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New Homepage Community General Forum Initiative Q – thoughts?

This topic contains 3 replies, has 4 voices, and was last updated by  Stuart Fieldhouse 3 months, 1 week ago.


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  • #12652

    Graeme Andrew
    Keymaster

    From their timeline: “2019-2021 Develop an advanced payment network AND recruit 10% of physical stores and 50% of online [to accept Q]” – I can only see these aims as pipedreams. Surely the timeline doesn’t even qualify as fluff, fluff being at least a tangible object.

    But I feel there’s actually something smart going on here. It’s a smart way to build a vast database of people who may be interested in cryptocurrencies. At present there are a vast number of people who know vaguely what crypocurrencies are and have heard about some early adopters getting very rich. Many may feel the bitcoin ship has sailed for them personally. So this is a way to get in right at the inception of a new currency, for little risk beyond giving away a name and email address. Giving people referral codes for their friends is a simple, effective technique to build your list.

    Rather than build the currency and network Q have concentrated on the viral marketing campaign to build that audience. Presumably when approaching sellers – the businesses they have to convince to accept the new currency, and good luck with that as even the old bitcoin isn’t exactly easy to spend in my local high street – that audience size will be a key selling point.

    But I don’t think it’ll get as far as implementation stage. If it was me, I’d join forces with a longer-established cryptocurrency which has a relatively small audience size and exchange Q for that.

    In addition, given such a small initial amount of information is being collected upon sign-up, as a minimal barrier to entry (again, sensible), this leaves Q’s marketing team with a few options. First, buy in data to build out the minimal name/email list and make the audience data more valuable, Plenty of companies exist to enrich existing databases in this way. Second, use ‘progressive profiling’ to ask for more details from sign-ups, by for example having a profile page which is “30% complete – fill in all these other fields to reach 100%.” This is a another simple gamification tactic. Third, to keep up the engagement with that audience by regular contact, drip-feeding news of positive progress, possibly building a sense of community and optimism.

    So while I don’t see this initiative as 100% a marketing exercise, I do expect Q itself to never come to pass.

  • #12653

    Michael Morton
    Keymaster

    Think you may well be right Graeme. It’s a very slick marketing campaign. For the price of a name and email, I’ll risk it for a biscuit. However, I’m sceptical that we’ll ever reap these handsome rewards.

  • #12658

    Matt Vann
    Keymaster

    I’m in the same position as you Michael; as you know, I’m the most sceptical of all of us but there really is nothing to lose in this instance. Let’s see where it leads.

    • This reply was modified 3 months, 2 weeks ago by  Matt Vann.
  • #12689

    Stuart Fieldhouse
    Participant

    Well, I’m in as Graeme is right in saying it isn’t going to cost anything and you never know, one might get an allocation of the new currency. Might. But it flies in the face of 90% of the economic theory out there!

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