The Runs Platform: Enhancing The Power Of Experiences For Users
In our last post, we had discussed unique features of the Runs platform as well as described its two transformative phases — Pre-Decentralization and Post-Decentralization. Here, we will talk about the actual aim of the Runs platform in bringing unique experiences within the grasp of the users.
The Runs Platform: Cricket, Coffee & Cinema
The fact that over 500 billion cups of coffee are consumed in a year, 6.29 billion movie tickets were purchased in 2016, and 2.5 billion fans of the sport called cricket exist, provides a great starting point for Runs, that seeks to onboard multiple brands related to coffee, cinema and cricket across the globe.
Football has the most number of fans in the world at 3.5 billion, however since the world cup has already started, the timing for aligning experiences to the community was very short. Hence cricket, which has the second largest fan base in the world at 2.5 billion, presents a great opportunity for aligning experiences.
Runs has identified a set of 125 cities across 25 countries in the world, where there is a significant market for either cricket, coffee, cinema or a combination of the three communities. These would form a clear focus area of the Runs Platform during the pre-decentralized stage.
This stage would also involve a significant execution of the “bowling pin strategy” where niches that exhibit cross-market synergies similar to Cricket, Cinema and Coffee will be targeted and the Runs Platform will begin listing XKUs related to these new niches. Taking this a step further, members can be further incentivized with Runs Tokens for performing tasks and activities for brands that count towards engagement. This could include following a brand, filling out a survey, promoting it on social media, etc.
The Runs Platform: From Commodities To Experiences
While contemporary platforms have existed for a long period of time and have grown their customer base in due course, Runs aspires to develop a large platform of members in a very short time. The strategy deployed therefore, is to align the offerings to large communities and onboard them through the sale of experiences.
The shift in marketing from loyalty to experiences makes it extremely difficult and expensive for brands to scale up this part of their operations. The ability to engage users and customers through experiences provides a lucrative value proposition for brands across the globe to become members of the Runs Platform. Early on, Runs will be the sole seller of experiences listed as XKUs in the Platform. As adoption increases, partner brands will also be able to list experiences in the Runs Platform, provided they are verified and committed to the public Blockchain as an XKU.
Generally, platforms enable a two-sided market which comprise of a demand and supply side. The Runs platform aims to expand its operations overtime on the basis of targeting members’ interests. The omni-channel presence and cultural cohesion provided by sports, leisure, entertainment and food related experiences represent an opportunity to generate cross-market incentives. The profiling of members and customized/direct product marketing would depend on the magnitude of transactions undertaken involving the Runs Tokens. As Amazon™ began with books, the target market for Runs will be Cricket, Cinema and Coffee, a clear case of early market enablers. As the key characteristics of the demand side become apparent, curating experiences and engaging brands becomes substantially easier, thereby accounting for the supply side of the platform.
Runs has already launched pilot programs with publicly traded brands such as Cafe Coffee Day™ (NSE: COFFEEDAY) and PVR™ (NSE: PVR), who are leaders in the coffee and cinema chain spaces respectively, in India. The launch in established markets provides greater opportunities for positive network effects and feedback loops. This would attract more members which would in turn invite more brands.