In this engaging discussion, Steven Cravotta, an entrepreneur who sold two mobile apps without any coding experience, shares his journey. He reveals innovative strategies for brand-creator collaborations, emphasizing the role of gamified influencer marketing. Steven dives into hiring designers, navigating the app landscape, and the importance of authenticity in content creation, especially in the age of AI. He also discusses balancing app launches with full-time work and the significance of personal branding in driving revenue growth.
The podcast highlights how a $1,500 contest can effectively drive app engagement, yielding over 3,000 installs at a low CPI.
It discusses the innovative marketplace model that allows brands to host content competitions, minimizing upfront costs and risks in influencer marketing.
Future platform features will enable creators to bid on content creation, fostering relationships between creators and brands while promoting competitive learning.
Deep dives
Creator Contest Success
A recent contest funded by $1,500 yielded significant engagement for a new app, resulting in over 3,000 installs at a cost per install (CPI) of around 50 cents. The contest awarded a total of 10 creators, with the top prize being $500, while others received lesser amounts based on views. This success demonstrated the potential of content competitions in driving app visibility and engagement, providing valuable marketing insights into content market fit. Taking ownership of the resulting content allows for strategic scaling of future marketing efforts based on learnings from the contest.
Marketplace Dynamics for Brands and Creators
The platform serves as a marketplace where brands can host content competitions to engage various types of creators, from influencers with large followings to emerging UGC creators. Brands can dictate the type of content desired through specific guidelines and inspiration, allowing them to filter out unsuitable submissions. This approach streamlines the influencer marketing process, enabling brands to access a diverse pool of content without committing to upfront payments for each creator. Crucially, it minimizes risks by ensuring that brands only pay for content that generates results, establishing a performance-based ecosystem.
Evolving Business Model
Initially, the platform operated on a monthly fee for brands, but plans are in motion to shift to a free model for the first month of use. Instead, the business aims to charge a percentage of the prize pool when creators cash out, ensuring the model remains appealing for brands while incentivizing creators. This change is intended to attract more brands by allowing them to test the platform without upfront costs. Future expansions of the service will include alternative opportunities for creators, enabling them to submit content for approval rather than through competitions.
Leveraging Content for Insights
The platform fosters a competitive environment where creators can analyze performance through leaderboards that display views and earnings for submitted content. This transparency promotes learning among creators, allowing them to improve their skills by observing the strategies of top performers. Brands also benefit by gaining insights into which types of content resonate best with audiences, facilitating a quicker path to understanding content market fit. By empowering creators to showcase their best work and encouraging a community of learning, the platform strengthens its ecosystem.
Future Innovations and Growth Strategies
Plans for the platform include launching features such as opportunities for creators to bid on content creation without upfront funds from brands. This will allow diverse pricing strategies, accommodating both high-profile creators and those with smaller followings. The emphasis will remain on nurturing relationships between creators and brands while fostering organic growth through ongoing content competitions promoting the app itself. Ultimately, these innovations aim to position the platform as a next-generation marketing solution that enhances creator-brand collaboration and streamlines the process for both parties.
