LBA Haynes Strand is putting the spotlight on the entrepreneur community. Entrepreneurship plays a huge role in not just our local economy, but our global economy. In this blog, we caught up with Andre Walters, who is the founder and owner of Yuno, Inc. Andre breaks down his thought process for creating Yuno and why he decided to take a simple idea and move it to market.
Have you ever recommended a product to a friend or family member? If you have, and the person bought what you recommended, what did you get for it? If you are like most people, the answer is more than likely nothing. This scenario is why I created Yuno in 2010.
Word-of-mouth marketing is now, and always has been, the most valuable form of marketing. A global study by Nielsen in 2013 revealed that 84% of people surveyed trusted word of mouth marketing above all other methods of marketing—no television ad, radio jingle or any other form of marketing is as effective, and companies have known this for quite some time. Case in point, a 2014 study by the American Marketing Association uncovered that 64% of marketing executives believe that word of mouth marketing is the most effective form of marketing. The issue, however, is that ordinary people like you and I drive the profits of the companies we support through our own purchases and the purchases we influence others to make, yet it seems our contributions to their profits go largely ignored other than the occasional discount or “special offer.” Yuno was created to do something about this very issue. Yuno acknowledges the fact that you are valuable to your friends and family and provides a benefit to you every time your word-of-mouth marketing encourages someone else to buy a product you bought in Yuno (or an item related to something you bought in Yuno).
Our approach at Yuno is really simple. We’ve established relationships with several hundred well-known brands like Macy’s, Saks Fifth Avenue, Best Buy, Footlocker and many others and added over 70 million products to our database as a result. Our team of content curators monitors the latest trends and looks for the best products from our partners to present to our users on Yuno. Yuno gives its users cashback on every product they buy. Additionally, Yuno provides that user with cashback every time someone following them in Yuno sees what they bought and decides to buy the same or a related item. Ultimately, if enough people decide to buy, a user can potentially get their entire purchase price repaid to them through cashback. As our name suggests, “Yuno” is all about helping you benefit not from what you know, but rather, who you know.
For many, 2010 was a difficult time period financially as our nation continued to try and recover from a devastating recession. I personally observed many people that needed a little boost financially, and I created Yuno in large part to give them that boost. The fact of the matter is we are all valuable in the world of commerce because of our impact through word of mouth marketing. If that value is recognized in our everyday transactions by the companies we support, then we believe Yuno will provide a way to spread the wealth in our economy, help people save naturally on everything they buy, and maybe even help our country avoid a similar recession.