[Upcoming Proposal] B2B Marketing & Sales Enablement For The Polkadot Ecosystem

Jashar
3mos ago
22 Comments

The question isn't whether or not the Polkadot Treasury is overspending on Marketing & Sales. Looking ahead, we should rather reap the benefits from the many experiments that have taken place until today, identify the necessary adjustments to our current strategy, and thus maximize the long-term impact on the Polkadot ecosystem. For this, we need to take an evidence-based, iterative, and collaborative approach to enable individual teams to run effective Marketing & Sales activities.

Link to full proposal

Link to Natalie's Linkedin, Polkadot Forum Profile and Personal Bio

Link to Jashar's Linkedin, Polkadot Forum Profile and Personal Bio

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1 — Problem Statement

New players have entered the Web3 arena. Many more will follow. Yet, nobody is talking to them. The Web3 space is dominated by early groups of insiders: fans talking to fans.

What needs to happen is a perspective change. We need to put ourselves in the shoes of our new audiences. Non-tech talent looking for new careers, institutional investors seeking better returns, government bodies working on regulations, and B2B clients looking for new products, efficiency, or security. We need to understand their needs instead of teaching our technology; talk about solutions instead of feature lists; and speak their language. To do this right, we need Marketing and Sales to be specific, targeted, and differentiated. The new wave of audiences is more diverse, and a one-size-fits-all approach doesn’t work anymore.

Image I - The Web3 adoption lifecycle and its current state in 2024, transitioning from Early Adoption to Early Majority - Please note that these illustrations are for illustrative purposes only and may not accurately represent all details

Image I - The Web3 adoption lifecycle and its current state in 2024, transitioning from Early Adoption to Early Majority (Note to reader: These images are for illustrative purposes only and may not accurately represent all details)

 

At Decoded 2024 in Brussels we talked to many ecosystem stakeholders and key opinion leaders - including Business Development teams at Parity, Decentralized Voices from the DAO, various initiatives funded by the Decentralized Futures, and working groups by Head Ambassadors. Here is a summary of our most important findings:

a) Untargeted Communication: The current "one-size-fits-all" strategy is full of technical jargon and ineffective for the diverse new audience. Particularly enterprises are not addressed in any communication.

  • “One of the biggest and most urgent problems in enterprise BD currently is poor communication, including the use of excessive technical jargon. I hope we will see a proposal aimed at addressing this issue soon.” - Kerstin, Director of Strategic Partnerships at Parity

b) Dispersed Teams: Lack of centralization leads to inefficiencies, redundant efforts, and a lack of knowledge sharing, highlighting the need for better coordination.

  • “I think now having two months of BD in Polkadot behind me, I think what we need in the decentralization is some kind of coordination.” - Ingo, Co-Founder of PoKe
  • “The growing pains associated with a fully permissionless treasury comes with immense pressure as teams are left to govern themselves and each other, a scenario that has proven difficult thus far. Seeing the emergence of experienced actors, from various industries and backgrounds, is a bright light for all participants who are attempting to navigate this dark and chaotic tunnel. Excited to see how the next years unfold as more of these incredible minds begin to appear.” - Juba, Founder of CultureDot

c) BD Representatives Left Alone: There are no marketing or business development resources available for the enterprise sector, leaving teams and individuals alone. This leads to inconsistent messaging and massive inefficiencies. A centralized repository like Distractive’s for end-users is needed to enable BD representatives to do their best job.

  • “When I started doing BD for Polkadot, I couldn’t find any material, most importantly: Where is the traction and what are the case studies; What are we selling; Where do I find the narrative, value prop, and other docs? Everyone is just selling what they are familiar with.” - William, Polkadot Head Ambassador and Initiator of the Polkadot BD Working Group
  • "Our biggest weakness at Parity BD was broadly what I would call Sales Enablement, be this sales collateral such as case studies, references, industry focused pitch decks or ways to quickly plug in domain expertise into the sales cycle." - Nick, ex-Head of Growth at Parity

d) Action without Strategy: Initiatives often lack a cohesive strategy, causing inefficiencies and missed opportunities for synergies.

e) Efforts for the Short-Term: Emphasized by leaders, long-term strategic planning is essential for sustained growth and efficiency.

f) Lack of Prioritization: Teams struggle to identify which leads, industries, or companies to focus on, resulting in broad-stroked efforts and the inability to recognize when to say no. Furthermore, enterprises require significant support and long conversion times, with representatives often wasting resources on unproductive leads.

  • “I just randomly go through my contact list and try to sell them Polkadot” - Anonymous key BD player in the Polkadot ecosystem

g) Decentralized Budget Allocation: Requires mechanisms for accountability and evidence-based decisions to ensure effective use of resources.

  • “As we mature as an ecosystem, we need more checks and balances to add scrutiny to decision-making and help ensure the community has the information it needs in order to make informed decisions about promotional spend.” - Katie, Co-Founder of Distractive

h) Unstructured Processes and One-Off Efforts: Proposals lack evidence-based approaches and iterative processes. This results in hasty conclusions and missed opportunities for continuous improvement and learning. Advocates call for a proper Request for Comments (RfC) process in OpenGov to ensure that the best solution is chosen based on data.

While the findings cover a wide spectrum — from short-term actionable tasks and execution needs to long-term strategic planning and enablement — one overarching conclusion is clear: there is an urgent call for action and a need for improvement.

 

2 — Solution

We recognize that not everything can be solved with a single, all-encompassing and long-term proposal. Instead, we need to break down this big challenge into smaller, manageable parts and address each one step by step.

If our goal is to onboard more B2B clients to build on Polkadot, the journey to get there should include the following six steps:

  1. Start with mapping the B2B market.
  2. Then, prioritize the market segments that are most relevant and appealing to us.
  3. Afterwards, create a value proposition for each relevant market segment.
  4. Based on that, translate each value proposition into a go-to-market strategy with actionable marketing and sales plans.
  5. Test & iterate the marketing & sales plans based on real life customer feedback before launching full scale deployments.
  6. Eventually, roll-out the updated and fine-tuned marketing and sales plans to generate leads and convert them into clients.

Important to note:

  • In the early stages, the focus is usually more on co-creating a strategy, which involves extensive research and planning. As the work progresses, the emphasis shifts to operations, with a greater focus on execution, iteration, and continuous improvement.
  • Strategic work doesn’t mean that it won’t deliver results quickly. Much of the early work already brings actionable outcomes that can be used by BD teams immediately. Moreover, every part of the work positively influences the marketing or sales KPIs.
  • Even though the steps follow a logical sequence, step 6 does not have to wait for steps 1-5 to be completed. In fact, teams are already working on step 6 today. But as each phase progresses, the subsequent phases will be noticeably of higher quality and their execution become increasingly more effective.

 

3 — Approach

Let’s dive into the specifics. What does all of this mean for Polkadot? How does our work fit into existing initiatives? Where do we begin? And most importantly, how can we effectively attract more B2B clients to build on Polkadot?

The key to our work is “enablement”. Projects with functioning sales enablement achieve 10-30% improved sales metrics, such as brand awareness; number and / or quality of leads; larger deal sizes; higher click, conversion, win, and retention rates; shorter sales cycles; higher customer satisfaction and lifetime value [CSO Insights, Forrester, Aberdeen Research, Gartner, McKinsey 2024, McKinsey 2022, Salesforce]

The following graph will help clarify these points and, as a result of our initial research, highlight the individual deliverables’ benefit in the short term, as well as the gap to existing resources.

Image II - Selected deliverables along the 6 phases of Marketing & Sales enablement, with an evaluation of impact and availability derived from primary and secondary research (Note to reader: These images are for illustrative purposes only and may not accurately represent all details)

 

How to read the Image II: One of the key results of Phase 2 (Targeting) is the development of clear and useful Persona Profiles (see under Exemplary Deliverables). These Persona Profiles will show and explain the most attractive B2B segments for Polkadot. They will be very helpful right away, as the various ecosystem players can use them to start shifting their focus on the right B2B audiences (see under Short Term Impact). Right now, there aren’t many similar resources available within Polkadot, though, so there is a need for this deliverable to be produced by someone (see under Current Availability). Additionally, the nature of the work and its outcomes gradually shift from research-intense tasks and strategic thinking toward execution and operational activities, as illustrated by the two triangles to the right.

Some key takeaways and general remarks:

  • At Polkadot, there are scattered documents here and there, mostly generic and based on personal preferences. Most efforts are focused on the later phases (esp. phase 6). A great example is PoKe, a new Decentralized Futures initiative that has been launched to facilitate Polkadot integration into major organizational infrastructures, who would benefit from externally produced sales collateral.
  • A few ecosystem players, such as the BD teams at Parity, are exploring Enterprise Go-To-Market strategies (phase 4) and have allocated resources to enhance marketing and sales plans. However, data-based messaging and sales docs are missing, and initiatives are fragmented, leading to inefficiencies and missed opportunities for knowledge sharing.
  • Dedicated work focussing on Segmentation, Targeting, and Positioning efforts (phases 1-3) is very limited at Polkadot. Great initiatives like Distractive do not include the enterprise market, leaving the B2B space underdeveloped. We aim to extend Distractive’s resource hub by the audiences we study.
  • Early deliverables significantly enhance the quality of later stages; for example, a well-developed segment-specific value proposition (phase 3) leads to a stronger segment-specific pitch deck (phase 4).

Overall, we recognize and appreciate the existing talent, creativity, and great energy within the Polkadot ecosystem, particularly in operations and execution. Meaningful work is already underway, so duplicating past efforts is unnecessary. The priority should therefore be to identify gaps and synergies in the first place, avoid creating yet another uncoordinated silo, and instead act as a facilitator and ally to Polkadot ecosystem players, providing them with strategies and tools for more effective B2B engagement.

We are already in contact with key players at Parity, the Web3 Foundation, Decentralized Voices, Decentralized Futures, and Head Ambassadors. Our commitment is to engage long-term and collaborate with them at every step of the journey.

 

4 — Project Outline

Aligned with the findings from above, this proposal focuses on the initial three phases of the journey: Market Segmentation, Target Market Selection, and Positioning Strategy Development. Here is a brief outline of these phases. For a more detailed breakdown, including objectives, action items, deliverables, and milestones for each phase, please refer to the part of the document linked here.

 

Phase 1: B2B Market Segmentation | 4 Weeks

  • This phase involves dissecting the B2B landscape for Polkadot into distinct groups based on variables such as industry verticals, company size, and technological readiness. This phase aims to identify and categorize unique business needs related to Web3, leading to a tailored market understanding.
  • Deliverables include a comprehensive Market Segmentation Report and a clear Segmentation Criteria Documentation, which will provide foundational insights into market dynamics and prioritize focus areas for subsequent efforts. Additionally, we will compile all relevant and commonly used Marketing & Sales KPIs utilized in Polkadot and assess their current performance to establish a baseline for tracking improvements throughout the project and beyond.

Phase 2: B2B Target Market Selection | 5 Weeks

  • This phase builds on the segmentation insights by evaluating and prioritizing the identified segments based on their alignment with Polkadot’s strengths and strategic goals. This evaluation will help Polkadot concentrate its resources on the most promising industry segments, leading to more effective marketing strategies and stronger partnerships.
  • Key outputs include a Target Market Report including compelling Persona Profiles for the top 5 segments as well as a Protocol-Market-Fit Score™ matrix, which will guide the allocation of resources and strategy development.

Phase 3: B2B Positioning Strategy Development | 5 Weeks

  • This phase focuses on crafting a compelling value proposition and clear positioning statements for each selected target market segment. This phase ensures that Polkadot’s offerings are effectively communicated, differentiating the company from competitors and resonating with target businesses.
  • Deliverables include a detailed Positioning Strategy Document for each prioritized market segment as well as a Competitive Analysis Report. This strategic positioning will support Polkadot in achieving better market penetration.

Affected KPIs are better-qualified leads, shorter sales cycles, higher win rates, bigger deal sizes, and higher customer satisfaction and lifetime value, as well as synergies in the ecosystem.

Together, these phases provide a structured approach to enhancing Polkadot’s market presence, improving targeting precision, and developing a robust positioning strategy to maximize impact and drive B2B success in the Web3 space. Notably, the value generated extends beyond the project’s completion; each phase delivers actionable insights and tools that teams can leverage immediately, integrating them into their strategic planning and daily operations to drive ongoing value and effectiveness.

 

5 — Timeline, Budget & Reporting

This project is divided into three phases, each with clearly defined objectives, activities, deliverables, and milestones. It will take an estimated 14 weeks to complete at a cost of $173,000. This budget includes our day rates, as well as additional project costs including administrative expenses, T&E, research and marketing.

Here is an overview of the key deliverables per phase:

And here a more detailed cost breakdown per phase:

Updates and status reports will be provided to the wider Polkadot ecosystem at intervals yet to be determined, but no less than once a month. This approach aims to keep things honest, committed, and transparent within the community while allowing everyone to build trust with us over time. A more detailed overview can be found here.

 

6 — About Us

The project will be carried out by So So Scaled!, an initiative founded by Dr. Natalie Tillack and Jashar Seyfi during EthCC 2024 in Brussels.

To successfully cross the chasm from tech enthusiasts to mainstream market adoption, we bring together the best of both worlds: Web3 native experience plus more than 30 years of combined senior-level expertise across a spectrum of impactful positions. Our journey includes pivotal roles in Marketing and Sales enablement, from advising at top management consulting firms like McKinsey to contributing at global advertising agencies such as BBDO. We've also served as co-founders and executive managers at startups - from early-stage ventures to unicorns like Lime - and held senior positions within the Polkadot ecosystem, such as at Parity. Furthermore, we've had the privilege of sharing insights as guest lecturers at leading institutions like Harvard Business School, MIT, and Oxford. A more detailed overview of our initiative as well as our personal bios can be found here.

Additionally, we have a broad global network that includes businesses such as early-stage startups and large enterprises, private and institutional investors like VCs and family offices, lawmakers including government entities and regulatory bodies, and influential thought leaders and key decision-makers in the Web3 space. We will leverage these connections to ensure the highest quality of work.

 

7 — Next Steps

We believe that by focussing on the B2B segment, we can create a significant positive impact on the Polkadot ecosystem. Polkadot is a perfect fit for B2B customers, and by adopting a more strategic and differentiated approach to marketing and sales, we can bridge the gap between Polkadot’s current offerings and the needs and requirements of the various kinds of companies.

With the completion of this project, Polkadot’s ecosystem will be equipped with critical insights and tools to develop targeted go-to-market strategies. The detailed market segmentation, targeted market selection, and positioning strategies outlined will serve as a foundation for crafting precise marketing and sales plans tailored to the identified segments. A well-defined go-to-market strategy involves creating actionable, detailed plans that address the unique needs of each segment, optimizing engagement and maximizing impact. This project lays the groundwork for this next step by clarifying market opportunities and refining Polkadot’s value propositions, enabling teams to move forward with focused, strategic initiatives that drive effective market penetration and adoption.

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