cissolt Posted March 7, 2022 Share Posted March 7, 2022 23 minutes ago, offshoremanxman said: To be fair to Gef they probably aren’t as the profits would be linked to card usage which seems to have been fairly low. Marketing? Setup and staff time costs will consume a large chunk of the 500k before it was even launched Quote Link to comment Share on other sites More sharing options...
hissingsid Posted March 7, 2022 Author Share Posted March 7, 2022 Well now they have to find money, out of their budget, for the new all singing, all dancing, new scoreboard which will hopefully, with a strong wind, be ready for 2023 perhaps they won’t have money to waste on bright ideas such as this one which appears to have gone down like a lead balloon. I just wonder if any of the people who dreamed it up or supported it would have been so enthusiastic if it had been their own money they were using. If someone had approached them to invest in this scheme would they have had the confidence to put their hands in their pockets and participate. The short answer is no, not a cats chance in hell. This flagrant gambling of public money on pie in the sky ventures is really not on. 1 Quote Link to comment Share on other sites More sharing options...
Banker Posted March 7, 2022 Share Posted March 7, 2022 1 hour ago, Amadeus said: Headline says 14000, but in the clip the minister says 1400? Well I don’t know anyone who has purchased one,anyone on here got one? Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted March 7, 2022 Share Posted March 7, 2022 1 hour ago, Amadeus said: Headline says 14000, but in the clip the minister says 1400? But that's only a zero different and a zero's nothing, right? #Skellynomics It has to be 1400 because there is a minimum purchase price of £10 and 14,000 would give you an average of only £3.57 a card. An average of £35.70 seems more plausible, especially because according to the (re)launch press release: a limited number of cards will be available with an additional cashback reward. A bonus credit of 25% will be automatically added to the card when purchased (capped at £10 cashback). For example, when purchasers buy a card for £40 as a gift for a friend, family member or employee this Christmas, an additional £10 will be added to the card, for free, bringing the total amount on the card to £50. So £40 would be the optimum amount to buy as the government would put in £10 extra to spend (you could buy any number of cards so no one sensible is going to spend more). It's also worth looking at who that extra spend money went to. An indication of who is benefiting comes from that press release: Greg Ellison, CEO, at Capital International, who has purchased £1,000 worth of LoveIOM Gift Cards for staff this month, commented: ‘Like many other businesses, we regularly reward our loyal staff members with corporate incentives, awards and gifts. Typically we would opt for an online gift card from one of the national chains or online retailers, however when we heard about the LoveIOM Gift Card initiative, we saw this as a real opportunity I suspect a lot of of the cards were bought by companies as Christmas bonuses and so even most of the £10,000 that went to boost the Manx economy was basically subsidising wealthy finance companies and the like. And the other £490,000? Quote Link to comment Share on other sites More sharing options...
Nellie Posted March 7, 2022 Share Posted March 7, 2022 5 minutes ago, Banker said: Well I don’t know anyone who has purchased one,anyone on here got one? Me neither. It was obviously a concept which had 'complete clusterfuck' written all over it, from day one. It would be interesting to know now many cards, and what overall value, the fantasy business case said they would sell. My sense is that launching this into a market of 70000 adults would require a wholly unrealistic level of take-up to make it viable. Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted March 7, 2022 Share Posted March 7, 2022 Manx Radio have now changed the headline - but forgot the change the text: Sigh. 2 Quote Link to comment Share on other sites More sharing options...
english zloty Posted March 7, 2022 Share Posted March 7, 2022 11 minutes ago, Roger Mexico said: Manx Radio have now changed the headline - but forgot the change the text: Sigh. They've changed the text now. Waves 👋to MR journalist in the hope same person pokes the Minister a little harder now! 1 Quote Link to comment Share on other sites More sharing options...
Passing Time Posted March 7, 2022 Share Posted March 7, 2022 Part of the problem was that Starship enterprise couldn't give a straight answer on this. When questioned, everybody was informed that money would be in the businesses bank accounts weekly. Their webpage states "IoM Gift Card Limited will make a payment to your registered business bank account every two weeks." which is why not many businesses wanted it. They seem to make the answers up as they go along. The ones who have signed up according to their website claim they haven't... make of it what you will Quote Link to comment Share on other sites More sharing options...
kevster Posted March 7, 2022 Share Posted March 7, 2022 3 hours ago, Banker said: Well I don’t know anyone who has purchased one,anyone on here got one? Saw one being used yesterday in a H&B pub Quote Link to comment Share on other sites More sharing options...
ellanvannin2010 Posted March 7, 2022 Share Posted March 7, 2022 6 minutes ago, kevster said: Saw one being used yesterday in a H&B pub To stop the table wobbling? 1 5 Quote Link to comment Share on other sites More sharing options...
quilp Posted March 7, 2022 Share Posted March 7, 2022 Chopping charlie... 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted March 7, 2022 Share Posted March 7, 2022 Just now, quilp said: Chopping charlie... 1886?... 1 Quote Link to comment Share on other sites More sharing options...
cissolt Posted March 7, 2022 Share Posted March 7, 2022 3 hours ago, Roger Mexico said: But that's only a zero different and a zero's nothing, right? #Skellynomics It has to be 1400 because there is a minimum purchase price of £10 and 14,000 would give you an average of only £3.57 a card. An average of £35.70 seems more plausible, especially because according to the (re)launch press release: a limited number of cards will be available with an additional cashback reward. A bonus credit of 25% will be automatically added to the card when purchased (capped at £10 cashback). For example, when purchasers buy a card for £40 as a gift for a friend, family member or employee this Christmas, an additional £10 will be added to the card, for free, bringing the total amount on the card to £50. So £40 would be the optimum amount to buy as the government would put in £10 extra to spend (you could buy any number of cards so no one sensible is going to spend more). It's also worth looking at who that extra spend money went to. An indication of who is benefiting comes from that press release: Greg Ellison, CEO, at Capital International, who has purchased £1,000 worth of LoveIOM Gift Cards for staff this month, commented: ‘Like many other businesses, we regularly reward our loyal staff members with corporate incentives, awards and gifts. Typically we would opt for an online gift card from one of the national chains or online retailers, however when we heard about the LoveIOM Gift Card initiative, we saw this as a real opportunity I suspect a lot of of the cards were bought by companies as Christmas bonuses and so even most of the £10,000 that went to boost the Manx economy was basically subsidising wealthy finance companies and the like. And the other £490,000? 500,000 ÷ 1400 = £357. As you say made up skelly maths Quote Link to comment Share on other sites More sharing options...
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