Friendz is a platform through which social media users are engaged in active interaction with brands. Friendz is a special purpose social network. Client companies publish a task for the production of content and offer a reward for its implementation. Users create content, experienced expert users test and evaluate it. Users and experts are rewarded. The platform positions itself as a modern unique tool for creating original content and maintaining a high level of user involvement.
The project team claims that clients will no longer need to interact with many marketing agencies to activate communities, but could rely on Friendz to get these services. The product can really be in demand on the market as one of the tools of digital marketing. But it is unlikely that platform will be able to completely replace SMM-managers for client companies.
The company's business plan does not have a clear description. According to the project, companies are interested in fast, unique and interesting content for their social networks. Users are interested in receiving a reward for created content. FZD token in this business model are used primarily as a mean of payment. Companies pay for content, users get a reward and spend coins on the services of partner companies. But it is not clear how the platform makes a profit and why investors benefit from participating in the ICO. These key points can essentially affect the attractiveness of tokens.
Marketing strategy of the project is not very original, but quite realistic. Friendz is planning further growth of community, enrich and refine the functionality of the platform. Client companies will be able to use such services as UX testing, App review, bug testing, market research, ICO marketing campaigns, big data stores, recruiting, contest creation, lead generation. Users will be will be enable to use more functions of Friendz platform. Project’s team intends to engage B2B companies which will adopt the platform for their internal operations or for outsourcing services from another companies. And the team expects to involve clients from the crypto world.
So, Friendz needs ICO to get funds for further development of the project. The funds collected in the ICO process will be used for three main purposes: to expand business abroad, to create multinational community and to develop technical improvements.
The role of blockchain technology is to increase transparency and trust towards clients, to involve users though over the world, and to make decentralized content validation system.
This strategy has two real aspects. It follows trends on the cutting edge and is aimed at expanding business. But the statement that Friendz can be the single tool to perform marketing campaigns all over the world is quite doubtful.
The project team looks quite balanced. The two main divisions of the team are responsible for platform development and marketing. Unfortunately, in the description of the team there is almost no information about the previous experience of founders, so it is difficult to judge their professional competencies.
Frendz’s developers have a good vision of the main trends of digital marketing. Their vision is quite consistent with reality. Indeed, the digital marketing segment is inevitably growing year by year. Brands interaction with consumers through social networks is playing an important role in digital marketing. But the founders of the project don’t take into account that already existing social networks offer companies a large number of tools to attract users' attention. The project team doesn’t pay attention to analysis of competitive environment, as if there is no competition at all.
The project team understands the target audience quite well. Most companies spend a lot of time, money and effort to create content and engage users. Friendz project proposes to make this process simpler and more efficient. Companies will become closer to their customers. Friendz platform is aimed at the most active users of social networks who like to create content. And using the platform, they will be able to get a reward for it.
The principle "peer-to-peer” is the real strength of Friendz. According to the founders of the project, Friendz includes people who know each other personally. Communication between people are short and alive. Content created by non-professionals on the instructions of brands is widely distributed in social networks and this type of content gets live response of users. It is important to note that the project already exists and works. The company offers ICO for really existing and functioning product, not sells promises.
But founders of the project doesn’t give enough attention to the fact that brands have long been directly interacting with consumers through social networks and companies offer their followers a reward for creating content. Perhaps founders of the project should emphasize the functionality of their platform and the quality of the audience.
Friendz has been launched in 2016 and for the present moment this platform has got 1.200.000 Euro in revenues and 200.000 users. The main goal of Friendz is to connect brands with their target audiences. The users of that platform are paid with Friendz coins for creating and sharing the content for brands advertising. In only 18 months after launching this platform has got 500.000 Euro worth of financing. At the moment revenues hit 1.200.000 Euro. Also each year the costs spent for digital advertising rises. So the rising of Friendz revenues is highly predicted as well.
The type of advertising the Friendz uses is based on the influencer marketing, which means that people are more like to buy products used and advised by famous people or their friends, than just some products seen in a usual TV ad. It is forecasted that influencer marketing is going to increase from 5 to 10 billion dollars in the next 5 years. So, as you could guess this field of advertising is quite a promising one.