Great question @Beorn that line was a typo, which has been edited properly.
The line items are in purple, at the bottom of the table!
Great question @Beorn that line was a typo, which has been edited properly.
The line items are in purple, at the bottom of the table!
This is still too vague imo - in the sheet you have a line item for $250/mo for testing, but in the message body you have “requesting a $20,725/mo budget explitly for testing, and making funds public for DAO members…”
Can you break that into descriptions of the specific line items for which you’re requesting funding?
Regarding Autopilot - this is a huge monthly line item. I know it’s used in centralized ShapeShift, but if it’s going to continue to be used, please describe what it is, why it’s worth $6k per month and what alternatives would be.
As per feedback, here are some clarifications on budget, and line items.
The workstream leader’s salary will be the same as all other workstream leaders, and the rest are left nebulous due to wanting to keep the salaries flexible in order to find the best talent at the cheapest rate for the DAO. This makes more of the requested funding available for community bounties for discrete marketing tasks. I can see the value in saying “almost all of the work should be community driven”, and thus accepting that current marketing efforts will end. This would make the funding request cheaper, as well as significantly reduce results and growth velocity.
The Software section is almost entirely built to support the current marketing efforts that we had hoped to continue in the DAO. This is to keep a minimum viable growth engine running - keeping only the channels shown to be exceptionally effective both in engagement and CAC. However, it does come with a couple of caveats:
It requires that we find talent willing to step into the roles full time, inherit our current systems (which have had processes written out by the centralized team) and continue pushing them forward. As of now (8/27/2021) we have had some interest in the growth and marketing workstream but no one expressing interest to fill these roles.
It requires infrastructure, which would need to be funded, and not with FOX Tokens - these systems all require a credit card. As mentioned by some comments, some of the tech stack is expensive. Autopilot is the current email system we are using in centralized shapeshift, with over 1.5 million email addresses. The cost may be able to decrease slightly, but due to the raw number of email addresses, any CMS with email and user flow capabilities for smart sending will end up in that general ballpark. If a switch is desired, migrating from one system to another and then rebuilding all existing logic (which supports onboarding, support, product features, etc) would set back any productivity by days, if not weeks or months, as the migration happens.
Essentially, we can find the talent and push this forward - either by having DAO members self select and apply or by doing external recruiting, or blow it up either due to not wanting to fund it or not able to fund it with a credit card. I don’t see a good third option, but am open to having my mind changed.
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?
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.
The budget is designed with these conditions in mind:
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.
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.
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.
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.
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:
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?
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:
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.
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.
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!
PMing regarding Reddit.
oh we gunna be talking. bet on it.
A well writen and thought out proposal, thank you for updating and providing relavent links and correlatable data.
Thanks @PeteCoin for such great detailed proposal and outline of the budget.
I definitely support this Workstream and funding of this budget moving forward.
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.
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).
welcome back to the dark side @Toasty! was hoping you’d make the right decision 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
Supported that! Dank memes and hacking things together, you are going to crush that.
Oh man, I hope this isn’t a tease
Come on in @Toasty, the water is, well, toasty
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 .
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:
@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.
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.
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)”
Similar to #1 - what affiliate marketing and campaign development targets do you have in mind? What metrics are we trying to hit?
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?
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.
Let me put some details/ more thought into your questions and will post a detailed reply.
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.
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)
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)