Introduction
Traditional institutions are beginning to slow-whine to the idea that old business tactics are fast becoming defenseless against the previously underutilized social media channels to propagate their trade activities within a global economy; a paradigm shift heavily pioneered via a new concept of social media influencers. However, as opposed to what was the norm before now, where only a celebrity gets paid for promoting a product, virtually any average individual with a good number of followers on any notable social media services can get to benefit from similar scheme.
This is why social media platform are so popular and every businesses wants in, to reach a wider audience and give their products the needed visibility. Most of companies who have adopted this approach to promote their business are among the top companies in the world in their area of service. Notable examples are Airbnb, Uber, Snapgoods, to name a few.
One thing that is common among all this companies is that they ensure any under-utilized assets are made available to people who need them within the hour. This concept has brought a whole new market for local businesses, asset owners, employment seekers, all made possible via the influence of a global social network through the use of influencers to gain far more reach than any could manage on its own. This is the new face of doing business and this is why a decentralized sharing platform like Patron will help businesses to thrive in the unfamiliar terrain of the blockchain via their innovative sharing economy which solves some of the challenges in the present system of resource sharing. Some of which are outlined below
- Sparse distribution of revenue
Gone are the days when only a celebrity gets access to run adverts for a product. Today a youtuber or instagrammer with a good number of followings can make a good living just by talking about a product on his timeline. For instance : According to Financial Times, Study shows that an instagram influencer with 100k followers can earn as high as $2,500 for a post made about a brand, although only a handful of them make that much; leaving a good percentage as low income earners. Patron can level the playing field for all participants via their legacy built platform which is focused on helping businesses find the right influencer for their product, allowing them to build a reputation around their performance. So generally, the ideology is not based solely upon the followers an influencer has but on key metrics such as content, reputation and building a cliché around their topic of interest.
- Reduced revenue for influencers
Due to the activity of intermediaries or middle men, there is a great chance that some additional cost might arise in the process of negotiating a contract which either leads to reduced revenue for influencers or exorbitant cost for businesses that wants to use their services. However, the introduction of blockchain has brought a permanent solution to this issue as their is no need for any intermediaries when they are negotiating a deal with their potential client as smart contract is being deployed instead.
- Vulnerable to account hacks
In the present system, influencers are required to give the company a lot of their information such as credit and contact information which in a lot of cases could pose a security breach to the influencer in case such company is attacked. This is no longer conventional and a new approach is on the horizon to ensure users information are kept safe, away from the prying eyes of hackers. Since Patron sharing platform is built around blockchain technology, users dont need to worry about losing vital informations to internet thiefs.
So what is Patron
As noted above, Patron is an influencer's sharing economy, modelled against Airbnb. It seeks to drive a marketplace where the right kind of businesses and the right influencers can meet to drive a sharing economy centered around the underutilized numerous social media platforms available including youtube, instagram, twitter, facebook and many more.
Patron sharing economy is built on the principle that influencers can serves as an effective channel for businesses/products /services to reach a wider audience of specialised followings with key demographics to align them with product/services that interest the targeted audience with a view to increasing the marketability of such product or services. Lets see below how Patron aims to achieve the impossible
How Patron will connect businesses to the right Influencers
As mentioned above, Patron principle is built around helping businesses identify the right influencers to market their product or services. Therefore, the platform is designed in such a way that guest, in this case the sponsor can gain relevant followers or leads which is a direct consequence of what the influencer is advertising. However, this has a time frame depending on the agreement of both parties which can be on the spot, month or year basis.
Inorder to ensure a sponsor can qualify as a guest on the Patron platform whether as a group or an individual, they must pass through a screening process where they are required to reveal their agency and financial capability respectively.
Therefore, this sponsor companies could easily measure the effectiveness of their marketing campaign, which was not possible until now, by employing Patron influencers which have being categorised and ranked based on their followings. Consequently, this followings ensures influencers are priced accurately and sufficiently by a sponsor company who are interested in reaching a good number of its targeted audience.
How Influencers worth are determined
Patron has 3(three) simple criteria to measure the value of influencers, namely
Number of Followers
The number of people are available through this user’s network
Engagement Level
The frequency of engagement between the influencer and their followers
Reputation
Reviews of the influencers from their followers
Source
Why Patron? : Their role in the sharing economy
Patron through its partnership with different player is able to serve as a platform to meet the needs of this three(3) groups of users within the sharing economy value chain in a decentralised manner.
- Host, or influencers
Who can set contracts with sponsors via Patron to secure a stable means of revenue over a length of time. Which means that the influencer gets paid to promote a sponsor's material based on a well stated agreement. Also within the Patron economy, influencers have the oppurtunity to actively advertise themselves to sponsors based on their contract specifications which can give the sponsor an idea of the influencers availability, fee charged, work portfolio and their reputation as well.
- Sponsors
Also called guest will be guaranteed to create a lead around its advertised brand or product for an agreed timespan based on the influencer's influence with substantial and specialised followings locked within some key demographics.
- Fans
These group of people can be categorised as those which influencers have won their trust and therefore are likely to be influenced by the influencers activity on numerous social network service (SNS). Followers therefore will benefit from better content generated by a network inorder to better monetize value derived from their attention.
Therefore, with Patron , sponsors can spread information quickly to both its key demographic and related crowds with minimal research and investment.
Features and Benefit of Patron
To Influencers
- No need to submit personal information such as credit cards and the likes to any party
- Higher revenue for influencers
- Credible and fair to all participating influencers
To Businesses
- Low advertising fee for businesses
- Wider visibility of products to specialised audience
- Easy access to millions of blockchain users.
Patron Token
PAT will serve as an utility token via the following means
- By sponsors to engage with influencers and utilize their networks
- By fans to promote the content of the influencers their follow through “likes” which in turn raise the influencer’s ratings and their marketability
- By influencers to reward fans for contests, promotions, and events
Source
In Conclusion
Patron aims to create an economy that avoid markets from being underutilized by ensuring they help these economy to reach a wider collection of audience through the power of the social media networking driven by so-called influencers.
This idea will ensure we build a social lifestyle that influence the economic output of each major players within the economic landscape of a given market.
Use Cases
- BlueJay Arena
Is a cartel of many businesses owned by the same group. Inorder to promote their businesses they tend to focus on using PR marketing which has being quite effective but quite costly making their net profit so marginal at the end of the day. And this is due to running an advertising campaign that is not specific for every product on their line inorder to ensure cost benefits.
However, the appeal of introducing the business to untapped blockchain users while still using the influence of social media influencers at a lower cost can bring the needed change. Now they can leverage the use of other marketing tactics along with Patron model to make more profit.
Also with Patron they get to run campaign for individual lines at a far cheaper rate
- Home Owner
Mike is visiting san francisco;one of the most expensive cities to live in; for business meeting which is likely run for a month. He realise he cannot afford the expensive accomodation on offer, so he needs a cheaper option.
He could connect with an homeowner who sees it fit to use Patron since he only hopes to help people who are only looking to stay for a little time. He is able to use Patron due to being able to pay ad fees directly to influencers without any third party charges in a peer-to-peer fashion.
Synopsis
Useful Resources
Patron2018