Over the years, Buzzfeed has been in the activity of selling ads. This is the way it has been making money. In a departure from the previous trend, Buzzfeed is now selling gadgets of its own. In this new strategy, a combination of two ideas will be at play. Inventors and makers of devices will get ads from the publisher, and in turn, the inventors and those who make gadgets will give a part of their sales on the product to Buzzfeed.
Products branded in Buzzfeed such as hotplates that are connected to Bluetooth, fidget spinners and cookbooks are among the products going out on sale. Buzzfeed will take items that are made by others, and through the use of Buzzfeed’s digital platform, the products items will be sold. The adverts will be in the form of videos, posts and ad products created for traditional advertisers.
The idea behind this strategy came from the realization of the fact that there are several companies that are starting up, but they lack the big budgets ideal for marketing. These companies will benefit from the audiences reached by Buzzfeed. In other words, Buzzfeed is in the process of helping inventors sell their new inventions without going through the hustle of trying the laborious task of introducing a new product to the market by relying on the already existing vast audience of the publisher.
The launch is happening now, and those interested can apply. Sales will start as early as before November 24. The strategy aims at doing a new product per three months.
Those partners who participate in the program launch will be charged about 10 percent to 20 percent of their revenue in net value. They will, in turn, have their ad pushed. This is according to Ben Kaufman who is in charge of Product Labs.
This is not a different thing altogether. Kaufman has done this before. As the former CEO of Quirky, he undertook a similar venture. Quirky was a group that dealt in sourced inventions. The object was to help makers of small-time gadgets build and sell their products. Unfortunately, the company had to file for bankruptcy. According to Kaufman, the filing of bankruptcy was necessitated by the fact that the company lacked the capacity to market its products higher scale. Kaufman believes the strategy adopted at Buzzfeed would have been instrumental in fixing the problem. It would have enabled the company to operate in a range of more prominent companies such as P&G or even Samsung.
in essence, the launch of invention gadget sales will be a program that will be of mutual benefit. Inventors, especially new ones, will be able to ride on the reliable platform of Buzzfeed by accessing their broad audience in marketing their products. In turn, Buzzfeed will be able to get the much-needed revenue to get the ads going. Therefore, the launch of invention gadget sales will ensure continuity of business not only for Buzzfeed but also for the upcoming inventors. The gadget makers and inventors will undoubtedly be free of the worry of having to spend a lot to make their products known since Buzzfeed’s ads will ensure that the marketing for these products will reach its massive audience.