What's Value? A New Business Model?
I have a confession...
I have a huge ulterior motive for co-hosting the CryptoManiacs podcast every week.
Sure, it's to add value to the chain and help raise awareness to everything going on with Hive but I'm also being a sponge every time we have a guest on.
Do you wanna know why?
Because these are the cream of the crop of crypto minded entrepreneurs and I learn SO MUCH from them!
This happened on Tuesday's show with @brianoflondon
Brian made a comment about the 'future' of business online and said we need to change the concept of 'online tips' to 'value being exchanged'?
I'm not doing his point justice but let me try to explain...
We've all heard of Patreon and heck, even our own PeakD / tipping bots on the blockchain have made it super easy to reward your favorite content creators. This goes above the blockchain rewards pool, and more out of pocket. Just like a potential customer will see the value in your online business and choose to spend their money with you.
They see value and they exchange their money for the value you are offering!
Simple right? It's been like this for centuries!
But what if we changed it all.....
What if we created a new business model where there wasn't a fixed cost associated with an online business, but rather we put the control in the customers hands. If they feel there is value given from your product or service...They 'reward you' with something you value! A tip!
Now at first, this is scary right?
You aren't going to charge someone a fixed cost, and you yourself have..Fixed costs to operate your business! How the heck could it ever succeed?
This is all questions that would need to be answered before anyone adopted this model but I think it's extremely powerful to give the choice...To your customer!
Personally, I think it would build some massive brand loyalty and could even be considered a sneaky way to get some extra press and publicity. But at the end of the day, you want to give your customers / readers / subscribers....Value!
And in exchange, you receive value in return!
Utopian society right? lol I know, it seems like an express lane to bankruptcy. And you know someone would 'tip' you pennies instead of the value you hoped you would get. But I just think, right now, in the world where the price of gas is sky rocketing, and companies are nickel and diming you every time you blink...Putting choice back into consumers hands might pay off big...
If you lead with value, reciprocity will surely follow!
And maybe this isn't a model for brick and mortar perations...But what about, right here on chain? In a content creator environment? With the amazing tools right here at our disposal?
Let's give it a try....
I know of quite a few 'tipping bots' that you can use to get the ball rolling!
We've got our very own CTP tipping bot (@ctptips) and we all know of @hive.pizza amazing work!.
Why not start right there?
We have some amazing things being built by @brianoflondon as well with the v4v.app where you can send sats to anyone creating content!
And of course, @peakd 's tipping service is absolutely brilliant!
I guess when I really think about it, this model could be huge because it leads with value always. And if we focus on that, and always try to add value to our readers / customers experience...Nothing bad will ever happen!
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https://twitter.com/Jon_G_Olson/status/1535145843052818433
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This is the Value 4 Value model... that's why my whole app is called V4V.app (I'm super proud of that 3 letter domain name!)
This is a core mindset change but once you make it, a whole lot of good things flow.
I haven't been able to stop thinking about this since you spoke about it. It's like, game changing mindset to approach things like this. The sustainability will be the argument, especially with certain products / services that have fixed costs...But wow, I'm fascinated by it.
Oh btw...I need to practice what you preach lol
!CTP
Well that can be quite hard as we know humans wanted things cheap as much as they can. Only some might have big hearth to give or pay them their actual value
Yeah, and that's always gonna be the risk for sure.
!CTP
tipping sats sounds cool, or rather receiving them :)
Better to give than to receive??? LOL
!CTP
nah plebs like the receiving part :)
🧡 Love that V4V idea, Jon but it is really a mindset change necessary to make it work.
At first, if people are told they don’t HAVE to pay for something or they are told they can give what they want, well many might have the reflex to just get it and are done. Maybe that’s a cliché but we have to consider that.
On the other hand people might give a lot MORE for good value than we dare to charge for it. It is a known microeconomic issue to get to know what people are really willing to pay for things/services. Often we just guess.
💪🏻 @brianoflondon thanks for you continued work on these issues, love the forward thinking mindset and the concepts you bring up!
I think we're positioned so good for this new kind of 'exchange of value' especially on chain. So many things we can do here that other platforms cannot.
!CTP
That is definitely true. 👍🏻
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Yeah Facebook is quite the beast. I'm not sure people even realize how much of their information is 'out there' because of their tactics. Or they are just ignoring it lol
!CTP
Many people even intentionally sharing their data. But you do not even need to provide your data to let Facebook know more about you. I heard that Facebook is "following" you through cookies, even if you are not logged in on Facebook. They can record and study your browsing history, your habits, your preferences. A lot of things. And the AI (Artificial Intelligence) can build a huge and very detailed database about you. Maybe even about things, which even you do not think about at the moment. This is scary to think about.
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I noticed the tipping culture has been on the rise. Publish0x, noisecash and readcash all of them rely on this and a lot of creators and writers are using it for their own earnings. I won't be surprised a lot of artists in near future rely on the tipping culture for survival. I hope Hive's all interface adopts the tip feature in terms of a button. Currently only peakd has it.
I think the tipping bots are a great start to bring 'value' to others but the whole tipping thing...Should come from our own pockets and not follow the noise model.
!CTP
I hope that humans will be honest enough to appreciate the value they receive.
Looking at how difficult it is to even tip the photographers on pixels before making use of their free to use images
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That's always the risk..And sadly, people will abuse it.
!CTP
I watched your podcast with Brian and I myself was impressed at his views especially where he mentioned not to give "tip" instead give value. It would be interesting to see this roll out on chain :)
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I think it's a mindset switch. A re-framing of what it means to give a tip to someone.
!CTP
Yes, it's just great that he shared it there :)
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This concept has been applyed quite successfully by theguardian. Contrary to most other newspapers, theguardian is free but asks people to give contributions for the value they got from reading their newspaper. It's the main newspaper that I'm still reading, simply because it's free and from time to time I send them a tip. I believe this could be an interesting business model to develop.
That's pretty cool, yeah I'm sure for some models it'll work perfectly. Others, might need to adjusting lol
!CTP
Exchanging value for something of value - one of the fundamental concepts of trade. The value of something is always up for interpretation as well. However some want or expect the value to be measured in monetary terms which is not always the case or the other person may not have the level of value the other one is wanting or expecting. It is very subjective the value of "value". Take care.
!CTP
That's a great point...What is the value of something, it's completely subjective!
!CTP
Very interesting idea. One of those things you won't know if it works until you try it. Thanks for sharing.
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I get why this is a good idea/concept. But then I think about the possibility of not being able to pay my bills because I wasn't getting paid enough for whatever service I provided because not enough people deemed it valuable. The subjective nature is what I struggle with.
I worked in the restaurant industry for way too long. And this one of the reasons I will never work as a server again. I don't want to rely on someone's whim to be able to pay my bills. And because of that I usually over tip my server when I go to breakfast. I don't ever put the tip on the credit card either.
!CTP
That's the risk, but if we focus on delivering value and work every day to provide it, I can't help but think...We'd be rewarded.
!CTP
That is certainly the hope, isn't it! Happy weekend, Jon! 😀
The whole concept of the consumer paying for value received requires a significant change in mindset.
Maybe the online world is ready for it. 15 years ago when I tried this in the form of performance related pay (no other costs to the investors, they only pay if the performance of their portfolio matches the agreed benchmarks) for my own asset management company, the offline world was not ready for it.
It might require an additional step of a recognized "brand" to make it work. On Hive I believe a few people have that brand and could succeed with a V4V business model.
For many small time entrepreneurs/content providers a significant part of their initial business building will have to focus on "brand building". Something I am sure ListNerds can help with!
That's the trick for sure. If we focus on the brand, build the relationships...People will see value in what you do. So the money is on, they'll reward you through tips, etc.
Hopefully lol
!CTP
This is very popular with restaurants in Berlin, you pay what you think the meal was worth to you. Usually you bring your own wine though as its only food they sell.
This is why I love to call Hive Blockchain a "Dream Blockchain".
You can make your dream come true with the Hive Blockchain if you are passionate about your dream and willing to put in some time and effort. Your imagination is the limit here.
Our dream project is to build the biggest charity organization - @tamilcharitycoin - in the world on Hive Blockchain by combining Hive, LeoFiance's DeFi and Web3.
What is your dream?