SwayID’s journey to becoming the “little green pill” for Influencer Marketing Dysfunction (ID) has been marked by relentless experimentation and insightful learning. Here’s a detailed look at our evolution, highlighting key insights and learnings at each stage.
2017: V 0.0 – The Initial Unexpected Discovery
Insight: Our CEO discovered that offering discounts on her skincare business to Instagram users with 1,000+ followers resulted in a steady stream of authentic, non-incentivized posts.
Learning: Sponsored posts aren’t necessary for generating genuine advocacy. In fact, shoppers prefer sharing products they genuinely like without monetary incentives.
2020: V 1.0 – “Alcamy” Shopify Payment App
Insight: Providing variable discounts based on follower count significantly boosted engagement, but it required integrating a risky payment method.
Key Learning: While the high usage showed potential, the risk to impact conversion rates due to payment integration was too significant for widespread adoption by brands.
2021: V 2.0 – “Swaypay” Cash Back for TikToks App
Insight: Enabling cash back for verified purchases on TikTok without brand integration showed promise.
Key Learning: Receipt verification through having our users link their Gmail accounts was efficient, but users produced content that was often off-brand and inconsistent. This reliance on TikTok's unpredictable platform dynamics highlighted the need for a more controlled environment.
2022: V 2.1 – “Swaypay” Cash Back for UGC App
Insight: Focusing on UGC lowered the barrier to entry compared to platform-specific posts.
Key Learning: While this approach simplified participation for shoppers, the lack of brand alignment and the low perceived value of rewards reduced overall impact and adoption rates.
Q3-Q4 2023: V 3.0 – “Cray” Gamification Attempt
Insight: Engaging Gen Z through brand sponsored mini games for cash back rewards and UGC submissions initially seemed effective.
Key Learning: While it improved top-of-funnel acquisition, redemption rates and UGC quality were low, making the model unsustainable.
2024: V 4.0 – Exclusive Creator Discounts
Insight: Returning to the core concept of offering exclusive discounts, similar to military/student discounts, provided a breakthrough.
Learning: The simplicity of offering exclusive discounts to creators struck the perfect balance between what creators and brands needed. This approach offered the authentic engagement that brands craved while providing creators with tangible, valuable rewards for products they genuinely loved. By mimicking word-of-mouth marketing, SwayID created a sustainable model that also opened up the ability to ensure genuine advocacy and high quality content.
Key Insights from Our Journey:
Genuine Interest: Genuine interest is more valuable than paid endorsements. Influencers prefer promoting products they genuinely use over receiving monetary compensation for inauthentic endorsements.
Scalability: Solutions need to be scalable and sustainable without compromising brand integrity. High-risk integrations and inconsistent content quality are major barriers.
Content Quality: High quality, organic content is essential for long-term success. Influencers producing content out of genuine interest generate more impactful and authentic advocacy.
Consumer Behavior: Consumers prefer redeeming discounts on products they already love and would buy. Offering exclusive discounts taps into this behavior and fosters genuine, non-incentivized promotion.
Conclusion:
SwayID's evolution is a testament to our commitment to finding the most effective way to mimic genuine word-of-mouth marketing. Our journey has led us to develop a solution that addresses the core issues of influencer marketing, ensuring authentic engagement and sustainable growth for brands.
