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.
I could see why you felt the need to make things clear. As for me, I didn’t think the comment was anything personal, and it’s fine that you saw it differently.
Regarding the tone, I believe that the MakerDAO community will continue to grow, and as more people join the community, they will observe the language used in these discussions. If the tone is hostile (Not saying you are using that tone), it could turn people away and discourage them from voicing their opinions. Maybe I am naive, but I believe everyone’s voice matters.
In terms of what I quoted/paraphrased for the sake of a summary, I think it was actually fairly restrained and representative. My point stands: “Rumor… FOMO… pumping… namedropping” are a recipe for disaster. Witness the SEC’s interest in Musk just for tweeting about Bitcoin/Dogecoin. Or the case against Ripple. I would consider that a short-term and dangerous strategy, while I consider this proposal measured and professional.
New forum account but, to quote Jagger this time: I’ve been around for a long, long year. Not that it should matter. The point is either worth addressing on its own merits, or it’s not.
My only constructive feedback would be to focus on the demographics of DAI users that will get you the most “bang for your buck”. Your strategy at the moment seems to be targeting every venue under the sun and at this nascent stage of global development this might not be the right approach. Focusing on the potential clients that will bring you 80% of DAI demand versus a “spray and pray” approach might be wise. As one of the main DeFi target audience for now (white male in his 30s), I would maybe suggest you focus your attention on continuing to grow this market %. North America, Europe, and Asia are where most of the demand is coming from right now, and while long term and noble a goal it is to focus on future potential markets I’m not sure that is worth the investment at this time.
I guess what I’m trying to say here is, try to narrow your scope in order to make the largest impact.
You have somehow concluded that I am proposing practices that are illegal in certain jurisdictions. This is not the case. (OK maybe
was a bit of a stretch. Consider it brainstorming.
What I am saying is that using emotional means to reach and hold the attention of people can be highly effective. There is no denying that good crypto is hodled long and lovingly, petted and codled, shielded against critics and rooted for like a sports team. Should we achieve the same for DAI and MKR it would be incredible. Making emotional arguments is not
it is a vital part of the human experience. And therefore popular.
And what is wrong with memes? Memes are a highly effective method of communicating, combining art and humor to get the message across.
RT (for example) has a ton of viewers, they are probably dirt cheap and you do not have to do anything illegal. If it is aired in a jurisdiction where it is legal, it is reasonably to assume Youtube and the financial-independent-retire-early squad will handle the rest of the distribution for you. So aired somewhere, distributed everywhere.
Yes. However, I would be inclined to think selling tokens to US non-accredited investors while being a US based company, a blatant breach of the Howey test, was more important. Other countries have other rules.
Nah. Only if you do something illegal. And we are not going to do that.
I am not a marketing guy myself. I could not sell icecream in Sahara. Marcomms strategy of not playing to emotions could possibly be the right choice for Maker, I don’t know. But I am observing that groups sometimes use emotional marketing to great effect, and I am asking why Maker is not considering this. Back in 2014 what was the first thing I ever heard about Litecoin? “Bitcoin is gold, Litecoin is silver”. Still memorable. What changes did they make to the hashing algoritm? I bet very few people either knows or cares.
NB. @Cassius please stick around - I love a good discussion. And @iammeeoh is a total darling after a few posts.
@Aaron_Bartsch you made a valid point, limiting scope is important but, I don’t think it’s a good idea to omit Africa when you’re talking about “potential clients” for Dai usage. Also, just hearing this for the first time from you, “DeFi main target audience for now is white male in his 30s”? . If you’re right on this, then I beg to differ, that is a wrong target!
Infact, MakerDAO is on a global growth-path to solve the fundamental problems of every place that deem necessary. Especially with the existing monetary system, which the African region is not fit for purpose. I believe that, with the right promotion, no other place can achieve higher demand for Dai than Africa.
This is a continent that still has a lot of broken financial systems that can potentially be solved by Dai. While crypto looks like a luxury for other places, it’s a lifeline for Africans.
Africans using traditional currencies are often faced with high transaction costs, inflation and currency devaluations, exorbitant interest rates and high levels of fraud. Coupled with all this - accessing the existing system (despite the fact that many have a mobile phone and conduct other elements of their lives online) is still incredibly restrictive. This has in turn led to a lack of financial inclusion and huge unbanked deposits in the region, which does not help Africans and severely hampers economic growth and financial freedom in this region.
For Africans, DAI will be life changing for many millions here. The main barrier has been the lack of effective education, which this unit intends to provide. For the huge unbanked population and those that lose out every time they deal with the existing financial services sector, Dai can provide them a better way of moving, storing and exchanging value.
MakerDAO is at the forefront of bringing this inevitable change to Africa in a responsible way with a unit like the Strategic Marcom Unit. We can’t therefore be looking to make the largest impact, when we neglect other regions such as Africa.