PATRON: Sharing the Social Media Influencer Economy Value
Celebrities like Athletes, Singers, Movie Actors and Reality TV show stars are currently bossing the social media marketing world. Truth be told, these sets of people have large number of followers on their different marketable social media platforms ranging from Instagram, YouTube to Facebook and the likes, and can influence the day to day life of their followers by their own day to day lifestyle on these social media. The attribute of a voluminous fan base makes these celebrities great influncers and the ideal candidate for products and services marketing. Who wouldn't want to have a pair of Gucci, Yeezy or Tom Ford designer clothes after watching Kim Kardashian rocking her curvy body in them?.
Who is an Influencer?
Influencers are a set of people or should I say personalities on social media platforms like the Instagram,Facebook, and Welbo in the Asian world, that posses a greater number of followers and have greater influence on the lifestyle of their followers, be it fashion-wise and likes, and are good for promotion and marketing strategies amongst advertising firms(Sponsors). Influencers are mostly celebrities but not necessary celebrities this days, all thanks to the SNS (Social Networking Service) that allows lower tier influencers: online personalities with a considerable number of followers but with unique set of skills say a cook, that goes well with the strategy of an advertising company say a sauce producing company, to act as an influencer. An unknown personality can freely build their own fan base on social media and become an influencer without necessarily have to be a celebrity.
Problems Using Celebrities as Influencer
The problem remains that, even though the outreach is bigger with celebrities but is the customer turn in as effective as anticipated by advertising company?, in most cases the answer is NO, given most of these celebrities are not specific or should I say specialized in the area of the product or services they are trying to advertise with their followers demographic(target market) not suiting the promotion in most cases.
Take for example, online personality (Influencer) with a considerable number of followers but with unique set of skills say a cook that goes well with the strategy of an advertising company(Sponsor) say a sauce producing company, to act as an influencer will yield better patronage than using a celebrity figure say a singer for such promotion.
An economy value sharing initiative like Patron helps in the influencer economy value sharing.
What is Patron?
Patron is an influencer economy value sharing decentralized platform that uses blockchain technology. The idea is for Sponsors to get value for the money being paid for advertisement by connecting them with relevant influencer with relevant fan base (followers). Patron helps connect guest with host for promotional purposes.
Benefits of Patron
The influencers on Patron platform can build a reputation for themselves like a specialization using the distinct demographic of their followers.
Sponsors can have idea of the effectiveness of advert by engaging a distinct influncer judging by reputation and certain demographic of their followers making targeted market possible.
The blockchain technology deployed on Patron makes the platform third-party escrow free: connections between host and guest, host and fans is direct and all transaction records will reflect the immutability of traditional blockchain platform.
Patron Architecture and Economy Model
What Patron does is that they help categorized influncers which in return enhance the relevancy of the platform by allowing for “targeted marketing” making it suitable for Sponsors to come in with the idea of which Host to engage.
There are basically three (3) user-types on the Patron network:
1.The Host; also known as the Influencer
2.The Guest; or Sponsor
3.The Fan or Follower
1.The Hosts or Influencers help promote the Sponsors company materials. The host enters into a contract with the guest with terms of contract varying. An Host might enter into a long term contract with a guest company and during the span of the contract, might be allowed to only promote the sponsor company goods or services acting as the ambassador in the process in return for an income. Influencers can also bid for a contract or advertise themselves if their fan base demographic fit in for the contract.
Influencers are judge on Patron basically on this three (3) criteria:
●Number of Followers
The number of people are available through this user’s network
The frequency of engagement between the influencer and their followers
Reviews of the influencers from their followers
2.The Sponsors (Guests) Patron helps solve the problem of effectiveness surrounding the usage of influencers for marketing purpose by linking sponsors with the relevant hosts having the right choice of followers base on certain demographic or targeted market.
3.Fans (Followers) are the major bench mark in evaluating influencers. Their reviews can make or fall an influencer. They are an important user-type if not the most important.
Patron uses the same economy value sharing model as Airbnb. The policy is that economy value be shared with influencers on the platform. The economy value sharing model works in such a way that Sponsors (Guests) on the platform pays influencer for a space on their profile for their promotion which results in an almost instantaneous incentive for influencers. The economy value sharing is possible through the introduction of an utility token PAT.
The PAT Token
An ERC-20 compatible token that will serve as the utility currency on the platform. The PAT token will be the sole currency to be used for all economic transactions made within the Patron platform.
PAT Token Uses
1.Sponsor make payment fof the service of an influencer using PAT token.
2.Followers upvote influencer posts using PAT which in return increases the influencer ratings and marketability.
3.Influencers use PAT as an incentive for contest and event for their followers to gain popularity.
Isabella, from Italy is a chef with a considerable number of followers on social media due to her consistent post of contents on recipe. Isabella is growing popular with her fan base majorly delicacies enthusiasts. She decides to enter market as an influencer.
Knorr and Co is a sauce producing company from Germany that want to extend their market to other parts of Europe including Italy. From the past, the company has partnered with celebrity figures on social media as influencers to help promote their goods but the outcome was not encouraging. The cost of engaging celebrities as influencer is high and the cut order turn in is low, fortunately the head of the company marketing department stumble on Patron.
Knorr and Co was able to engage Isabella on Patron, even though her followers are not as much as that of celebrities from past, her fan base demographic was appealing and allows for a targeted marketing. At the end, the conversion rate by advertising with Isabella was better than the return from advertising with celebrities.
Patron is a platform developed to bring the trending social media economy value sharing model as witnessed with Airbnb and Uber to the world of Influencer. It is a platform developed to make sure advertisers looking to explore the social media for promotion and marketing gets value for money by connecting them directly with influencers with followers of relevant demographic.
With Patron it is a win win for every one involved. An influencer get contracts and can become brand ambassador, with sponsors an aura of effectiveness is there given they are able to get targeted market with a relevant influencer with the kind of follower key demographic and the followers get better right and relevant choice of goods to consume.
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