Right, so, launching a token… we all know the drill, right? Hype, hope, and the nagging feeling that you’re throwing money into a digital bonfire. I’m diving deep into social influence for token founders, the stuff that genuinely moves the needle – not just the fleeting buzz. And today, I’m chatting with Patrick, who’s been wrestling with the beast that is measuring ROI in the cryptoverse. I grabbed him for a virtual coffee to pick his brain on something crucial: attribution. Forget vanity metrics; we’re talking about tangible, provable ROI.
“Alright Patrick, let’s get real. Everyone says social influence is important, but proving it? That’s another story. What’s the biggest hurdle founders face when trying to track ROI?”
Patrick chuckled, “Honest? They’re usually looking at the wrong things. Likes, shares, even simple referral links… they’re a start, but they paint a very incomplete picture. The crypto space moves fast. Someone might see an influencer’s tweet, do their own research over the next few days, and then buy. That initial tweet? It’s influencing them, but a simple referral link won’t capture that.”
He’s right. We need to think beyond basic tracking. This is where attribution models come in. I asked Patrick to break them down for us:
“Okay, so imagine you’re trying to figure out which marketing touchpoint deserves the credit for a conversion,” Patrick started. “Think of it like this. You have three attribution models: First-Touch, Last-Touch, and Multi-Touch.”
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First-Touch Attribution: “This model gives 100% of the credit to the very first interaction a customer has with your brand. So, if someone sees your influencer’s tweet and clicks through, that tweet gets all the glory. It’s simple but often inaccurate.”
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Last-Touch Attribution: “This model gives all the credit to the final touchpoint before the conversion. So, if someone clicks an influencer’s tweet the day before buying your token, that tweet gets all the credit. It’s also easy to implement but ignores the entire customer journey leading up to that point.”
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Multi-Touch Attribution: “This is the Holy Grail, but it’s also the most complex. Multi-touch models distribute credit across all touchpoints in the customer journey. There are several different types. For example, you could use a linear model, giving each touchpoint equal credit. Or, you could use a time-decay model, giving more credit to touchpoints closer to the conversion. Other statistical models even use machine learning to weigh the influence of different touch points.”
Okay, so multi-touch sounds great, but where do you even start implementing it? Patrick jumped right in: “First, you need to map out your typical customer journey. Where are they discovering your token? What content are they engaging with? Are they reading articles, watching videos, or just scrolling through Twitter?”
“Then, you need to set up tracking. Google Analytics is your friend, but you’ll also need UTM parameters on every link you share. Tag every post made by your influencers, track where people are coming from, and, crucially, integrate your data with your blockchain explorer to see who’s buying tokens.”
He emphasized the importance of data integrity. “Garbage in, garbage out. Make sure your tracking is accurate and consistent, you’ll be drawing conclusions based on faulty data.”
Finally, Patrick stressed the need for constant optimisation. “Attribution isn’t a ‘set it and forget it’ thing. You need to analyse your data regularly, see what’s working, what’s not, and adjust your strategy accordingly. Maybe one influencer is driving more conversions than another. Maybe a certain type of content is resonating more with your target audience. The data will tell you. If you listen.”
We need to go way beyond tracking clicks and likes. We’re talking about building robust attribution models that connect social influence to actual token purchases. Think about implementing multi-touch attribution, mapping your customer journey, and setting up accurate tracking with UTM parameters. Analyse your data constantly and optimize accordingly. If you want a successful token launch, data and smart attribution are your new best friends.