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“Anonymous” fintech Millions gives away millions, but will it build community?

(BUSINESS MARKETING) Do you have to spend money to make money, or can you make money by giving it away? Millions intends to find out.

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Two people sitting on a couch, pointing to phones to share millions on social media.

The saying has always been that there’s no such thing as a free lunch, usually doled out as either good advice or a cynical reminder that everything costs something. And even less likely to see ‘free millions’ entering the rounds. This sounds odd in the midst of the tech industry, as seemingly huge firms offer their services for free. There are way too many stories about tech corporations selling your data to fund this in conjunction with ads, and there’s definitely something to the idea that you are the product, and all of that is interesting (read: alarming).

Let’s take a small step back though, as all of that (gestures to the entire world) has been covered in a billion discussions endlessly, and it may stop being an issue one way or another anyway. But it’s good to keep those thoughts in the back of your head as we continue – that an audience is a collective commodity, and that there’s most likely some data mining going on in the background.

Consider Millions, which is garnering attention as an “anonymously” led startup with a $3 million seed round, and who is giving all that venture capital away via its Twitter account. This sounds a bit odd at first, but their explanation from a co-founder actually makes a good bit of sense:

“If you think about customer acquisition costs — and this is a little bit controversial — people just give money to Facebook or Instagram, or Apple or Google. The money goes straight to a social network and not the people. They’re trying to get the people, but they’re not giving the people the money. The Millions way is really giving the people the money.”

This has proven successful at generating a base, securing 25,000 followers since their inception so far, with more joining each day. To build these kinds of numbers, Millions runs a series of events (contests? Lotteries? stunts?) that give away money with no strings attached. Brand awareness goes up, more people join, and thus, customer numbers grow.

The biggest so far is their version of Pick-6, where participants are asked to follow the Twitter account and pick six numbers to try and win a million dollars. There are also a number of much smaller giveaways that range from $30 to $100 dollars, with announcements in their feed gleefully handing out money to random accounts on a daily basis. Next month, it is going to ask users to input their phone numbers for a chance to win $10,000 by searching for “number neighbors” that are just one digit off from each other.

As an experimental way to gain a readership, Millions is working – there’s not a huge amount of risk to run this kind of promotion, and the lure of free money is unquestionably strong. Note that Millions does not explicitly say it will give away a million dollars, but simply offers the chance to win it. In fact, odds are calculated at a 1 in over 1.1 billion. Even if all of this sounds a little strange, the list of investors includes some serious names and is nothing to scoff at, with huge firms like Warby Parker, Twitter, Allbirds, Casper, and many others. And while Millions itself has remained tightlipped on who is behind it directly, there’s reference to “MyCard,” a business that lists Rory and Kieran O’Reilly as executives, suggesting that this is another venture following their successful launch of Gifs.com.

The ultimate goal here – from what can be gleaned so far – is that Millions is hoping to capture a significant following and then utilize that to sell future products by leveraging a loyal fanbase. It’s thought that – given the references to “MyCard” – this will be a credit card that gives rewards for daily use, which would be an extension of the site’s current model from purely giving money away to creating a monetized product.

“This company is creating delight from what would otherwise be the mundane, everyday necessity of swiping a credit card. We invested in Millions because they will spark joy in people’s lives, and think the traditional points model of accumulating hard-to-use airline and hotel points is tired, and ripe for reinvention,” said Allbirds co-founder and CEO Joey Zwillinger.

It’s worth noting that Millions doesn’t run ads. “We’re giving the money directly to the people, and hopefully, they follow our ecosystem, subscribe for updates and they’ll see the future launch.” This is a departure from most corporations, which might be paving the way toward better accessibility by dropping something viewed as annoying or invasive.

There are some questions about the longevity of its appeal – the pandemic has affected scores around the world, and they may be flocking to Millions out of pure necessity and hope. However, maybe that is when the shift will occur to selling products, and thus generating revenue.

Going back to where we started – this is another example where even free things still cost something. Millions sometimes asks for personal data to be freely handed over on the chance of winning some cash, so there’s definitely no question where the product – and who the product – is. Still, it’s admirable to see that new methods exist for building a customer base, and it’s still too early to tell how this experiment will go.

Robert Snodgrass has an English degree from Texas A&M University, and wants you to know that yes, that is actually a thing. And now he's doing something with it! Let us all join in on the experiment together. When he's not web developing at Docusign, he runs distances that routinely harm people and is the kind of giant nerd that says "you know, there's a King of the Hill episode that addresses this exact topic".

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Business Marketing

10 must-listen-to podcasts for business owners

(MARKETING) If you’re a business owner and want to learn something…anything…give one (or all) these podcasts a listen.

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headphones listen podcasts

As podcasts grow more and more popular, it has become increasingly difficult to sort through the sea of excellent options out there.

From interviews with business leaders to industry-specific advice from experts, podcasts are an incredible free and convenient way to get a small dose of inspiration and knowledge.

This short list offers just a taste of the myriad of business podcasts available. Whether you’re an aspiring entrepreneur looking for some tips on breaking into a new industry or a seasoned vet hoping to get some new inspiration, we hope you’ll find something here worth listening to.

How I Built This, hosted by Guy Raz.

Podcast fans will recognize Guy Raz’s name (and voice) from TED Radio Hour. While that show can be a great source of inspiration for businesses, one of the most consistently inspiring shows is his new project that shares stories and insight from some of the biggest business leaders in the world. In just four months, Guy has talked to everyone from Richard Branson and Mark Cuban to L.A. Reid and Suroosh Alvi. While there are plenty of excellent interview-driven shows with entrepreneurs, if you want to hear about the world’s best known companies, this is your best bet.

The Art of Charm, hosted by Jordan and AJ Harbinger.

The Art of Charm is a business podcast by definition, but the advice it provides will definitely help you in other parts of your day-to-day life as well. With over three million listens a month, the incredibly popular show provides advice, strategies and insight into how to network effectively and advance your career and personal life.

StartUp, hosted by Alex Blumberg and Lisa Chow.

If you’re an entrepreneur, there is no excuse not to be listening to StartUp, the award-winning business podcast from Gimlet Media. The show’s talented hosts come from incredible radio shows like Planet Money and This American Life and bring a top-notch level of storytelling to the show, which provides behind the scenes looks at what it is actually like to start a company. Now on the fourth season, StartUp is one of those business podcasts that even people not interested in business will get a kick out of.

The Whole Whale Podcast, hosted by George Weiner.

One of the best things about podcasts is the wide variety of niche shows available that go in-depth into fascinating topics. One of those shows is the Whole Whale Podcast, which shares stories about data and technology in the non-profit sector. You’ll get detailed analysis, expert knowledge and can hear from a long list of social impact leaders from Greenpeace, Change.org, Kiva, Teach For America, and more.

Social Pros Podcast, hosted by Jay Baer and Adam Brown.

Navigating the surplus of social media guides online can be a nightmare, so look no further than Social Pros. Recent episodes talk about reaching college students on social media, the rise of messaging apps, and making better video content for Facebook. Plus, there are great case-studies with companies doing social right, like Kellogg’s, Coca Cola and Lenscrafters.

Entrepreneur on Fire, hosted by John Lee Dumas.

One of the original entrepreneurship shows, Entrepreneur on Fire has logged over 1,500 episodes with successful business leaders sharing tips, lessons and advice learned from their worst entrepreneurial moments. Sometimes humorous, sometimes heartbreaking, always inspiring, this show is sure to have at least one interview with someone you can learn from.

The $100 MBA, hosted by Omar Zenhom.

Think of The $100 MBA as a full-fledged business program in snack-sized portions. The daily ten minute business lessons are based on real-world applications and cover everything from marketing to technology and more. Cue this show up on your commute to or from work and watch your knowledge grow.

This Week in Startups, hosted by Jason Calacanis.

This is your audio version of TechCrunch, Gizmodo, or dare we say The American Genius. Each week, a guest entrepreneur joins the show to talk about what is happening in tech right now. You’ll get news about companies with buzz, updates on big tech news and even some insider gossip.

The Side Hustle Show, hosted by Nick Loper.

This is the show if you want answers for the big question so many entrepreneurs face. How do I turn my part-time hustle into a real job? Featuring topics such as passive income ideas, niche sites, and self-publishing, host Nick Loper is upfront and honest about the tough world of side hustles. The show features actionable tips and an engaging energy, and may just be that final push you need to grow your gig.

Back To Work, hosted by Merlin Mann and Dan Benjamin.
Focused on the basics that you don’t think about, Back To Work looks deep into our working lives by analyzing things like workflow, email habits and personal motivation. Somewhere between self-help, and business advice, Back To Work takes on a new topic relating to productivity each week.

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Business Marketing

Why your coworkers are not your ‘family’ [unpopular opinion]

(MARKETING) “I just want you to think of us as family,” they say. If this were true, I could fire my uncle for always bringing up “that” topic on Thanksgiving…

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family coworkers

The well-known season 10 opener of “Undercover Boss” featured Walk-On’s Bistreaux & Bar. Brandon Landry, owner, went to the Lafayette location where he worked undercover with Jessica Comeaux, an assistant manager. Comeaux came across as a dedicated employee of the company, and she was given a well-deserved reward for her work. But I rolled my eyes as the show described the team as a “family.” I take offense at combining business and family, unless you’re really family. Why shouldn’t this work dynamic be used?

Employers don’t have loyalty to employees.

One of the biggest reasons work isn’t family is that loyalty doesn’t go both ways. Employers who act as though employees are family wouldn’t hesitate to fire someone if it came down to it. In most families, you support each other during tough times, but that wouldn’t be the case in a business. If you’ve ever thought that you can’t ask for a raise or vacation, you’ve probably bought into the theory that “work is a family.” No, work is a contract.

Would the roles be okay if the genders were reversed?

At Walks-Ons, Comeaux is referred to as “Mama Jess,” by “some of the girls.” I have to wonder how that would come across if Comeaux were a man being called “Daddy Jess” by younger team members? See any problem with that? What happens when the boss is a 30-year-old and the employee is senior? Using family terminology to describe work relationships is just wrong.

Families’ roles are complex.

You’ll spend over 2,000 hours with your co-workers every year. It’s human nature to want to belong. But when you think of your job like a family, you may bring dysfunction into the workplace.

What if you never had a mom, or if your dad was abusive? Professional relationships don’t need the added complexity of “family” norms. Seeing your boss as “mom” or “dad” completely skews the roles of boss/employee. When your mom asks you to do more, it’s hard to say no. If your “work mom or dad” wants you to stay late, it’s going to be hard to set boundaries when you buy into the bogus theory that work is family. Stop thinking of work this way.

Check your business culture to make sure that your team has healthy boundaries and teamwork. Having a great work culture doesn’t have to mean you think of your team as family. It means that you appreciate your team, let them have good work-life balance and understand professionalism.

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Business Marketing

Market your side hustle with these 6 tips

(BUSINESS MARKETING) It can be hard to stand out from the crowd when you’re starting a new side hustle. Here are some easy ways to make your marketing efforts more effective.

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side hustle paperwork and technology

Side hustles have become the name of the game, and especially during these turbulent times, we have to get extra creative when it comes to making money. With so many of us making moves and so much noise, it can be hard to get the word out and stand out when sharing your side hustle.

Reuben Jackson of Big Think shared five ways that you can market your side hustle (we added a sixth tip for good measure), and comment with your thoughts and ideas on the subject:

  1. Referrals: Don’t Be Afraid to Ask!
    If you’re going to make a splash, you have to be willing to ask for favors. Reach out to your network and ask them to help spread the word on your new venture. This can be as simple as asking your friends to share a Facebook post with information that refers them to your page or website. Word of mouth is still important and incredibly effective.
  2. Start Where You Are
    Immediately running an expensive ad right out of the gate may not be the most effective use of your (likely) limited funds. Use the resources you do have to your advantage – especially if you’re just testing things out to see how the side hustle goes in the real world. You can do this by creating a simple, informational landing page for a small fee. Or, if you’re not looking to put any money into it right away, create an enticing email signature that explains what you do in a concise and eye-catching way. Check out these tools to create a kickin’ email signature.
  3. Gather Positive Reviews
    If you’ve performed a service or sold a product, ask your customers to write a review on the experience. Never underestimate how many potential customers read reviews before choosing where to spend their money, so this is an incredibly important asset. Once a service is completed or a product is sold, send a thank you note to your customer and kindly ask them to write a review. Be sure to provide them with links to easily drop a line on Yelp or your company’s Facebook page.
  4. Be Strategic With Social
    It’s common to think that you have to have a presence on all channels right away. Start smaller. Think about your demographic and do some research on which platforms reach that demographic most effectively. From there, put your time and energy into building a presence on one or two channels. Post consistently and engage with followers. After you’ve developed a solid following, you can then expand to other platforms.
  5. Give Paid Marketing A Shot
    Once you’ve made a dollar or two, try experimenting with some Facebook or Twitter ads. They’re relatively cheap to run and can attract people you may not have otherwise had a chance to reach out to. Again, the key is to start small and don’t get discouraged if these don’t have people knocking your door down; it may take trial and error to create the perfect ad for your hustle.
  6. Go Local
    Local newspapers and magazines are always looking for news on what local residents are doing. Send an email to your town/city’s journal or local Patch affiliate. Let them know what you’re up to, offer yourself for an interview, and give enticing information. The key is doing this in a way that your hustle is seen as beneficial to the public, and is not just an ad.

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