I think we have to ask ourselves – do we want Maker to grow into an integral part (if not a backbone) of a global financial system or a project that spews “sewer pipe[s] of irrational content” for the “degen apes”? Remember, everything we do here is not in a vacuum; pumping Maker financial services will draw the eyes of those looking to crack down on the space.
Rune and the OGs notably avoided that approach which contributed (in part at least) to the diverse, welcoming, methodical and non-hyperbolic community culture we have today. It’s that deliberate culture that informs everything we do, and if we move away from it, inch-by-degenerate inch, we jeopardize more than “gainz”.
This initiative is definitely important. Thanks for the suggestion.
DeFi remains opaque in many countries around the world. Localization and community outreach is one of the key roles that the Maker Foundation plays, and after the Foundation is dissolved, the position for this role will have to be determined in advance.
A more level-headed approach to marketing and communications fits Maker. Someone correct me if I’m wrong, but hyperaggressive strategies favor short-term growth at the cost of our identity 5 years from now. That being said. There are at least 3 areas of communication with audiences that don’t fully overlap:
MKR promotion. Not part of your proposal and, I think, not something Maker wants to do.
MakerDAO reputation, especially with institutions. Part of your proposal and matches the way you present yourself.
Dai adoption. Part of your proposal. The level-headed approach works, but it is true that > 0 marketing-ish communication would improve things.
Also I’m very much on board with @iammeeoh and @Planet_X re: well-defined objectives with deadlines. Not as success/failure conditions but as helpful concretizations of what you are planning to achieve through the means you’ve detailed in your initial post.
edit: What would be incredibly helpful is a down-to-earth summary of your overall understanding of where Maker is in terms of marketing&communication, and of what it needs. Knowing your model of how things are will not only help understanding the reasons behind your plans, but it will also help relate the different growth&communication initiatives to one another so everything can fit together in the end.
Hello @Kathleen – can you please name some of the successful marketing campaigns that your Team has launched?
You know I see folks like FTX buying into the Miami Heat Basketball Arena were I imagine their marketing will be geared towards Americans, and the Team at Solana is making headlines like:
OKEx and MXC are pouring $40 million into strategic investment funds to bootstrap development on the Solana network
And I often wonder what we as a Community can do to get more traction. So, I guess what I am saying–I really don’t know what accomplishments you and your Team have brought to the DAO–perhaps because the Foundation had to slow down marketing growth, or Regulations are hampering such.
The growth unit mandate is to grow the available distribution channels for the Maker protocol, which means integrating the Maker protocol (Dai, vaults, PSM, DSR, Dai on Optimism L2…) into other’s solutions. It could be by talking with every CEX or DEX to have Dai in different markets (some of these exchanges could decide to list Dai by themselves. With others -most of them- we have to create a joint strategy to generate a Dai market), or by developing use cases where Dai is the right solution for a challenge (like NGOs receiving donations in countries with a regime).
In any case, our job is to understand the market, proactively reach out to potential partners, pitch them why Maker is what they need, and in a consultative way, help them to create solutions based on the Maker Protocol.
Part of our job is to educate, not because we want everyone to be an expert about how the protocol works, but because we need to show our potential partners why they should choose Maker over other protocols/stablecoins.
Growth unit’s focus is on the B2B relationship (with companies, protocols, projects, governments, etc.) and how they can use the Maker protocol to reach more users.
Thank you for the suggestion. These discussions on the forum enable my team to see things we may overlook as we continue to delve more in-depth into our strategic planning.
When it comes to marketing strategy, there are many possibilities, and each delivers a different level of ROI. That ROI would also vary in one market vs. another. That’s why we listed region-specific strategy as one of the focuses. Several global-wide programs and joint promotions that are most likely to achieve the best results will also be closely examined and considered.
Regarding the unit’s performance measurement and deliverables, we have started that discussion last week and hope to finalize that in the next couple of weeks. We may use OKR to set a clear direction for the team and utilize KPI to gauge our performance. I also plan to share quarterly updates on our progress.
As for eduction, it is only part of marketing and promotion.
For us, in the crypto space, education can seem redundant and dull, but there’s still a significant knowledge gap between those in the space and the rest. Education is a way to lower that entry barrier so others feel comfortable joining.
Adding to what Nadia had explained about her unit, my unit will focus on B2C and convey the benefits of Dai and the Maker Protocol to potential users.
I am a bit confused on a pretty important point, though.
Question: Have you already worked (under the Foundation or not? please specify) on Marketing+Communications for MakerDAO in the last months/years (please specify).
What have you done exactly? → As many people have no idea of what you have done, your action might have been not so visible. If, for instance, some of your candidate Core Unit contributors have appeared in TV talking about MakerDAO in S-Korea, not many people have here have watched the show. Have this TV-appearance brought millions of S-Koreans to MakerDAO? Please inform us on this type of results.
What ‘strategy’ have you been following in the past, which can be extended to the future? Sentences like:
suggest that you have a vision/strategy. At the same time, sentences like:
Make me feel like the strategy is not yet determined, or at least is very shaky.
So, really, it’s hard to vote on approving (or not) your proposal if we don’t know what great things you have done for MakerDAO in the past and what you plan (precisely) to do in the future.
To to contrary, Core Units that have been proposed so far, have a clear record of results that we are more familiar with, and a clearly stated mission for the future.
Collaborating with the community will make a big difference, which I have been thinking of as well. One idea is in storytelling. I mentioned briefly as a word-of-mouth type of approach under Projects and Programs.
Here are some examples of marketing campaigns that boosted the traffic to Maker’s homepage and blog In Japan. Note that the success has limited to Japan, and it can be easily tweaked for and adopted by the global market. Please also check these hashtags because then you can see how they resonate with people.
One’s favorite food campaign - one’s favorite food in Japanese is Daikoubutsu. We ran this campaign after the restaurants started to reopen after the first wave of the pandemic. We asked people to show their support for their favorite restaurants by posting pictures of their favorite food on social media and the name of the restaurant and tag to #dai好物 (DAIkoubutsu). The participants got Dai in return. Then we shared how Dai can be used.
*1,400% surge of visits to our blog page for the campaign period.
*The campaign generated 62.8K impressions on the campaign’s tweets and replies, while #dai好物 had 251K impressions.
Where’s Dai? (or dokoDAI) This campaign invites people to find or create things that consist of Dai or something that includes dai sound. We ask them to tweet it and tag it to #dokoDAI. After that, as a token of appreciation, we put all the submissions into a mosaic DAI.
The hashtag #どこDAI reached at least 160K of Impressions.
Haikudaikai: We collaborated with the biggest crypto news outlet in Japan and ran a haiku competition.
*Number of new sessions/visits to our blog more than doubled
*The hashtag #俳句DAI会 reached at least 67K of Impressions.
And you are right. We have been very careful in the marketing activities we conduct. A lot of thoughts need to be put into it. While we want to promote, we also have to keep in mind what can be done while guarding the brand and the image of MakerDAO.
I am currently with the foundation and have been since 2019.
In my opinion, when one is overly confident and has answers to everything, that is when you need to worry.
Specific strategic approaches for each major regions, and some global programs and projects are listed as clearly as possible in the proposal for this stage. This is just the beginning, and a lot of work needs to be done for sure.
As we put a team together, we will need to have more of these critical discussions. I believe that’s how a group can be effective and fulfill its mandate. We hope to share more later when we formally submit the proposal.
Thanks @Kathleen for the direct answers and for clarifying explicitly that:
As a constructive feedback, and on a very personal note (and possibly very blind and shortsighted) I will personally vote against this Core Unit proposal as I find it not up to (and in fact far from) the standards required.
On the other hand, Kathleen, I found your proposal to be measured and consistent and refreshing in light of the usual hyperbolic and “Instagram/Tik Tok/4 Chan” fleeting social media approach that others so often adopt. Looking forward to seeing what your team can do in the future.
For clarity purposes and community response. The questions:
Why is North America not detailed more?
Why isn’t Central and South America mentioned?
North America plan is being detailed due to the extent of the continent and how will the strategy be partly be put in place: 2 countries, west coast and east coast approach. Additionally connected to Central and South America activities.
The team will be greater than for other countries, but all teams remain funneled and pipelined together as well.
Central and South American haven’t been mentioned here because these regions are well taken care of already. They will be integrated in the North America plan as part of the bigger picture of The Americas.
Additionally, I’d like to add a point that for solid growth within the space, activities have to be well thought out and structured, the community very well want to “receive” NFTs for their participation or create memes. You’ll be more than welcome to have fun with us, but for a company to grow and remain Tier 1, these “fun” actions aren’t enough and don’t build a whole global wide foundations for longterm. That is why it wasn’t mentioned specifically in the Marcomm proposal. These will be subparts of the higher-level activities.
I have to say, I’m pretty stunned at the “We need more memes and Russian propaganda farms” approach to marketing advice.
Yes, this is crypto and yes, “everyone else” is doing it. But quite aside from Maker being positioned (so far) as a best-practice leader in the space in every respect, do we think shady marketing is going to be sustainable?
Last cycle saw some major casualties as regulators caught up with DeFi projects that had taken a lowest common denominator approach to marketing. This time it will be 10x as DeFi goes mainstream. When the dust settles, I’d prefer it if MakerDAO was on the right side of history for this one.
So I think this proposal gets that exactly right.
One of my posts has to be the first. This was something I felt it worth discussing.
I dare say you’ll draw your own conclusions about my intellectual honesty as I post more over time.
For now, let’s short circuit the specifics and look at the broad point. I see the regulatory and business landscape for DeFi is changing, and am concerned that marketing should strike the right tone to put MakerDAO in the best possible position for the future. That’s the headline. As Rabbi Hillel said, “The rest is commentary”.
Ed: it was, of course, Hillel, not Gamaliel.
Let us not use this kind of tone. It is completely fine to agree to disagree, and I am OK with the fact that you won’t be voting for this proposal. However, when the language of mistrust is used, it doesn’t get us, the community, anywhere.
I see that you feel the need to protect and guard MakerDAO which shows that you care MakerDAO enough to do what you do. Still, I am concerned the mistrustful and cynical tone you have been using isn’t appreciated, nor adding any value.
Let us stay focus on the common goal we are trying to achieve.
I agree to disagree with your assessments about value and tone.
If somebody (@Cassius in this case) with 0-posts and “5 min reading time on the forum” (at the time of my answer) misquotes and significantly alters the spirit of a more involved earlier post, I feel free to express my doubts.