Data Funnel - Onboarding Data to Ocean

Name of project:

Data Funnel

Proposal in one sentence:

The objective of this proposal is to on-board quality data into the Ocean ecosystem.

Description of the project and the problem it’s solving:

Ocean data markets are in their infancy and while they have a lot of potential there is still a lot of work to do before Ocean markets can begin realising their true potential. Part of achieving this potential is increasing the amount of quality data available on Ocean markets.

This proposal will experiment with industry standard online marketing techniques to on-board new data into Ocean markets with a focus on targeting Web3 related data providers.

A market segment will be identified (data supplier) for testing the funnel. Appropriate advertising material will be created for the funnel with the goal of identifying some leads (data suppliers for Ocean Markets).

Grant Deliverables:

  • Create relevant advertising material (i.e. ads &/or articles &/or landing pages)
  • Create and run ad campaign
  • Collect and share key performance metrics as part of proposal ‘wrap up’.

Which Category best describes your project?

Outreach

Which fundamental metric best describes your project?

  • Datatoken contracts

What is the final product?

The first iteration of an on-boarding funnel using digital channels (e.g. social media, google adwords etc. depending on what’s determined to be the right fit for the audience) targeting a defined market segment (Web3 data suppliers) with an appropriate offering (on-boarding them to the value Ocean data markets can offer them).

ROI Calculation

If this work can generate 5 new leads for data suppliers and each data supplier is to share 3 data sets, then that would contribute 15 new data sets to Ocean data markets.

15 data sets with an estimated TVL of $10,000 per data set is $150,000 TVL.

Assuming that creating this on-boarding funnel contributed 40% towards achieving the above goal (as the funnel should become more effective as time goes by due to the ability for us to acquire data and improve the approach through subsequent iterations), then 40% of $150,000 = $60,000 potential TVL.

Allowing for a 75% chance of success and ask of $15,000 ($3-5k to be spent on advertising space) the ROI is as follows:

Bang = $60,000

Buck = $15,000 USD (assuming $OCEAN = $0.50 USD, $OCEAN requested = 30,000)

Chance of Success = 75%

ROI = 60,000/15,000 * 75% = 3

Have you previously received a DAO grant?

Yes - [PROPOSAL] Go to Market Analysis

Team Members

Scott Milat

Proposal Wallet Address

0x86307df93c38C9A8C5E7E7bd40734Ab522e393Fb

PART 2 - PROPOSAL DETAILS

Project Deliverables

Outreach/Community

  • A proposal wrap up (summary blog post/article) about activity done and key findings of this proposal will be shared once the project is complete.
    • This will include links to (examples of) advertising material that was created and shared. This may include articles, landing pages, images, posts or a combination of the above.
    • This will show key performance metrics and learnings of the advertising material.
    • The objective is to generate some active leads for data suppliers. While this cannot be guaranteed (as the work will be time bound) we would like to think this proposal will result in generating new data supplier leads.

Prior Work Completed thus far

I have completed one proposal so far (joint proposal). Details here [PROPOSAL] Go to Market Analysis

I am also contributing some hours towards rugpullindex - findings from previous rugpullindex work can be seen here https://rugpullindex.com/blog#GeneratingvaluableinsightsfromspeakingwithRPIusers

This is my first proposal as the sole contributor. I am open to contributing towards more joint proposals (like GTM analysis) in the future.

If this iteration of the on-boarding funnel can successfully generate some leads for promising data suppliers I will look to continue to apply for funding to:

  • Optimise/improve the funnel (subsequent iterations)
  • Continue running the campaign (e.g. buying advertising space). Ideally this funnel will grow and mature into a reliable source of new data supplier leads that can be ‘turned on’ and ‘turned off’ as more data suppliers are required.
1 Like

Hi Scott,

First of all, thanks for your proposal. I see that go to market strategies for data suppliers is important. It’s something that we’re also trying to establish and have thought about on boarding an SEO specialist and a paid-ads strategy to generate more leads for the same on our website.

I’d be interested to know how much you’ll require for this proposal and how you’ll spend it? The reason we haven’t started a public marketing strategy yet is because we believe the marketplace is not mature enough and requires a more qualified approach. Also, there are not many data consumers yet, so what’s the incentive? Looking forward to your thoughts!

1 Like

Hey DW,

Great questions.

Regarding the incentive for data suppliers, this is something I also really want to know. We have a rough idea of who our target buyers might be (GTM Analysis) and potentially the type of data they want to buy, but it’s not clear how we get the data that these buyers might want on to Ocean Markets (chicken and egg problem).

My hope is that through this work we can better identify who these suppliers are and how we can get them on board (i.e. what is the incentive that speaks to them? staking rewards, innovative experimentation etc). I would then build and execute a digital marketing campaign to test these hypotheses and get the data from the marketing campaign to validate/invalidate them (remembering the focus here is on identifying quality leads and not actually get the data on to an ocean market - see ROI calculation. But if we can get some data on an Ocean market then that would be even better!!).

Regarding costs the ask is 15k, the majority is budgeted for my time ($3-5k budgeted for ad spend). I believe there’s quite a bit of pre-work that needs to be done to identify the target audience, identify the target medium, planning/creating the content, planning/executing the advertising campaign and summarising learnings. There may be budget left for subsequent iterations/tests but it’s hard to tell at this stage.

Hopefully that answers the questions. Let me know if you have any further queries.

Cheers,
Scott

Great! Thanks a lot. What’s the timeline your targeting for this project and its milestones?

Ideally I would like to have it done within 2ish months but ultimately it will depend on how long it takes to burn down the hours.

Estimated timeline based on the optimistic scenario:
~ 2 weeks analysis/desk research
~ 1 - 2 weeks testing/validating assumptions (reaching out and speaking to people)
~ 2 weeks building creative assets & campaign
~ 2-3 weeks running the campaign (potential for more iterations based on hrs)
~ 1 week review, summarise and share findings

1 Like

Hi Team/Scott,

What would be the data sets that are estimated here? I also have the same doubts as @Realdatawhale that we may not have such an audience maturity yet to establish that value in transactions. What target buyers have you recognized already who would account for the 60K value?
I agree completely with you that identifying the target medium, planning/creating the content, planning/executing the advertising campaign. And so if the grant is for the ad campaign I think the bang to buck can only be justified once we have that data. Keenly waiting on your responses to Realdatawhale to make my support to your proposal.

Thanks

Hi Cipher,

Thanks for your questions. I’ll do my best to answer them below but if I miss anything just let me know.

  • The ROI calculation references the Total Value Locked metric (i.e. demand for staking), not sales of data sets https://github.com/oceanprotocol/oceandao/wiki/On-ROI the rationale here is that if you can attract quality data sets to Ocean Protocol people will be more likely to stake against them and hence demand for $OCEAN goes up. If instead they come and see data sets that are not so good they may be less likely to stake $OCEAN. Attracting quality data sets is critical to the health of this ecosystem.
  • I agree, until we have this data we are unable to justify the ROI metric. The ROI calculation is an estimate based on the value I hope to bring to the Ocean ecosystem through this work. Unfortunately I am not in a position to do the work for free, hence why I am putting in the proposal with the aim of adding value back into the Ocean ecosystem upon receiving it.

Cheers,
Scott

Hey yall,

I just wanted to say that I’ve had the honor to collaborate with Scott on the biz dev side of rugpullindex.com. I think it’s worth supporting his work in the DAO further.

His work results have been guiding the trajectory of RPI. They’re public, in case you need more demos of his results.

What’s more is that he’s a great sport - collaborating with him is pleasant and intellectually stimmulating.

1 Like

Project updates:

  • I have identified 4 categories of Data providers that feed data into Ocean Protocol and will use this as the foundation for my data onboarding approach.
  • I have identified characteristics which I believe make Data providers attractive for Ocean Markets and will use this to help segment the market of ‘potential data providers’ to the ones that are likely to be attractive to Ocean Markets.
  • I have looked at what makes up a successful data buying and selling transaction to help identify which data providers are going to help add value to Ocean markets.

[Deliverable Checklist]

  • [ ] Create relevant advertising material (i.e. ads &/or articles &/or landing pages) - in progress (defining target audience and messaging - see above posts).
  • [ ] Create and run ad campaign - in progress (defining target audience and messaging - see above posts).
  • [ ] Collect and share key performance metrics as part of proposal ‘wrap up’. - not started

@AlexN