Incentives Are Underestimated
In society, human behavior is largely impacted by incentives. It shapes the way we perceive effort and makes us consider what’s in it for us, both from a financial and emotional standpoint. A former professor of psychology at Harvard from 1958–1974 by the name of Burrhus Frederic Skinner (B.F. Skinner) expounded upon the effects of the science of reinforcing behavior. He claimed that people are likely to adopt behavior that is rewarded, and that focusing on ways to condition good behavior in a controlled setting was the best method to employ meaningful incentives. Skinner further goes on to say that the strength of a behavior is modified by its consequences whether it be a reward or a punishment.
While this is true to an extent, incentives go beyond basic conditioning. In everyday situations, we will only be able to perceive circumstances with utmost clarity when we are able to carefully consider the interests at hand, and how different things would be if the intentions were different. Simply put, as important as designing good incentives to amplify specific behaviours is, it’s equally as important to consider individual preferences.
In the context of the Creator Economy, this is a topic that is as relevant as ever. In a time where media produced by individuals could propel them to fame, fortune, and a huge amount of influence, we must consider how this can be maximized in the form of cultivating communities. Creator communities tend to gravitate towards the vision and goals of a person or an organization. As of late, relationships between creators and audiences have taken a backseat to the priorities of the platforms, whose paying clients are advertisers. This effectively leads to the generation of monotonous, manufactured content in favor of granting exposure to those that are in line with the needs of the algorithm.
While the content itself must be valuable, it is also important to remember that the creator economy is so competitive that every advantage over others in the space is necessary. Many creators have since picked up on this issue and have found creative ways to incentivize audiences to keep consuming their content specifically. However, one thing is missing, and that’s alignment.
Culture plays such an integral role in determining what kind of incentives are effective because creators are catering to people on a global scale, what’s considered appealing may be different from person to person. This is important to consider because conversely, behavior that is reinforced is also what shapes mainstream culture.
Moreover, we tend to put a lot of emphasis on the number of likes or followers an individual has rather than actually identifying which parties really champion the content. Monetization models are platform centric as it stands, so this is understandable. For it to be shifted to individuals, there must be a mechanism in place that allows creators to capitalize on their ‘superfans’ in order to capture value underneath their demand curve.
The challenge is addressing how communities can be cultivated, how the most loyal members can have an active voice in the community, and how creators can align incentives to retain their growth trajectory. This in turn helps them discover new audiences, generate more income, and create truly impactful content for their most valuable community members.
At BitFans, we understand that alignment comes down to incentives. We’ve developed a means for individuals and businesses alike to create digital assets in the form of Community Tokens that are backed by their reputation, their potential for growth, and most importantly, their community. Individuals belonging to these digital ecosystems will take it upon themselves to add value to their networks.
At the heart of our platform is the ability to utilize these tokens to enable creators to design incentives around their ecosystem to help them grow. Below are some good use cases for incentives, albeit this is not an exhaustive list:
- Access to private communities of superfans
- Access to consultation services
- Voting rights for various decision making processes
- Access to the community (for sponsors/brands looking)
- Special requests
Another aspect of BitFans is the ability to design ways for communities to earn tokens, apart from conventional methods, such as:
- Rewards for tenure (the longer you hold, the more benefits you receive)
- Community Airdrops
- Referral Programs
- Early Bird Benefits for Fan Token Offerings
We aim to bridge the gap between creators and communities. If you’re interested in learning more about how you can best incentivize your community to grow with you, visit any of our socials using this link: https://linktr.ee/bitfans