prizeKing: Rewarding loyalty makes good business sense in the virtual economy

So what on earth is prizeKing all about I hear you ask?…

prizeKing was built on a simple premise : Customers paying for virtual good deserve better value. Loyal customers deserve to be rewarded and applauded.

So much of the Virtual goods industry that has evolved over the last few years has been built on a delicately balanced value proposition. Merchants have a strong desire to monetize effectively but carefully. End users too, wish to get the most enriched experience, the most fun, excitement and delight out of their virtual purchases as possible. But this isn’t always easy.

This delicate balancing act often resulted in additional sweeteners being added into the mix in the forms of ‘Cost per Acquisition’ advertising deals to enhance the value for the merchant and give their users additional avenues to accumulate value. But at what cost? Many users were burned subscribing to questionable offers. Advertisers too were experiencing decreasing conversion rates due to deliberately deceptive users scamming the system.

The whole practice has came under the spotlight recently, with the influential blogger Michael Arrington from TechCrunch ambushing Offerpal Media CEO Anu Shukla at a recent Virtual Goods conference on the practice.

We believe Michael Arrington was right to raise this as an issue. Each user that is burned in this way can only damage the entire virtual goods and mobile payments industry as a whole. End user trust and loyalty is paramount for the healthy development of the industry.

We at prizeKing believe there is a better way. We bring an easy to use, safe and robust transaction platform and combine it with innovative loyalty marketing initiatives to build a better value proposition for both sides.

1. Users get a better deal through added layers of value added on top of their existing purchase available in the forms of prizes and auctions. Our most regular customers are rewarded and applauded accordingly.
2. Merchants can expect more paying customers with PrizeKing mobile payments and greater spend per user with innovative loyalty incentives.

It’s a win win – and means that with prizeKing merchants can employ a powerful combination of mobile billing and loyalty incentives to give their users great value.

We’ve assembled a global team with decades of collective experience in the mobile payments industry who believe in the vision for a better value proposition for the virtual goods industry.

Formed in 2009, we’ve got some exciting project news which we will be announcing shortly, so stay tuned.