I had a think about this stock today. Wondering whether I should top-up before the next announcement. And I realised that I just couldn't press the "execute" button anymore on the trade...I just don't have any trust.
So many announcements with fluff.
A few people on this forum raised very serious issues with the company's websites a few MONTHS ago.
For example, the main page of the Engage BDR website is extremely hard to read, with multiple grammatical errors. How many of you actually spent the time to view the website? Or do you throw your hard earned money into these sorts of things without proper due diligence? You should always try to put yourself in the shoes of a new customer and see what the company is like to interact with. I challenge you to try to be a new customer (a brand an influencer) and try to use their website and get in touch with them...
Example from the main page:
"Our proprietary technology delivers your campaigns smoothly and swiftly cost-effectively to drive engagement and increase performance."
The Iconic Reach website, which is apparently one of their main products, does not work properly.
If you go to iconicreach.com and then (1) click on the Brands tab, and then try to click on the MAIN button, "Get Started", it takes you to a 404 Error page, (2) if you go to the Influencers tab, then scroll down and click on the "Get Started" tab, it takes you back to the top of the page.
Errr.. how are Brands and Influencers supposed to "Get Started" with your company if they can't even "Get Started". Just a reminder that you are still loss making EN1, so I think it is quite important to make it as easy as possible for new Brands/Influencers to "Get Started".
What's worse, is that rather than jumping on this problem when it was mentioned, months ago may I add, EN1's response was similar to that of a highschool student who has been asked by a teacher to fix their work - "ohh but it's not important, as I won't use this in the future". Sort of like the kids in my highschool who complained they will never need to use Calculus so why learn it.
I have raised the issue before and the response from the company has been that they don't use the webpages as their main method of obtaining clients so it isn't a priority to fix it. How is this acceptable as a response from the publicly listed company? The FIRST thing I check when researching a company as a client or investor is to check their website. But regardless of this, their attitude in their first response and also the fact they STILL haven't addressed the two MAIN buttons interested influencers and brands would need to press to get in touch with EN1 is really concerning.... EN1's response to say this sort of thing isn't a priority is ridiculous. You are a public company. If your owners (shareholders) see something as important, then it is god-damn important. Period.
Coupled with that, Ted's labeling some critical commenters as "down ramping donkeys", and messaging other things on Twitter instead of spending a few hundred $ to fix EN1's websites, turned me off completely. Is this the guy who started Myspace? You'd think he would know how to organise for a few broken, but important, links in the website to be fixed. Particularly as the websites are for products of the company which is paying his wages? How much does he earn per day again?
If EN1's view that their website isn't important is true - then remove the entire website. Either that, or fix it. At this time the website(s), from a company that apparently is in the internet advertising space, ironically show a company that has no idea about how to create a properly running website on the internet and how to properly advertise its own services on the website (because the "hook" part of advertising, i.e. the buttons enabling initial contact, don't work). Frankly, the websites of EN1 look like a poorly built version of one you could build yourself on squarespace.com. In my opinion, if I was an influencer wanting to invest in programmatic advertising and a company which I was considering had a "get started" button that didn't work, I'd simply move on.
I think this company needs to learn how to be lean and mean again. Best thing that could happen to it, in my view, is for the new debt facility not to be approved, so they learn how to make the most of the revenue they generate: that would involve them taking the small details seriously, taking issues raised by their owner's seriously, and re-structuring their business so it makes a profit regardless of how much advertising space is pre-purchased.
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