Building a platform where ad engagement earns sats rewards. Feedback welcome!
1916 sats \ 22 comments \ @in_bits 14 Oct 2023 bitcoin
It's called Insightful Bits, and it's a platform where marketers can post ads, market research surveys, or other activities that users participate in, and in exchange they earn Bitcoin rewards for each engagement. A 45 second experience could pay 3,600 sats. A 3 minute survey might pay 11,000. A market research study might be 45 minutes and pay 150,000 sats. It all depends on what the marketer wants to offer to incentivize users.
This blog highlights the mission. https://insightfulbits.medium.com/better-marketing-through-mutual-value-a-bitcoin-backed-blueprint-f1f22442646
I come from a digital advertising background so I know what advertisers want, and I understand the limitations of the existing advertising options.
Users would decide which data about themselves they want to include in their profile, and they decide which marketing experiences they want to participate in. So this shifts the power back to the audience to decide the terms on which they’ll engage.
Marketers will get exponentially better engagement than the 1% they typically get in the digital ad landscape. And they’re rewarding the consumer rather than ad servers. Hundreds of billions is spent each year on digital advertising to stalk users.
I’d love to get feedback from the Bitcoin community about ways this model could be made even better or more appealing to the audience.
I’m also looking for talented individuals who have platform development/software engineering experience, and also those who can help build a large audience in a cost effective way.
The larger the audience, the more advertisers will want to get in on this. Bitcoiners are the coveted 18-50 demographic, they skew higher income, and they’re a growing and influential group. I want to make sure we use this growing power to reshape the dynamics of digital advertising into one that empowers sovereign individuals.
All feedback, questions, suggestions, or talent welcome as I work on bringing this to fruition!
Also, I welcome all Bitcoiners to join the waitlist. We launch in a few months. https://insightfulbits.com
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170 sats \ 0 replies \ @TheBTCManual 15 Oct 2023
The problem I've seen with paid surveys usually attract a low LSM or younger audience who have no money but time to waste or pensioners who have nothing to do, which isn't very profitable in terms of ROI, people with money don't bother filling in forms for a prize or a few bucks. The audiences you build here might be great for companies that offer loan products, gambling, and debt collection, but it gets far harder to build audiences outside those niches.
Also with Bitcoin let's say LN, for micropayments, how do you guard against click fraud, bot farms, or human bot farms raiding your survey with dups? The more PII you need to create an account the lower sign up, and the less PII you need to create an account the more spammy and the lower quality results you give the customer
Where I do see something like this working is targetting businesses, offering them a SurveyMonkey/jotform/Typeform replacement that is cheaper, better payment structure so you can buy bulk form fills or pay per use
You can still add the rewards feature for businesses to tip but I doubt many businesses would use it
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331 sats \ 0 replies \ @Sixjhxnxznsb 15 Oct 2023
Forced ads experience is always horrible, but a platform that rewards ads for genuine engagement could be good for business marketing.
Pair that with LN & micropayments could be as small as 1 sats + blazingly fast. I could envision HWW manufacturer, ASIC manufacturer, LSP, ASP & startups utilize this to gain initial users/customers.
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10 sats \ 1 reply \ @chairman_pretense 15 Oct 2023
You need to decide if this is an advertising platform or a market research platform and focus on one path.
Advertising effectiveness is driven by achieving broad reach and passive exposure. Engagement has very little correlation with effectiveness and doesn't scale.
The advertising path is therefore most challenging.
Research still has challenges: attracting high quality respondents primarily.
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0 sats \ 0 replies \ @in_bits OP 15 Oct 2023
I'd like to attempt to achieve both, interactive advertising experiences where users are clicking a few options that provide feedback to the marketer, and also longer form experiences/surveys/studies. Both will provide feedback that will bring insights to the marketer. The difference being that shorter form experiences might be more visual and could try to convert the sale. The longer form could also try to convert but collect more data during the process.
So I'm starting with the intent to blend both options into one place. I think it can be done. But if I'm wrong I'll adjust and focus on where the best traction is.
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100 sats \ 1 reply \ @PRA3S3NT1A 16 Oct 2023
Joined to waitlist. Would love to try it. Keep up with the nice work. Wishing all the best
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0 sats \ 0 replies \ @in_bits OP 16 Oct 2023
Thank you!
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100 sats \ 2 replies \ @grayruby 15 Oct 2023
These rewards sound high in comparison to what other platforms are offering. Zebedee offers a mix of surveys via bitlabs (i guess it is vice versa) and it is very rare to get a survey that pays more than 5k sats and it probably takes 15-20 mins. I have seen ones offering 11,000 sats but they are looking for a highly specific respondent.
Anyways, I love trying new sats rewards platforms so wish you all the best and can't wait to try it out.
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10 sats \ 1 reply \ @in_bits OP 15 Oct 2023
I spent more than a decade running a digital ad agency so I'm relatively familiar with what advertisers are willing to spend to connect with the audience. Instead of paying ad serving platforms this will redirect those funds to the audience, which in turn will make them more engaged and attract higher value participants.
I've also attended marketing studies where I was paid $150 for 90 minutes of my time. Are there low cost sites offering bargain basement prices? Sure. But this is intended to be a higher quality platform. Think of SurveyMonkey. The least I've paid there per person is $1 to answer a short survey.
I hope you and everyone else who's curious about this will join the waitlist and stay tuned. I'll welcome community feedback throughout the process to make sure it's being built in a way that appeals to a large percentage of Bitcoiners.
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50 sats \ 0 replies \ @grayruby 15 Oct 2023
Appreciate the feedback.
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100 sats \ 0 replies \ @adexmakai4211 15 Oct 2023
Most of these platforms is not really accessible to users. Take for instance, splice requires browser extension to operate, which I think is very hard to reach. Secondly they don't pay that much, why would pay that much? I will suggest you incorporate this with Nostr browser by so doing it will reach enough of users, which might even be the potential users.
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100 sats \ 2 replies \ @2bithits 15 Oct 2023
Those rewards sound a lot higher than others like splice. How will they pay out that much?
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71 sats \ 0 replies \ @in_bits OP 15 Oct 2023
Because the client would not have to pay the ad serving fees since it's running on our platform. Instead the cost is passed along to the audience. (plus house takes a commission paid by client)
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0 sats \ 0 replies \ @tomlaies 15 Oct 2023
What's the state of this industry anyway? Last time I looked it was a burning dumpster with registration of everything and no surveys at all.
What's Splice?
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100 sats \ 1 reply \ @lawndough 15 Oct 2023
Spitballing here… how about a nostr client that has ads, but the user earns the majority of the money from the ads and the client takes a small piece.
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10 sats \ 0 replies \ @in_bits OP 15 Oct 2023
Ultimate plan is to get this platform and a large audience off the ground, and then later when infrastructure better supports a decentralized model it can pivot. In the same way Netflix had to build up while waiting for broadband infrastructure. We're on Nostr but the UX there isn't good enough for advertisers right now.
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100 sats \ 0 replies \ @WeAreAllSatoshi 15 Oct 2023
Not specific to Bitcoin, but please make sure the survey experience is good. I’ve had surveys die on me mid way through many times and it’s very annoying.
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0 sats \ 0 replies \ @globalmerchant 28 Oct
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0 sats \ 0 replies \ @tomlaies 15 Oct 2023
A 45 second experience could pay 3,600 sats. A 3 minute survey might pay 11,000. A market research study might be 45 minutes and pay 150,000 sats.
I wish you the best of luck but keep in mind you're in tough business. Your target demographic is adverse-selected (https://en.wikipedia.org/wiki/Adverse_selection) and thus an uphill battle since Bitcoiners are often privacy minded
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0 sats \ 0 replies \ @chovyfubar 15 Oct 2023
so is this kind of like adsense for nostr?
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0 sats \ 0 replies \ @konstantin21 16 Oct 2023 freebie
I love that you're digging into the advertising landscape--I believe theres a huge opportunity here as well and I've been brainstorming and stewing on this very topic for about a year now. I also have 10+ years in the ad industry.
Let's connect, I'd love to get involved and chop it up. npub1sv4k42pz6plnsz5876gh3j4asg7xs2efspzq0xfn26av6tj0pq4q4tpzed
0 sats \ 0 replies \ @4a916109ff 15 Oct 2023 freebie
Sounds brilliant. Value 4 value!
0 sats \ 0 replies \ @konstantin21 15 Oct 2023 freebie
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