What Are Marketing/Adoption Goals For N America?

As the title states. What are the goals — including which are most important? And how best to measure impact of marketing and outreach efforts?

I’d like to hear any and all thoughts. My own center around DAI actually being a recognizable crypto like BTC and ETH, with that funnel leading towards more use adoption. I would probably prioritize bringing in more collateral over more consumption use cases, though more diversity there is good, too.

(@iammeeoh and @Planet_X: I’d like to hear from y’all since it sounds like you have some well-formed opinions)

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We should Aim to buy the naming rights to a sports stadium in N. America, under one, or All of the following monikers:

  1. DAI Arena
  2. DAI Stadium
  3. DAI Field
  4. The DAI Dome

Or/and buy the naming rights to a large Championship finals event Like the DAI Super Bowl :slight_smile:

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Great aspirations, but not sure that’s either feasible or a good bang for the buck

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Goals? Unfortunately I do not know. Goals fit with a strategy, but if Maker has a worked out marketing strategy I am not aware of it.

I am not a marketing guy so I am just going to give you my unqualified personal opinion. The best measurement is the number of outstanding dai, the number of accounts with dai in them and the number of Vaults. Preferably measured against competitors. The problem is trying to measure what effort resulted in which increase in account numbers etc. I think we maybe are in a too early phase for this type of measuring.

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Perhaps an ad on a soccer team or other sport like Mixed Martial Arts?

I am also not a marketing guy. So I don’t know what I am talking about.

But as others said, I think a marketing campaign needs to follow a certain predetermined strategy.

Considering that now:

  1. the Vault limit is 5000 dai.
  2. Opening a Vault costs ~100usd in Ethereum fees,
  3. every DAI transaction costs >10 usd in Ethereum fees

I think it’s pointless to advertise DAI as just a “digital usd” for buying hot-dogs.
People would just laugh at you, and call it a scam!, if they hear that to buy a hotdog with crypto-usd, you need to pay 10usd of Ethereum fees.

I agree with @Aaron_Bartsch (can’t find his post anymore) that the target today (and probably for the next year or more, until Ethereum scales) is:

  • young male (EU+USA, maybe also Asia not sure): 25-45 years hold,
  • wishing to invest some of his money with profits
  • generally open to the “fuck the banks/occupy wall-street/FIRE” movements,
  • generally open towards innovation.

Essentially speaking, the millenials.

To these we should advertise/teach/illustrate the following 3 key facts:

  1. you can hold your Bitcoin/Ethereum and at the same time ‘borrow’ usd vs them (avoid tax events) → Vaults
  2. you can stay in the blockchain (leave banks to some extent) with a stable decentralised asset (DAI)
  3. you can make good money using DeFi platforms (Aave, Compound, yEarn, etc).

I think an effective campaign would involve:

  1. A good influencer
  2. A good medium of diffusion (youtube, FB groups, etc)
  3. Some prizes.

For example helping some users setting up his first Aave (*) 1k DAI deposit and earning some good 8% APY.

(*) it would be awesome to use the DSR instead of Aave. But it’s currently only 0.01% APY and our GUI is not as nice as those of our competitors imho.

EDIT: the target audience described above, typically already uses or know stuff like RobinHood, etc. We should basically show to them how DeFi competes with RobinHood (i.e., by being decentralised) and how DAI is the decentralised USD of Defi.

EDIT 2/Proposal: Why don’t we coordinate with Aave (or actually, Uniswap+Aave+other big DeFi) to make some advertisement campagin all together? :slight_smile:

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@iammeeoh, hmmm. Yeah. I think probably a good place to start may actually be trying to pin down who the current users are. There’s some data on who who actually has/uses BTC.

Given that they’re a lot of long-term holders with a big concentration in N Am (especially most recent purchasers), it would be good to think about how to reach this base of collateral holders who already exist. Especially since apparently half of all US crypto holders entered the market only in 2020.

So where does that leave us? Hunting existing collateral types to increase DAI supply?

As far as tracking success metrics, once we know a wallet address, we can see if that address then opens a vault pretty easily, right? So we shouldn’t boohoo the notion of handing out small amounts of DAI because then we’d have known wallet addresses that had been touched by whatever marketing plan we made.

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To be fair, an L2 solution (e.g. Loopring) + a mainstream bank or financial company (Paypal) + DAI would be a killer combination. You’d have low to no fees and a very easy on ramp.

And as you point out, if you can couple that with some nice interest rates, the hordes will surely follow!

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N America is already financially sophisticated. I think the main thing that Maker offers is the ability to originate low interest loans for real world assets. Once we have sufficient deal flow then we should be able to raise the DSR. If Maker has cost structure and risk management advantages vs other similar businesses then we should be able to offer an attractive risk-adjusted DSR. I don’t think we’ll need to put a lot of marketing into attracting DAI demand; people will coming running to receive the DSR. If we can offer fixed yield DAI as well, that’s going to raise a lot of interest.

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Literally there’s no other decentralised stablecoin that has access to various channels including in North America like Dai. Can’t share details (again) but I think you can imagine that it’s been an working strategy in terms of adoption.

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So… basically just try to do the legwork on deals and then bring them to the forum for a vote?

I have some goals around this. I have some basic noob questions about the Maker Dao like how would someone build on top of their platform. Any idea where a good place to start would be.

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The Community Development website is a great place to start! Helped get me involved and offers a lot of answers to all the noob questions:

Are you a part of the community Rocket.Chat? If you want to reach out to “real people” that’s often the way to go, though for a lot of protocol questions you’ll probably be linked back to the Comm Dev website.

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Yep!

I’m still learning how such a decentralized organization works. I suspect my personal skill set is most useful in growing the deposit base, but it doesn’t seem super clear how far to try to go in reaching out to potential partners before coming back here for authorization.

For example, say XYZ holds lots of crypto assets we already accept as collateral. If I wanted to pitch them a private vault with 1 or 2% lower SF to help them capture yield but with a fairly high dust/minimum, how much can I as a MKR holder go down that road? It would be nice to have a set of preferred terms to offer mid-to-large holders of crypto assets. Because then I think it’s just a matter of knocking on enough institutional doors to rapidly grow the supply of DAI — and the markets are screaming for more DAI, if interest rates are any indication.

Thanks for this. I read this along with the white paper before coming here. I guess I am looking to connect with community members on some of my ideas. Could I just create a thread with the idea and let people respond there, or would I get flagged because I am new?

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No post away! Basic rules of decorum and all that obviously, but we encourage bringing new ideas to the table in the forum. Try to be mindful of categories and tags, but if you make a mistake someone with a bit more experience will more than likely be happy to point out how to fix it. Welcome to the community!

(As an aside if you plan to post here regularly, we use SourceCred on the forums to pay out DAI to contributors, check it out What is SourceCred and how do I opt in?)

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I agree with most of @iammeoh’s points - campaigns need to follow a strategy and the better we understand exactly why current users in North America own vaults, the better we can implement tactics/campaigns that amplify our existing success.

Goal #1 is to drive demand for Dai. This means pursuing integrations and encouraging people to use Dai and the Maker Protocol by helping them understand the value it can provide to them. Different people use Dai for different reasons, so this is where things get tricky.

As others have pointed out in this thread and elsewhere, decentralization as a USP differs in places like North America from places with less developed and stable financial infrastructure. North Americans aren’t using vaults as a substitute for financial infrastructure, they’re using it as another tool among many.

I also generally agree with iammeoh’s assessment that the audience in North America leans heavily on tech-savvy millennails with an anti-bank/corporation attitude and have found that messaging around financial literacy, data privacy, and anti-bank/corporate sentiment can resonate with this crowd (in the right contexts).

Prizes, influencers, paid ads, etc. can be useful but it’s critical that we employ tactics in ways that encourage the informed use of Dai and the Maker Protocol rather than one-off engagements with the campaigns themselves.

Coordinating with other DAOs is a topic that’s come up between Content and GovComms; how that works and what the goals are will need to be developed as we get further along in the transition to Core Units.

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MakerDAO in the UFC or Champion’s League would be insane. The reach and social media surge would be crazy.

Also check this:

It would be a huge hit. According to a research I read earlier, most of the Crypto users are men between 25-35 years old, even with a family and kids, they would love to play for Dai… Or after the pandemics, tourists would crawling around big cities around the world with mobile phones hunting Dai… :slightly_smiling_face: This could bring more exposure than hundreds of paid promoters.

DAI Go… :laughing:

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