6th November 2018 at 11:12 am #12652
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.
6th November 2018 at 11:20 am #12653
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.
6th November 2018 at 2:48 pm #12658
7th November 2018 at 12:27 pm #12689
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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