Bountyhunters is an automated infl uencer marketing platform and bounty programs managing service. It’s built on the “action=reward” model, and it’s based on blockchain technology. The platform aims to help start-ups, ICO
projects, and existing companies to increase awareness of its own brand in the market and to increase the number of signifi cant mentions in social networks and specialized marketing, PR channels, and blogs. The platform is based on blockchain technology and backed with a utility token.
Our goal is to create a safe and transparent environment in the infl uencer marketing arena. This will benefi t the company and the owners of social media accounts, receiving the opportunity to monetize their own subscription base and millions of readers, receiving more interesting and relevant content.
History and development stages
Search and analysis of the existing solutions for the bounty campaign launch for the in-house projects.
We formed the Department of Internal Community Managers, The stack of services for the bounty campaign management without possible automation were selected.
Presented the decision on the launch of our own technological base for carrying out the bounty campaign, which included the engineering of business processes, forming a model of the system, the model of the interaction between contractors within the system, and secularization and allocation of funds deposited.
The development of parsers for data collection and formation of the slice of the target audience and further identifying of potential influencers. By developing our own parsers, we managed to collect a targeted database of
over 25,000 influencers, which were distributed by grades and the parameters corresponding to the quality of each account, its content, and audience coverage.
We establish integration with the social networks and channels for automated data collection.
Start of the web UI and working prototype of the service for internal clients of the company.
Formed the Department on communicating with influencers – within six months specialists of the Department built relationships with each influencer, sent an invitation to the system, presented the benefits of using the service.
Full-scale launch of the projects within the platform – Blackmoon, WishFinance, SmsChain, Zangll, Acorn and modernization of the system (integration of the rating module, dynamic budgeting, preparations for the transition of the business model for PR and business direction).
Key purposes of the platform
- Increase awareness of the new brand – an opportunity to increase the number of people visiting the company’s website, downloading documents, leaving personal contacts, reading any content about the company, etc.
- Involvement/engagement – increasing amount of valuable content which generates an active action form the target audience representatives (share, comment, repost); active involvement of the audience to affi liate and referral tools.
- Audience and customer base growth – ability to increase traffic, audience engagement and convert it into quality leads.
- Lead generation – built-in analytical tools for gathering and analyzing data of each infl uencer activity allow to customize the campaign and target it at influencers providing the highest quality of leads/clients.
- Sales – increasing points of contact of a brand with a new audience can multiply product sales.
- Retaining existing customers and increasing loyalty- through upto-date and actual informing of the target audience about the news, positive events associated with the brand.
Problem And Solution
Influencer marketing industry trends
Infl uencer marketing is an alternative form of brand promotion that aims to increase coverage and conversion from the target audience. The social networks and channels – such as Youtube, Reddit, etc. – help avoid the problem of ad
blocking since the advertisement becomes native as an embedded part of the natural fl ow of information.
Influencer marketing is a form of marketing in which the focus is on the person (influencer) who has an infl uence (within their own, often narrow audience). In this case, an influencer can be described as someone having an influence on a certain circle of people and their decision-making process. The influencer is the opinion leader in his own niche. As a result, his information is perceived as more authentic and genuine than direct advertising from any brand. Therefore, it causes greater confidence in the product than traditional advertising.
Influencer marketing is in the early stages of development. It is one of the most effective social strategies for businesses of almost any size. Selling goods through «opinion of other person» – has always been one of the most effective forms of product promotion and is now correlated with a 20% – 50% of all purchasing decisions. It will continue to grow because there is an active trend that’s increasing diversity of products on the market, increasing competition in almost every segment of business, and the availability of «information and advertising noise» that cause the audience to look for support of their purchase decisions. This support comes from the opinions and information of people with similar beliefs, values, and socio-demographic characteristics.
In 2017, roughly 32% of professional marketers began using the influencer marketing tools among their key marketing strategies. At the beginning of 2018, 63% of budgets are allocated to work with the social networks and owners of thematic accounts. At the same time, about 36% of the companies spend less
than $5,000 on this strategy.
Over the next 12 months, nearly 85% of professionals in the field of marketing around the world will launch at least one influencer marketing campaign. In the U.S. monthly budgets on this strategy amount to more than $255 million.
It’s not a coincidence because the number of users (devices) having ad blocking specialized applications has already reached 700 million as on the beginning of
In 2017, three social platforms were considered most popular: Facebook Youtube, and Twitter. However, local platforms and chat services are also gaining significant popularity. Platforms like Wechat, Telegram, Snapchat, and
specialized content sharing services like Reddit, Golos, Steemit, and others are gaining significant attention from users
This strategy attracts leads with higher quality, which further demonstrate the higher conversions (LTV, COC, etc). According to Research by Tomoson, 51% of marketers appreciate this channel as more effective from the point of view of the quality of the attracted leads. A study by eMarketer found that the strategy also demonstrates higher ROI (on average 6.85 for invested dollar) than other channels attracting target audiences. Pay Per Click and targeted advertising, where, because of an overabundance of advertisers, high cost per click does not allow businesses to build an effective model of work with potential customers since the performed purchases of a product / service does not cover the expenses.
A) For a company, brand, startup
1. The infrastructure of the platform allows maximizing future profits by increasing brand awareness through the coverage of a new audience. Moreover, the platform helps by mitigating risks, conducting automatic tracking of
infl uencers activities with the ability to fi lter and target tasks only on quality accounts.
2. The platform reduces operating costs. Traditionally the launch of the bounty and influencer marketing campaigns is very costly in time and financial resources. Working with our platform, there is no need to hire additional staff or
pay for expensive services of specialized agencies. Full automation of the system allows for significantly reduce costs, both for an advertiser (bounty host) and for the platform (allowing us charging smaller fees).
3. Automatic calculation of activities and results of the performed actions. The representative of the company has no need to hire a separate staff of managers to track activities and perform steaks / payments distribution, as the system performs the automatic tracking of all actions, monitors key indicators (ROI, CPA, see further, the «Analytics» section), automatically distributes the funds on a pre-established plan of the budgeting and allocation.
4. The real-time data fl ow. No need to use Excel or other services for accounting and management of the marketing campaign.
5. All-in-one – the maximum convenience for the manager – all existing social networks and communication channels in the single manageable space – Twitter, Facebook, Youtube, Reddit, etc. The platform provides an opportunity to
include additional (narrow-targeted channels), creating custom campaigns (for specialized tasks).
6. The absence of the «stealing» steaks / funds problem. The platform allows avoiding the common problem of spending funds on low-quality social accounts (aggregated or containing a large percentage of subscribers-bots),
and on tasks that don’t carry any value (for example, posts that contain irrelevant or copied content, not unique content).
7. Deep verifi cation of all infl uencers accounts and the presence of reputational system – special algorithms (see the section “calculation formulas for ratings and metrics”) provide a full transparency of a campaign for a business. The platform carries out verifi cation of each user account in a social network and analyses the potential effectiveness of social activity of each influencer by parsing the data provided by the API of the social network.
B) Benefi ts of the platform for bounty hunter / influencer
1. Verifi cation of the companies. This alleviates a common industry problem: non-payment of funds / steaks to a bounty hunter. Even responsible projects might not collect, for example, a company might not receive the required
amount of funds during an ICO campaign, and they might have to cancel any further business activity. In the end, hunters lose their time and money. To avoid these issues, our platform uses verifi cation of the companies by performing an overall project audit, making an evaluation of the project team, assessing media presence and the feedback from the audience, and a preliminary assessment of a business model.
2. Automatic payouts after completion of the campaign or one of its stages: the platform helps avoid a delay in payments. On our platform, the payout happens automatically and immediately after the end of the campaign or one of its stages. In the personal profi le, every infl uencer can evaluate the result of his own activities. A dashboard with key indicators of an account demonstrates the actual amount of funds earned.
3. Escrow fund and escrow conditionsEvery company that works with our system signs the escrow agreement with
each infl uencer This is done automatically through the integrated blockchain functionality and issuance of smart contracts. Deposited funds will be paid to infl uencers (for more details see “The tokenized model”).
4. Content monetization – the process of monetizing a personal social media account is a laborious task because it takes time to fi nd suitable advertisers. The platform equips companies to monetize social activities as soon as possible and to perform it on a regular basis.
5. Access to the platform even for beginner social account holders – Most of the platforms and agencies in the market have high entry threshold for the owners of social accounts. In our system, there is no limit on the age of the account or the number of subscribers. Integrated tools for calculating ratings allow even the novice bloggers to participate in the new campaigns. According to the rating of each influencer, the system will adjust the payments ratios.
6. The opportunity to participate immediately in several bounty campaigns. The platform does not limit a participation to only one ongoing campaign. On the contrary, the system allows an infl uencer to take the decision to participate immediately in several campaigns.
7. Access to a large number of bounty campaigns in the same space – Hunters often have trouble locating advertisers to support and monetize their social accounts. Our platform provides a marketplace for those advertisers (bounty hosts) that are highly relevant to the content strategy of each influencer and the characteristics of its core audience.
C) Benefi ts to the industry as a whole
Because of the integrated tools for assessing the quality of infl uencer accounts and every performed action, the influencers are forced to create more engaging and interesting content (to increase the number of views and CTR), which stimulates the industry as a whole and increases the quality of the information field in this niche.
Google Analytics Integration
For tracking deeper marketing metrics, our platform has a built-in tool to integrate a campaign with Google Analytics. Our company also offers a specialized platform that offers a personalized presentation the Google
Analytics on the client side. The following indicators, as well as a more customized calculation of the specialized micro-conversions, are available:
Average purchase value/average order value: the average value of each purchase.
LTV: Lifetime Customer Value: the profit that a customer generates in a certain period of time (six months, a year, etc.)
ARPU / Average revenue per customer: the average profi tability per client.
Conversions: the number of email database registrations, documents downloads, website registrations etc.
CPA (cost per acquisition or cost per action): the cost for the final action committed by the client.
CAC (customer acquisition cost): the cost of attracting a potential customer to a web-site.
COC (cost of a client): the cost of converting a visitor into a real customer.
RPC (revenue per click): the average profi t for one click.
ROI (return on investment): return on investments spent on an advertising campaign or bounty campaign. Product sales: number of sales.
Bounce rate: the number of visitors who clicked the link, went to the site, but immediately returned to the social network.
The tokenized model
Technologically, the project represents the hybrid model built as with the use of traditional tools (relational databases, etc.), and blockchain technologies that are integrated with each other to ensure ease of use, greater speed of internal transactions and more secure data storage.
One of the key advantages of using blockchain technology in the framework of the project are:
– Ease of conducting fi nancial transactions within the platform.
– The lack of the need for signing additional regulatory documentation for each contractor. In particular, the interaction of different contractors from different geographical regions with different legal and legislative framework).
– Reduction commissions on currencies conversion and transaction during the payment process (particularly in the case of numerous microtransactions).
– Secure storage of digital assets (representing high value – data; funds, etc.).
– Ability to scale the system to millions of users.
However, taking into consideration the experience of developing our own blockchain project and the experience of other industry representatives, we are aware of the disadvantages and limitations of existing blockchain solutions and protocols. For example, using the popular blockchain platform Ethereum obviously limits the project in achieving high transaction volumes because Ethereum can only provide up to 20 transactions per second. Another significant problem is the implementation of micro payments.
Currently, the average transaction cost within the Ethereum is about $5-10 for a 10-minute transaction. For large payment volumes, this imposes signifi cant limitations on the overall speed of the system and increases costs. Most of the projects of traditional (non-blockchain) industry which use mechanics of microtransactions also offer very high commission rates for the processing and withdrawal of funds. For example, on popular freelance exchanges, the average fee rate is about 30%. We understand that this might be a rational decision when offering a real value to the client. For example, the ability to fi nd the order executive in the shortest period of time is a value-proposition. However, within our platform, we aim to avoid this problem.
In this regard, we decided to use a multivariate framework, which uses multiple protocols and tools. Realistically understanding of the complexity of the simulation, launch, testing, and development entirely in-house solution / protocol, we have decided to use tested and proven platforms and protocols, demonstrating real effectiveness for high-load systems.
The Token is designed with the aim to increase the safety of internal transaction between the counterparties (bounty hunters, influencers, and hosts) of the platform. The smart contract, integrated with the token, allows confi guring the flexible parameters of each transaction (for example, if the host does not receive the content of pre-defi ned quality (the posts don’t meet the stated metrics), the smart contract algorithm will automatically either reduce the payout per performed action or cancel the payment.
Commissions on the transactions
Currently, high commissions inside the advertising industry are a real problem. In the case of using multiple advertising systems by a startup, overall commissions, in most cases, exceed the specifi ed conversion parameters
needed to attract new customers and ensure the profi tability of the company and preserve the margin parameters of the product). Our platform takes only 10% of the total cost of the campaign or of each completed and verifi ed activity.
The token price
The value of the token at the time of the crowdsale will be 1 HNTR = 0.5$. The final cost of the token as a market asset couldn’t be determined at the moment because these indices are affected by many factors including supply
and demand for the token, trading volumes, news and media factors (news about the development of our project), correlation factors related to the development of the crypto industry as a whole and to the indicators of other
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