We have launched a new social network called Padoq. Our Platform doesn't use your data and allows you to make money from ad's you allow to be run (eventually). We have been discussing the main use for this product, and have isolated three key categories. Flow of money between users, conversation around main topics (technology, sports, startups, etc), and also organising your own groups (hen-do's, friends, classes, etc)
What I'm looking for is for folks to perhaps try out the app, and give a bit of a reality check on it . Would love to know if there are use cases we aren't thinking of, if it seems a viable product, pretty much anything and everything (and please dont hold back :-D)
@mcarans Good question. I think three key things differentiate:
PISP - We will be one of the first PISP's in the UK (allowing us to initiate bank payments). So you can do everything from making payments to a buddy, to collecting payments as a business
You own your group's data completely. The great part of this, is you can opt to show ad's or not, and you'd be rewarded with a % of revenue from any sales made (meaning more relevant ad's, and control over how much and what is shown)
No need to tie in other platforms to accomplish various tasks. We get that not everything we offer may appeal to you, but at the point you need something, you'll likely find the functionality you need on our platform without the need for pointing a user (and asking them to sign up for) another platform. (which also keeps data safe)
@wandering_mike I dont believe they are a direct competitor, as our space is with organisers or those who have existing WhatsApp groups who are struggling. I like how Brave looks though and I think they are a perfect complimentory product (as I dont see us as having an Either/Or play) Good feedback though, as yes we are one of quite a few privacy-focussed products on the market.
@canxietluc123 Great points. I think the key aspect is we fill lots of gaps that Facebook, Insta, and Venmo don't. People now understand that facebook harvests their data and floods their user experience with ad's which aren't relevant to them, so giving them an alternative has its merits. I also believe if someone like Venmo said they were working on a 'community angle' to their app users would be distrusting or not use as money transfer needs to function as a part of, but not the backbone of why users gather together. I absolutely agree about friends also using the product, and its something we've been discussing. Would love to hear your thoughts on whether you believe a user would join a platform for general discussion around a topic/interest and then see the value for their own group?
Thanks for your feedback this is all really appreciated!
@giangnt I just don't think the vast majority of people I know ACTUALLY care about facebook harvesting data or selling it. They say they do but don't care enough to really make a switch. People say they care about a lot of stuff these days but for them to take action on that is another story completely IMO.
@canxietluc123 Yes a quite valid point. However I also think with 'microcommunities' (hen-do, 5-a side, regular get togethers) hosted on Whatsapp, WeChat etc I think we have a key selling point in how we organise and how our functionality keeps them from having to piece together multiple platforms to assist with payments, consensus building, ticketing, RSVP's, etc. I do think your assertion is on point, as doesnt look like masses are flocking away from facebook, at best we are seeing stagnation. Great insight - defo appreciate your perspective!
@giangnt The classic social media conundrum is that it is utterly devoid of value for any initial users and only has value once you reach some critical mass. How are you going to reach a critical mass? Why would someone go set up another profile on a website? Think about the last social media profile you set up. When was it? Why was it? What were they offering you in return for your patronage?
@1nttoservejesus Again a really good point. I think users will see a value in the product as a way to organise events and groups, and then see further value in facilitating conversation and utilising other functionality within the system. I think the reward to the user is in two parts. One is the cost of money transfers being less than most payment processors on the market today (as most groups are transferring money), and also in being able to monetise data to reward the group (with our new ad model)
You do raise some great points and ones that will be very helpful from a community perspective. Thanks for responding really awesome!
@giangnt But those benefits only come online when other people are using it. You’re falling right into the wishful thinking trap that makes social media sites fail. Why would anyone create a profile and log on for ad revenue when there are no ads yet because no one will advertise on a platform with no people. And then why would anyone add their financial details to a site to transfer money when there is no one else to transfer it to in the system yet. You need to be providing value to people even when no one else is im the system. Or the dream/fantasy you’re selling needs to be SO cool that people will sign up anyway just so they can be a part of this crazy experiment. I don’t think you’re there at all. Maybe with some awesome marketing. But for that you’ll need loads of cash.
@1nttoservejesus Another good call! We've had good traction so far with communities that already have money being transferred, so your weekly meetup for pints, your 5-a-side football teams, even groups planning to travel. Each of them wants one central place to pass information, and at one point or another wants to transfer money. Currently they have no need for the ad-aspect, so it seems to be an emmerging sweet spot. All the things you raise are valid at scale though and things we are definitely thinking about in how we roll this out. Thanks!
