October 27th, 2009
Posted in »
Links - by Ades
LogoMyWay - is another great business model that just works. It’s a marketplace where logo designers and businesses meet. Looking at the site, I was amazed by the number of submissions and the quality of works that were submitted for each logo design contest. (Each contest gets easily 100-200 entries) And they are really good, see the winner logos.
Basically this is how it works. If you are looking to get your logo designed, you come to LogoMyWay and create a contest. Your prize can be anywhere between $200 to $1000. And the most important feature is - and I think this is why LogoMyWay is successful - all the funds are prepaid and the designers are guaranteed to be paid. That’s right, the winning designer is guaranteed to get paid for his/her work. I believe this is why there are many quality works and tons of submissions for each contest.
It’s in the Business Model
For example 99Designs does the same thing with the same concept, but they do not guarantee a payment to the designers, prepayment is just an option at 99Designs that contest organizers can choose to do. Instead 99Designs concentrates on “100% Money Back Guarantee” business model. For this reason you can see that the submissions for each contest at 99Designs are much lower than that of LogoMyWay.
Important Lesson
Being a logo design marketplace, LogoMyWay could have a better logo. Their current logo looks not so professional, and the website could be greatly improved, especially to make it more web2.0 like.
But that’s the lesson we should all learn when launching an internet business. And that is, you shouldn’t be perfectionist when launching a project. Don’t hinder the project from being launched just because the logo looks certain way, or the website design is not what you expected. Rather launch the project and test the waters. If you see that the response is good and people really like what you are offering, then and only then do whatever necessary to improve your project i.e revamp the whole website, get a new logo etc.
There is a time when you need to be perfectionist, and it is not during launching new internet projects. For web projects, as long as it is bug-free and all the features are in place and properly working - you are ready to go!
Website: www.logomyway.com