MyToday Microns and Mus
What I will write next is a vision for the MyToday platform – I will know whether it succeeds in the months to come. I like to share ideas openly because I have always believed that by ‘open-sourcing ideas’ one can get inputs from others which could make the idea better. So in that spirit, here is where the imagination takes over.
MyToday.com already supports the creation, publishing and sending of microns. The new element in this is the addition of Mus. My initial thinking was to price microns at a fraction of emails to drive the interesting use cases – these were short emails and thus cheaper than emails. Since emails themselves are quite cheap (15-45 cents per thousand emails, or about 1-3 paise per email), making microns even cheaper would not be that attractive. Emails anyways have the best RoI and technically, they can do all what microns can, so just offering something cheaper did not make sense.
It was then that I thought of eliminating the unit pricing for emails entirely – make the price linked to performance (based on the opens). While this was a step forward, this again meant we were still playing the price game.
That was when a new idea came up. The low open rates in promotional emails (typically 15%) has meant that brands have taught their customers to ignore emails. What if we thought of microns as being the opposite and target 100% opens?! While the content of microns would be a key driver, that’s when the idea of adding a points program came in – and “Mus” as a reward for attention and action was born. Mus would be the secret sauce to make microns a habit in the lives of consumers.
Netcore’s 70% market share with emails in India meant that we can potentially take the idea to a large number of brands and thus create a points program across brands. This is still not a done deal but has potential. What brands would agree to would be to pay not Netcore/MyToday but their customers! This payment would be in the form of points – Mus. Each micron would thus be a carrier of rewards, enticing the recipient to open and act. In effect, microns with Mus had the potential to train consumers to open every incoming brand communication with the µ in the Subject field! If brands agree, this would be a great win-win for both them and their consumers.
Of course, the question of how Netcore would gain remains. We would need to spend on sending the microns and managing the platform. But we would not get any cut from what the brands paid the consumers. This is where I decided to take the long view. Done right, Mus had the potential to be a gamechanger in the world of brand to consumer communications. If it works, it would move brands to use more of Netcore’s communication and customer engagement and experience platforms providing plenty of monetisation opportunities in the future. Start with delight and the deals will happen!
So, that’s the idea. Will it work? Can it transform brand-consumer engagement? We will find out in the months to come!