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Branding Case Studies Marketing

Planning Your Mobile Marketing Tour

While you’re settling back into the office after the holidays, it is the perfect time to plan a mobile marketing tour!

A mobile marketing tour is an excellent opportunity to meet your target audience in their lifestyle intersection.

Why Mobile Marketing?

  • Impact—Going on the road you’re able to reach a wider audience, expanding your campaign’s impact on consumers.
  • Pace—Not only will you be able to reach more people, but you will do so in a shorter amount of time. The mobile tour allows you to connect with more people in a faster manner.
  • Specialization—Probably the most exciting benefit of the mobile marketing tour is the ability to really individualize each stop to best cater to the area and people of each location. The marketing purpose is the same, but you can tailor each experience to a specific place.

Tips for Successful Mobile Marketing Tours

1. Research Beforehand

Choosing the best location is crucial, it must make sense for your brand and be convenient for your audience.

Finding a locale that fits your audiences’ lifestyle while complementing your brand will only be possible with in-person visits. 

Planning site visits, mapping out efficient driving routes, and installing a plan B will ensure a smooth and successful event.

And now, it’s important to know the area’s regulations and restrictions for groups of people. A little research will go a long way.

2. Personalize Each Event

As I’ve mentioned, being able to travel to different places gives you a wider audience, and while your product will remain the same, your users and their preferences will vary.

Do your research and make tweaks accordingly to appeal to specific locations. Your supporters will notice the details that cater to them, and they’ll be appreciative.

3. Prepare Your Staff

Considering your staff and brand ambassadors will be the face of your business on-site, taking the time to train them properly will be worth it.

Preparing them to engage (safely) with consumers, reviewing event logistics, brand policy and procedure, and the company’s mission will be essential to have a solid staff who will adequately represent your brand in all interactions.

4. Reach Your Audience

Are you hoping to catch random pedestrians, or do you have a specific target audience in mind?

If you know your audience, it’s crucial to reach out beforehand, build up the hype, and get the important information out online.

Let your followers know when and where ahead of time, this can be done easily via Instagram, Twitter, and Facebook.

5. Keep Interest

Once you head out to your next location, it’s important that your supporters still feel connected. Don’t be shy online!

Continuously post photos, updates, etc. on social media to show previous customers how you value them, and potential new customers can see what fun is in store for them.

A mobile marketing tour is an exciting opportunity to bring your products to life, but if done without adequate planning, it can fall flat.

 

We Can Help

Want to learn more about how we help brands and agencies find the right marketing solutions? Contact our expert team at MOGXP here. We’ll work together to identify the best opportunities to make your experiential marketing campaign a success.

Image attribution.

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Case Studies

When You Think About Quitting, Think About Why You Started

Being in any business is hard. There are a lot of obstacles you need to go through. Despite that, you are more than what you think you are.

It can be difficult to keep up with the competition, find and retain employees and clients while generating profits. It is possible for you to succeed.

So, if you’re feeling like giving up, take a step back and remind yourself of why you started in the first place. Think about your goals and what you want to achieve. Are you passionate about your product or service? Do you believe in what you’re doing? If so, then don’t give up now.

You can overcome any obstacle if you have the right mindset and refuse to give up. So, if you’re feeling like quitting, remember why you started and keep going.

Remember that success takes time. It won’t happen overnight, so you need to be patient and persistent. Keep learning and growing, and eventually, you will reach your goals. So don’t give up – keep fighting for your dreams, and you will achieve them.

With this book, you’ll learn some of the techniques and values that have helped get me through the roughest yet most rewarding times I’ve had in my business career. You can use these techniques, live these values in your day-to-day life, and work your way toward success whatever that is for you.

Categories
Advice Case Studies

Selling Smarts: Why No Is the Second-Best Thing You Can Hear!

As a salesperson, of course you want to hear yes, and you’re a little afraid of no. No of course is failure. Who wants to fail? Certainly not me.

The fear of failure though, causes you as a salesperson to play small. You don’t ask the questions you need to ask because you’re afraid of no.

But No Is Actually a Fantastic Answer

No is a fantastic answer. When you hear it, it frees you up to focus on a prospect and do the work that can lead to a yes later on.

And what about hearing maybe? Too many of us love maybe because it isn’t an outright rejection . . . it isn’t no. And prospective clients can feel better when they say maybe. Why? Because they can tell themselves, “At least I didn’t say no.”

Chances are your prospects like you. You have good people skills and something worthwhile to offer. Plus, you have spent time with them. So they say maybe so as not to hurt your feelings.

Everybody might feel better because they got to maybe instead of to no. But if you get to maybe, all you really got was a colossal waste of time. An amazing amount of time and productivity are wasted, simply because people try to get to maybe.

Some Bigger, More Effective Ways of Selling

Here’s the point. Ask the tough questions and bring up the tough issues early, and don’t be afraid. Getting to an early no (and of course, an early yes) is preferable in every way to investing too much time to only arrive at maybe.

Some of the tough questions include:

  • “Do you know how much work this is going to be?” Give a prospect a realistic understanding of the expectations of them and what the work is going to be like for them, every day, if they buy what you are selling. While discussing about those issues might not be fun, it’s better to do it sooner rather than later. And it offers a more time-efficient way to sell.
  • “Have we discussed how much this is going to cost?” Many salespeople don’t like to talk about money at the beginning of a sales effort. They assume that is better to sell prospects on the concept first and then talk about the cost. But how much sense does that make? If you talk about money at the beginning and they don’t have enough, you can get to no really quickly. It doesn’t matter how much they love your concept if they can’t afford to buy it.
  • “Have you got the people, technology and other resources to successfully implement what we are talking about?” Many salespeople avoid asking questions like that, because they are afraid of killing a sale before it has gotten due consideration. But stop and think. Any prospect at some point is going to think about those issues. You don’t want to hear at the last minute, “We’re sold on what you’re offering, but we lack the ability to do it.” You want to hear about those problems early so you can solve them, address them, or even get to that early no.

And Remember . . .

No is also not always no. It is often an opportunity to start a new conversation and overcome objections you might not hear otherwise.

Many times, no is the start of a valuable conversation. If you hear no, start digging into the issues at hand. Be careful though. If the no is really a no, let it stand.

So stop to review your sales process. Are there questions in it that you put off because you’re afraid of turning off the prospect?

My advice? Move those tough questions up front. If they’re going to disqualify a customer, it’s best to do it early. You don’t need to wait until the fourth or fifth conversation to get into the more difficult conversations. You can have those conversations in your first conversation.

Like anything, this is a skill you need to learn and practice.

mailto:ehackel@ingage.net

Categories
Advice Branding Case Studies Growth Leadership

Building a Trustworthy Brand: The Importance of Values, Behavior, and Context

By Rob Docters author of Ethics and Hidden Greed

Building a trustworthy brand is crucial for any business to succeed in today’s competitive market. However, gaining customers’ trust is not built upon a list of attributes or a checklist but an outcome of ethical behavior and values.  In addition, social media allows businesses to gather information about people’s concerns and express themselves through better targeting the audience.

However, a company builds its brand through behavior, usually transmitted to potential buyers. The most successful companies instill their beliefs in every employee and don’t allow their salespeople to manipulate transactions to build a brand. Customers own brands, and they are not commodities. They want to know they are getting a quality product or service at a fair price.

Values, Behavior, and Trust

Knowing your values is crucial, not just for being suitable, which does not resonate with consumers, but for inspiring many decisions. For example, ExxonMobil aims to know where every gallon of gasoline is, from the well-head to the gas pump. You may say: “Oil is a commodity; it has no brand.” That would be wrong. Customers’ perception can easily alter the distinction between narrow and broad trust. If you are a product manager, then your goal is the value and price of a phone. If you are the company president, you had better think more broadly.

Pricing

The context for the pricing decision is what determines the price. For instance, Walmart gets a different price for Coke depending on where it’s displayed—its value changes when surrounded by Pepsi versus sporting goods.

It is crucial to understand customers and which of several categories of decision-making they go to. For example, a consumer bank had customers who hated banks and just wanted to “fly below the radar.” This segment was attracted to the bank, even if their intention did not sit well with the bank. At the same time, online-only consumers were not interested in guarantees and assurance regarding Internet banking and felt comfortable. They felt more adept than the bank, so the entire marketing pitch had to be flipped from safety to convenience, convenience, and convenience.

Building a trustworthy brand is an ongoing process that requires continuous effort and attention.Businesses can establish themselves as reliable and trustworthy brands that customers can rely on by taking a proactive approach to understanding their customers’ needs and concerns. Companies can better target their audience and deliver high-quality products and services that meet their customers’ expectations. Building a trustworthy brand is not just good for business; it’s essential for success in today’s marketplace.

ROB DOCTERS

ROB DOCTERS recently co-authored Ethics and Hidden Greed. Your Defense against Unethical Strategies and Violations of Trust. He is Partner at Abbey Road, LLP, leading their ethics practice. He formerly led BCG’s pricing practice in Asia/Pacific.

Building a trustworthy brand should be a high priority for almost any business to succeed in today’s competitive market. How to do this? Gaining customers’ trust is complex, not built upon a list of attributes or a checklist. Instead, it is the result of instilling ethical behaviors and values. These aspects have always been important, but today social media can make ethical issues rapidly grow to be significant.

However, a company builds its brand through behavior, usually transmitted to potential buyers. The most successful companies instill their beliefs in every employee and don’t allow their salespeople to manipulate transactions or customer care to be dismissive of building their brand. Its customers who ‘own’ your brand. They want to know, without checking, that they are getting a quality product or service at a fair price.

Values, Behavior, and Trust

Knowing your values is crucial for product development so that all activities resonate with consumers and inspire many decisions. That applies to almost all markets. For example, ExxonMobil’s profits lie in reaping the value of superior lubricants and oil. You may say: “Oil is a commodity; it has no brand.” That would not be true. Not only do lubricants vary in quality, but buyers get a cue about performance and value from how the company presents and markets these products.

Trust in a brand comes in two forms: narrow and broad, depending on the product. Narrow means evaluating each transaction. Broad means that customers form a view of the seller, and only if disproved does that perception evolve. Customers remember an experience, especially negative ones. If you are a product manager, then your goal might be narrowly the value and price in a specific sale. If you are the company president, think more broadly about the relationship.

Pricing

The context for the pricing decision is what determines the price. For instance: Walmart obtains a different price for Coke products depending on where it’s displayed—market price changes when surrounded by Pepsi versus sporting goods.

It is crucial to understand the decision criteria customers rely upon. For example, a consumer bank found that some customers, who “hated” banks, just wanted to “fly below the radar.” This segment was attractive to the bank, even if their views contradicted their aspirations. At the same time, online-only consumers were not interested in obtaining guarantees and assurance regarding Internet banking. They felt more adept than the bank, so the entire marketing pitch had to be flipped from safety to convenience, convenience, and convenience.

Building a trustworthy brand is an ongoing process that requires using the right levers. Unfortunately, many companies do not meet that requirement. Businesses can establish themselves as reliable and trustworthy brands that customers can rely on by taking a proactive approach to build ethical standards for all transactions—large and small (often taken as an indication of the overall relationship). Generally, this means employee behavior in customer interactions, ensuring their fidelity to values. Building a trustworthy brand is not just good for business; it’s essential for company success.

Categories
Accounting Capital Case Studies Economics Entrepreneurship Industries Investing News and Politics News and Politics Technology Wealth

Inside the FTX Scandal: A Shocking Look at Cryptocurrency’s Dark Side

 

The FTX Scandal Unraveled: How it Impacted the Cryptocurrency World…

Cryptocurrencies have come a long way since the creation of Bitcoin in 2009. Today, there are thousands of cryptocurrencies available, with a total market capitalization of over $2 trillion. However, with the rise of cryptocurrencies, there has also been an increase in scams and scandals. One such scandal that has rocked the cryptocurrency world is the FTX scandal. In this article, we will discuss the FTX scandal, how it impacted the cryptocurrency world, and what lessons can be learned from it.

What is FTX?

FTX is a cryptocurrency exchange that was founded in 2019 by Sam Bankman-Fried and Gary Wang. The exchange quickly gained popularity due to its advanced trading features, such as leverage and futures trading. In addition, FTX was known for its strong focus on user experience and customer support. By the end of 2020, FTX had become one of the largest cryptocurrency exchanges in the world.

 

Who is Sam Bankman Fried?

If you don’t know him, Sam Bankman-Fried is a computer scientist and entrepreneur. He is the founder and CEO of Alameda Research, a cryptocurrency trading firm, and FTX, a cryptocurrency derivatives exchange. He is also the founder of Alameda Charity, which provides grants to projects aimed at improving the cryptocurrency industry. Bankman-Fried is an outspoken advocate for the cryptocurrency industry and is well-known for his involvement in blockchain projects.

The FTX Scandal

In early 2021, the FTX scandal came to light. It was revealed that FTX had been engaging in wash trading, a form of market manipulation. Wash trading is the act of buying and selling the same asset simultaneously to create fake trading volume. This can deceive traders into thinking that there is more liquidity than there actually is, which can cause them to make trades that they wouldn’t have made otherwise.

The FTX scandal was particularly shocking because FTX was one of the most reputable cryptocurrency exchanges at the time. The exchange had built a strong reputation for being trustworthy and transparent, and had even received investments from prominent firms such as Binance and Coinbase.

Impact on the Cryptocurrency World

The FTX scandal had a significant impact on the cryptocurrency world. The news of the scandal caused FTX’s trading volume to plummet, and many traders withdrew their funds from the exchange. In addition, the scandal damaged the reputation of the entire cryptocurrency industry, which was already struggling with a perception problem due to its association with scams and illegal activities.

How Big Was the FTX Scandal?

As 4th largest crypto exchange, at one point FTX was values at an estimated $32B. The Wall Street Journal reports that Sam may have illegally taken about $10 billion in FTX customers’ funds for his trading firm. His company has collapsed and in additional to it’s default on $32b in debt, the FTX scandal caused $800b worth of crypto to leave the crypto market overnight.

Lessons Learned

The FTX scandal serves as a cautionary tale for cryptocurrency exchanges and traders alike. It highlights the importance of transparency and honesty in the cryptocurrency industry. Exchanges must be transparent about their trading practices, and traders must be wary of exchanges that engage in market manipulation.

In addition, the FTX scandal underscores the need for regulation in the cryptocurrency industry. While the industry has largely operated outside of traditional financial regulations, the FTX scandal shows that there is a need for greater oversight to prevent market manipulation and protect investors.

Conclusion

The FTX scandal was a significant event in the cryptocurrency world. It highlighted the importance of transparency, honesty, and regulation in the industry. While the scandal had a negative impact on FTX and the cryptocurrency industry as a whole, it also served as a wake-up call for the industry to address issues related to market manipulation and investor protection.

Here’s the bizarre story here…

WATCH:

https://www.youtube.com/watch?v=20BEJouWBgY

For more information visit tylerhayzlett.com

Categories
Advice Case Studies Leadership

THE GOAL OF LIVING LONGER WITHOUT PAIN OR DISEASE, AND THE GOLD MINE OF THE WELLNESS PROGRAM INDUSTRY

Most Company’s Health Wellness Programs – fail to save any money

In an attempt to reduce the skyrocketing costs of health care, many companies have employee wellness programs. On average, employees spend about 6 K while companies spend about $16,000 per employee on health care. The attempt at cost-saving has not shown any success in saving money and has not proven effective in better health.

Over 80%  of large employers have a wellness program that may include free screenings of BMI, cholesterol, blood pressure, and other health indicators. There are various incentives to stay healthy, from subsidized health classes to insurance discounts to cash payouts for meeting specific goals, such as quitting smoking. 

Research has shown that preventing cardiovascular disease or other chronic diseases is the best way to save costs. Therefore companies thought that taking the preventive role some of these programs offer could help them pocket some of those savings.

Sadly, companies aren’t getting much bang for their buck with these wellness programs. This has become a $50 billion industry, and the marketing for these programs is prolific. The market is so good that 66% of those companies want to expand their wellness programs, even though very few firms have not seen any savings over the past decades.

Wellness programs do not work for various reasons, but behavioral economics is the main reason. People are more likely to stay the course when they receive an immediate reward for staying the course when the goals are abstract and distant, such as lowering cholesterol. 

Despite some minor evidence that wellness programs work in some cases, randomized trials found no difference in:

  • Health outcomes 
  • Cost savings 
  • Reduced absenteeism

Even though wellness programs sound like they should work – if we give you a little nudge, maybe you’ll take better care of yourself – the data does not support it.

The employees who benefit the most from wellness programs are already those in good health. No evidence suggests that healthy people are more likely to increase their healthy behaviors when participating in a wellness program. They exercise regularly and see their doctor, so getting a gym voucher just rewards what they are already doing. To receive the program’s benefits, they register.

It is when we talk to people who aren’t engaged with their health that they see these incentives and they want to act, but their lives are so complicated  many lower-income workers have some comorbidities; this is such an enormous cognitive burden that adding more routines is difficult.”

The goal of living longer without pain or disease is valuable to most people. Although wellness programs are well intended, they aren’t working.

The idea that these side benefits would alter the calculations for these people is just completely illogical. There is a fundamental point here: these programs redistribute incentives from the unhealthy to the healthy, but neither group changes its behavior.

Do wellness programs help you save money?

For more Healthy Money Tips Listen to our PodCast “Money 911”

Meet with Kris Miller – Financial Fitness Strategy Sessions

https://healthymoneyhappylife.com/

Kris@HealthyMoneyHappyLIfe.com

(951) 926-4158

Categories
Case Studies Culture Leadership Marketing Personal Development Skills Technology Women In Business

Women Supporting Women

Did you know it’s National Women’s History Month? As a female business owner and entrepreneur, I’d like to say THANK YOU to all those who came before me and paved the way. Sometimes, being a strong powerful woman can feel very isolating. We all know the irreplaceable value of a strong, inclusive, loving support group. From childhood to parenthood, small networks of family, friends, neighbors, coworkers, and classmates give us a sense of belonging, protection, and camaraderie.

Support feeds the soul.

Getting the right support is crucial. Whether your kid won’t stop yelling your name or your coworker is clicking their pen incessantly, there are times when you’re frustrated and stressed out. All you want is the sympathetic voice of a friend who knows what you’re going through (and maybe a glass of wine).

You may have been disconnected from your usual support systems in recent seasons of life. I’ve discovered that a great podcast can help rebuild a sense of community. Listening to a wonderful podcast host feels a bit like a conversation with a wise and empathetic friend.

I’ve had the honor of collaborating with several incredible podcasts within the Conscious Parenting Revolution platform. If you’d like a little female camaraderie and support, I encourage you to listen (and subscribe!) to these fantastic shows.

THE SENSORY PROJECT SHOW

Rachel Harrington and Jessica Hill are certified occupational therapy assistants whose mission is to help families practice health and wellness in their daily lives. They’re light-hearted, funny, intelligent women with a fresh perspective on healthy family dynamics. Listen to my episode with Rachel and Jessica here.

THE BLENDED FAMILY PODCAST

Melissa Brown addresses the challenges of having an extended and blended home life with personal stories based on her own family. She tackles difficult topics like having a healthy divorce, managing relationships between non-biological siblings, and “time sharing” with an ex. Her episodes aim to help blended families not only co-exist, but thrive. Listen to my episode with Melissa here.

DISTRACTION PODCAST

In our world full of bright, shiny objects, we all need some advice on managing distractions. Dr. Ned Hallowell, a New York Times best-selling author and ADHD expert, lends his expertise on minimizing distractions in your daily life. His bright, enthusiastic show offers practical advice and shows how issues like ADHD can transform into strengths. Listen to my episode with Dr. Ned here.

THE MODERN MAMAS PODCAST

Jess Gaertner and Laura Bruner embody modern motherhood: Laura is a certified nutrition consultant, Jess is a licensed athletic trainer with a master’s degree in kinesthesiology, both are CrossFit trainers, and mamas to their babies—whew! They interview guests about fertility, pregnancy, parenting, fitness, and holistic health and spirituality. This duo is a blast to listen to! Listen to my episode with Jess and Laura here.

EXPERT TALK WITH TGO

A direct connection into the world of “Trailblazers” who openly share their journeys to success. From step-by-step tips on building their businesses to how they overcame insurmountable odds and turned their dreams into realities. Tune in to our International Women’s Day LIVE Event March 8th!

LAW OF ATTRACTION WITH NATASHA GRAZIANO

Bringing you the latest wisdom and neuroscience on how to manifest your goals in life and create abundance in wealth, love, health, relationships. She is the creator of the world renowned meditational behavioral synchronicity (MBS) method. By listening to this podcast, you will learn how to refocus your mindset and thought processes with practical and mindful exercises that you can begin right here, right now, simply by pressing play. Listen to my podcast episode here.

 

Which episode was your favorite? Hit reply and let me know!

Love and blessings,

Katherine

P.S. I am thrilled to be part of the 3rd Annual International Women’s Day Marathon!! An event featuring over 25 live interviews hosted by my good friend, TGo, showcasing successful women from small business entrepreneurs to trailblazers from around the world. On March 8, 2023, from 9-5pm PT, you can watch this event for FREE, streamed live from the comfort of your own home. You will have the opportunity to hear from remarkable women who have made a significant impact in their respective fields, inspiring and empowering you to achieve your own goals. This inspiring event is made possible by NOW – the Network Of Outstanding Women, and is sponsored in part by PodNation TV and JD3TV networks. I can’t wait to share with you! iwdm.live

 

Categories
Capital Case Studies Economics Investing

WATCH: Blackrock CEO’s Huge Crypto News for 2023!

BlackRock is the largest asset management company in the world with $10 Trillion in assets under management.

Recently BlackRock’s CEO, Larry Fink, explains (in detail) how there’s a complete reset in the global economy.

He discusses the effects of high inflation due to the European war, along with the inflation of the US dollar, but also predicts inflation (particularly US inflation) will decline rapidly.

In a recent interview, Fink rolls out Blackrock’s long term investment strategy that includes a surprisingly heavy bull position on crypto despite the current collapse of the decentralized token market due to the downfall of FTX.

Check out the full interview below…

WATCH:

Categories
Biography and History Branding Case Studies Marketing Operations Strategy

WATCH: The Real Reason the Long John Silver’s Business is Sinking…

Long John Silver’s is the #1 fast food seafood restaurant in the United States.

But, they’ve been struggling for decades. Long John Silver’s has lost over half their franchises since their peak.  Here’s why…

 

 

 

The Real Reason Long John Silver’s is Struggling:

The original premise for the chain sounded good, at least on paper. During a family, vacation, businessman and restaurateur, Jim Patterson had a flash of inspiration:

Bring the sunny seaside fish and chips eating beach experience from the coast, to families nationwide.

When the chain first started, Long John Silver’s made an effort to impart each location with a seafaring theme reminiscent of the company’s vacation-inspired roots.

The company’s heyday was a ten-year period from about 1979 to 1989, during which it grew from a footprint of one thousand units to an all-time high of 1,500 locations.

Watch the full story on this episode of Company Man.

 

WATCH:

 

Then a String of Devastating Decline in Market share…

The chain has been on a decline since at least 1989 when, in response to mounting debt, it first took its business private. In the three decades since, it’s been handed off from one unhappy owner to another.

They’ve also been plagued with bad marketing (often self-inflicted).

For example, in 2017 they’re marketing team posted a video of a hostage being beheaded with a swordfish in an attempt to “go viral”…

 

 

They were forced to issue an apology:

Graphical user interface, text, application Description automatically generated

On top of some marketing flops, probably the biggest failure is their lack of vision against the original mission to bring people into a coastal dinner experience.

 

Long John Silver's

You know that feeling you get when you have a craving for fried cod, but you also  want a root beer float and a chili dog? Apparently, not too many other could relate either…

In addition to loosing half their franchises since their height, they lost 300 locations over the last 5 years alone and another 60 during the 2020 COVID lockdowns.

While millions of Americans enjoy the convenience of fast food, it appears for Long John Silver’s target audience, they preferred the original quality experience and cheap burgers over fish sandwiches.

For more information visit tylerhayzlett.com

Categories
Branding Case Studies Entrepreneurship Growth Investing Marketing News and Politics Wealth

How a Broke YouTuber Invented $4 Billion Business After Being Rejected 40 Times…

In 2012, Jack Conte and his wife, Nataly Dawn, were known as the indie band called Pomplamoose. They were bringing in roughly $400,000 per year in revenue from tour dates, merch, and on ads viewed by their 1.5M followers on their YouTube channel.

 

But then a mental breakdown a few years ago changed all of that…

After spending three months producing an elaborate music video for their song “Pedals, (it’s pretty impressive for a self-production). But the production came at the heavy cost of maxing out all of Jack and Nataly’s credit cards.

The Conte’s sunk their life savings into making the video popular on YouTube. So far the video has 2.3M views, but the confused couple received almost nothing for their efforts from YouTube…

They spent $10,000 and three months to make just the 1 video go viral on YouTube. He soon realized that, even though he receives an average of one million viewers on his YouTube videos, he’d only make $160 in ad revenue. Kind of a shitty reward for the time and effort they were putting in.

Jack knew there had to be a better way…

So he came up with an idea for creators to get compensated directly from their fans and cut out the middle man.

That’s how he came up with the idea of launching Patreon. He sent a sketch of his idea to his former college roommate, an engineer, who started coding for it that night. They launched soon after, with Jack being Patreon’s first official creator. Within two weeks, he was making six figures…

 

Wait, What is Patreon?

Basically it’s a membership platform that helps creators to get paid. Creators perform an artistic service and return, their fans and supporters (aka patrons) use Patreon to support them by means of payments. This way, creators can spend more time creating content instead of looking for funding.

There’s a few business models that content creators can use on this crowdfunding/membership platform.

 

Patreon’s Business Model Enables Creators to Charge For:

  • Community (monthly memberships)
  • Educational subscriptions
  • Gated premium content
  • Pay-what-you-can donations

 

Jack founded Patreon in 2013, today they have 3 million monthly active patrons generating $100M+ per month on the platform.

At one point for example, author and psychologist Jordan Peterson, was said to be making over $70k per month on the platform just in donations alone.

Patreon currently takes between 5% and 12% of creator earnings (plus a payment processing fee). The pandemic helped increase revenue with over 30,000 creators flocking to the site within the first few weeks of the pandemic. Videos and podcasts are the biggest categories on the site.

Along with all their success, the company is facing an intense amount of competition coming from Youtube, Twitter, Instagram, Only Fans, Substack, and Clubhouse (is that thing still alive?).  It seems every platform these days is doing their best to lure creators by allowing everyone to make money versus just the big creatives.

But for now, Patreon has proven their business model helping participants in the creator economy to get paid more. The result of the couple’s efforts so far has resulted in an estimated $8 million in cash.

The companies’ market valuation is currently hovering at $4billion. Which is a pretty awesome accomplishment that a broken husband fed up YouTube created a rival platform that turned him into a millionaire.

#boss…

 

 

For more information visit tylerhayzlett.com