Successful [Go Immutable-2] PR & Social Media Management Continuation

Was this grant successful?


Have not voted

Guides Brian Deery Nic R

Authority Nodes Cube3 Cube3 DBGrow DBGrow De Facto De Facto Factable Solutions Factable Solutions Factom Inc. Factom Inc. Federate This Federate This HashQuark

  • Total voters
    23
  • Poll closed .

Chappie

Factomize Bot
This is your grant tracking thread. Below, you will find information from your original grant.

Grant Proposal
https://factomize.com/forums/threads/go-immutable-2-pr-social-media-management-continuation.2287/

ANO / Committee
Group: Go Immutable
FCT address: FA2LwHgp7LyoY5SG1vxjLaQ2QtdyepfaqYUTsiTgprtkiP6geCk7
FCT: 22500

Total FCT Requested
22500

Start Date
2019-10-03

Completion Date
2020-01-15

Success Criteria
Social Media & Community Management
Criteria
Measurement
Produce a monthly report on social media accounts for Factom Protocol
  • Posting frequency
  • Engagement
  • New Followers
  • Post Analysis
  • Activity learnings
  • “Daily Update” Analytics
  • 3 reports created during the grant period.


Public Relations (PR)
Criteria
Measurement
Produce a monthly report on PR for the Factom Protocol website
  • Activities
  • Placements - Estimated Impressions
  • Traffic to Factom Protocol website directly from placements
  • Activity learnings
  • Funnel of opportunities
3 reports created during the grant period.

Timelines and Milestones
Activity
Ongoing management, execution & optimization
Monthly reporting on activities & metrics

Milestone - 1

Timeline
Ongoing

Budget
This grant is seeking 22,500 FCT which will provide for the following

  • $57,000 USD in services provided including:
    • $45,000 for Public Relations Firm ($15,000/month)
    • $12,000 for Social Media Management Firm ($4,000/month)
  • Project Management and Operational Management
    • Conservative estimate - 70 hours a month, which is 17.5 hours a week, which 2.5 hours per day (working 7 days/week)
      • 70hrs x $75/hour (reminder is 50% off normal rate) = $5250/month
    • Due to current conditions, in good faith, we will bill $3,500/month ($50/hour) but still do the conservative estimate of 70hrs/month. This needs to be noted and remembered. Time is all that we control and this was intensely debated internally, but we are committed to this project.
    • $3,500/month x 3 - $10,500

This number is based on a $3.00 FCT price (this may be altered during grant round)

TOTAL – 22,500 FCT
 

Chappie

Factomize Bot
@Greg Forst @Go Immutable

Today is your grant start date! We look forward to regular updates from your team.

When you are ready for the final determination poll, first summarize the grant and self score then go to the thread tools dropdown at the top right and select "Create Final Determination Poll".
 
All,

This is an update on the most recent marketing grant, which extended the PR and Social Media Management firms for another 3 months. The grant that preceded this one can be found here - https://factomize.com/forums/threads/go_immutable-001-marketing-–-comprehensive-strategy-execution.2054/#post-19952


Social Media Management - Lightspan ($4,000/month)
  • We are pushing forward with Lightspan’s execution of our social media management. Keith from Matter of Fact has been assisting in managing their team. Additionally, community members have provided feedback. We continue to welcome feedback and are pushing them to engage in new strategies as well.

PR - Wachsman ($15,000/Month)
  • In order to maximize our dollars and output, we have paused the PR activities until Nov 1 (2 weeks) for the following reasons:
    • Rebrand: We estimate that much of the rebrand should be executed by Mid-November
    • News: We have had a solid few months of news. However, were unaware of any news hitting in the next 2 weeks. Without the news, Wachsman obviously does not have much with which to work other than basic outreach.
    • Additionally, we’ll be storing-up a backlog of news that we can use to amplify the protocol after the rebrand. Timing is obviously important on this one.
    • Lastly, this allows us to extend our contract with Wachsman into the New Year, helping us ensure full 2019 coverage as well as capitalize on news that was stored. Previously, the contract was slated to end during the chaos of the holidays, which is obviously not ideal. This new timeline has us ending at the end of January, which means we will be able to provide coverage for the news that people did not want to release due to the holiday madness.

Thanks
 
Last edited:
Hi @everyone,
(numbers below pulled on 10.30.19)

We wanted to provide an update on “PR and Social Media Management Continuation” grant

Background:
  • August 5 - Grant submitted. FCT price $4.00
    • Orignal goals: Hire PR firm and Social Media firm for another 3 months ($45,000 for PR firm, $12,000 for social. Total $57,000).
    • Grant management fees were $50/hour at estimated 70 hours a month (total $10,500)
    • Total Grant Budget: $67,500
    • 22,500 FCT were requested. We priced the grant based-off $3.00 FCT in what we thought was a very responsible approach to avoiding a worst-case-scenario -- the inability to pay for the grant. We were obviously very wrong.

Current Situation:
  • The current FCT Price is $2.40. When we multiply 22,500 FCT by $2.40, we get $54,000
  • As you can see, we are $13,500 below the original projected costs. This also assumes we would be able to liquidate 22,500 tokens at $2.40, which is a pipe dream considering the current liquidity situation.
  • Additionally, as of November 1, Go Immutable will not have an outlet to sell FCT. We have applied to an OTC provider, but have not received approval yet.
  • We recognize the absolute imperativeness of maintaining good PR and spreading the Factom/PegNet story. However, Go Immutable cannot contribute hundreds of hours of work with zero compensation as well as risk the overall solvency of our business. We’ve already been extremely aggressive in that regard. We also bit the bullet and provided hundreds of hours of work at no charge for grant 1, but we can’t do it a second time.
  • As a result of the current situation, we have canceled the contract with the Social media firm, which will come to a conclusion in late November.
  • We will continue with the PR firm and, as of this morning, were able to renegotiate with them for 3 months at $10,000/month ($30,000 total), which saves $15,000 (original amount was $45,000).
  • Go Immutable will assume the $30,000 liability, as well as assume all risk of receiving no compensation for grant execution, should the price of FCT continue its current trajectory (or we can’t solve our problem of currently being able to sell FCT after November 1st).
  • We have no idea what price we will be able to liquidate the 22,500 tokens at. It certainly isn’t $2.40. If we tried to do a mass liquidation right now, we’d probably push the price below $2.00, which is obviously a horrible outcome for everyone.
  • If FCT price stabilizes and liquidity issues become manageable, we will re-pursue social media management.



Grant Round 4
  • Go Immutable will not be submitting a grant this round. The marketing committee was made aware of this on October 29th. Go Immutable has offered to share past grant documents with any marketing committee members that wish to put in a grant this upcoming round. Go Immutable also stated that if a marketing committee member wanted to drop their efficiency in order to step-up and run social media, then that ANO would have our support. Sooner-than-later, we hope to be able to put proceeds from the grant towards social media once again.


Thanks
Go Immutable
 
Hi Matt.

Thanks for the follow up and the work done toward this grant. Considering the current liquidity problem, it is easy to understand why pursuing the next phase of this ground is a no go on your side. Will you guys consider an other round if/when the liquidity comes back? Besides liquidity issues is there others problems that are stopping you to apply for an other grant round?

Thanks
 
Hi @Miguel Proulx

We have not talked about future grant rounds yet. However, a lot can change in several months, so we won't rule anything out.

Liquidity issues are a huge problem. Opportunity costs are another. As stated in a previous grant round thread, Greg charges clients around $150/hour. He discounted this to $75 (IIRC) for the Factom community. But, with pricing pressures, it probably ended up being 1/3rd of that (I did not do the math). So, that's an easy $100/hour in opportunity cost loss. Assume hundreds of hours are spent each month by Greg, and, well, you get the picture after doing some quick math.

On a related note, Greg has helped an apparel brand called Dolls Kill craft their digital strategy for the last 6 or so years. Recently Sequoia Capital, arguably the premier venture capital firm in the world, invested $40 million in Dolls Kill and called it a potentially "a generation-defining brand." Point being, Greg is very good at what he does. It's unfortunate we were just able to scratch the surface of implementing a comprehensive marketing plan.

https://techcrunch.com/2019/12/03/alfred-lin-the-sequoia-partner-and-former-zappos-coo-thinks-this-retail-startup-could-be-a-generation-defining-brand/

So, to answer your question: liquidity issues and opportunity cost, as well as the time-suck that is bureaucracy associated with our Governance/grant rounds/decentralized processes, are all big challenges for us.

Thanks for the question.
 
  • Like
Reactions: WB

Chappie

Factomize Bot
@Greg Forst @Go Immutable, your specified completion date has now passed. Will you please update us on the status of your grant?

If it is completed, please first summarize the grant and self score then go to the thread tools dropdown at the top right and select "Create Final Determination Poll".
 
Community,
This is the final update for the “PR & Social Media Management Continuation” grant. For a detailed recap, please read the above updates. The key item from previous updates revolves around funding, the FCT price collapse, decision not to sell FCT so as to not put FCT through the floorboards, and the decision to terminate the social media firm contract. We hope you’ve had as much fun as we have :)

Moving on, our contract with the PR agency Wachsman ended January 31. However, there are a few potential pending press releases that were put in motion prior to the contract expiring. This points to the level of professionalism we have experienced with Wachsman through the whole engagement. We are very happy with the results of Wachsman. They have been proactive, attentive, and creative. They also understood our financial challenges due to FCT price and choose to work with us to find an amicable solution. We highly recommend Wachsman to anyone looking for a PR agency in this industry. Additionally, the news flow from the community during the last several months has been minimal. Thus, Wachsman took an active role in creating content and stories to be pushed around topics and was also willing to focus on application launches (e.g., PegNet).

We did provide some feedback to Wachsman. We believe there is an opportunity for more awareness in specific industries to promote Factom (e.g., insurance, real estate, records management, etc). We would have loved to have been able to drill down deeper.

Please find two documents attached
  1. January 2020 Activity Report. This should give you a very good idea of the work that goes on behind the scenes.
  2. Factom Protocol 2019 year-end report

Placements Recap:
Over 150 placement ranging from blogs to Forbes, to Bloomberg Law. This is the full list of press that Wachsman executed for the community - https://docs.google.com/spreadsheets/d/12aEWhgpnlzmfCX_Ic_uJteeg6ZeEId9Sv1jlSeZ1zMM/edit#gid=0

Should the opportunity present itself again, Wachsman would be a great option to quickly ramp-up PR. They are open to this and enjoyed working with the community.

GRANT WRAPUP AND PERSONAL SCORE
Exceptional (9.0 - 10.0) - Successful
Overachieved (7.0 - 8.9) - Successful
Achieved (5.0 - 6.9) - Successful
Underachieved (2.0 - 4.9) - Failure
Total Failure (0.0 - 1.9) - Failure

We wish there was an “Extenuating Circumstances” option. There’s not. So, we’ll do the best we can… We were basically faced with the below choice when the loss of the Bittrex listing came out as well as the realization that other giant wallets were liquidating:
  1. Break our word to the community (that we would methodically sell FCT so as not to negatively impact the price) and instead liquidate everything as fast as possible even if it meant driving down FCT lower than anyone thought imaginable. Hopefully have enough funds to execute our grant, thus allowing us to get a “successful” score.
  2. Take one for the team (the Factom Community) by internalizing costs, sell virtually no FCT so as to not completely annihilate price, scale back grant deliverables (no social media firm), and deal with a potential grant marked as “failure.”

Both horrible options. We chose option 2. We recently revisited that decision and asked ourselves if it was the correct move. We still believe it was the correct decision. The low in FCT was $1.65 FCT without our selling. Who knows what it would have been with our selling.

Most importantly moving forward though, we’d like to point out that this vote isn’t simply a vote on whether this grant is successful or not. It’s potentially a vote that sets a precedent for how grant recipients handle large amounts of FCT when catastrophic news hits. How would the community like the grant recipient to respond when this happens? We’d politely recommend standing parties also consider the bigger picture.

Thanks,
Greg and Matt
 

Attachments

Chappie

Factomize Bot
The final determination poll has been created, and will be open for 5 days. Use the following rubrik when scoring:

Exceptional (9.0 - 10.0) - Successful
Overachieved (7.0 - 8.9) - Successful
Achieved (5.0 - 6.9) - Successful
Underachieved (2.0 - 4.9) - Failure
Total Failure (0.0 - 1.9) - Failure
 
Thank you for putting this grant up for determination. A few questions and comments as I go back to review this grant:

1. I appreciate the hard work Go Immutable put into this grant and that includes your reporting. I suspect it was extremely frustrating to try and execute at times.

2. From the grant under goals and objectives.
Daily digest email management - continue the current daily digest email recapping highlights from the Factom community. Currently executed by Cody Branson on a daily basis via David Chapman’s technology.
This makes it sound like Cody's Daily Digest work was going to be covered by the grant but he ended up putting up a grant last round that was funded. What happened there?

3. Regarding Lightspan, the social media company. I found them to be absolutely terrible. Not only were their social media posts boring and lacked engagement, but they were incompetent. Trying to get them to properly schedule tweeting out the newsletter was an exercise in frustration. I do not exaggerate when I say they screwed up almost every single one including tweeting out unwritten newsletters which made us look stupid.

How much did they do on Reddit, Facebook, and other platforms besides Twitter?

I think *technically* they met their goal criteria since specific benchmarks were not given, just "incremental increase" type verbiage, but I consider their hiring to be a failure.

4. I don't believe the manner in which grantees spend or don't spend their FCT should be part of the success determination process.
 
4. I don't believe the manner in which grantees spend or don't spend their FCT should be part of the success determination process.
I totally agree on this point. I believe teams should factor the risk they are willing to take when submitting a grant. If grantees decided to hedge prior or after submitting/being awarded their grant or decided to keep the FCTs long term should not be a factor for determining success or not.

From prior discussions, it was my understanding that grantees assume the currency risk up or down. It is regrettable that this event could have affected the success of this grant but many other grants were affected by it and they will still be determined based on their completion criteria and goals despite liquidating at 1.65$ Factoids that they received at 10$.
 
We have precedence of at least one grant not delivering the total valued grant, as we have more precedence of Grants continuing work and/or delivering when price declines heavily. There are Grants as far back as round 1, as I remember us delivering the Javaclient for something like 1/3rd of the price at payout compared to proposal.

So price should IMO not be a factor in success determination. I think as a protocol we should accept that Grants can fail because of that reason without repercussions on standing.

I applaud parties taking one for the team, like you did. Many have done the same last few rounds. It is shitty for all parties that are putting their neck on the line.
 
This makes it sound like Cody's Daily Digest work was going to be covered by the grant but he ended up putting up a grant last round that was funded. What happened there?
Go Immutable had two grants total, which were to cover 6 months of Daily Digest.

Here are the months the GOI grants were to cover:
June
July
August
September
October
November

Cody's current grant covers December, January, and February. He received that grant from the 2019-4 grant round. GOI did not put in a grant that round.

I'm guessing confusion is arising because the PR contract ran into the end of January even though this grant technically ended at the end of November. Said succinctly, this grant paid Cody Sep-Nov, but paid the PR firm Oct-Jan (reminder: the initial marketing grant had an RFP period for PR firms. The firms were then interviewed, vetted, etc. So, the contract with the PR firm didn't start until July, hence the staggered dates that are probably causing the confusion).

@Greg Forst How would you score the grant?
@Alex We'll be abstaining due to what we consider extenuating circumstances. We think we did the best we reasonably could considering the circumstances. We're not really sure what else to say besides that.
 

Chappie

Factomize Bot
The final determination poll has now closed. The final score is 5.55, with 20 total counted votes. The grant has been determined to be successful.
 
Top