1 Book review on Amazon
21 eBooks sold
Writing: One main article promoting the book and announcing how the upvote system will work, two articles reminding readers about the promotion.
Value of 100% upvotes: About 60 cents each; two upvotes were given per resteem/review.
Total amount given out: $0.60 * 2(9 resteems + 1 review)=$12
Steem Power held: 3000
Cost of leasing 3000 SP for one week: about $75 (I didn’t lease, but this is the going rate on Minnowbooster) at 25% APR.
Actual out of pocket costs for me: None.
Some of my above prices were estimated using Minnowbooster’s current market prices for reference. The difficulty there is timing your steem lease. There are currently 223 new lease requests, so if you want to lease steem power you’ll need to bid up your APR to get it snatched quickly, or coordinate with a delegator ahead of time (who will lend you the steem power). Your other choice is to allow random chance to determine if your request is picked up, but good marketing needs tighter timelines.
I started this campaign with 3000 steem power already available. It cost me nothing but my time to upvote those who resteemed or reviewed my book on Amazon, and I gave them two 100% upvotes (so about $1.20 total) each. That should have dropped down to $0.50 SBD and .125 SP once they were paid out. With SBDs currently above $4, resteemers earned over $2.50 USD between their SBD and SP.
To summarize, over $50 USD was given to steemians for taking part in this marketing experiment, at no cost to me.
Would You Resteem an Advertisement for $2.50?
Every post on steemit fights for attention from the rewards pool. The early adopters here have taken advantage of very cheap steem to get a lot of SP for their articles, which haven’t had to compete with professionals.
This will change soon, if steem is to be a successful cryptocurrency.
Advertising doesn’t happen here the same way it does on Facebook. Steemians create content, which fights for a portion of the rewards pool. The rewards allow steemians to have more control over the content of the platform. Better content will bring more people, more people bring advertisers, and those advertisers will need to buy steem or steem power to play.
We’ve already attracted Engadget onto steemit, which will write some original content for our platform (it’s already crossposting some of its articles here). How soon until Tech Crunch shows up? HuffPo? Sites with huge followings can repost on steem at no cost and fight for a portion of the rewards pool. This is the future of the steem blockchain.
My question above is important: would you resteem an ad for $2.50? Maybe you’d do it for a fellow steemian, but would you do it for Nike? If not, how about $10? $20? Would you resteem something for $1? These are questions professional marketing teams will be answering as they begin to use our platform.
For now, I think it is incredibly cheap to market something on steemit. I’m going to make a few tweaks and do another promotion for my book in a couple days, so if you want to take part in it keep following me and wait a day or two until it starts.
Better than Bots?
One of the most common methods of gaining votes and attention has been the use of bots. I think the biggest problem with bots is they don't provide targeted content. I have yet to find a bot that offers content that interests me, so the resteems a bot provides are so much noise(1). I think bribing my followers with upvotes may be a more effective method than bribing a whale bot with steem, but until I can actually test that in some sort of controlled manner, it remains a hunch.
In the meantime, I'd love to hear your thoughts on steemit marketing in the comments below!
Check out my book for more information on cryptocurrency trading. Free for Amazon Unlimited readers!
(1) Bots that offer targeted content might be very effective. DCEUbot for news on the next DC movie, or LibertyBot that curates and resteems articles focused on libertarian issues might be really effective. We'll see...this will happen as more people consistently post content to this platform.