Project Name: BCH Marketing Strategy
FPR Id: 0027
Start Date: 20/02/2018
Hashtag: Not appropriate
Name of BCF Gitter community room: #proj-bchMarketingStrategy
Stakeholders: Rohan, Georgi Siosi
Project Summary: Article mentions "It’s been four months, but BCH still doesn’t have a universal logo." - https://news.bitcoin.com/an-interview-with-viabtc-founder-yang-haipo/
GOAL = to test and prove, through scientific advertising, which BCH logo and optional headlines, are the most effective for generating user responses.
HOW? Centralise BCH logo and headline options, then run series of A/B tests to determine which BCH logo generates the most action/conversions when using facebook or other ads (google display network) to target markets. For background, we use this proven approach to finding out what logos and messages PAY and GET RESULTS https://en.wikipedia.org/wiki/Scientific_Advertising
Resources: Marketing skills = generation of logos, running A/B tests, managing campaigns, reporting on campaign conversion data Manpower – 3-5 hrs / week, ideally also have input from communities from each major market – africa, india, etc CRITICAL = scientific advertising skills https://en.wikipedia.org/wiki/Scientific_Advertising
Budget: ~$10,000 to $20,000 USD to fund A/B tests on Facebook & Google Content Display ads. Facebook allows for tests of 5 ads at a time. Targeting can be highly specific – targeting people who 'like' Western Union, Paypal or any number of existing incumbent financial services. Ads will be stopped at 20,000 impressions and minimum of 20 clicks – threshold for accuracy / statistical power (depending upon sample size). Each campaign cost is ~ $1000. With 10-20 tests (multiple in major cities of market markets - India, Africa, etc) we'll have significant data to verifiably know which logo and or headlines generate the greatest market response.
Timeline:
- research – communication with wider BCH community to identify: which target markets in Africa and India are in the greatest need of BCH right now? (age, location, other demographics – what stuff they may like/dislike to assist facebook and google targeting)
- funding received
- centralising ALL BCH logos for testing (could commission on crowdspring.com new logos and test them as well – perhaps something unique pulls 2x to 5x better than the current logo – we don't know until we use SCIENCE and test)
- install tracking pixel on BCH website (could be thebitcoincash.fund) or other site as agreed by the sponsor.
- run campaigns
- report on data to wider community – which logo works / converts the best (i.e. drives people to a chosen BCH website) 7 (OPTIONAL) adoption of the WINNING logo for global use
Goals: Target markets in target countries for 2018 global rollout. i.e. people in Africa and India who are using global payment systems like Western Union, paypal, etc to send money globally. Must reach at least 20,000 impressions per ad + min 20 clicks (for statistical confidence) Why reach them? Because instead of winging it, we want to KNOW that we're putting the most effective BCH headlines and logos before them.
Other: Much marketing is a waste of money. This approach - https://en.wikipedia.org/wiki/Scientific_Advertising – gets results. David Ogilvy, perhaps the worlds most famous marketer, had this to say about the scientific approach:
"Nobody should be allowed to have anything to do with advertising until he has read this book seven times. It changed the course of my life." ~ David Ogilvy.
(would prefer to not make this testing fully open source in github as it will involve my ad accounts but happy to report directly as its not a code project but more of a scientific test)