Written by: Melissa Gamarra, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
If you are an online entrepreneur, you have probably heard of the newest addition to social media platforms… Clubhouse. This social media app is a limited access platform, meaning you often need an invitation to get in. Each person on the platform has one invitation to give out and get more invitations through social interaction. If you want to get on the app but don’t have an invitation, you are put on a waitlist until the administrator lets you in. Oh, and one more thing, it’s for iPhone users only!
Sounds exclusive, doesn’t it? Well, it is! Some top-level individuals like Russell Brunson, Ashton Kutcher, and even Oprah are on the social app, and with all the buzz on social media, people are doing all kinds of crazy things to be one of the first on the platform. Some individuals have even started auctioning off invitations for money, while others are running out to buy new iPhones to get access.
So what is so appealing about this new social app that many entrepreneurs spend money just to be on it? It’s the platform's unique form of social interaction. The entire platform is built on pop-up live audio chat rooms where there is often a presenter or host, and their followers get to listen in. This gives people direct access to some really big names and therefore is extremely appealing. The other appeal is simply FOMO, Fear Of Missing OUT. The company intentionally launched this social platform through influencer marketing and exclusivity to keep your FOMO peaked, as well as your interest. And it’s working!
According to CNBC, the app was priced at a whopping 100 million dollars in May 2020, with only 1,500 members on it. While there is no updated information regarding the current value, I’m sure you can assume that with more members comes higher valuation. So does this mean you need to rush out and start bidding on invites or buy a new phone? NOPE!
As an entrepreneur, it is incredibly important for you to have a solid strategy for marketing and not be swayed by bright shiny objects. This platform is great for those of you who have a connection willing to invite you, have a large chunk of your audience already on the platform, and can afford to make time for this new platform and the content you will need to create for it. At the end of the day, it is important for you to use your time wisely and go to the place where your audience is.
Being on a platform with only a few thousand people on it means you will yield a lower ROI on the time you spend there. This is simply because the audience size is smaller than Facebook or some of the more established platforms. Being a trailblazer might sound sexy, but it doesn’t pay the bills. I recommend weighing the pros and cons, ignoring any FOMO you may experience, and possibly circling back to this platform as it starts to grow. For now, simply stick with your current strategy and avoid bright shiny object syndrome.
For more information on business strategy, check out The Powerhouse Women’s Circle on Facebook or check out my website. Follow me on Facebook, Instagram and connect with me on LinkedIn!
Melissa Gamarra, Executive Contributor Brainz Magazine
Melissa Gamarra is a Certified Online Business Manager and Author living in Salt Lake City. She helps online business owners create organization and business strategies so they can scale their companies effortlessly.
