BIP: #18
Title: Marketing Budget Proposal
Idea(BRC): [Discord]
BIP by: Hill | BendDAO.xyz#0123
Status: Active BIP
BACKGROUND
BendDAO has been running safely on Ethereum for over 300 days. The team focuses on building and protocol security. The only marketing campaign had before was the $BEND token airdrop at the beginning of the protocol launch.
MISSION
BendDAO currently has 135K ETH of liquidity and is growing steadily. While product development, marketing campaigns also can bring a positive impact on the rate of growth. And a marketing budget can help the team to have decision-making in an efficient manner.
The main aim is to grow users, TVL, revenue, and market share for BendDAO. The marketing campaigns will include community bounties, co-marketing events, and potential CEX listings that will boost the adoption of BendDAO across the NFT and NFT Financialization ecosystem.
SCOPE OF WORK
Category: Community Bounty, Co-marketing Event, and Potential CEX Listing
Setup a quarterly marketing budget and a spending ceiling for each campaign;
Seek for community’s approval if the campaign requests a bigger budget than the ceiling;
Release the campaign plan as detailed as possible;
Prepare the campaign recap including a detailed list of expenses;
NEXT STEPS
Start outlining the BendDAO one-year anniversary campaign and brainstorming regular community campaigns;
Keep contact with blue-chip communities and projects with opportunities for cooperation;
In order to make DAO run more efficiently, it is suggested to start with the organizational structure.
Establish a Budget Committee (review budget, audit expenses)
(1) The committee is elected by the team and vebend voting, with a term of 2-4 years (the first term is determined by the team’s own negotiation)
(2) The number of committee members is odd
(3) During the election of the new committee, the team can anonymously introduce the contributions and advantages made for bendDAO, and strive for vebend’s support.
Marketing budget (the specific amount can be decided by voting, the following is only for illustration purposes)
(1) Small-scale marketing activities:
total amount of a single activity <10000U
Decision-making: collect community opinions, preliminary review by the committee, initiate a rapid vote by the committee
Limit: 20,000U per quarter
Audit: No proposal voting required, once per quarter disclosed to the community
(2) Large-scale marketing activities: total amount of a single activity >10000U
Decision-making: collect community opinions, form activity proposals based on individual activities, community voting
Limit: 30,000U per quarter
Audit: proposal voting, budget committee supervision of execution, summary disclosure after the activity
(3) Budget adjustment In the case of a shortage in the quarterly budget, the budget committee reviews and initiates an adjustment vote.
The quarterly budget surplus is accumulated into the annual budget, and the annual surplus is no longer spent and is not accumulated across years.
After the community becomes familiar with the process, the main expenses of bendDAO can be reviewed by the budget committee.
At present, the team covers most of the expenses very selflessly, including personnel salaries, operating expenses of the protocol, travel expenses for participating in the ape festival, etc.
For successful activities, the experience can be retained to form a normal state, such as anniversary celebrations, the ape festival, Spring Festival bend red envelopes, Christmas activities, etc.
我覺得BendDAO不要給團隊綁手綁腳設這個『營銷預算』，如果BendDAO營銷與廣告費用每個季度還有緊箍咒上限，某季度有合適的時機可以砸大錢打廣告，那團隊應該有團隊的智慧，看看之前周杰倫猴子被偷，BendDAO砸ETH買回送給麻吉大哥，BendDAO後來還因此開發了『保險箱』功能，這類營銷的效果就很好，至於有經費推廣上中心化交易所，涉上架費及許多的因素，我建議＄bendDAO 如果遇到這類的契機，再來看事辦事即可。
I think BendDAO should not tie the team’s hands with this ‘marketing budget’. If BendDAO sets a tight budget and limit on marketing and advertising expenses each quarter, then the team should use their wisdom to decide when it’s appropriate to spend heavily on advertising. For example, when Jay Chou’s ape was stolen, BendDAO spent ETH to buy it back and gave it to the owner, which later led to the development of the ‘NFT Custody’ function. Such marketing efforts have been very effective. As for promoting on centralized exchanges, which involves listing fees and many other factors, I suggest that if bendDAO encounters such an opportunity, they should consider the matter before taking action.
The purpose of setting a budget is to enable the committee to vote directly and efficiently below a certain threshold, without the need for repeated voting. For activities that exceed a certain amount, it is appropriate to discuss each matter separately.