I like this part in the Q2 Conference call...
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Posted On: 08/30/2022 9:30:45 AM
I like this part in the Q2 Conference call...
BestBuy and the other brands need to have a host that is engaging, whether Verb helps them or they find one on their own. Then the audience will come back time and time again.
Will everyone brand be successful at it? No, but a lot will and get better every week. What I like about a bunch of big brands joining MARKET is they may market the heck out of it. Why wouldn't they? They have the means, marketing department, tools and $ to do so. Most small brands don't and just put a post on Facebook, Instagram or Twitter to their following which might be anywhere between 100-10000.
Here's BestBuy numbers on Social Media in comparison
Facebook: 8,210,682 people follow this
Instagram: 478K followers
Twitter: 1.2M Followers
How many members do they have in their my BestBuy rewards program?
idk, but a lot. I'm a member.
How much revenue to they generate?
$47B last year.
https://www.statista.com/statistics/249573/gl...-best-buy/
If Verb gets a tiny slice of that pie, it's a gold mine.
Quote:
Brian Kinstlinger
Right. No difference, yes. Great. I think that was the heart too of the question.
My other question was a follow-up from the other gentleman who asked a question. He asked you about the capital necessary to market Shopfest, but to be clear, I would think that marketing costs will be funded by the vendors and the platform. They’re going to be sending out mass emails, all sorts of other literature on they’re going to be hosting an event, and your cost is more on the attracting large brands to your platform. Do I have that right?
Rory J. Cutaia
Partially right. Brian.
I think the greatest source of revenue for our livestream platform will not come from the biggest brands on the planet being on the platform. I don’t believe that’s where the biggest source of revenue will come from. The biggest source of revenue will come from individuals, people. Maybe they’re selling those big brands, but it’s the individuals. I emphasized before a couple of times about the Facebook groups analogy. That’s where we’re seeing the greatest engagement, repeat engagement, where people are coming back again and again and again, not because they see that their favorite Gucci bag is there, but it’s the favorite hosts and presenters and people that are hosting these things.
They’re coming back to see them week-after-week, and forming a relationship with them. Then the other people that are also following that person and creating a relationship with that person in that group environment, that’s where we believe the biggest revenue will come. We’re beginning to see that as—I’m going to talk further about that in these coming weeks.
BestBuy and the other brands need to have a host that is engaging, whether Verb helps them or they find one on their own. Then the audience will come back time and time again.
Will everyone brand be successful at it? No, but a lot will and get better every week. What I like about a bunch of big brands joining MARKET is they may market the heck out of it. Why wouldn't they? They have the means, marketing department, tools and $ to do so. Most small brands don't and just put a post on Facebook, Instagram or Twitter to their following which might be anywhere between 100-10000.
Here's BestBuy numbers on Social Media in comparison
Facebook: 8,210,682 people follow this
Instagram: 478K followers
Twitter: 1.2M Followers
How many members do they have in their my BestBuy rewards program?
idk, but a lot. I'm a member.
How much revenue to they generate?
$47B last year.
https://www.statista.com/statistics/249573/gl...-best-buy/
If Verb gets a tiny slice of that pie, it's a gold mine.
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