Thanks Alok sir for the commendable idea to post this here and let members help us validate it.
The message is a bit elaborate, would request you all to spare your valuable time and glance through ,we will be grateful if you all can provide us with your valuable feedbacks/suggestions/comments ,no matter how negative or challenging .
Concept:
We are working on a start up (dotsfly.com, a web technology) that will facilitate people monetize their sharings( stories,video,games,music)on social networks(fb,g+, twitter ,linked-in)
,via emails, blogs and a few other platforms. It is as a conceptual advertising platform, where advertisers can create viral campaigns,(primary emphasis would be laid on the content,which indeed has to be useful to people) in diverse arena namely Social tech,sports,business,finance,humour,entertainment,environment,editions,featured articles etc..
This concept is based on the belief that Ads are not cool anymore & content is the king so why not direct advertisers money back to the people, providing them with an economical deal which in fact has immense value and is the most engaging one, thereby furnishing brands a buzz employing the art of story telling .This connects them directly with the people with utmost ease . This will help the advertisers to cut down their advertising cost which comprises of almost 60% to 80 % of their marketing cost that eventually is borne by the consumers.
Statistics elicited that 78% people trust peer to peer recommendation and only 14% that trust ads .Social sharing service reports that sharing has 50% higher user engagement than searching. 50% of the people re-share the news/story with someone else.
If celebrities can mint money by using their voice,(eg.Sponsored tweets) why not compensate people for sharing the relevant content that appeals and excites them the most, which in fact they do everyday.
Execution:
Advertisers would determine CPC( cost per click ,minimum of Rs1) they wish to offer the users, dotsfly would only entice a fee( 10% to 50% of the budget) depending on the campaign.( higher the traffic, more the server maintainance & other costs).He can opt for time frames & demographics i.e. his target market, however we would be able to apply these algorithms once we have acquired satisfactory number of users.(initially the news street of dotsfly would have both sponsored and un-sponsored stories)
We will be completely transparent in our dealings ,presenting statistics to the advertisers (complete click log, source of the click location,time and the duration for which the user was logged in on his website ,incase he use the script) and Users too ( click log & source). Only genuine and unique views would be paid click.(On the users wall, the image and 400 characters of the story would be displayed).with every click on the share ,the person would be redirected to the landing page of the advertiser, where the person would be able to read the entire story,thus engaging him. This will worthily help the advertisers in SEO and also the landing page can be effortlessly assembled with other forms of engagement.
Spamming Control:
We have designed complex tracking systems to control spamming using cookies, beacons & other algorithms however regrettably the distressing part is, people will spam, which would lead to the blocking of their accounts ,which would indeed agitate their anger thereby forcing them to tag it as a “SCAM”
Taking this behavior into consideration ,we have decided to limit the number of times a person can use one social platform in a day .This would also ensure that a particular social platform wouldn’t be overwhelmed with sponsored stories.
For instance One can use twitter only 3 times a day ,where he is free to either share the same story or different ones. The same principle implies to facebook & others networking sites as well. Blogs & other proprietory platforms will have different strategies,including verification of the blog content,but will have no limit. One would be compensated for only 10 genuine & unique clicks per story that he/she shares. This all would ascertain that the content is distributed on a large space.This will prevent people sitting and sharing all day just to get paid. Also there is a “self-policing” element to the system if you spam friends with messages, they can unfriend you , hence it is of utmost importance to share relevant content/story which would fetch you views.
This indeed isn’t a quick rich scheme , everything will be displayed in statistics.
To add to this there is a referral system , where one can refer and can earn 10% of the each successful referral for life time. This would indeed help one can scale up his earnings.
Other platforms policies:
We are using Facebook app, and permitting people having more than 100 fb friends to only enroll.(ensuring authenticity and validating it by profile verification). Facebook too could restrict the app for sign in, hence the limit of two to five messages per day/ per social network & channel is adopted.
We would be requesting to the user to remember his username & password , in case facebook connect doesn’t function effectively in near future . We have researched and concluded that if people did not tag it as a spam , there are high chances that facebook wouldn’t object or create any hindrances ( facebook’s mission is to help people to be open and connect) .
We are rest assured that Google, twitter will never have concerns, and we indisputably will maintain the quality of the content by Reviewing it before display. Google’s mission itself is to organize the world’s information and make it universally accessible and functional.
Pain areas of advertiser:
1.There has been a striking rise in the no.of the websites,blogs and other web paltforms over a last few years. This has created a buzz of attracting more traffic and everbody is chasing it to an extent that businesses are even getting obsessed to buy fake likes and hits (5$ service etc..) and there is big black hat industry that is in effect with a million dollar valuation. Attracting consumer is everyone’s fundamental prerequisite.
2. Google’s average click cost is minimum $0.50 and as high as $80 depending on the keywords the advertiser wishes to target .This would consume a considerable amount of time expertise/experience and apparently capital. A few top rated keywords, insurance( 54.91$),Loan(44$), software and credit cost over $30. Also ,it’s not always the key words, its the quality score that matter as well .The presence of social media presence is undeniable . hence at times price does not fetch the expected worth .
3.General Motors have stopped buying all facebook ads and have shifted their focus on other marketing strategies on facebook .GM spends vaguely around $40 million annually and facebook get none of it in fact.This is a growing trend as traditional ads are ingnored by social network users.
Comscore released a report that facebook is a very effective marketing tool when used correctly and that not all facebook fans are of equivalent worth. They also found a big problem .Advertisers are treating facebook and other social media in the same fashion as their traditional media which typically counts clicks or actions to account for a campaign’s effectiveness. These are not the fans who in turn pass on their experience to their friend which is the massive drivers of sales and brand building( peer to peer recommendation).Successful brands focus on their top fans and influence them to endorse their product and recommend it to their friends and fans. Analyzing return on investment for social marketing is still quite tedious and can be unreliable. We still cannot overlook the cost to run ads on facebook.
There is lot that can be said in this context, but limiting here as this note is already too long.
We would reinstate that entry in every space is crucial ,therefore creating campaign on dotsfly can cover all these aspects and in addition also can boost advertisers fan pages & SEO, if they have their facebook fan page link on the landing page.
Scale up plans:
1.Designing more ways to help businesses connect directly to people.
2.Developing API’s for publishers( websites, games, apps) to provide wider range to advertisers.
3.Bidding and auctioning methodologies,where users can create useful content(art, news,video’s etc) and brands will bid & collaborate to make them go viral.
Questions :-
1. What you think would be the consumer response?
2. Can monetization change the face of media? As media still is not considered right space by investors to invest
3. What are the problems that we may face? How can we overcome them ?What are the integral steps?
4. Who should we connect to ? what are your hunches ,insights and opinion about this commerce?
Please provide us your valuable suggestions.
Regards,
Working Team
Anshoo Grover
If my understanding of your concept is right, your platform gives the user (person who shares content), the incentive to earn by sharing (good) content with his network.
It is common knowledge that if the content is good, it automatically gets shared, even without the incentive. Where your platform delivers the greatest value is that it may provide a faster/larger initial critical mass for a piece of content to become viral (there might be many that just die out due to insufficient discovery).
Services like Klout can work work both with and against you. They rate a sharing users’ strength in its network and may help you improve your payout algorithm (when they help you out) or even be a competitive option for the advertiser (when they work against you).
The only anticipated problem I see is that your model is typically against the ‘grain’ of social media sharing. Because advertisers would be paying out more (as compared to just releasing the content), taking your services might be used as a last resort for the content when it does not work organically!
Hope that help. All the best!
Nameet Potnis
Hi,
Upon reading the above idea a couple of things come to my mind.
First, the idea is good. What will matter is the way you execute it. There is a wonderful company based in Singapore who do something very similar (there are two ways of looking at this – 1. Someone is already doing it and has been at it for over two years, means we are up against strong competition before we start. 2. Someone is already doing it, which means there is customer validation of such a concept, which means if we manage to execute it well we can enter an existing segment and make an impact)
Second, Facebook still perceives itself as a platform to have meaningful non-commercial conversations and a third party paying people to post stuff will not go down well with them. In an indirect way, you become competitors to their ‘sponsored categories’ Be mindful, you will be the outsider, they own the medium and can shut you out at any time. Any interesting article to read here would be Building apps for Facebook: A dance with the devil.
Now to answer your questions directly
1. What you think would be the consumer response?
People spend a lot of time on social networks but the ‘attention span’ of people on these networks is not that high. What does this mean for you? I signed up on Sponsored tweets – Run by UTV to check out how they worked. They pay in dollars. I was asked to tweet the new Cadbury Silk ads before they came out (This campaign was run by Pinstorm). They were ready to pay $0.25 per tweet for a total of 3 tweets. The language of the tweet was pre-decided and didn’t go down well with me, so I didn’t go ahead. The point to note here is of ‘Quality’. People with a number of followers/ highly engaged people ‘might’ not be very comfortable tweeting/sharing Sponsored stories. Which means for you to get your campaign viral, you have to get a multitude of users who are willing to shoot out your message.
2. Can monetization change the face of media? As media still is not considered right space by investors to invest
Monetization can change the face of anything. Let me give you a relevant example, do you think when contests2win started of companies were looking to ‘invest’ a huge amount of money into running contests? (Alok would be a better person to answer this)
3. What are the problems that we may face? How can we overcome them? What are the integral steps?
I have listed two potential problems above, these come to mind right away. I am sure of the fact that since you have chose to be an entrepreneur, you are willing and able to take on anything changes in the scenario that come up. I would like to iterate one very important point; you will be providing a service that is built on top of social networks whose policies you have no control over. You MUST be ready to adapt quickly.
4. Who should we connect to? what are your hunches, insights and opinion about this commerce?
Irrespective of rain or shine, people will shop. Commerce will grow. Indians are getting comfortable with spending online (Ebay India Census Report). Recent surveys by Forrester and personal experience shows that people ask for recommendation from peers when making significant purchasing decisions, I am sure a model like yours could morph itself into something very useful for advertisers and customers.
Hope this helps
Yogesh Pachauri
I am more than thankful Anshoo Grover & Nameet Potnis for these valuable feed back & Suggestions, we are noting down everything ,and will start working on every point. these notes will be of great help. Thanks
VARUN MITTAL
I remember a friend of mine having a company like this … maybe going through this helps you
https://www.crunchbase.com/company/twtbuck
Sistla Venkata Abhishek
I am not being a total novice on the or its that I dont understand what the issue is … But then wouldn’t people share for the money and if … it happens .. it just would replicate the Search Era ( when Yahoo and a few other companies did the same – they posted the top bidders first in the search list ).
The idea is no doubt great, but if a mechanism, to prevent people from sharing just for the money, is built, then things would be really awesome 🙂
asit gupta
1. The singapore company which is doing this/something similar is called GUSHCLOUD. They are in 100 shortlisted by RED HERRING. Read the comments on their idea to see the potential questions.
2. Will the content be original or people can spread a link of somebody else’s content. Content which offers a new perspective i.e an original review is more useful than the same review posted by 5 different people using your proposed service. For this you should aim to engage the 1-2% creators within the digital world. Benefit for the creators should be much higher than the spreaders i.e those who say ” I saw this and thought you might also like this”. What is broken in marketing is “authenticity”. The means to spread are plentiful. Focus on creating value-added authentic consumer content which other trust and find of value. It will spread itself.
Having a service which incentivizes spreading will likely attract the deal seekers looking to game the system ( although you have safeguards/limits of # of posts per platform per user)
3. Even with the proposed service i.e incentivize spreaders you will need to be able to provide enough “inventory” so that agencies and marketers can buy with some confidence. They should know that they will be able to get X mn impressions and Y mn clicks if they use your network of consumer spreaders ( who need to be screened for category fit to be part of the campaign to start with).
Overall, a few things to think about on the model.
Samudra Neelam Bhuyan
Check out https://zuvvu.com/
https://lighthouseinsights.in/zuvvu-rewards-your-social-media-influence.html
I think the idea has potential, but it really depends upon the execution. If you can get marquee brands like Pepsi / Coca cola to start creating campaigns on your platform, then that would be a good start.
I read somewhere – “Ideas are worth $10. And the execution puts the 0s after that.”