Wahooly is designed to help startups leverage word of mouth marketing from a group of individuals identified as socially-capable and with a vested interest in seeing them succeed in the long term.
Individuals can potentially invest in hundreds of startups — not with money — but with their time and social influence.
Ways the product benefits social media campaigns
Wahooly’s model is based on users leveraging their social influence to help solve one of the biggest challenges that startups face today — momentum. With the potential of providing startups with 5,000 to 10,000 users who all have a vested interest in seeing their success, Wahooly can create socially-powered brand advocacy for startups.
Users who are most active may be rewarded by earning a bigger “piece of the pie.” Their level of influence and use of the offerings of the startups in which they have invested are monitored and tracked in real-time. Wahooly users can log into their dashboards to get a sense of how their activity is impacting their shares.
For startup marketers
- Potential access to 2,500 or more beta users, each with an vested interest in the startup’s success
- Ongoing campaigns — users are motivated to share information about updates and news with their social graph from startups in which they have a stake
- Promotion of user activity — the Wahooly algorithm is designed to reward users that are both promoting and using the startup’s offering with a higher percentage of equity
- A vehicle for seeing an ROI on social media activity
- First access to new products and services
- The average person can become an investor without actually investing money
Wahooly has two customer sets:
Users are ideally socially-capable individuals with an interest in new technologies.
Startups should be unique, internet-based companies in the early stage of their life cycle and with appeal to the average consumer.
Wahooly beta launches on January 1. 2012 and the company is currently in the process of solidifying our 25,000 users. As each of those users will share in a piece of Wahooly, the company’s own launch serves as proof of concept.
Between 2% and 5% of startups’ equity, determined by the number of users to be targeted.
Compared to competition
According to the company, “Two reasons: 1. None of those options care if you succeed. They might say that they do, but we prove it by basing our success off of your success. 2. Word of mouth (WOM) and third-party endorsement are still the strongest forms of advertising, even more so today with social media. While a WOM firm can help deliver on that, it’s only a short-term solution. Wahooly’s campaign doesn’t end until you say it ends.”
Our “What You Should Know” series of application profiles has been helping brands and agencies select the most appropriate tools to improve the effectiveness and efficiency of their campaigns. Need help measuring or monetizing your social media activities? Check out dozens of additional apps in the series archives – one is bound to come to your rescue!
Neil Glassman is principal marketing strategist at WhizBangPowWow, where he delivers integrated social, digital and linear media solutions. Contact Neil by email and join his conversations on Twitter and Google+.