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

Chappie

Factomize Bot
Pending
#1
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
Secured
#2
@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".
 
Secured
#3
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:
Secured
#4
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