A business model for pcgs to monetize the bst forum?

NeoclassicalAnalyst · January 3, 2014 4:48AM

Just wondering whether there is some business model for pcgs to monetize the bst forum? If well implemented, could become a win-win situation that benefits both pcgs and collectors, mainly through the reduction of transaction costs and improved security. Just some food for thought and brainstorming.

crypto79 · January 3, 2014 4:59AM

<< Just wondering whether there is some business model for pcgs to monetize the bst forum? If well implemented, could become a win-win situation that benefits both pcgs and collectors, mainly through the reduction of transaction costs and improved security. Just some food for thought and brainstorming. >>

How would it lower transaction cost from 0%?

That said if I was PCGS I would lend the collectors universe name and buy out / capitalize one of the up and coming online coin auctions (read great collections) and expand their foot print to do dealer hosting and transactions without coin in hand(read eBay stores) and open auctions for people selling singles/collections and make a run at eBay in becoming the online open market for numismatics.

They could even keep the existing model and make it a tiered commission
Coin in GC hand auction = low risk = low commission
Vetted GC store with established GC dealer = only slightly higher commission
Open auction front= highest commission

The window is there, just saying

ambro51 · January 3, 2014 5:01AM

That would be unpopular

messydesk · January 3, 2014 5:05AM

<< ... dealer hosting and transactions without coin in hand(read eBay stores) and open auctions for people selling singles/collections and make a run at eBay in becoming the online open market for numismatics. >>

You mean like CCE and Collectors Corner?

Billet7 · January 3, 2014 5:05AM

I'm sure its been considered.

Sonorandesertrat · January 3, 2014 5:06AM

Right now, the transactions conducted via the BST Forum are between buyers and sellers. If a third party (like PCGS) becomes involved, I find it hard to believe that it would be gratis---the transaction costs would increase and would almost certainly be absorbed by the buyers.

crypto79 · January 3, 2014 5:07AM

<< 

<< ... dealer hosting and transactions without coin in hand(read eBay stores) and open auctions for people selling singles/collections and make a run at eBay in becoming the online open market for numismatics. >>

You mean like CCE and Collectors Corner? >>

CCE and collectors corner are not properly open access or vendor supported to be taken very seriously. They need the advertising, insurance and customer service with exsisting traffic to get started. Great collections for example is already a more mature product in those regaurds. Really when is the last time any of us bought a coin off of collectors corner? Maybe 5 years ago I bought a few but those are really only advertising vehicles.

Billet7 · January 3, 2014 5:08AM

Keep in mind that it's important that PCGS remain an unbiased third party grader. I'm sure one of the biggest negatives behind your idea is seeing that change.

Baley · January 3, 2014 5:08AM

I doubt PCGS would be interested in "backstopping" BST transactions (i.e. getting involved in disputes) in exchange for some small percentage of the action.

crypto79 · January 3, 2014 5:11AM

<< Keep in mind that it's important that PCGS remain an unbiased third party grader. I'm sure one of the biggest negatives behind your idea is seeing that change. >>

PCGS yes
Collectors universe no

ambro51 · January 3, 2014 5:11AM

Lawyers.

guitarwes · January 3, 2014 5:11AM

I would rather see a member feedback forum. Munking with the BST wouldn't be good or beneficial for anyone imho.

NeoclassicalAnalyst · January 3, 2014 5:12AM

<< Right now, the transactions conducted via the BST Forum are between buyers and sellers. If a third party (like PCGS) becomes involved, I find it hard to believe that it would be gratis---the transaction costs would increase and would almost certainly be absorbed by the buyers. >>

Need to think outside the box here. There are some auxiliary business for sure,eg, small loan financing, third party escrow service. But the key is to optimize a business model that could efficiently leverage pcgs's dominant position in grading and authentication. Again, just some food for thought.

19Lyds · January 3, 2014 5:15AM

<< Just wondering whether there is some business model for pcgs to monetize the bst forum? If well implemented, could become a win-win situation that benefits both pcgs and collectors, mainly through the reduction of transaction costs and improved security. Just some food for thought and brainstorming. >>

Why in the heck do you think that the BST has "improved security"?

Folks have gotten scammed on the BST in the past and, since getting a CU Forums id is a snap, I expect that folks would continue to get scammed.

NeoclassicalAnalyst · January 3, 2014 5:17AM

<< 

<< Just wondering whether there is some business model for pcgs to monetize the bst forum? If well implemented, could become a win-win situation that benefits both pcgs and collectors, mainly through the reduction of transaction costs and improved security. Just some food for thought and brainstorming. >>

Why in the heck do you think that the BST has "improved security"?

Folks have gotten scammed on the BST in the past and, since getting a CU Forums id is a snap, I expect that folks would continue to get scammed. >>

Great, thanks for pointing out the business potential here for pcgs

crypto79 · January 3, 2014 5:22AM

<< 
Folks have gotten scammed on the BST in the past and, since getting a CU Forums id is a snap, I expect that folks would continue to get scammed. >>

To be fair it kind of already has a member feedback collective and I have only heard of a few sour transactions over the years with limited oversight while on eBay with all their protections they happen everyday.

PerryHall · January 3, 2014 5:39AM

<< 

<< 
Folks have gotten scammed on the BST in the past and, since getting a CU Forums id is a snap, I expect that folks would continue to get scammed. >>

To be fair it kind of already has a member feedback collective and I have only heard of a few sour transactions over the years with limited oversight while on eBay with all their protections they happen everyday. >>

Agree. I've had many, many satisfactory transactions. Of course, I only deal with active participants who have been here for a long time and have made many posts.

MGLICKER · January 3, 2014 5:45AM

Perhaps they could sell naming rights to the forum as the sports teams do with stadiums.

We could be the Johnsonville Brat forum!

19Lyds · January 3, 2014 6:13AM

<< 

<< 
Folks have gotten scammed on the BST in the past and, since getting a CU Forums id is a snap, I expect that folks would continue to get scammed. >>

To be fair it kind of already has a member feedback collective and I have only heard of a few sour transactions over the years with limited oversight while on eBay with all their protections they happen everyday. >>

While this is true, IF PCGS were to monetize the BST they would be taking on a certain financial obligation to protect the buyers from being scammed. This may or may not include investigations AND financial remuneration. I believe that this is the exact reason that eBay has so many policies in place which are designed to protect the "buyers". Without "buyers" a site becomes an overhead burden.

Just because there is a certain "buyer" feedback system where one can support or expose a seller does not make it a safer place to do business and as such, PCGS might not want to jump into that arena given the liabilities which exist.

I guess I think the idea is kinda silly since if I got scammed, I would expect PCGS to take some action other than bamming the scammers id.

19Lyds · January 3, 2014 6:14AM

<< 

<< Just wondering whether there is some business model for pcgs to monetize the bst forum? If well implemented, could become a win-win situation that benefits both pcgs and collectors, mainly through the reduction of transaction costs and improved security. Just some food for thought and brainstorming. >>

How would it lower transaction cost from 0%?

That said if I was PCGS I would lend the collectors universe name and buy out / capitalize one of the up and coming online coin auctions (read great collections) and expand their foot print to do dealer hosting and transactions without coin in hand(read eBay stores) and open auctions for people selling singles/collections and make a run at eBay in becoming the online open market for numismatics.

They could even keep the existing model and make it a tiered commission
Coin in GC hand auction = low risk = low commission
Vetted GC store with established GC dealer = only slightly higher commission
Open auction front= highest commission

The window is there, just saying >>

This sounds like a great idea except that as a Third Party Grading company, I would think that PCGS would not want to get into the selling of coins any further than they already are with CCE.

19Lyds · January 3, 2014 6:18AM

<< I would rather see a member feedback forum. Munking with the BST wouldn't be good or beneficial for anyone imho. >>

That sounds like a great idea as well, BUT, how often has someone come onto the US Coin Forum to bash some transaction presenting only oneside of the argument?

These little games play out on a daily basis on eBay and I do not see how a PCGS Forum would be any different since it's not different.

The generation of Posting Rules #3 and #4 bear testimony to that.

19Lyds · January 3, 2014 6:21AM

<< 

<< Right now, the transactions conducted via the BST Forum are between buyers and sellers. If a third party (like PCGS) becomes involved, I find it hard to believe that it would be gratis---the transaction costs would increase and would almost certainly be absorbed by the buyers. >>

Need to think outside the box here. There are some auxiliary business for sure,eg, small loan financing, third party escrow service. But the key is to optimize a business model that could efficiently leverage pcgs's dominant position in grading and authentication. Again, just some food for thought. >>

I personally do not think that PCGS really "needs" to bolster their "dominate" position in grading and authentication.

If anything at all, if could do more damage than good. Both to PCGS AND Forum Members.

BustHalfBrian · January 3, 2014 6:26AM

That's called Collector's Corner, from whom I get emails constantly, none of which I check. Although, I'm sure they offer deals I "can't afford to pass-up"

291fifth · January 3, 2014 6:38AM

If "monetized" it would die a very quick death.

Sonorandesertrat · January 3, 2014 6:57AM

<< If "monetized" it would die a very quick death. >>

I tend to agree.

ricko · January 3, 2014 7:15AM

Leave the BST alone....it is a great place to do business....I have had many great transactions there with not one problem. It is a great venue as is, and anyone using it simply has to be sure to deal with established members. Dang, don't mess up a good thing...Cheers, RickO

NeoclassicalAnalyst · January 3, 2014 7:39AM

In a competitive industry where not only firms but also networks and whole product ecosystems compete again each other, there are often tremendous strategic values resulting from so-called "first-mover advantage."

Bochiman · January 3, 2014 7:41AM

Some people have too much time on their hands and not enough time understanding things.

Sonorandesertrat · January 3, 2014 7:43AM

<< Some people have too much time on their hands and not enough time understanding things. >>

Indeed.

291fifth · January 3, 2014 7:51AM

The "first mover advantage" in this case would likely be oblivion.

Patches · January 3, 2014 8:00AM

<< 

<< 

<< 
Folks have gotten scammed on the BST in the past and, since getting a CU Forums id is a snap, I expect that folks would continue to get scammed. >>

To be fair it kind of already has a member feedback collective and I have only heard of a few sour transactions over the years with limited oversight while on eBay with all their protections they happen everyday. >>

Agree. I've had many, many satisfactory transactions. Of course, I only deal with active participants who have been here for a long time and have made many posts. >>

If used wisely, it's a safe place. There is a coin on the BST right now I have a lot of interest in, but I don't know the seller, their post count is very low...and the price is higher than I'm willing to self insure if it went south (since they want paypal gift)...so I choose not to initiate a conversation. better safe than sorry.

keyman64 · January 3, 2014 8:07AM

It is already monetized with banner ads at the top of the forum. That's enough. I like it just the way it is.

icsoccer · January 3, 2014 8:12AM

Some people have too much time on their hands and not enough time understanding things.
+1

derryb · January 3, 2014 9:22AM

<< Lawyers. >>

as a result of liability

SeattleSlammer · January 3, 2014 10:51AM

The BST is without question an amazing free resource! Many thanks to our host.

NeoclassicalAnalyst · January 3, 2014 11:59AM

Google has beautifully executed a business model to monetize its search, and yet its search service is still free to all users.
There is often a misperception that monetization means someone will steal others' lunch. On the contrary, most successful monetization models usually lead to win win situation, increasing all participating parties' welfare. These models benefit everyone because they can expand market, reduce transaction costs, decrease information asymmetry, address the market lemon problem, etc. Monetizing a business model is not selling a coin to a counterparty. It is NOT a zero sum game!

19Lyds · January 3, 2014 12:25PM

<< Google has beautifully executed a business model to monetize its search, and yet its search service is still free to all users.
There is often a misperception that monetization means someone will steal others' lunch. On the contrary, most successful monetization models usually lead to win win situation, increasing all participating parties' welfare. These models benefit everyone because they can expand market, reduce transaction costs, decrease information asymmetry, address the market lemon problem, etc. Monetizing a business model is not selling a coin to a counterparty. It is NOT a zero sum game! >>

Uhhhh, you haven't dealt much with PCGS have you?

CircOnly · January 3, 2014 12:27PM

<< The BST is without question an amazing free resource! Many thanks to our host.

>>

This...

Leave it alone.

NeoclassicalAnalyst · January 3, 2014 12:35PM

<< 

<< Google has beautifully executed a business model to monetize its search, and yet its search service is still free to all users.
There is often a misperception that monetization means someone will steal others' lunch. On the contrary, most successful monetization models usually lead to win win situation, increasing all participating parties' welfare. These models benefit everyone because they can expand market, reduce transaction costs, decrease information asymmetry, address the market lemon problem, etc. Monetizing a business model is not selling a coin to a counterparty. It is NOT a zero sum game! >>

Uhhhh, you haven't dealt much with PCGS have you? >>

Innovate or fall victim to creative destruction...

19Lyds · January 3, 2014 2:19PM

<< 

<< 

<< Google has beautifully executed a business model to monetize its search, and yet its search service is still free to all users.
There is often a misperception that monetization means someone will steal others' lunch. On the contrary, most successful monetization models usually lead to win win situation, increasing all participating parties' welfare. These models benefit everyone because they can expand market, reduce transaction costs, decrease information asymmetry, address the market lemon problem, etc. Monetizing a business model is not selling a coin to a counterparty. It is NOT a zero sum game! >>

Uhhhh, you haven't dealt much with PCGS have you? >>

Innovate or fall victim to creative destruction... >>

You sound like a salesman desperately trying to sell an idea which has no merit.

Exactly, what other TPG has a monetized BST Forum or are you simply trying to get PCGS to do this with your powers of persuasion?

Trust me, if PCGS could squeeze a buck put of the forums, they'd have done it by now. And that's not a jab at PCGS but there was time when the Quarterly Freebies were actually Free. (This includes a no "handling fee" charge) There was also a time when a variety attribution on an already graded PCGS coin did NOT require an additional $10 "reslabbing" fee.

bestday · January 3, 2014 2:48PM

<< Just wondering whether there is some business model for pcgs to monetize the bst forum? If well implemented, could become a win-win situation that benefits both pcgs and collectors, mainly through the reduction of transaction costs and improved security. Just some food for thought and brainstorming. >>

PCGS gets great PR from this forum ..... I know of several collectors who joined the CC and have submitted many coins to PCGS .....and also they have become PCGS only collectors
If it is not broke don't mess

bigjpst · January 3, 2014 3:31PM

<< It is already monetized with banner ads at the top of the forum. That's enough. I like it just the way it is. >>

This

Justlooking · January 3, 2014 3:51PM

Please don't monkey with the forum.

PerryHall · January 3, 2014 5:20PM

<< The BST is without question an amazing free resource! Many thanks to our host.

>>

Agree. And, anyone who thinks that the management at PCGS hasn't already given this issue considerable thought and study is naïve.

Bochiman · January 3, 2014 7:06PM

<< 

<< 

<< Google has beautifully executed a business model to monetize its search, and yet its search service is still free to all users.
There is often a misperception that monetization means someone will steal others' lunch. On the contrary, most successful monetization models usually lead to win win situation, increasing all participating parties' welfare. These models benefit everyone because they can expand market, reduce transaction costs, decrease information asymmetry, address the market lemon problem, etc. Monetizing a business model is not selling a coin to a counterparty. It is NOT a zero sum game! >>

Uhhhh, you haven't dealt much with PCGS have you? >>

Innovate or fall victim to creative destruction... >>

Sounds like a lot of textbook regurgitating without actual real world experience as it pertains to forums such as this.
If you visit, and read, as much as you seem to post, it is no wonder that you are missing a lot of things with your post and answers. People have already answered you with how PCGS already monetizes the forums. People have answered you with ways in which deeper engagement into controlling aspects of the BST would likely be a BAD choice for PCGS (but good for lawyers).

To try to state that everything is roses for an early adopter is to be someone who should have received a failing grade in even the basic business courses. Plenty of case studies show that, at time, early adopters spend more, and get less, than later competitors who enter after mistakes have been discovered and fixed.

There are a lot of smart folks, not just about coins, on this forum and some have already replied to you in this thread. It is obvious that no one will convince you that your idea has little to no merit, so go for it. You obviously have no specifics, no would they likely be popular. To really have good specifics, you would need to have been engaged in more than a handful of experiences and transactions, and also to see the various workings between the BuySellTrading going on.

coin22lover · January 3, 2014 7:20PM

Absolutely ridiculous idea. The amount of money that PCGS would make would pale in comparison to the cost of running the show.

Staircoins · January 3, 2014 9:10PM

<< The BST is without question an amazing free resource! Many thanks to our host.

>>

+1 !

TwoSides2aCoin · January 3, 2014 10:49PM

They have a business model. Buy CLCT. You'll see.

A business model for pcgs to monetize the bst forum?

Comments

Leave a Comment