Get Paid To Get An App

I know it sounds crazy, but after doing my investigation I've confirmed that this app Dosh is very legit. In this I'll basically just talk about data apps and banking apps and why these are the future of iPhones replacing the wallet.

It's an app that gives you money back when you make big purchases at big retail chains (ones that we use like every single day). Not only that, you get paid to sign up.

Before we go too far in if you're completely confused like what is this kid saying, click the link in the button below and download the app. Sign up with your phone and your email and then you "add card" and just put in your card info and then it gives you $5 that you can cash out. 

It looks very friendly, they are definitely working correctly to get millenials on board.

Screen Shot 2018-06-06 at 10.16.43 AM.png

Pretty damn colorful idea 

Screenshot_2018-02-14-20-25-11-min-602x1024.png

Basically apps like these, and most of the apps we use every day, make a majority of their money selling user data directly to big companies. Apps like these will never like sell your personal information like your name or your card stuff or any of that, if they do that you can sue them for $1.2 Million and you'll win in a heart beat. Imagine if they did that to all their 100,000 users? Jheeze!

But so for example this app hooks up with a lot of the big chain companies that exist in our daily lives.

Screenshot-438-min-768x325.png

Then what it does is it tracks where you go based on when you redeem coupons and spend money at these stores. Lets say you spend like $200 at Walmart, this Dosh app probably has a 1% cash back deal with Walmart so they'll give you 1% of the $200 back, loading $2 onto your app. Some deals are like 5% with hotel people so if you spend $500 on a hotel you're going to get $25 back instantly on the app.

You get $5 when you sign up and put your card in and if you refer your friends you get another $5 so it's like a win win situation if you know a lot of people who use their phones all day and also spend money at big chain companies.

Now, what they do with this is sell it back to people like Walmart and the hotel chains. They say "Look, this month in Boston, Massachusetts X amount of people went to Walmart and redeemed a cash back" 

But then they also share geographic data from every single part of the country

So if 10,000 people report using Best Western hotels from Boston, MA but only 2,000 people from Chicago use it, the company can tell one of two things:

5x more people use this Dosh app in Boston than Chicago

5X more people like Best Western hotels in Boston compared to Chicago.

What they then do with that data from a company stand point is step back and say

"Ok, how are we going to target the people of Chicago so that we get that 5x larger conversion rate"

Then they sit down and look at their major competitors in Chicago and do advertising and digital marketing campaigns to reach more people and get them to book with Best Western over Hotels Tonight or something like that. 

To be honest Facebook sells the absolute hell out of all data and that's why they went up in flames last month. Its a ginormous industry. Most apps that you "accept terms and conditions for" are farming and selling your data to people who study consumer trends.

I took a class on it freshman year of college so all of this is so interesting to me. 


The good history of referral apps and how they work so well.

Ok so a ton of you might not know this but 

Paypal Owns Venmo

The big ol' company Paypal sat down one day and they said

"Ok look, we have an issue, Paypal works well but it's hard to use and teens don't want to Paypal friends and pay the fee"

They then said "Ok we need to make a fee-free service that is strictly for millenials that has a feed and allows them to interact with one another while they send money to friends "

They called it Venmo. I don't know why. But it sounds awesome.

And just like the phrase "Can we uber there", the word Venmo turned into an active verb

"hey can I just venmo you?"

But Paypal was made by a team of eight people who were known as (the most badass group name over) the Paypal Mafia

Peter Thiel went on to help write the book Paypal Mafia about their time starting one of the biggest projects out of Silicon Valley, definitely a good quick read.

But on that team was Elon Musk. The guy with the Teslas, yes. 

At first ovbiously this was the first online-banking-type-app that existed. So everyone was like "you guys are crazy and no one is going to use this thing"

So they had the issue where it was like Ok how to we actually get people to use this thing.

Elon had the idea to get people to sign up on a referral system.

For the first time in technology history, an app paid you monetary dollars to get people to sign up. They literally sent you money to convince people to sign up. 

At first everyone thought he was crazy. His plan was to send out $1,500,000 in intervals of five dollars.
If you got someone to sign up, PayPal would send you $10 for the first like year or something, then $5 after that. 

Eventually, they started getting users.

The pitch for them was that it was a safe way to send money online, and Paypal will take a small cut of what is being sent to ensure safety, right?

They ended up spending like two million dollars getting people to want to use the service. 

But guess what. 

It worked out well and they're now a multi billion dollar company 

So this Dosh app is paying you to sign up. And it works and it's not a scam and I think it's a cool company idea and I think if they play their cards right it'll work out well. 

Worth a shot, if you've gotten to the bottom of this whole blog then might as well click the damn link and sign up and link it and tell your friends about it 

 

 

chris brownComment