Capture "Meme Premium" with Distinct B2C and B2B Branding Strategies

[pyshrwt]

Introduction to this governance proposal:
Frax Finance has established a robust suite of products in decentralized finance, including stablecoins, liquid derivatives, lending, and swapping services. Despite the strong fundamentals, “protocol’s meme premium” (AKA: valuation) is at a local all-time low. Based on my personal experience in branding/positioning/strategy from corporate, and the feedback I have gotten from people, a significant contributing factor to this local low is the lack of effective branding and marketing strategies that distinctly resonate with both B2C and B2B audiences (B2B in DeFi content is protocol-to-protocol). This proposal addresses these issues by recommending a dual-brand strategy and an enhanced user experience for targeted audiences.

Problem Statement:
Frax Finance is currently missing out on the meme premium and broader market appeal due to its complex and professional UI, which might be intimidating for average users. This complexity also dilutes the brand’s message and reduces its appeal to potential investors and users who prefer a more straightforward interface.

Proposal:
1. Brand Segmentation

• B2C Brand: Develop a separate, consumer-friendly brand for Frax Finance’s retail products. This brand should focus on simplicity, ease of use, and a clean, vibrant interface. Naming of B2C brand yet to be decided but something synonymous to “Frax Lite”.
• B2B Brand: Maintain a professional, detailed, and data-rich interface for institutional clients and advanced users. This brand should highlight the technical superiority and comprehensive services offered by Frax Finance. Naming of B2B brand yet to be decided but something synonymous to “Frax Pro”.

2. User Interface (UI) and User Experience (UX) Enhancements

• B2C Interface: Implement a clean, intuitive UI with easy navigation and a focus on key “normie” actions (e.g., staking, lending, swapping).
• B2B Interface: Retain a detailed and data-driven interface with advanced features and analytics. Ensure that professional users can access all necessary information and tools without clutter.

3. Content Strategy / Educational Videos (especially applicable to B2C “normie” users):
Video content is a powerful tool for educating and engaging users. It allows for complex concepts to be broken down into easy-to-understand visuals and narratives. Creating a YouTube channel with professionally made tutorial videos explaining how to use Frax Finance products can significantly improve user onboarding and retention.

4. Branding Example and Inspiration:

• Pendle Finance: Pendle Finance has successfully created a user-friendly brand that appeals to both retail and institutional clients.
• Merit Circle’s Beam: Beam was a great rebranding for an L2 launch by Merit Circle. This can be a model for how Frax Finance can reinvent its image and appeal to a broader audience.

Nex steps:
If the proposal is passed, a list of potential agencies will be proposed and discussed with the Frax core team. Potential agencies could include firms like IDEO, Frog, or local agencies specializing in fintech and blockchain. If this proposal is approved, I am ready to take ownership of the project, get in touch with the core team, contact companies for quotes, and oversee the project in alignment with the core team. I am also prepared to develop a full-fledged project plan while working with the agency.

My background:
I have 7 years of experience in strategy and management consulting, having led rebranding and repositioning efforts for numerous products from a corporate strategy standpoint. Additionally, I have been a DeFi user for 4 years and involved in the crypto space for 5 years. This proposal is based on extensive feedback from numerous “normies” to whom I have introduced Frax, and their insights have been invaluable in further shaping this plan.

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Additional note:
An important consideration not addressed in this proposal but nonetheless significant is the ambiguity surrounding the monetization of $FXTL. While it is anticipated by the Frax community members that the design of $FXTL monetization will mitigate a potential short-term dump, the current lack of clarity has led to market concerns. Specifically, there is a prevailing assumption that FXS tokens may be sold off once they are awarded to $FXTL holders, potentially creating the current sell pressure on the governance token.

[Sharkysnakefish]

I have three comments on this proposal.

1. There should be some sort of compensation for the work you do. If not, it is easy to imagine that the process can be corrupted and that you will benefit from who gets chosen as a supplier.
2. A list of possible suppliers should be made public with their pros and cons, so that community have transparency.
3. And lastly, when the final decision is made and the supplier is chosen, we should be able to get some reason as to why this supplier was chosen and what the priorities were.

Seeing Sam positive about the proposal in the Telegram chat makes me positive. It is important the solution gets the core teams support, direction and anchoring in the right way.

I also hope that the community will get some transparency, and that OG Frax members will be able to help give feedback on the process once it evolves into UX (The alpha-chat in Discord could be a place for that).

[0x0nio]

The best brand update for this cycle was carried out by year. Their communications are sooo good that it already hurts. This applies to both social networks and dapps interfaces. I think it’s mainly thanks to draper0x’s work, so i’d love to see Build By Mom Agency in the running.

[SSJ2_Spartan]

I agree with @Sharkysnakefish’s takes here. I think the community needs more information about who the suppliers, pros & cons, who you would recommend and why, what are the financial implications of such project. There should also be some KPI’s and a way for the community to monitor this KPI without having to ask @pyshrwt for updates.

Overall, I think this is a good proposal and would help bring more eyes to the Frax Protocol, I also believe if @pyshrwt is going to take on this task he should be compensated. The compensation should be fair and resonable based on hours that will be worked on this project.

[pyshrwt]

Here’s the updated project plan with suggested timelines, assuming a 3-month project duration, and acknowledging that some workstreams can run in parallel:

• Brand Strategy Development and UX/UI Design and Development can run concurrently after initial planning and alignment.
• Content Creation and Social Media Strategy can start once brand guidelines are established.

[pyshrwt]

Thank you for your feedback and for raising these important points. I fully agree with the need for transparency and accountability in the process. Here are my thoughts on your comments:

1. Compensation and Transparency: I understand the concerns about potential conflicts of interest. To address this, we can establish clear guidelines for compensation that are transparent and publicly disclosed. I will leave this to the core team.
2. List of Possible Suppliers: Absolutely, I will provide a comprehensive list of potential suppliers, including their pros and cons. This list will be shared with the community for feedback, ensuring that everyone has a voice in the decision-making process. Also I am completely open if anyone in the core team wants to take over during this step and wants to do shortlisting inhouse.
3. Final Decision Transparency: Once the supplier is chosen, a detailed explanation will be provided outlining the criteria used for selection and why the chosen supplier was deemed the best fit. This will include feedback from the community and the core team, ensuring that the decision aligns with our collective goals.

I appreciate you taking the time to comment!

[pyshrwt]

So initial KPIs listed here per workstream

In replied to Sharkysnakefish’s comment on compensation pointer.