The method appears to have satisfied buyers, with Common Pays asserting that it has raised a further $three.1 million, which it rolled up with the $2 million it raised after participating in Y Combinator right into a $5.2 million Collection A. The spherical was led by GoAhead VC with participation from Pallasite Ventures and Hyde Park Angels.
Drummey informed me that when he began Common Pays, he assumed that the principle worth the service might present was connecting entrepreneurs with social media influencers to promote their manufacturers and merchandise. That wasn’t fully mistaken, however he mentioned, “The actual worth of what we’re doing is within the content material itself. Manufacturers realized that, too — they wished the impressions, however they have been staying for the content material.”
In spite of everything, manufacturers want an rising quantity of movies, images and weblog posts in the event that they’re going to maintain posting and interesting on-line, a pattern that’s solely going to extend as social media shifts towards extra Snapchat Tales-style codecs.
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To be clear, Common Pays hasn’t deserted the influencer advertising and marketing mannequin fully. Drummey mentioned many of the firm’s campaigns contain a mixture of producing content material for a model and publishing promotional messages on customers’ accounts.
Nonetheless, he mentioned the corporate has switched from calling these customers influencers — as an alternative, it calls them creators, to replicate the truth that for a lot of of them, “Their worth isn’t essentially that they’re well-known or a star, however that they’re skilled content material creators.”
Drummey additionally famous that Common Pays presents instruments that assist entrepreneurs handle many creators without delay (a whole lot, within the case of some campaigns), and to A/B check the content material that they produce. And the corporate is increasing the way in which it makes cash by licensing the expertise to different companies and in addition working with resellers — in reality, he mentioned resellers already account for almost one-third of the corporate’s income.