Leah Zitter

Leah Zitter

Why market networks are key to inbound marketing (Interview with Thomas Prendergast

MarketHive (ICO; PR) | October 25th, 2018

Last week, a Pew survey reported that almost half of FaceBook users (42 percent) disengaged from daily activity, while another 26 percent deleted their FaceBook apps. Unsurprising, given that the company has gather an unpalatable reputation for hacking its users' privacy.

“Everyone’s looking to buy leads,” Founder and CEO of blockchain SaaS platform, MarketHive, Thomas Prendergast told me, "and Facebook's selling your data to anyone who wants to buy it. They're promising you all great things free to join its platform, then they eavesdrop on you and use you just like slaves.”

Thomas Prendergast

When Thomas Prendergast first started thinking on a marketplace network 50 years ago, he was fresh from Silicon Valley and rubbing shoulders with the likes of Steve Jobs and Bill Gates. This former CMO of marketing and advertising agency Vertekk and an active member of the Stanford University IT department developed his perspective into an inbound marketing focus.

“When I started out in the ‘90s on the Internet, I realized I could attract people to what I was doing without advertising - just by content. Quality content, by the way, is inbound marketing on steroids.”

Outbound marketing, just another name for “traditional marketing”, represents tactics like television and radio advertising that are expensive, time-consuming, and largely ineffective. Inbound marketing, driven by Internet and social media, involves blogging and participating on platforms like Twitter or LinkedIn. People come to you.

Rise and demise of traditional inbound marketing

Back in 2005, inbound marketing was all the craze. Introduced by Hubspot’s founder, Brian Halligan, that veteran marketing expert promised that inbound marketing “powers transformational growth for any and all companies, ranging from pastor search to investment research to plastics and sheeting.”

Today, 55 percent of marketers use inbound marketing as their primary strategy. And for most marketers, inbound campaigns pays off. Compared to their outbound-focused peers, inbound marketers tend to rate their strategy four times more effective.

The problems with today’s inbound marketing

Today, inbound marketing is not as effective as it once was for reasons that include the following.

  • Whopping competition - In 2015, inbound marketing methods were more likely to hog attention than they do now, when noise and clutter have increased a billion-fold. In fact, since 2016, the number of marketers who practiced inbound tactics grew from 60 percent to more than 100 percent. Consequently, your submissions may be original, but this colossal amount of content of videos, podcasts, infographics and so forth, dwarfs them.

  • Inbound marketing isn't cheap either. According to Invesp Consulting, it costs five times as much to attract a new customer than to keep an existing one - and that’s with the most effective digital marketing tactics.

  • Inbound marketing-based services harvest your data. It’s a known fact that inbound marketing services like Amazon and Google - forget about social media platforms like FaceBook, Twitter or LinkedIn - sell not only your demographic data, but also your private information on your behaviors and interests. You can’t trust them.

On top of that, “Big Tech Social Networks,” Prendergast said “are dying. Facebook and Linkedin particularly and Twitter suffers under the political correct tyranny that hurts their brand and revenues in all 3 are falling. Their social standings are poor, their Alexa ratings are not as good, and there’s FaceBook balkanization, where the corporation is tearing apart with its infighting.”

LinkedIn has spent 15 years begging our attention to diminishing returns. All platforms - LinkedIn, FaceBook and Twitter included - have been infiltrated by hackers who comprise accounts. You need to pay top dollar for LinkedIn premium service and top dollar for ads on all three platforms, and even then, the effectiveness of their ads and LinkedIn’s upgrades are questionable.

“The old wave,” Prendergast told me, “was social network. The new wave,” he added, “is a marketplace network. This next-gen technology is 100 percent perfectly suited for inbound marketing, where you can communicate and engage in a 360 degree rotation with anyone, anywhere. For Free.”

MarketHive: A market network

First popularized by James Currier of TechCrunch, a market network is your next generation choice. It replaces standalone SAAS Inbound Marketing platforms like Marketo (that just sold to Adobe for $4.6B), and it replaces standalone commerce platforms like Ebay, Freelancer and Fiver. It also replaces social network platforms like Facebook, LinkedIn and Twitter.

Take MarketHive, for instance. The blockchain-based company integrates the marketplace efficacy of an EBay or an Uber, with the social network familiarity of a FaceBook or Twitter. On top of that, it also has the integrated Inbound Marketing look of Marketo (that charges you $750-$25,000/month) all for free.

In the first instance, you transact among multiple buyers and sellers. In the second instance, you communicate with your tribe. Last, you can fire your message and influence to millions of possible consumers.

How do market networks like MarketHive shore up inbound’s shortcomings?

Remember the first problem - too much clutter? MarketHive gives you tools that include the following: Capturing leads, blogging platforms, video channels, chat groups, image sharing capacities, secure profile pages, link hubs, SEO, autoresponders, texting, newsfeeds, conference rooms and pier-to-pier commerce pages. There are “tips” instead of “likes” so you get measurable feedback on your work.

“We have built reaches using Markethive’s tools into the billions.” Thomas exalted, “Resulting in your targeted audience finding you. They come to you.”

Second, MarketHive protects your data. After all, blockchain-based MarketHive runs on a secure, encrypted, decentralized, and autonomous ledger.

“Your data,” Thomas told me, “is under your control. You’re the one who chooses whether or not to make money from it. And if you don’t want use to see your data, just press a button to delete.”

Finally, Market Hive is free. That’s right: Advertising and membership are free - in contrast to market networks like Freelancer, Textbroker, or Amazon. (MarketHive has two tiers; the entrepreneurial one costs).

Did I say free? Correction. The platform pays you. You get money for writing and you get money for engaging. So you're doing your business and gathering passive profit.

In short

Inbound marketing is effective, but most marketers find it frustrating. There’s the noise, it’s expensive, platforms sell your data. That’s just the peak of the issue. In contrast, market networks, like MarketHive, protect your data. They also track, measure, optimize, and nurture leads for free.

Small wonder, then, that Prendergast dubs his MarketHive “The complete next generation concept. The familiarity and feel of FaceBook - with none of its problems.”

MarketHive operates on two coins: (a) Public commerce, and (b) Initial Loan Procurement (ILP). For more information contact Thomas Prendergast at ceo@markethive.net or visit www.markethive.com.