Proposal to fund the Marketing + Growth Workstream through December 2021

If we want to justify the spend based on this argument, we need to see the specific channels and their CAC. The community needs to know numbers here. How much is being spent per month? And what is the result in a specific metric/s?

Hello!

Getting the Marketing + Growth Workstream funded will allow the team, and ultimately contributors to get involved with growing the DAO as soon as possible. This is a proposal to fund the Marketing + Growth Workstream’s anticipated budget until December 2021. For the proposal to establish the workstream, see here.

Here is the link for the Marketing + Growth Workstream Kickoff call on 8/18/2021.

Here are the slides from the kickoff call. Please note that the structure has changed significantly due to DAO suggestions - please read the first link for details. The DAO works.


Requested Funding:

$242,092


Budget:

The budget is designed with these conditions in mind:

  1. Any unused funds at the end of the 4 month timeframe will be returned to the DAO with a report released to the community that details where all funds were sent and spent. No funding will be rolled over into the subsequent 4 month marketing period, so that the risk to the DAO of a budget ballooning is mitigated completely. There is now essentially no risk to funding the M+G Workstream, as any unused funds will be promptly returned to the DAO and funding reapplied for.

  2. This workstream intends to benefit from a global talent pool. Current best thinking is that we should hire the most talented individual for every role. Someone in Barcelona could be just as qualified to perform Email Marketing as someone in California, and may cost half the price - which would ultimately make more funding available to the larger DAO community to accomplish projects. This is expressed by grouping all salaries into a bucket instead of by role, every applicant for a full time position can propose a salary that they feel is fair for their contributions. This also represents the MAX CAP for full time salaries. No salary that would push the total figure above the $33,417 requested will be accepted without an amended request to the DAO.

The M+G Workstream will not artificially inflate any salary to utilize the full budget.

  1. Any unused funding earmarked for salary will be rolled over into the bounty pool, and available for the community to propose projects against. The intent is to move as much funding into the Bounties / DAO Contributor Rewards line item. Then, the funding follows rule #1 above.

  2. A note that @huntthewick asked me to pass on. He feels uncomfortable accepting 2 salaried positions, and thus he will be renouncing his previous funding granted by the CMod workstream, and his salary will be fully paid out of the M+G Workstream. He will continue to work his CMod function alongside @giantkin for an indeterminate amount of time, since his responsibilities overlap nicely with CMod responsibilities.

  3. The previous proposal by @huntthewick to fund Community Structure / Support will be absorbed by this workstream. It will not move to voting, and those tasks will be completed in this workstream. Check it out here for details.

Once established, the marketing + growth workstream will have three full time contributors:

  • Workstream Leader - @PeteCoin
  • Community Growth Manager - @huntthewick
  • Email Marketing / Copywriter - Open Position

Job description for the open role to be released shortly after the workstream is voted on and accepted, as well as funded.


Reasoning: Why is this structure being proposed?

First, check out this post.

Second, here is the dataset that was used by centralized ShapeShift, and will continue being used until a new/better system is developed.

Essentially, I reviewed the data in the second link with a goal of: “How can we continue to maintain channels that showed strong metrics previously, that also fit into a DAO structure?”

This structure is defined as: 1) can be paid for in crypto 2) recognizes the value of the ShapeShift brand and leverages it for the benefit of the DAO - and by maintaining that leverage may grow the brand. 3) is inherently collaborative, human driven, and lends itself to the philosophy described in link one. (Product-led growth, AIO/TLV focus, community growth and empowerment, being the SSO for all web3 defi and deliver mutually beneficial yield opportunities to our users)

The channels that stood out, that met the above criteria are:

  • Social Media Marketing
  • Community / Affiliate / Referral Marketing
  • Email Marketing, with a focus on user retention / activation
  • PR - which @lindsaylou is crushing and will continue to crush for months to come.

Furthermore, its clear to me that Product-Led is the correct path, because the data shows extremely strong correlation, if not outright statistical significance, when we track results to product launches.

See for yourself in the link above regarding dataset.

  • July 2021: we launch the DAO, we have the most MAU ever recorded since I started. Once the hype begins to taper, metrics go right back to baselines.
  • January 2021: we integrate 0x and other DEX aggregators into the app, second highest MAU ever recoded. Taper back to baseline in the 3 months afterward.
  • July/August 2020: we launch the ShapeShift Mobile App, and make self custody f*cking easy. MAU pops and follows the trend to baseline.

I believe that being product-led, and continuing to tell the storyt of how ShapeShift is a DAO that is actually accomplishing a ton of work, and the community is a huge part of that is going to be a key factor to continued success.


Next Steps

Please reach out to @PeteCoin or @huntthewick with applications for the open role. Also, if there are any Reddit or bot wizards that would like to help collaborate on the process that we need to design for community submitted proposals for M+G (seen here) please reach out ASAP!

3 Likes

PMing regarding Reddit.

2 Likes

oh we gunna be talking. bet on it.

2 Likes

A well writen and thought out proposal, thank you for updating and providing relavent links and correlatable data.

2 Likes

Thanks @PeteCoin for such great detailed proposal and outline of the budget.

I definitely support this Workstream and funding of this budget moving forward.

1 Like

PITCHING MYSELF FOR A ROLE:

I wanted to get feedback from the community around the idea of throwing myself into the marketing/ growth workstream!

For those who don’t know me, I was the Director of Growth with the centralized ShapeShift company for nearly two years. I have been so fortunate to work with some of the most talented pioneers in their fields, and I’ve learned and grown so much from it. I also really liked to involve myself on Twitter and in this Discord community, so there’s a chance we’ve interacted before. The role I am proposing doesn’t have a created title (yet), but that’s kind of the idea. With a centralized ShapeShift, I had specialists on my team doing all sorts of necessary responsibilities. Now I’d like to distill the essence of all of these amazing people into what I think of as a do-everything role. Instead of holding a traditional Director position like I have been at centralized ShapeShift, I want to propose a more abstract, get messy position. I want to try and maintain the momentum I previously established with our centralized efforts and start some new ones, like through mail campaign building, sync for product marketing, helping @huntthewick social, building new high volume growth funnels, etc.

Years ago at smaller and centralized ShapeShift, we had a great team member (Cam) who was a “do it all” on the marketing team, and he did anything and everything that was needed. This is how I see myself performing this proposed role. At centralized ShapeShift I had a knack for the ability to see the future landscape of customer needs and product launches, and my acute understanding of the community would make me so great for this role.
I would be requesting a budget similar to that of a PM role on the product stream. I would be held by the stream to meet massive goals for MAU and new user adoption.

At the end of the day this is up to the community and the workstream leader (who has been crushing it @PeteCoin) but I wanted to get any thoughts/ comments about what I am proposing/ or the idea of me joining the stream.

  • Yes - Lets add this to the stream and budget
  • No - Lets not add this to the stream or change the budget

0 voters

4 Likes

Whooo - would love to see you join this Workstream @Toasty - I know you can do so much and I like the idea of a role that can do many things at once (probably needs a bit more definition than that but I think I get what you are going for).

1 Like

welcome back to the dark side @Toasty! was hoping you’d make the right decision :wink: once you go full DAO you can never go back to the corporate world.

I support this addition, even though it will add to the budget and I know @PeteCoin is being really thoughtful about minimizing the budget and making sure this workstream underpromises and overdelivers. I’m pretty confident that the value you can add to the DAO’s bottom line will easily justify the added cost though. Just promise me the memes will be :fire:

1 Like

Supported that! Dank memes and hacking things together, you are going to crush that.

5 Likes

Oh man, I hope this isn’t a tease :grinning:

Come on in @Toasty, the water is, well, toasty :laughing:

Seriously, I know if we had you in and collabing with us and @PeteCoin we would all be stronger for it, and our product and reach would be better. I support this :100:.

4 Likes

I agree, to dive into some more detail so that JD could be made. In this position I would be tackling some of the roles initially proposed in the kickoff slides and what some of the bounty tasks would have been. This would include:

  • PLG: Driving the connection for product lead growth by being a bridge to product for cross marketing collaboration/ product changes & testing
  • Growth Marketing: Create and execute data-driven growth marketing strategies for new user acquisition and MAU
  • Affiliate Marketing: Handle and grow the relationships between ShapeShift and its partnerships
  • Email Marketing: Lead the planning, developing, implementing and maintaining ShapeShift’s email strategy
  • Campaign Development: Build and develop high performing low cost channels
2 Likes

@PeteCoin tagging so you see my response. This would be a full time role and I am pitching a similar budget to the PM on the product stream at a monthly rate of $13104.00. Between my demonstrated growth and growth hacking metrics at centralized ShapeShift (posted in the proposal by Pete above), my over decade of experience in digital marketing, & my desire to make the DAO as successful as I can through explosive new member growth & MAU.
My breadth of knowledge and understanding of a position like this, would also minimize the requirement for some of the additional bounties set aside in the budget.

3 Likes

Overall, I think that this is a fantastic idea, and I’m in full support. I would love to work with you again and I think you’d be a really valuable member of the DAO that we’d get to retain.

I think that as @Beorn alluded to here, here, and here - we have been challenged to present thorough and specific goals, so that no workstream spends resources without accountability. I agree with that feedback, and the workstream I’m proposing is going to try to be the supreme champions of accountability, enforcing it into the DAO culture.

I would find it really helpful if you could elaborate more fully on this role, based on the framework you’re proposing we modify - here.

  1. If MAU is the goal for the Growth Marketing you’re suggesting (which something I agree with totally), could you elaborate on what your goal is? A possible framework was posted by Erik: “Increase in MAU for the ShapeShift platform+mobile app, above the recent 3-month baseline average of X MAU (need to fill in X based on SS’s actual numbers)”

  2. Similar to #1 - what affiliate marketing and campaign development targets do you have in mind? What metrics are we trying to hit?

  3. For the Email Marketing bullet - how do you see that interacting with the Email Marketing role proposed for a full time position? Would you be replacing that role through the implementation and maintaining?

  4. If we are going to “minimize the requirement for some of the additional bounties set aside in the budget” - how much do you envision doing so? I had really hoped to have a healthy community bounty system in order to incentivize growth at exceptional scale and velocity. Everyone, and anyone, can propose a marketing effort and receive reasonable support for implementation and tracking from the workstream - as well as getting paid. I wanted it to be a place where our whole DAO can grow itself. So, I’m naturally hesitant from taking budget away from the community, could you elaborate more on how that would work?

This is what I think the DAO process is all about - and I’m super jazzed you want to come and contribute. Help me understand these specifics so I can add them into the budget, and the community as a whole can evaluate it, we can get voted on, and get started.

5 Likes

Let me put some details/ more thought into your questions and will post a detailed reply.

4 Likes

To answer your questions:

#1 I created the full JD for this position (below), while it is a director level it will be more hands on rather than people management.

#2 -I would be managing the creation and relationship for new social channels, influencers in the space, decentralized partnerships, implementation of FOX tokens on various services. A goal I would set for metrics is the creation of 1-2 channels monthly that would help contribute to the MAU growth goal outlined below in the JD.

#3 - I had to think a lot on how this would work with the current scope of email marketer you were looking to fill. My proposal would be to manage the overall channel (email) and work with the email marketing manger to develop better journeys, content and overall strategy. My proposal would be to find someone with better copy writing skill set and less on the journey creation (this could provide a reduction to the salary cost of this position).

#4 Looking into budget reduction around the bounty program we could keep the allotted in the proposal. However, this role I would be attempting would be very hands on/ new idea creation. With having 4 vs 3 full time workers on the team and me in this position I would be accomplishing a lot of the work that may have previously be thought to go out to the community. I recommend keeping it at 20k and rolling over/ reevaluation at the end of the quarter.

JD-

This role would be full time (40+ hours a week minimum but not limited to)

Role: Director of Growth/ Digital Marketing
Rate: $14,000 monthly in FOX | 3 month contract | Renews by vote quarterly
Reports to the Workstream Leader (@PeteCoin)

Description:

  • Design and execute a broad mix of marketing strategies, tactics, and systems, consisting of SEO/content, paid ads, partnerships, email, influencer, etc.
  • Manage and grow partnership/ influencer teams, consisting of a mix of contractors and bounty hunters - Works with the stream leader to set up and track various metrics (goals listed below), ensuring that our marketing efforts and user growth are improving over time
  • Own and expand the DAO’s lead generation and growth efforts across various marketing channels and platforms
  • Collaborate with Product, Engineering & Support teams on product positioning & Growth/ Marketing Initiatives
  • Manage existing and create new paid channels with the goal to bring in users while reducing customer acquisition cost
  • Work with Workstream leader to improve and develop strategies/ channels that will provide high level of user retention
  • Develop and maintain new/ existing marketing channels for the DAO
  • Manage and scale existing channels and identify development of new opportunities for growth.
  • Manage the social media accounts to provide a high level of touch points and organic inbound traffic increasing the follower count/ interaction levels

Goals for success in this position:
20% increase in MAU Mom (blended quarterly)
3-5% increase in 6 month retention rate levels
10% reduction in cost per account created across paid channels (blended quarterly)

3 Likes

I’d like to see this position focus on conversion rather than acquisition (I’d say the same for the Growth Workstream overall). MAU is important, particularly when that’s matched up with a solid retention rate, but I’d like to see us focus on converting users to earning yield as more opportunities come on line. You could start by examining the conversion rates of FOX holders to earning yield from the Farming feature. Then make some assumption and set some goals for the next yield earning opportunities that launch.

Setting some goals around converting users, and applying effective email, in-app and push notifications tactics, should be the focus for growth in my opinion. I like that you have put numbers up here for acquisition, but I think strategically we should be looking at conversions rather than acquisitions.

3 Likes

Good points, I think I will re-work the JD to include/ cover this. While I think we still need large numbers/ acquisition (we can see we need to keep growing just from the claimed airdrop numbers) conversion for “good” long term users could be more beneficial for the DAO.

2 Likes

Edited JD to facilitate the comments from @steveR and focus on better conversion rather than just pure acquisition.

Hour/ Time allotment: This role would be full time (40+ hours a week minimum but not limited to)

Role: Director of Growth/ Conversion Rate Strategy Manager
Rate: $14,000 monthly in FOX | 3 month contract | Renews by vote quarterly
Reports to: Workstream Leader (@PeteCoin )

Goal:

Facilitate the direction of the work stream to focus on high-level conversion of new users. The primary goal of this role would be directly converting users and AIO to focus on using ShapeShift’s product suite and offerings while not excluding MAU.

Description:

  • Design and execute a broad mix of marketing strategies, tactics, and systems, consisting of SEO/content, paid ads, partnerships, email, influencer, etc. with a focus on conversion
  • Manage and grow partnership/ influencer teams utilizing a mix of contractors and bounty hunters - Works with the stream leader to set up and track various metrics (goals listed below), ensuring that our marketing efforts, conversion, and user growths are improving over time
  • Own and expand the DAO’s lead generation and growth efforts across various marketing channels and platforms
  • Collaborate with Product, Engineering, & Support teams on product positioning & Growth/ Marketing Initiatives
  • Lead user conversion initiatives while utilizing tools such as email, in-app and push notifications
  • Examine and respond to the conversion rates of FOX holders to earning yield from the Farming feature by utilizing tools/ methods such as email journeys and community development.
  • Improve and develop strategies/ channels that will provide high level of user conversion & retention
  • Develop and maintain new/ existing marketing channels for the DAO
  • Manage the social media accounts to provide a high level of touch points and organic inbound traffic increasing the follower count/ interaction levels for better user conversion

Intended metrics for success in this position:

  1. Establishing a baseline user conversion rate for new users/AIO into staking and other yield opportunities provided by ShapeShift. Once established a goal will be set.
  2. Increase the monthly active holder retention by 1-2% Quarterly
  3. 2-5% increase in 6 month retention rate levels
  4. 15% increase in MAU Mom (blended quarterly)
3 Likes

Thanks. Solid proposal. Agree with product led and be aggressive with marketing spend.

2 Likes