Hey folks, here is a general update on the efforts made to further Balancer’s marketing for the month of October.
With the bulk of the communications regarding the more recent exploits now safely behind us, the focus for October was to bring back a sense of normalcy to our content strategy. To do this we took a more broad spectrum approach. We tried to touch base with the core narratives that have been identified as integral to Balancer’s success (BuildOnBalancer, ve8020, Ecosystem) and highlight key partnership developments.
General Strategy
Just as a quick recap there are 4 major focus areas in our marketing strategy which are as follows:
- Social Media
- Core Growth Pillars
- Brand Development
- Long-Term Initiatives
The overarching goal with these is to make sure that the Balancer brand; remains relevant in the eyes of our wider audience, that we continue to drive quality educational content, that there is consistent progress being made to develop the brand over time, and that we are continually seeking new ways to keep pur community actively engaged.
Social Media
Our social media goal is to highlight Balancer’s pivotal role in the DeFi ecosystem, bolstering brand relevance. In general, we plan to attain this through user education on core growth strategies, cultivating meaningful connections, refining visual identity, creating compelling content, and orchestrating campaigns with strategic partners.
Content
As mentioned above the major focus for content this month was to reestablish a sense of normalcy by covering topics related to our ‘core growth pillars’ and featuring important partner interactions/ecosystem updates.
Below is a sample of content posted throughout the month:
DNS Post-Mortem: https://x.com/Balancer/status/1709190953465262297?s=20
E-CLP Article: Built On Balancer — Elliptical Concentrated Liquidity | by Beethoven X | Balancer Protocol | Oct, 2023 | Medium
E-CLP Thread: https://x.com/Balancer/status/1714718036505358556?s=20
ARB STIP: https://x.com/Balancer/status/1711501822685552721?s=20
CowSwap / MEV: https://x.com/Balancer/status/1711690571386069263?s=20
BoB - Xave: https://x.com/Balancer/status/1709988344086569457?s=20
8020: https://x.com/Balancer/status/1712101797886578881?s=20
TWAMMs: https://x.com/Balancer/status/1712484023656997095?s=20
State of the DAO: https://x.com/Balancer/status/1714243959093096587?s=20
8020 - QiDao: https://x.com/Balancer/status/1716877324594131078?s=20
Restitution Post: https://x.com/Balancer/status/1717875045979283747?s=20
For a list of all Balancer content please see the following content library:
Content from the Balancer community contributors remains instrumental in elevating content for the Balancer ecosystem - Weekly Balancer Reports, Gauge Updates, and engaging staked ETH animations.
For a list of all community contributor content please see the following content library:
X (Twitter) Analytics for October 1- 31st
KPIs:
Twitter followers: The number of followers on Balancer’s Twitter account.
Tweet impressions: The number of times Balancer’s tweets are seen.
Engagement rate: The number of times Balancer’s tweets are liked, retweeted, or replied to.
Profile clicks: The number of times the profile is clicked per day.
The overall number of followers in October increased marginally by 0.5% with a cumulative total of 150,55K. The number of impressions decreased by 86.7%, totaling 245.49K throughout the month. Tweet Engagement also dropped significantly with a total of 3,370, as did the total number of profile clicks with just 600.
When compared to September, the number of followers increased from 149.7K to 150.5K, the overall number of tweet impressions decreased from1.84M to 245.5K, and the number of total engagements also dropped from 16.1K to 3.3K, as did the number of profile clicks 7.9K to 600.
Aside from perhaps just having a quieter-than-normal month, the major reason for such a drastic change in metrics is due to the hyper-inflated values last month relating to the vulnerabilities. We also didn’t have any major releases during the month which could have contributed to lower engagement rates.
Core Growth Pillars
The following narratives are central to Balancer’s PMF and as such are guiding beacons for much of our marketing efforts:
- LSTs
- ve8020
- Building on Balancer
In particular, over the month of October, we tried to make sure that we highlighted these narratives in ways that showcased Balancer tech as highly relevant within the DeFi ecosystem. A key focus was the highlighting of Gyroscope’s Elliptical Concentrated Liquidity pools that have been built with Balancer Technology.
Below are some examples:
LSTs (Using E-CLPs): https://x.com/Balancer/status/1721492864343929286?s=20
8020s: https://x.com/Balancer/status/1719791706978259000?s=20
BoB: https://x.com/Balancer/status/1714718036505358556?s=20
Beyond, the narratives described above, lies overall ecosystem development. There have been numerous initiatives that have been championed by the BD team, that play an integral part in pushing Balancer forward as a highly competitive player. The recent Arbiturm LGP stands as a perfect example.
Budget Breakdown
In the interest of both clarity and transparency, we have outlined a budget breakdown for the marketing expenditure for the month of October.
During this period our marketing efforts consisted of 2 FT contributors working at 100% as well as 3 PT contributors working at 25-50%.
As our team is small, our contributors work across several disciplines; Jedi and Naly (FT) work on the overall marketing strategy, content curation, and social media management. Vee (PT) works on brand development and visual design. Skly (PT) specializes in smart contract development and assists with technically focused articles. Jeff (PT) works on BD and partnership coordination.
Additionally, outside of the active contributions this month, the Beethoven X DAO has access to several contributors whose expertise ranges from financial accountants, quantitative analysts, and engineers to DeFi social scientists with PhDs that we will tap into as and when needed, all scoped within the above budget.
Closing Notes
Closing October, our marketing efforts have centered on reestablishing normalcy and fortifying Balancer’s core narratives. Across social media, content creation, and community engagement, our aim has been to sustain relevance and quality. Despite nuanced Twitter analytics, our commitment to building a better brand across the board remains steadfast. As we journey forward, we will continue to strive to bring value to our users and build a stronger Balancer ecosystem.