How will SocialMedia.Market work?
The SocialMedia.Market platform automates all business processes related to selection, creation and management of the Influencer’s marketing activities, including the distribution of financial means among the participants.
The platform has a friendly and easy-to-use interface for Brands and Influencers to help post and accept tasks easily. To ensure the authenticity of the users, the platform will perform identity verifications whenever necessary. The unique identities of Advertiser and Influencers will be based on their addresses in the Blockchain, making it difficult to forge. To protect personal data on the account of the Advertiser and Influencer, two-factor authentication can be applied.
In the following sections, we give a summary of several types of engagement scenarios with the platform. The described features are preliminary and can be modified during platform development.
CAMPAIGN AND SMART CONTRACT CREATION FOR BRANDS & ADVERTISERS
The basic tools of SocialMedia.Market, like working with a social media database, will be accessible for Advertisers without verification. For creating tasks and campaigns, as well as communicating with Influencers, an Advertiser must pass the verification process, requiring them to provide details on the company profile.
SocialMedia.Market’s interface for brands enables creation and planning of campaigns from concept to completion. The first step in the creation of an Influencer Marketing campaign is to prepare a task for Influencers. Some of the factors the advertiser must consider when creating a task:
- social media channel;
- start and end dates or period of campaign;
- region, country or city;
- campaign budget;
- the necessary files and the content they want to see;
- any additional information required for chosen channel and content type (for example, YouTube video tags for better SMO)
- target audience preferences for automatic Influencer selection, etc.
All this information will be easily set up with the help of templates and smart tips provided by SocialMedia.Market.
In the next step, the advertiser must select an Influencer for the campaign. This step can be completed in a couple of different ways. Making the campaign visible for all Influencers who match the target audience and task details is the easiest way to accomplish this step. In that case, campaigns will only be available for Influencers who have already verified their accounts on the platform. And, if an Influencer is interested, they would send a request to join the campaign. The second way to choose an Influencer would be to create a personal list containing preferred Influencers using the platform’s database, advanced search engine and filters. After creating this list, the Advertiser will be able to send the task to all Influencers on the list, even if they don’t have an account on SocialMedia.Market.
SocialMedia.Market aims to provide Advertisers with up-to-date information on Influencers, however some of them may not have an account within the platform. If such Influencers are chosen, they receive an invite to register and verify themselves before getting the job.
INFLUENCER PROFILE VERIFICATION AND INTERACTION WITH BRANDS
Influencers who want to be presented on SocialMedia.Market register an account within the platform. Each social media channel (if they possess more than one) is attached to this account and verified separately. Verification status of each channel will be displayed on a specific page in the Influencer’s profile.
Basically, the Influencer can receive a task in two ways:
- Receive a “personal” task in the SocialMedia.Market CRM system or through another communication channel available in his public contacts, even if they weren’t previously registered on a platform.
- Choose a task from the list of published “open” jobs by Advertisers. Moreover, the influencer can only see the tasks that comply with characteristics of their channel.
After receiving notification, the influencer should agree with the terms and conditions of a task by applying for it. If the job requires clarification or modification, parties should use the built-in messenger app. Once the advertiser confirms a job, a Smart Contract is automatically created. Within the period that is specified in the Smart Contract, the Influencer must complete the required task.
If the task isn’t complete within the arranged time, or prolonged at the Advertiser’s discretion, the Smart Contract is automatically cancelled. When the Smart Contract is executed, funds are automatically credited to the Influencer’s account. For new and low-ranked influencers payment holds are applied.
The post with content should remain public on the Influencer’s social media account for at least 30 days since the Smart Contract’s execution, unless otherwise stated in the Smart Contract.
DECENTRALIZED DISPUTE SOLUTION
The evaluation of the created content is largely subjective. Consequently, this subjectivity can cause disputes and dissatisfaction concerning the result. On SocialMedia.Market there are several preventive measures that allow parties, to resolve disputes on their own, in most cases. In all other cases, parties can access a decentralized Dispute Solution system to resolve issues in cooperation between participants. Depending on the reasons of dispute, the process may be initiated by either the Advertiser or Influencer. A list of contracts under dispute is available for platform experts to review, with controversial details being disclosed during the settlement process.
Every user within the SocialMedia.Market platform, or any other person willing to become a resolution expert, has the opportunity to participate in decentralized Dispute Solution system and earn Social Media Tokens by voting in particular cases. To become an expert and to have the ability to vote for resolutions, a user should be holding a constant amount of SMTs, the number of which will be determined by the platform community. Experts will be rewarded with SMTs for their engagement in the dispute solving procedure. Dispute rewards will be deducted from the platform service fee reserved in every dedicated Smart Contract. Such a model will motivate token owners to hold their token funds and participate in an impartial and unbiased platform evolution.
In order to be rewarded for voting in Decentralized Dispute Solution system, user should meet next conditions:
- Hold certain amount of tokens on their SocialMedia.Market account
- Apply for resolution expert and get approval
- Choose controversary cases awaiting resolution
- Check contract agreements and marketing campaign conditions
- Review influencers’ content for compliance
- Vote for resolution on the basis of fair assessment of a dispute
After case closure, every expert voted for resolution will be rewarded by Social Media Tokens proportionally to the contract value, taken from reserved platform service fee.
DISPUTE PREVENTION FEATURES:
Partial payment of contracts. While creating a Smart Contract, Advertisers can evaluate every part of the contract separately, based on total budget. Splitting the cost of the contract between contract items will enable reasonable adjustments of the contract amount in the case of partial fulfillment of terms by mutual agreement of the parties, without involvement of arbitration. This feature is especially important in cases when the advertising period or budget is limited, because it gives parties the opportunity to execute a contract with partial payment if conditions were only partially fulfilled.
Rating system affects placement price index. SocialMedia.Market will implement public arbitration rules for parties involved in arbitration which may result in a rating adjustment. If a user’s rating is downgraded (for example if a party often uses arbitration and loses), the platform will apply measures on the participant in the form of additional coefficients at the execution of Smart Contracts and restrictions in choice of participants (Advertisers and Influencers). This process will allow participants to evaluate the reliability of potential partners and will increase the benefits of dispute resolution without the help of arbitration.
DATA SCIENCE
Our platform will use the latest technology for data collection and analysis. This will be achieved with help of gathering data from Social Graph and Open Data as well as the data inside the platform. With the use of Artificial Intelligence and Machine Learning, SocialMedia.Market will provide an outstanding service to our users.
Read about our platform here: https://socialmedia.market
About main features and benefits for Influencers, Brands and Agencies here: https://medium.com/socialmedia-market/socialmedia-markets-main-features-and-benefits-6ff8699928f5
