marketing-strategy
Now let's try to see what the team is up to when it comes to utilizing social media influencers by going in depth into their marketing strategy.
Identify Influencers
The first step will be to research and identify influencers who align with Hive and its values of free speech, democratization of knowledge and immutably storing data on-chain.
It was also mentioned that the influencers must have high engagement, possess good personality, and has a small to medium sized audience. While I don't see anything wrong with their asks here, what's most important is to target influencers that has a solid positive reputation. Many finance influencers like the ones that supported FTX exchange had their reputations severely affected when news of the scam broke out. What I also wanted to see were actual names, I know things are just starting but it would be good to know some of the names which might likely be pursued.
Approach
We'll approach (and we've already begun this) influencers who meet the identification qualifications. People who have highly engaged audiences. Influencers who deliver value to their audience. We are already in talks with a few dozen different influencers.
It would be nice to see some names, but then again, it might get in the way of negotiations. Would they all be American influencers? Personally I hope someone from the Philippines would be approached. If anyone from the Leofinance team gets to read this you might want to consider Archie from youtube. He has good knowledge of the crypto world and has 60k subcribers.
Collaboration
Each influencer is a bit unique in their own right. Once you start seeing our research reporting into individual influencers, you will see some nuances in how we approach the collaboration with them.
This is great that they also happen to have scheduled calendar activities for the influencer to produce. Influencers get a bad rap of being lazy, especially the bigger ones. If everything is in writing and targets are clearly set then we should see great results. What I would also like to see in the future are collabs with members of our Hive silver and gold stackers community. I know I am a bit biased here but hey I'm free to dream.
Compensation
We give each influencer a CaC amount. If the CaC is desirable to us and aligns with the proposal goals we've outlined (an average $25 CaC), then we'll be happy to onboard the influencer.
A safety net was also mentioned here that if an influencer does not meet the expected CaC is that they would be cut from the program and be replaced by a new one. This is also a solid policy to have but truthfully, something that I don't want to see happen, because if it does it means that efforts and money were wasted from both parties. I actually prefer for the influencer to succeed as it will be mutually beneficial and advantageous to the hive blockchain.
Monitoring and Reporting
Monitoring and reporting is vital both in the initial stages and throughout this entire influencer marketing campaign. We've said it and will keep reiterating that we will be tracking a ton of key metrics on these influencers. At the top of the list is obviously CaC but on down the list are things like Engagement Rate, Conversion Rate, User Retention and others.
Similar to their guerrilla marketing approach, stats and kpi's have to be closely monitored and regularly updated. My only ask here is to have it pusblished and made available for the rest of us on a timely manner to know how things are going. And knowing Leofinance, I would consider this done. There's a lot of data involved and staying on top of these would be crucial in making informed decisions.
Feedback and Iteration
From the influencers as well as the community. We'll be collecting feedback and taking it into account on how to make our monthly content schedules better with all of the influencers.
This is what I think sets leofinance apart in their proposal, getting the community involved and asking for feedback is usually neglected by bigger players. Whether you're a whale or a minnow, I believe everyone's voice matters and deserves to be heard.
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