Unaico & SiteTalk Review: Social, MLM &… shares?
As we know it today, social media is huge.
Facebook has over five hundred million users and Twitter isn’t too far behind with around two hundred million.
With such potential reach and exposure, it isn’t surprising that many seek to duplicate the larger social network’s success.
To differentiate themselves though they have to offer more. This might be the combining the network with other things we do online, a closed niche community, or in the case of Unaico’s SiteTalk, a MLM business opportunity.
Combining a binary MLM compensation plan, shopping portal, travel, education, pay per click advertising and social network together, SiteTalk aims to carve out its own piece of the social network pie.
Today I aim to find out if there’s any value in SiteTalk’s offering.
Unaico or SiteTalk – Which one is it?
If you’ve conducted some of your own research on either SiteTalk or Unaico, you’ve no doubt come across both company names time and time again.
SiteTalk is a listed as a partner of Unaico on their website. Unaico also list ‘adclicks’ (the pay-per-click (PPP) advertising engine found on SiteTalk) as a partner too.
Being partner companies only I’m not too entirely sure what Unaico do then. Unaico has a Hong Kong business address whilst SiteTalk has a UK one. Both companies however list Rune Evensen as the CEO/Director respectively.
This SiteTalk website lists both Unaico and SiteTalk as companies belonging to the ‘Enigro Group’ (I’m hoping that’s not pronounced the way it’s spelt!).
The Enigro group of companies include Unaico, The Oxford Programme, SiteTalk, Realpoker24, and I-investorclub, with several more in development.
We (also) have joint ventures with companies in nutrition, property, telecoms, marketing and sales in a multitude of niche markets.
All operating under the umbrella of Enigro Group and founder Jarle Thorsen, Unaico and SiteTalk merely appear to be smaller properties operating within a larger business group.
The companies Enigro Group own and have joint ventures with are no doubt where the bulk of the offers, products and services available on SiteTalk are sourced from.
Thus Enigro Group not only make their money off your activity on their SiteTalk network, but also directly off you should you choose to participate in the SiteTalk MLM business opportunity.
SiteTalk’s products and services
SiteTalk itself is a social network and as such directly doesn’t offer and products or services beyond the network itself.
As a member of SiteTalk however you are given access to a variety of third party (but still owned or joint ventured by parent company Enigro) products and services.
As you can see, the scope of SiteTalk’s services are quite impressive ranging from ‘casino’ to ‘travel’ to the vague ‘med’.
SiteTalk acknowledge that not all of these services are currently available and seemingly they are working on introducing what isn’t available in the near future. Most likely pending the success (or failure) of the SiteTalk network itself.
The SiteTalk Compensation Plan
SiteTalk utilises a binary MLM compensation plan which essentially means your downline is split into two arms underneath you.
Each of these two arms then splits into two and so on and so forth unlimited levels deep.
Business Volume (BV)
Along with the binary compensation plan, commissions in SiteTalk revolve around what is called ‘Business Volume’ (BV).
In a nutshell, each product sold via the SiteTalk Mall generates a certain level of BV.
To get an idea of how much BV you can earn, the SiteTalk Mall website has a browsable online mall listing the current catalogue and corresponding awarded BV.
One example is the Samsung LE40C750 3D television which SiteTalk’s mall has for sale (well, it’s out of stock) at $1,730 USD equating to 97 BV.
You can browse around the rest of the categories to see the BV values of SiteTalk Mall’s other products.
Note that 1 BV is equal to 1 EUR and commissions wise you’re usually paid out a percentage of this rather than the whole BV amount.
Combining the BV model and their MLM binary compensation plan, SiteTalk offer their members three types of commission payouts.
Direct Personal Sales Commission
The Direct Personal Sales Commission is a 10% commission paid out directly based on the BV value of products purchased via ‘all personally generated sales‘ through your ‘memberMall’.
Using the Samsung TV example above, if you sold one through your memberMall, you’d generate 97 BV, of which you’d get a 9.7 BV commission.
This translates into a discount of 9.7 EUR, or $14 USD.
Binary Plan Commissions
The second type of commissions offered by SiteTalk revolves around the binary compensation plan and as mentioned before, your downline (people you recruit to the SiteTalk business opportunity) are split into two arms.
You can choose who goes where on these two arms but be aware that this can and will affect your commission payout.
Utilising ‘group business volume’ (GBV) the binary plan commission offered by SiteTalk revolves around weekly generated GBV.
The idea is that each week both arms of your binary team will generate GBV. At the end of the week this GBV is tallied up on either side and you are paid out 10% on your weaker arm.
For example, one side of your binary team make 5000 BV whilst the other 6000 BV. Your weekly commission is 10% of 5000 which is 500BV. This equates to 500 EUR ($722 USD).
Additionally, the value of your lower arm’s BV is then subtracted from your stronger arm. In the above example this means that after the commission is paid out, your stronger arm’s BV value would be less 5000 which means it drops to 1000.
So you’re starting BV for the following week would be 0/1000.
Note that BV automatically expires after three months if it is not utilised via a commission payout. This could be problematic if you had one very strong binary arm and one very weak one.
Binary Matching Bonus
The Binary Matching bonus is paid out up to seven levels deep in your binary team and ranges from a 2-5% payout of all BV commissions earned by those under you.
The percentage of the commission paid out and number of levels your able to claim it on is directly correlates to the amount of people you bring to the SiteTalk business.
If you personally sponsor 2 Bronze/Gold members (one left and one right on your binary team), you qualify to claim the matching bonus 4 levels deep.
If you personally sponsor 4 Bronze/Gold members (a minimum of one in each binary arm), you qualify to claim the matching bonus 5 levels deep.
If you personally sponsor 6 Bronze/Gold members (a minimum of one in each binary arm), you qualify to claim the matching bonus 6 levels deep.
If you personally sponsor 10 Bronze/Gold members (a minimum of one in each binary arm), you qualify to claim the matching bonus 7 levels deep.
The commission payout percentages for each level are illustrated below;
Virtual Share Investment?
One interesting component of SiteTalk and Unaico is the ability for its members to trade virtual shares.
In essence, members are able to trade virtual shares amongst eachother in an internal stock exchange style marketplace.
The price of the shares is hedged to the overall success of SiteTalk and Unaico themselves but is also able to be influenced by the speculation of the company’s members.
As this is going on the price is also driven down by the dilution of the share price by new members (new Bronze and Gold members are awarded a fixed price share virtual share portfolio in the company reducing the overall share price as total share numbers increase).
Letting members from all over the world trade in virtual stocks with no external value pegged to them sounds kind of dodgy, but I’m no financial advisor or legal expert in this area.
As someone looking at the business opportunity of Unaico and SiteTalk though, I can say that without further clarification, letting your members internally trade virtual shares and speculate on the value of a company they have a direct vested interest sets off my alarm bells.
Hats off to Enigro and Jarle Thorsen for bringing something a bit different to the MLM business opportunity though.
Joining Unaico and SiteTalk
Membership to Unaico is handled through SiteTalk which is the public face of the greater Enigro Group.
Being a social network site, SiteTalk is free for anyone to join up but if you want to participate in their internal share market you need to pay for a Bronze or Gold membership (or earn it out of your SiteTalk commissions, but either way you still end up paying for it).
In addition to the internal stock market, Bronze and Gold members are given e-books (the details of which I have no idea and are not listed), fixed credits to use on the ‘Ad-clicks’ pay per click advertising network (which appears to be unique and only operating on the SiteTalk social network), a fixed value amount of virtual shares in SiteTalk/Unaico and most important of all different maximum commission earnings per week.
Yes, you need to pay Unaico/SiteTalk if you want to increase the weekly commission cap you can earn.
Here are the member levels for SiteTalk;
Free User – Membership at the Free User level is free but restricts SiteTalk members to only earning 5% in Direct Personal Sales Commissions. Free Users are not given access to the binary compensation plan.
Member – A Member receives 10% in Direct Personal Sales Commissions and qualifies to participate in the binary compensation plan (including all plan bonuses).
Entry at the Member level will cost you 149 EUR ($215 USD) and you are restricted to earning 500 EUR a week ($722 USD).
Bronze Membership – In addition to a regular Member, Bronze Members are given
- an e-wallet
- credit card
- access to HolidayPlus program
- 15 e-books
- 10,000 PPC AdClicks value (0.05 EUR a click)
- the ability to participate in SiteTalk’s virtual share market
- 125 EUR in virtual shares
Bronze Membership will cost you 500 EUR ($722 USD) and increases your weekly earnings cap to 2,500 EUR ($3610 USD).
Gold Membership – Gold membership is much the same as Bronze but with the following differences;
- commissions able to be earnt on HolidayPlus program
- 60 e-books
- 40,000 PPC Adclicks value
- 1,125 EUR in virtual shares
Gold membership also increases your maximum weekly earnings to 12,500 EUR a week ($18000 USD) but costs 2,000 EUR ($2888 USD) to join.
The main problem I see it with Unaico/SiteTalk’s business model of combining all these additional features with a social network is that the people using the network are in it for the money, as opposed to socially connected with eachother.
The reason Facebook and Twitter are so popular is that it’s the social factor behind them driving the growth and sustainability of the userbase.
If all it took was to add a shopping mall and some affiliate deals to the networks to bring in large amounts of revenue, don’t you think either would have done so by now?
In trying to combine ‘everything we already do online‘ into one portal, SiteTalk becomes less effective at servicing each of those needs.
Take their shopping mall for example, a quick browse reveals quite a small inventory size which is blatantly obvious when you start looking at high ticket items.
More often than not you’ve got only item to choose from and let’s face it, when compared to proper shopping online shopping malls who offer you dozens of choices and pricepoints, the only people that are going to be using SiteTalk’s mall are those vested in the business opportunity.
A whole bunch of people interested in a business opportunity does not a successful social network make. And without that, we’re missing a key component of what makes the current leaders in social networks so successful today.
The social aspect of it all.
Sure, you can refer your friends and family to SiteTalk so that you’ve got someone to socially interact with, but outside of the business opportunity, why would you?
Facebook already does a good enough job of that and already has a simply massive userbase to connect with.
Are people really going to leave Facebook et al. in droves simply for the opportunity to decrease the effectiveness with which they can shop online amongst all the other services currently offered or promised by SiteTalk?
The weaknesses of SiteTalk are the offering of virtual shares, the fact that you need to pay SiteTalk to earn more in commissions, and the requirement to recruit people to SiteTalk to earn the matching bonus (and the fact that they can’t be free members).
Meanwhile the strengths aer solely grounded in the social network which, as outlined above is always going to suffer from the stigma of being solely populated by those merely interested in the business opportunity – rather than genuinely wishing to connect with people.
Would you browse over to a social network if you were wanting to buy something you wanted online?
Neither would I.
Without sales there’s no BV and therefore no commissions; making SiteTalk and Unaico I believe, to be an incredibly hard MLM business opportunity to be successful in.