As Media students, all of you would be aware of MyV3Ads issue which happened in Coimbatore on January 29, 2024. I am neither supporting the company, nor blaming it. I am not asking you to invest or dis-invest. I just want you to critically analyse how they have used Digital Marketing techniques to successfully promote their products/investments. Around 5000 people from at least 4 states came to the road when an FIR (First Information Report) was filed against their company.
Examine their techniques, analyse their strategies with relevant communication concepts/theories and present it in few lines on your own. The officials of the Company had to attend a marathon enquiry conducted by the City Police on February 6.
The Central Crime Branch (CCB) of the Coimbatore City Police have registered a case against multi-level marketing (MLM) firm ‘My V3 Ads’ for alleged irregularities in its operations. The emergence of digital technology is taking advantage on innocence and ignorance. It is important to check the terms and conditions. Apart from things , still there are people supporting v3 app who actually earned from it. Sometimes somethings works for some and not for other. It Advancement of technology is most of the times helping but still creating trouble for many common people. It is important to think wisely before investing our money in anything.
MyV3Ads issue:
In my opinion, if the allegations against MyV3Ads are true then I’d say that it is a potential Misuse of Media / New Media because it is misleading of information for several reasons, which includes, YouTube videos and marketing materials that could easily misrepresent the company’s operations or exaggerate earning potential. Also, exploiting social proof, in this case, investors influenced by the company could create a false impression and encourage others to join. Using WhatsApp groups could also be used to recruit new investors into alleged pyramid scheme, which is wrong.
But on the other hand, I think, MyV3Ads did strategically use the media to attract people. They’ve used YouTube channels and digital marketing which they knew will help them create a wider reach and brand name. Also, they used WhatsApp groups which definitely helps in community engagement and it has the potential to increase the trust among investors. Their next strategy was to keep their investors engaged through their informative content on YouTube. And MyV3Ads knew that digital marketing is the tool which allows them to target specific demographics and interests, potentially reaching ideal investors more effectively.