Ifeelgoods, a marketing service provider that allows brands to reward users with virtual currency for their actions, has released a new tool that helps brands offer Facebook Credits to users who follow their Twitter account and retweet a specific message. Currently available through a managed partnership but soon as a self-service platform, the Twitter tool lets brands choose the number of Credits that users can instantly redeem upon completing the action.
Brands can use the tool to quickly ramp up their Twitter following and gain exposure cheaper and more reliably than may be possible with ads.
Launched in September, ifeelgoods uses the fluid Facebook Credits virtual currency system and scalable, low cost distribution to allow brands to offer rewards for actions that were previously too small to effectively incentivize, such as signing up for email updates or sharing with a friend. With $1.1 million in funding, it has also built a tool that lets e-commerce retailers reward customers with Credits at the end of a payment flow.
The company has found some early success, partnering with three of the top 100 online retailers, including La Redoute, the most popular ecommerce site in France. Its systems generate viral buzz, with 60% sharing the news of their reward with friends. When the incentives are cited in ads, ifeelgoods’ clients have seen double and triple the click through rates.
Ifeelgoods began testing its Twitter tool in November, working with the Dallas Mavericks basketball team to reward users with five Facebook Credits via direct message shortly after they followed the team’s Twitter account. Ifeelgoods has since improved the system to let users permit their Twitter app to automatically follow and retweet the message, and then authorize their Facebook app so they can redeem their Credits immediately after following and retweeting.
By offering a fluid currency that can be used in many of the most popular Facebook games, ifeelgoods one-ups competitors who have previously rewarded users with content for Twitter actions, such as access to a music video or an MP3 download. ifeelgoods rewards appeal to a wider variety of demographics, making them suitable for to a broader range of brands and retailers.
It has also developed fraud protection systems that identify is users are trying to game the system and score Credits multiple times. Co-founder and vice president of product Suchit Dash says the company has yet to encounter anyone able to subvert the micro-incentives.
With Facebook Credits becoming the mandatory payment system for all Facebook games starting July 1st, ifeelgoods is well positioned to answer the increase in demand for the virtual currency. With growing evidence that micro-incentives work, we expect more brands and retailer to seek the service’s help in attracting social gamers.