AlphaBack

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Retro

Bringing Web 2.0 Users to Web 3.0

We hope you’re having a great weekend! Both founders are recovering from a nasty cold 🤧 yet making progress on our transition to acquiring web2 consumers. Read on for the usual highlights, lowlights, and asks.

Highlights

  • BizDev Progress. We managed to engage a few large NFT projects (audience 61K and 28K) regarding a cross-promotion. This BD effort is the tail end of an experiment to go upmarket, where the assumption is that bigger, established NFT collections would yield better message-to-install rates.
  • GTM Audit. A former lead growth engineer at VaynerMedia (now a growth leader at a web3 marketplace) audited our GTM plan. In sum, we’re on the right path, iterating on content and distribution channels. His strongest recommendation was to increase the volume of content and posting to 1+ per day.
  • Web2 Audience. Last week we reflected on whether to refocus customer acquisition on web2 users rather than web3 natives. This week, we scoped changes required for that pivot. From a product POV, we are estimating four weeks of rebuild to: (1) setup web2 DevOps, (2) configure TradFi payment rails, (3) remove the on-chain leaderboard, and (4) send users directly to an advertiser’s URL rather than loading a screen with an ad upon opening a new tab. As for GTM, we’re planning to test content and four channels (1. video/social posts, 2. partnerships with e-commerce, 3. SEO, and 4. paid media) over the course of 8 weeks. The goal is to determine whether we can generate meaningful install growth (at minimum, 10% WoW) at an average CAC of $3 / user. If we cannot, then we must reevaluate our core assumptions.

Obstacles

  • Illness strikes. Both founders got sick nearly back-to-back. It’s been rough 🤒 but we’re powering through it.
  • Upmarket BizDev. We resolved to engage upmarket NFT collections, but the funnel is not looking good. It’s likely that the upmarket BD cycle is longer than the cycle for smaller projects. But it’s also possible that more established projects see less benefit from promoting an already successful NFT collection to our relatively small audience. That said, we’re reducing our efforts in this direction given the broader pivot to a web2 audience.

Asks

  • Amplify our content on TikTok by liking the video and on Twitter by giving this a retweet.
    • This post represents a video series we’re creating, where we approach people on the street and ask, “what would you do with an extra $200?” The aim is to capture people’s reaction to our core value proposition and use that opportunity to drive installs.

Thanks for your ongoing support 🙏


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By Rod Fuentes

Authentic, exited startup founder. Exploring Web3, DeFi, NFTs. Co-founder @AlphaBack_xyz. Loves: coding, cooking, climbing, and CoLab machine learning 😜

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