Amended- Forming The PT Marketing Working Group

Aim of this Document

To provide an updated vision of the mission and mandate of the Marketing Working Group (PT MWG) so that the community can vote and approve or reject its official formation.

Why Do We Need The Marketing Working Group

The tensions facing Pool Together have already been outlined in this google slides presentation and the previous gov post.

However, these are really just scratching the surface: The biggest channel for PT protocol growth is via integrations and partnerships. The lowest hanging fruit in this space is within crypto native platforms/protocols, and we will make identifying and initiating conversations with these partners as part of the mandate of our ‘Earned Conversation Group’- more below. However, we know that the biggest prize are the FinTech companies that exist as a bridge between or are completely independent to the crypto ecosystem. These high-value partners are not going to be interested in adding PT as a protocol unless they believe it will either:

1. Attract new users to their product

Or

2. Increase deposits from their existing users

So, proving that PT has a profitable and sustainable model for attracting and keeping new depositors will not only add immediate benefit to PT by increasing TVL in the protocol, but it will also help get the attention of and help close larger platform partners who will unlock growth at orders of magnitude larger than PT has ever seen. The formation and investment in the Marketing Working Group and its mandate is not only the most sensible, but the most direct path to realizing PT’s partnership vision.

The Updated PT MWG Mission

We believe that the PT MWG mission should be to support the acquisition of these new partners by spanning across both the PoolTogether Product (app.pooltogether.com) and the Pool Together protocol. Our immediate focus will be on the product, because it is the current easiest way to bring new depositors into the protocol. However, once new partnership integrations are complete, the MWG mandate should grow to include helping these new partners succeed. This will be done by positioning PT as a key ingredient brand in the Web3/Defi ecosystem bringing safety, security and large prizes to these partner platforms that would otherwise not be achievable.

The PT MWG Mandate

Profitable and sustainable incremental user growth that helps PT reach $100 billion TVL faster.

Before we break that down further, let’s identify some terms:

  1. Customer Acquisition Cost (CAC)

  2. Return On Advertising Spend (ROAS)

  3. Customer Life Time Value (LTV)

Now, we can define:

Profitable Growth as- Acquiring new depositors that have both a CAC and a ROAS below the LTV of the median depositor.

Sustainable Growth as- Being able to continue and decrease the CAC and ROAS consistently over time.

Incremental Growth as- Facilitating new deposits and depositors at a rate higher than the products current organic growth rate.

An Illustrative Example:

If we launch a new campaign that acquires 1,000 new depositors at a CAC of $.50 and we identify that our LTV for an existing depositor is $10, we would have engaged in a profitable acquisition effort. However, if after one month, we try the campaign again and we acquire 1,000 new depositors at a CAC of $20, then we would view this effort as an overall failure. That is because the effort is not sustainable.

However, if we were able to acquire 1,000 new depositors at a $5 CAC in one month and then we were able to acquire 5,000 new depositors the next month at the same $5 CAC. We would see this as a success. This is because we would have proven a profitable acquisition channel for PT. To scale user growth further, all PT would need to do is increase it’s investment in the channel.

Profitable, sustainable incremental growth means we are not going after one-time hits of hundreds or even thousands of new depositors. Profitable sustainable growth means we are building a methodology and the necessary tools to acquire new depositors more quickly and effectively, forever.

How Will the MWG Organize

We propose that the MWG organize into 4 subgroups:

  1. The Steering/Brand Group- Responsible for tracking and reporting key MWG metrics, as well as overseeing the MWG brand and its overall marketing strategy
  2. The Owned Content Group- Responsible for building and maintaining a suite of content and websites that converts site visitors into depositors and community members
  3. The Earned Conversation Group- Responsible for generating organic conversation about PT at partner platforms, social channels and media
  4. The Paid Media Group- Responsible for generating interest across paid media inclusive of social media, influencers and traditional media

Each subgroup will have a designated leader whose responsibility will be to work with the committee to come up with campaigns, channels and tactics that facilitate the MWG to successfully achieve its objectives.

You can read more about the 4 MWG committees here.

How will the MWG be compensated

For the short term, we propose that the MWG be compensated on a project by project basis via grants. That is, each MWG project, will be sent to the Grants committee for approval and funding. Any compensation for committee members will be included in said grant request. Once the MWG successfully completes some projects to the satisfaction of the community and we have a better sense of the time commitment for working on these projects, we will approach the community with formal request for funding, an independent budget from grants and explore the potential for full-time hires to augment the MWG. If this proposal is approved and the Marketing Working Group is officially formed, we will start a separate conversation about potential compensation for work done to date.

What is the difference between a MWG grant request and a community grant request

All MWG grant requests will solely focus on profitable, sustainable incremental growth. These requests will be made from one of the MWG sub-groups and will be driven from the MWG marketing strategy (to be delivered). The MWG believes that ‘quick hit’ and community based campaigns should still be executed and driven directly from the community via grant requests, irrespective of the efforts of the Marketing Working Group.

What type of grant requests can we expect to see from the MWG

After approval of the group and it’s mandate, we expect 3-4 different projects to be initiated/submitted to grants in short order:

  1. Crypto Landscape Audit/Depositor Persona Work (submitted by the Steering Committee)

  2. Delegation UX/Referral campaign (submitted by the Earned Conversation Committee)

  3. Valentines Day NFT/Delegation campaign (submitted by the Earned Conversation Committee- NOTE: ALREADY APPROVED, LED BY ANNE_WELL AND UNDERWAY)

  4. Crypto Partnership Sourcing Grant (submitted by the Earned Conversation Committee)

Who is the MWG

Here is the current list of people who have volunteered to be part of the MWG as well as their experience in marketing.

I Like What I Read, Can I Join The MWG?

YES PLEASE!

If you would like to join the MWG please fill out the MWG Typeform

Do you believe that the PT community should invest in marketing and officially create the Marketing Working Group?
  • Yes
  • No

0 voters

Do you believe that the mandate to: Be the central hub for all public PT communication around depositor acquisition and deliver profitable and sustainable depositor growth to the platform and protocol?
  • Yes
  • No (If you voted yes above, please comment below)

0 voters

Love it! Thanks to everyone for the hard work and iteration here. I’m excited about this.

One quick comment. I don’t think using the word “profitable” is appropriate. Sustainable growth is what the protocol should be shooting for (interest accrued is equal to or greater than interest distributed). Any excess interest stays in the protocol funding the perpetual growth machine and making all future prizes bigger! The word “profit” sets a specific expectation on paying profit from the protocol to an entity. This is something that has never been done and is a completely different discussion that would have far reaching implications outside of this proposal. Your proposal accurately reflects driving sustainable growth for the protocol… so this isn’t really a substance difference but just using precise terms.

It’s a bit of a nitpick thing but I want to be clear on language as I don’t want to set any incorrect expectations.

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Great work team. It appears the answer to my question is laid out above, but I just want to confirm that “by the central hub for all public PT communication around depositor acquisition a…etc” means that when a community idea arises (such as the V day campaign), the MWG is a good place to start discussions for these types of campaigns. Is this correct?

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Great question. So the answer is yes and no. Remember, the MWG is focused on ‘sustainable’ growth, not ‘quick hit’ wins. In time, the MWG will release a marketing strategy that will touch on a paid/earned/owned approach. If someone has an idea that they think can be executed as part of that strategy, they should 100% take it to the MWG.

However, if someone in the community thinks they have a great idea that can be executed once to drive let’s say 1,000 new depositors, they should go directly to grants.

So let’s take this Valentine’s day delegation campaign for example. It’s great to come to the MWG with it if, once it’s successful, the idea is we can re-launch a campaign like it every month (with a different theme) or just every valentines day, to drive consistent results. If the idea is to just launch a Valentine’s day campaign one time, then we can/should create a channel within the MWG for discussion to help make these ideas better and the MWG can certainly help build/refine them…but technically it would be outside of our mandate.

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