[RFC]: Proposed Marketing Strategy for Nexus Hub

Governance Discussions Nexus Mutual DAO Proposals
1

Overview

@jer979 and I have been working together to identify a comprehensive marketing strategy that the Marketing/Communications Hub can execute once a formal proposal is submitted.

We believe that a marketing push is meaningless if it isn’t well thought out, aligned, and coordinated. Before we ask for any NXM from the Community Fund, we want to ensure we have developed a coherent strategy to use in the Marketing arm of the Hub.

We are using the Objective/Key Results (OKR) methodology when developing our marketing strategies.

Our long-term Objective is: “Nexus is for Everyone”

In the short-term (which we define as a 6 month timeframe), our objective is to make the following saying synonymous in DeFi: “Nexus is the Blue Chip Cover Provider”

Objective: “Nexus is the Blue Chip Cover Provider”

Key Results

  1. Grow the number of seven figure cover buys from 350 within a six-month period (350 between Dec 21, 2020, to May 21, 2021) to 440 cover buys within a six-month period, or a growth of 125% from existing levels.

  2. Onboard 10 brand name members (e.g. Mark Cuban) that have influence and provide further credibility to the protocol.

  3. Increase the number of annual Cover Policies Sold from 4,107 (YTD) to 9,000. [4,893 annual cover policies / 1,224 policies per quarter]

  4. Double the Percentage of NXM Staked/Total Supply (28.2%).

Growing our membership with influential figures in the space and increasing membership with DeFi users who have a need for high-value cover policies will help the mutual increase capital in the pool, bolster credibility within the ecosystem, and set the standard for cover providers in DeFi.

The “How” of Execution

Marketing efforts with no strategy are a waste of resources. @Jer979 and I have been workshopping strategies over the last several weeks, and we’ve identified a strategy for the first Key Result listed: Grow the number of seven-figure cover buys by 125%, or 440 cover policies sold, within the next six months.

We offer this as an example and will follow the same approach to develop plans for the other Key Results.

Strategy for DAO Coverage Campaign (“DCC”)

Target Audience

  • Small-to-mid size protocols that have assets between $5mm <> $100mm.
  • Protocols that have ETH or stablecoins as part of their treasury already.
  • Protocols that have previously discussed or announced efforts to diversify their treasury funds beyond 100% native governance tokens.
  • (Ideal) Protocol core teams with a minimum of 2-3 publicly identified members.
  • Protocol on Ethereum Mainnet and/or Polygon.
  • Minimum of $20mm TVL.
  • Optional favorable criteria: existing NXM member is also credible member of target protocol community.

Why We’re Targeting This Group

We can offer cover products to DAOs that want to deploy assets in DeFi while mitigating the risk of loss. If DAO treasuries were to deploy ~25% of assets, they could secure cover through Nexus Mutual without depleting cover availability for other members.

Possible Campaign Theme/Messaging

  • Operation Hibernation
  • Earn with the Bull, Protect for the Bear
  • [Open to community suggestions]

Primary Offer: Cover your Ass(ets) with Nexus Mutual

  • What’s In It for Your Protocol?
    (Why Cover your Ass(ets) in the First Place)

  • Why Nexus Mutual vs. the Other Cover Providers in DeFi:

  • No one offers cover with protections as comprehensive as Nexus Mutual.

  • Everyone in DeFi offers discretionary coverage: no differentiation.

  • Nexus Mutual is the most user-friendly UX in DeFi.

  • Best Risk Management practices.

  • Most capital efficient cover provider in DeFi.

  • We are the only DeFi cover that offers cross-chain cover under one policy.

Call to Action (Potential)

  • Contact Ricky for a Community AMA to explore the value of “Covered by Nexus”

Tactics to Get Protocol Attention

  1. Nexus Community Ambassador (NCA) visits target protocol community forum(s) and “takes temperature” regarding Nexus offer (using OCT).
  2. NCA follow up with CPE.
  3. NCA requests customized video targeted to Protocol X.
  4. NCA shares pitch with specific Community Target Audience (CTA)

Supporting Assets to Create

  • Outreach Communication Template (OCT): “Take the Temperature” [Google Form component]
  • Community Proposal Elevator Pitch (CPE): “Interested in learning more?”
  • Customizable Pitch (video)
  • List of mutual members who can act as Nexus Community Ambassadors (NCAs) and do Community Outreach to different Protocols

Transparency and Request for Community Feedback

We are providing an update on our efforts for the Marketing/Communications Hub to provide transparency to the Nexus community. We believe that strategic efforts will deliver the best results for the wider Nexus community, which is why we’ve given much thought to how we can further the protocol through marketing efforts.

In addition to this disclosure, we are asking the community for any feedback, constructive or otherwise, regarding our current strategy for this one Key Result. The same approach will be taken for the remaining three Key Results.

Communication Strategies

The Communications arm of the mutual will create education content and engage with the community across various channels (i.e. Twitter, Discord, Reddit, etc.).

This arm will also serve other Hubs in creating written content.

Conclusion

We are working to develop these strategies, which we can then leverage through the Marketing/Communications Hub. Once we have strategies in place, we will create a proposal to launch the Hub with the relevant requests. Thank you for taking the time to read our progress so far. We look forward to hearing from the community.

We also welcome the community to help identify DAO treasuries we could market our cover products to. Here is a link to the DAO Treasuries resource document.

Other Resources:

6-7 Figures Cover Buys (within last six months) and Coverage Comparisons

TL;DR: @BraveNewDeFi and @Jer979 are developing marketing strategies before launching the Marketing/Communications Hub.

Key Results

  • Grow the number of seven figure cover buys from 350 within a six-month period (350 between Dec 21, 2020, to May 21, 2021) to 440 cover buys within a six-month period, or a growth of 125% from existing levels.
  • Onboard 10 brand name members (e.g. Mark Cuban) that have influence and provide further credibility to the protocol.
  • Increase the number of annual Cover Policies Sold from 4,107 (YTD) to 9,000. [4,893 annual cover policies / 1,224 policies per quarter]
  • Double the Percentage of NXM Staked/Total Supply (28.2%).

How to Execute

  • Identify Nexus Community Ambassadors (NCA)
  • NCAs do outreach to DeFi communities to gauge interest in cover products/membership
  • Target interested communities
  • Onboard DAO treasuries, sell high-value cover policies to protect deployed DAO assets.

We are hoping for community feedback throughout the week with any final comments being submitted by Friday or Saturday. @jer979 and I will take any community input and adjust accordingly as we push forward with our efforts to get a complete marketing strategy ready.

7 Likes
2

Absolutely phenomenal work here. I think this is a great initiative and really the next step that needs to happen if we want to take Nexus Mutual to the next level.

The only thing I would add is perhaps a promotional rate if DAOs jump on board within a certain time window (maybe 3 months from the start of the campaign).

This may also be a good opportunity to make this a paid position(s) using KPI-based payouts to align incentives between the protocol and the members that are putting in their time to spearhead this effort.

5 Likes
3

Thanks, @krugman25! Means a lot coming from you :turtle:

Once we get a solid strategy worked out, I’ll post a proposal to create the Marketing/Communication Hub and build a team to execute these strategies. We’ll submit a budget with that proposal for community review.

The promotional rate idea is good, but ultimately, that would mean altering the smart contracts to offer a one time, limited promotion, and I’m not sure how feasible that would be. The team would be able to speak to this.

1 Like
4

Great job guys. Fully supportive.

2 Likes
5

I think there should be also an incentive for the community to support & participate in the marketing campaign launched. There is already a strong base of users that can boost the efforts when the campaign is launched.

Since the key results are known, we could attached some KPI options ala “UMA” for the nexus mutants. It will entice us to join this common push.

1 Like
6

Great feedback. That is something we are planning to do, but it falls more into the wider efforts the Marketing/Communication Hub will handling.

You can read more about the Nexus Hub initiative I discussed in this post: Nexus Hub: Proposal, Structure, Next Steps

Once this strategy is finalized, I will post a proposal to get the Marketing/Communication Hub online. More on that in the near future!

2 Likes
7

Amazing job! Love it. Can’t wait for the community to gather around this proposal and make it a reality. I have a similar view about long term Nexus community members becoming ambassadors and twitter/discord insurance brokers!

A few comments about the 1st listed Key Result:

  1. Starting end of January, cover purchases were heavily incentivized by $ARMOR tokens. It would be awesome to beat 350 without these incentives in the next 6-month period, but I wanted to point it out.
  2. As protocols are the target audience, maybe it would make sense to set goals in Average Cover Amount and Average Cover Duration along with # cover buys?
2 Likes
8

Awesome, work love to support this proposal.

I’d also love to participate in this working group!

3 Likes
9

Thank you for the support, @Gauthier. From one turtle to another: really appreciate it :turtle:

I’m aware that Armor incentives drove larger cover buys starting end of January. I still think that more than doubling the amount of 6-7 figure cover buys is doable. Our strategy is focused on creating a new market for Nexus cover, and I believe with focused strategies and strategic marketing, we can create a larger market that drives these sizable cover buys.

Your second point is a good one. We’ll take that back to the cutting room floor as we refine, progress these strategies going forward.

1 Like
10

I agree. The plan will seek to leverage and activate as many mutual members as possible. The UMA idea is spot on. We’ll see if we can figure out a way to build that into the proposal.

11

Awesome. We’ll need as much help as we can get.

12

High praise coming from you. Thanks. Agree with @BraveNewDeFi re: the promo rate. Would be cool to test it, though I’m always nervous re: discounting core products. But you never know what will drive adoption.

1 Like
13

Firstly, thank you @BraveNewDeFi and @jer979 for your thorough and dedicated work so far - it’s a really important step in the growth of Nexus and I’m excited to see your plans come to fruition.

We are planning a community call next week and would love for you to come and have a chat with the team and the community about the questions and feedback you get from this post and what that means for your next steps. @Kendrea can arrange this with you :slight_smile:

Creating NCA roles is absolutely in-line with our plans to grow the Community Engagement Hub (supported by the Community Fund) - this is very close to the people/roles we’re intending to onboard to help establish and grow our community engagement and education outside of Nexus platforms. Let’s talk more about how we seek those skills and efficiently deploy them in the wider community, as well as where they sit in the hubs model.

Thanks to everyone who has provided feedback and comments so far - we’re only as strong as our community and it’s incredible to see such in-depth and considered approaches to growing Nexus. :turtle:

2 Likes
14

Appreciate the feedback @Gauthier . On #2, hard to say which metric is optimal (you get what you measure, right? :wink:

With OKRs, the challenge is to pick the right one (and only one). The others could be KPIs (as in we’d like to see them steadily increase). At this stage in our history, I think Acquisition trumps revenue, as ACA and ACD should increase if we do a good job of Protocol Retention.

Just my .02 NXM

Still, worth considering if the averages (challenge is that they can be deceiving since one big buy can throw it off) or something that shows growth in the Protocol Cover market other than Net New Buys is the right one.

It may be that we see in 3-6 months that our initial target was off, but we won’t know until we try, eh? :wink:

3 Likes
15

This is so well thought out; really proud of the work you both put in here! @Kayleigh-NexusMutual is spot on in having you both on the community call next week to chat further. Very excited to see the impact something like this can have on the community.

2 Likes
16

This is a great proposal, @BraveNewDeFi & @jer979 . I’m fully supportive from the Nexus BD/Partnerships side!

2 Likes