I'm getting ready to launch a company called Shopfluential (it is still being built) and was hoping to get your brutally honest feedback and criticism.
The site ranks people on their influence on Facebook, Twitter, Instagram,
or YouTube from 0 to 10 and gives them a one time use discount codes based
on their score. They must score a 2 to receive a discount. A 2 would receive 20% off and a 10 would receive 100% off. Anyone can have influence. ANYONE can be an influencer.
I developed formulas/algorithms for each social network to try and measure their influence based on engagement. We DO NOT look or care about how many followers a user has. For example, a like is worth significantly less than a comment on a post. A share is worth a lot more than a comment. We pull data over time from the social networks API.
They connect/link their social media account with one click and then get their score. If they want to get a discount code they have to tell us their age, gender, location, and their interests. We take that info and match them with brands that are targeting people like them. Then they choose from those brands which to get their discount from.
We partner with brands to supply the discounts and discount codes. I have signed up over 800 brands to give discounts - everything from snack company's, subscription boxes, bikini brands, etc. I sent cold emails to these brands and literally asked them to tell me everything they hated about the idea so I could pivot/adjust to their feedback
The brands supply the codes for the influencers to shop with on their website. They decide what scores to target and the number of codes to distribute.
The original idea was after the user uses their code on the brands website and receives their order, they post about their purchase with a custom affiliate link to the brands website to track
the sales they generate and charge brands 10% of all sales that come from the influencer and pay the influencer half that. BUT to create an affiliate network from scratch has proven to be very difficult and VERY expensive.
All the brand does is supply us with a list of discount codes for each score they want to target.
I have one very big and famous CEO/VC interested and have a meeting with another one in the first week of September.
How would YOU monetize this?
The site ranks people on their influence on Facebook, Twitter, Instagram,
or YouTube from 0 to 10 and gives them a one time use discount codes based
on their score. They must score a 2 to receive a discount. A 2 would receive 20% off and a 10 would receive 100% off. Anyone can have influence. ANYONE can be an influencer.
I developed formulas/algorithms for each social network to try and measure their influence based on engagement. We DO NOT look or care about how many followers a user has. For example, a like is worth significantly less than a comment on a post. A share is worth a lot more than a comment. We pull data over time from the social networks API.
They connect/link their social media account with one click and then get their score. If they want to get a discount code they have to tell us their age, gender, location, and their interests. We take that info and match them with brands that are targeting people like them. Then they choose from those brands which to get their discount from.
We partner with brands to supply the discounts and discount codes. I have signed up over 800 brands to give discounts - everything from snack company's, subscription boxes, bikini brands, etc. I sent cold emails to these brands and literally asked them to tell me everything they hated about the idea so I could pivot/adjust to their feedback
The brands supply the codes for the influencers to shop with on their website. They decide what scores to target and the number of codes to distribute.
The original idea was after the user uses their code on the brands website and receives their order, they post about their purchase with a custom affiliate link to the brands website to track
the sales they generate and charge brands 10% of all sales that come from the influencer and pay the influencer half that. BUT to create an affiliate network from scratch has proven to be very difficult and VERY expensive.
All the brand does is supply us with a list of discount codes for each score they want to target.
I have one very big and famous CEO/VC interested and have a meeting with another one in the first week of September.
How would YOU monetize this?
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