Myreks, a social platform startup from Brazil, changes the game of social marketing. Instead of letting users go to promote products via their status update (in subtlety) and/or ads, Myreks actually reward users who recommend products with their friends and followers.
What is Myreks?
Myreks is an online startup founded by Bruno Malhado. Headquartered in Florianopolis, Brazil, Myreks offer an easy to use e-commerce enabled social recommendation platform that will be a meeting place of consumers and businesses.
Indeed, Myreks it the new hot social media that will definitely attract influencers: As a user, you can recommend products you love to your online friends and earn reward points called “rekpoints” for every recommendation turned into sales. You can then redeem your rekpoints for gift cards for shopping on partner stores, such as Amazon.com, iTunes and Wine.com.
Regarding the idea behind Myreks, Bruno Malhado, Myreks CEO, explains, “The team behind Myreks took that notion and decided to bring it into the age of social networking, to create a socially active, user-driven e-commerce enabling platform based on social recommendations. People want to find and recommend good products. Now, they can with Myreks. We believe this is the future of social media marketing where e-commerce can and should be led by people.” (source: PRWeb)
How does it work?
It’s pretty straightforward, really. What you actually need to do is sign up and start choosing the products you love on Myreks. Then you talk about it on Myreks and on your other online channels like Facebook, Twitter, Chime.in and many others. Integrating your Myreks with Facebook is a breeze – via a Facebook app you can make use of to recommend products to your friends and followers.
The social platform offers a win-win proposition for all parties…
For influencers, they earn rewards by successfully converting their recommendations into sales. They also get badges for their recommendations. This will let others know who’s who in Myreks.
For businesses, they should expect increased revenues – as we all know, user reviews and recommendations influence consumers’ purchase decision. With Myreks, businesses can pitch influencers with their new products easily. Indeed, it’s a great, cost-effective marketing and monetization tool for business.
For consumers, Myreks is a great place to find product recommendations. No more searching the web for questionable reviews.
Revenue-wise, Myreks will get it primarily via product placements, while passing the referral fees generated to its users in the form of rekpoints.
The concept behind Myreks is interesting. However, the future growth of the startup heavily relies on the ability for the team to secure partnership with businesses. The premise is simple: When you have more products to recommend, you will attract more consumers and influencers.
The key success factor for Myreks, just like any other reward-based social sites is in ensuring whether the recommendation is genuine or not. People tend to do reviews for the sake of getting rewards from doing so. And we all know the caveat of reward system: People can be less objective, doing reviews for the sake of getting rewards.
If Myreks team members can tackle such issues, they win.