Requesting a refill for marketing bounty number #33
Previous refill of 500k just got confirmed yesterday
I am requesting a refill of another 500k for the following reasons:
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Right now marketing bounty doesn't have any funds and the next spending period is 22 days away. That means that the bounty will have to function on credit trying to promise influencers and partners that they will be paid later so as soon as we receive the funds a good chunk will immediately go because of the debts we will have accumulated during those 22 days
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The price of DOT lost almost 50% since the previous refill of 500K was requested
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Based on some feedback I received within some private chats and a survey on Twitter it seems that the community is more interested in transparency than in being cost effective. One of the reasons we are able to negotiate discounts with influencers is because we promise them that we will not disclose the individual prices but only the aggregate. Influencers do not want to offer discounts if those are going to be made public. However many people complain of lack of transparency and would prefer that we pay the full price and do not ask for discounts so that we can itemize how much we spend for every influencer instead of just providing the aggregate for a group of influencers. This is going to increase the cost of roughly 50% to 100% but we will get more transparency
Comments (17)
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Aye (16)0.0 DOT
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Nay (105)0.0 DOT
I feel that major problem here is a lack of trust that this bounty isn't there just to funnel funds through opaque dealings. If I remember correctly the initial curator set was 8 curators with 50% treshold so I should be able to trust at least 5 curators in the bounty to do their due diligence on my behalf, which has not been the case. Does every curator to have access/overewatch over the agencies analytics data / spendings /dealings?
@ROTKO.NET
We agree with your point about transparency. We’ve been delivering weekly activity reports and monthly performance reports to show the impact of Lunar Strategy’s activities as part of the marketing bounty, which you’ll find in the transparency report. However, we understand these reports in their current state can be difficult to dissect. For this reason, along with the other agencies, we are also creating a complete overview report of our performance within the marketing bounty so far. This report will start with a one-page summary to clarify exactly which activities we’ve run, along with the results of these activities. We will deliver this report by the end of this week (May 3rd).
No from me. At this point, I don't even think there's a comment required to be honest, but in order to keep things constructive:
The returns for these marketing campagins have been nothing less than short of expectations, to say it lightly. Based purely on the performance up until now of this bounty, the conclusion can only be that the curators, the agencies involved or the people running the bounty do not have the skill necessary to effectively deliver an user acquisition marketing campaign. I don't think we need to analyze which entity is at fault for the lack of performance at this moment, but rather simply acknowledge that this has been a poor investment and not fall into sunk cost fallacy mentality.
The Polkadot community as whole should stop funding this. There are other marketing methods available that are more effective, and that are currently in the gov tracker.
@antiwrappingpaper
Lunar Strategy, alone, has generated over 5 million impressions and 230K engagements on YouTube and X (Twitter) with audiences that may not have interacted with Polkadot otherwise. Our objective is to amplify the core narratives around the Polkadot ecosystem to generate interest with the wider Web3 community. In terms of our key performance indicators, you can look at the total number of active Polkadot addresses. Of course this number is partially due to market conditions, but our marketing activities over the past few months have contributed to the increase in consumer awareness around projects building in the Polkadot ecosystem.