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What is Social Media Payment?

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Payt with a tweet

Is a Social Payment System a future currency?

Whether you’re a marketing professional or an individual artist looking to share your work, you need to reach as many people as possible. We’ve all heard of the methods that have now become the industry standards: Like this on Facebook, Tweet this through Twitter, repin it on Pinterest. While social media has exponentially improved the rate at which product can be delivered to the public, most people are still hesitant to purchase something before they’ve tried it.

What if they didn’t have to pay for it?

Innovative Thunder describes themselves as a creative team for innovative advertising. They started to achieve success, so they decided to write a book. There were originally going to sell their book, but they thought back on how they made their clients so successful. So they concocted an idea: what if they allowed readers to purchase their new book by telling their friends about it? What if they were to pay with a Tweet?

Concept
The idea behind the Social Payment System is pretty simple: expand your reach and get your product out by word-of-mouth, or in this case, read-of-tweet. It gives tweets a true value, that someone telling their list of followers about a product can actually lead to something tangible. Something they can use.

From there, it becomes a waterfall multiplier effect. One person tweets that they received a product for the price of a tweet, then their followers see that and the cycle continues. It’s a pretty ingenious idea that is quite simple to execute.

Implementation
To start, all you have to do is visit the Create a Pay Button page and follow the instructions. Pay with a Tweet doesn’t host the file, so you’ll put in a direct download link. They even give you a spot to put in a shortened link. Once all of the information inputted, you’ll get a code for your Pay with a Tweet button that is linked to the information given to them.

Pretty simple, right?

Results
Oli Gardner conducted a case study to see if paying with an email is more effective than paying with a tweet. He found that, overall, there was a better conversion rate for email signups than tweets. It could be the stigma of putting an endorsement out there you can’t take back, or it could be the idea that people prefer to keep their purchasing habits private. Either way, both methods seem to work, and work well.

Canadian band hotshotcasino received more than 30,000 unique visitors after using the Pay with the Tweet button. It seems that this service will lend itself well to both the marketing professional and individual artist. Those in the marketing industry and distribute white papers through the service, and artists can deliver their art while building their brand.

Innovative Thunder has distributed over 150,000 copies of their book Oh My God What Happened and What Should I Do? through this system. Although they haven’t garnered any money from the tweets about the book, they’ve snagged gigs such as the DJ Hero launch campaign, as well as the Nike Plus campaign. There’s no doubt that this marketing strategy has helped the company get their name out.

The idea of paying with a tweet is taking off, and it’s clear that there’s a new marketing method out there for advertisers to try out. Bands can distribute songs, authors can promote their books–in the grand scheme of things, Pay with a Tweet has become another great social media tool.

Adam H. Wong can be reached via email at adamhwong.Zooppa@gmail.comFollow him on Twitter here.

Meme E

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