I thought of this concept when my friend Tim emailed me about nvohk (pronounced “envoke”), a crowdfunding and branding initiative applied to clothing.
In theory it’s a great idea – 30 000 people each put forward $50 for a year’s membership in nvohk inc. For their $50 they get a “founders t-shirt”, get to vote on stuff like logo design and advertising decisions, get discounts on nvohk t-shirts, and split 35% of the profits between them. It works for the company because each t-shirt owner then has a vested interest in helping the brand succeed, and passing on work of its success.
Where I think the company could improve its offering is to start connecting members and create an online space, like a Ning social network, for them to discuss their investment in public with each other and the project founder, Brendan Lynch. This would increase trust and interest, and make it a bit more like the original concept, a proven success model, on which I believe it was based (probably unknowingly) – the South African Stokvel.
Stokvels, according to The Beehive, “…have been around in South Africa for many years. They are a good way for people to help motivate each other to save, and many stokvel or savings clubs are like social clubs where members also help each other in ways other than with money. Regular stokvel meetings have become a social highlight in many communities”.
The internet can allow ad-hoc communities to form around virtually anything – the initial social object could be saving money, but then extend as people seek other ways to connect with and help each other. In the business case, such as with nvohk (or to quote a more familiar South African example, Verity), I believe that the investors want the project to succeed, and some of them would have at least enough interest in it to want to chat with other investors with the same interest via a convenient virtual platfrom like the official website of the project.
I think the concept of the digital stokvel has great potential to be applied to brand campaigns. Watch this space for more case studies to come.
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Congratulations to the Quirk team who have just released the first edition of their eMarketing textbook. Just before it was published I was sent a digital copy to review, and I found it to be thorough, well written and full of good examples and explanations.
