Online Advertising Made Different With Launch of Lottics
A gradual change in age demographics towards the young and higher use of internet in the recent years with the trend only expected to increase in the coming years has put online marketing at par with print and television marketing. With brands vying for the attention of the 'Internet generation' these days and success of viral campaigns like the recent 'Kolaveri Di', you, as an advertiser, cannot afford to ignore the significant size of the online population.Mumbai based startup, Lottics.com, aims to give you a platform to showcase your brand and recent adverts with a dual advantage.
Lottics is simply an abridgement of lottery tickets. It aims to initiate a very interesting game of earning, using and bartering Lottics. It gives the user access to continuously updated advertising catalogues from the brands you love for a chance to win weekly, monthly, quarterly and yearly bumper prizes.
Based in Mumbai, Lottics is operational since February, 2012. “Our portal is not confined to any boundaries. It's operational within all of India. We already have a team of around 10 people working on Lottics,” says Co-founder, Namit Shah.
Their clientele can be anyone who advertises his or her products on television, print media, radio, etc. They believe they are offering a much cheaper option to all of the above.
With their revenue coming from advertisements, they believe that that is their USP as there are many similar players when it comes to the deals part of the site. “There is no such platform in the digital front that is dedicated to advertisers and advertisements; also, this is the only platform where advertisers get first hand reviews for their products, advertisements, etc. Advertisers can carry out surveys on the website (this is from advertisers point of view) and for every user getting incentives just by sitting in front of the screen watching and reviewing the adverts is something new too,” says Namit.
How It Works:
Anyone can register for free to the Lottics website. Once logged in, the user can watch ads and register their entry. An entry is only registered once the user watches an entire advert and answers the captcha code. On successful registration, the user receives Lottics on everything he/she does on the site. There are no limits on how many times an ad is watched, but every time it is watched, there can be a different set of questions at the end so the user has to make sure he watches an entire advert again to register his entry and win Lottics. Furthermore, at the end of every, month top 2 Lottics earners get grand prizes such as cameras, mobiles, IPADs, etc. Similarly, every quarter and yearly highest Lottics earner receives bumper prizes. Whereas some users might not be interested in entering monthly, quarterly and yearly bonanzas can redeem their Lottics at stores and also get a chance to buy items from other users using their Lottics.
They have been running the site on a beta version for now to get the feedback on their idea. “Fortunately, we have been getting very positive feedback and thus we are in a process of creating a team of people to start looking around for clients,” says Namit.
Starting Up:
With the idea having cooked first in his mind, Namit Shah (Chief for Business Activities) heads the Business Team. With an experience of 6 years in the family business following a Bachelors Degree in Accounting and Finance from UK, Namit takes care of all the Business activities including Administration and Finance. He Co-founded Lottics with Gautam Udani (Chief for Tech Strategy), an IT Entrepreneur and Managing Director at Infini Systems Pvt. Ltd. with a Masters Degree in Management Information Systems and Jigar Zatakia (Chief for Marketing Strategy), an engineer who trained with Accenture followed by a few e-commerce stints such as MADOrders and FirstGhar.
The business idea of Lottics conceptualized as most of the times, the founders came across advertisements while watching television, surfing on the Internet or hearing the radio and they switched channels straight away. That's where Namit thought of creating a platform where advertisers get dedicated viewers; users come and watch their advertisements specifically. Of course viewers wouldn't like to waste time to watch advertisements for no reason and that's where they decided to give them good enough and transparent reasons to do so.
With Rs. 60 Lakhs of initial investment, Lottics has been self-funded thus far. Their biggest challenge is to get the advertisers to consider this platform over any other platform since it’s considerably nascent. Once they get through this phase, they believe taking Lottics to the next level will be a cake walk.