Introduction
As part of our marketing strategy for the launch of Balancer v3, we recognize the importance of enhancing Balancer’s presence at IRL events. The primary motivations driving this sentiment include boosting brand visibility, establishing thought leadership, participating in relevant DeFi conversations, showcasing technological innovations, fostering valuable networking and partnership opportunities, and deepening community engagement. Attending EthCC this year provided a unique opportunity to evaluate how Balancer could leverage these events in the future to maximize ROI and strategic impact.
Goals
- General Participation: Gain firsthand experience and insights from attending a major DeFi event.
- Network with Partners: Strengthen existing relationships and forge new partnerships to expand Balancer’s ecosystem.
- Evaluate Participation: Assess the benefits and challenges of attending IRL events to develop a strategic plan for future engagements.
- Understand Effective Participation: Identify best practices for maximizing the impact and ROI of Balancer’s presence at future events.
Major Reflections
Thought Leadership and Technical Innovation
Speaking Opportunities:
Speaking engagements are crucial for establishing Balancer as a thought leader in DeFi. They provide immediate visibility and a platform to showcase new technical developments. These opportunities not only enhance Balancer’s relevance in industry discussions but also demonstrate our commitment to innovation and leadership. Securing more speaking slots at future events will help maximize our exposure, attract potential collaborators, and reinforce our position as a leading force in AMM innovation.
Developer-Focused Events:
Developer-focused events like panels and hackathons are key opportunities to highlight Balancer’s thought leadership and technical innovations. Given that Balancer v3 aims to drive AMM innovation, these events target a crucial audience central to the protocol’s long-term success. Focusing resources on technical sessions and hackathons, rather than large social events, has the potential to attract skilled developers and keep us competitive in the mainstream mind. These events can help us build a community of enthusiastic developers who are more likely to contribute to Balancer’s growth.
Networking and Partnerships
Business Development Opportunities:
IRL events offer significant opportunities for building key relationships that enhance collaboration and ecosystem expansion. These events help strengthen existing relationships and form new partnerships, proving effective for business development. Meeting partners in person allows for deeper interactions and rapport-building, leading to longer-lasting and potentially more meaningful partnerships. Prioritizing strategic meetings with key prospects has the potential to lead to impactful developments further down the road. Sharing good vibes and spending face-time with partners can have lasting positive effects. especially in a remote industry. This should be a strong area where Balancer continues to invest at future events.
Social Events:
General social events may not always be beneficial unless they are highly focused. Often, these events are conducted to meet the status quo, with feedback indicating that their ROI is not significant in terms of direct protocol impact. However, events aimed at celebrating partners and contributors can boost team morale and foster connections in a largely digital workspace. Creating spaces to celebrate with relevant partners and strengthen IRL relationships is an area to potentially explore over the more generic party-style events commonly seen.
Brand Visibility and Community Engagement
Swag and Ambassadorship:
While general swag can play a role in branding, its impact in mass distribution may not justify the resource allocation. Instead, focusing on ensuring our contributors are well-represented as a cohesive and professional team through simple brand-aligned merchandise can be more meaningful. This approach reinforces team identity and boosts morale. General merchandise has its place, but prioritizing contributor-specific swag is likely a better investment.
Sponsorship Booths:
At this stage, sponsorship booths probably don’t provide sufficient ROI. Resources might be better allocated to more impactful activities. Reevaluating the necessity of sponsorship booths for future events will ensure that investments are directed toward initiatives that offer greater value and engagement for Balancer’s goals.
Social Media Presence:
Enhancing social media presence can effectively showcase activity and engagement at events. Relevant content can help increase visibility and community interaction. Leveraging social media to highlight participation and partnerships is vital for maintaining a dynamic and engaging online presence, further extending the reach of Balancer’s brand.
Growth
Personal Development:
For those engaged in the broader blockchain movement, IRL events offer a unique opportunity for personal growth, learning, and connecting with like-minded individuals. Socialization is crucial for fulfillment, and attending these events can be a strong motivator for contributors to continue their involvement. The meaningful connections made at these events can enhance their relationship with Balancer. Although subjective, this aspect shouldn’t be overlooked, as it justifies investing in or subsidizing the attendance of contributors at IRL events.
Budget Breakdown for EthCC Attendance
Costs:
- Total Cost: $17,156.66
- Number of Attendees: 6
- Cost per Person: $2,859.44
Breakdown:
| Expense Category | Total Cost | Cost per Person |
|---|---|---|
| Flights | $3,889.30 | $648.22 |
| Tickets | $3,324.36 | $554.06 |
| Per Diems | $2,250.00 | $375.00 |
| Accommodations | $7,693.00 | $1,282.17 |
Cost-Benefit Analysis:
The total investment for EthCC attendance amounted to $17,156.66, with a per-person cost of $2,859.44. This expenditure facilitated significant opportunities for business development, networking, and individual growth. While the investment is substantial, it serves as a valuable baseline for future events. Despite the subjective and qualitative nature of the analysis, the potential insights gained, strengthened partnerships, and boosted morale justify the cost. By investing in these events, Balancer can position itself favorably within the broader ecosystem, especially in conjunction with the launch of v3.
Plans for Future Events
Strategic Approach:
Building on the experience at EthCC, Balancer will focus on strategic participation in Devcon Bangkok. Our primary goals are to enhance brand visibility, establish thought leadership, and drive business development.
Key Activities:
- Speaking Opportunities: Secure key speaking slots to showcase Balancer v3 and our technical innovations.
- Thought Leadership: Participate in panels and discussions to position Balancer as a leader in the DeFi space.
- Hackathons: Organize and participate in hackathons to engage with the developer community and foster innovation.
- Business Development: Strengthen existing relationships and form new partnerships through targeted networking sessions and meet-ups.
Improvement Areas:
- Focused Social Events: Prioritize highly focused social events (if at all) that celebrate partnerships and contributors to maximize engagement.
- Resource Allocation: Reevaluate the necessity of sponsorship booths and general merchandise, focusing instead on impactful activities and targeted swag for contributors.