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Offline Method-X

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What does a BitUSD early adopter look like?
« on: October 29, 2014, 06:36:39 PM »

It's standard marketing practice to clearly define what an early adopter (of your product) looks like. It's not sufficient to say "lets target everyone". You need to target a very narrow band if you want conversion rate to be high. Here's how I see the ideal early adopter of BitUSD and other BitAssets:

Age: 18 - 35
Sex: Male
Education: University
Occupation: Tech related
Political: Libertarian
Location: Latin America

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Re: What does a BitUSD early adopter look like?
« Reply #1 on: October 29, 2014, 06:40:41 PM »
It's standard marketing practice to clearly define what an early adopter (of your product) looks like. It's not sufficient to say "lets target everyone". You need to target a very narrow band if you want conversion rate to be high. Here's how I see the ideal early adopter of BitUSD and other BitAssets:

Age: 18 - 35
Sex: Male
Education: University
Occupation: Tech related
Political: Libertarian
Location: Latin America

While your ideal early adopter demographic sounds good in theory, my question would be: How come so very, very few of we early adopters fit your ideal? domographic?

Offline Method-X

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Re: What does a BitUSD early adopter look like?
« Reply #2 on: October 29, 2014, 06:43:20 PM »
While your ideal early adopter demographic sounds good in theory, my question would be: How come so very, very few of we early adopters fit your ideal? domographic?

I would say besides the "Latin America" category (no marketing in that area), we all fit the bill quite nicely.

Offline russkroe

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Re: What does a BitUSD early adopter look like?
« Reply #3 on: October 29, 2014, 06:49:39 PM »
It's standard marketing practice to clearly define what an early adopter (of your product) looks like. It's not sufficient to say "lets target everyone". You need to target a very narrow band if you want conversion rate to be high. Here's how I see the ideal early adopter of BitUSD and other BitAssets:

Age: 18 - 35
Sex: Male
Education: University
Occupation: Tech related
Political: Libertarian
Location: Latin America

While your ideal early adopter demographic sounds good in theory, my question would be: How come so very, very few of we early adopters fit your ideal? domographic?

Agreed. I think that the Location needs some work. Other than that I fit into it except you may want to broaden the occupation to include Finance/Economics. I'm sure I'm not the only individual who follows Austrian economics in this forum.

Most of the Tech related posts/concepts are over my head, but I know there are a lot of economists/finance professionals would be sold on the idea of Bitshares. Especially if they lean libertarian.

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Re: What does a BitUSD early adopter look like?
« Reply #4 on: October 29, 2014, 06:50:17 PM »
While your ideal early adopter demographic sounds good in theory, my question would be: How come so very, very few of we early adopters fit your ideal? domographic?

I would say besides the "Latin America" category (no marketing in that area), we all fit the bill quite nicely.

Alright, but I would add to the list that virtually all early adopters were familiar with /users of bitcoin before coming to BitShares.

Offline Method-X

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Re: What does a BitUSD early adopter look like?
« Reply #5 on: October 29, 2014, 06:55:58 PM »
Alright, but I would add to the list that virtually all early adopters were familiar with /users of bitcoin before coming to BitShares.

I'm trying to look past the crypto community and identify who is most likely to use a BitAsset going forward. What type of person is most likely to convert into a user, not just a wealthy Western speculator...

I see BitShares as a company that offers products (BitAssets) to niche markets that need them most. Wealthy Western speculators will be the ones buying up BTS if they see the product BitShares offers getting adoption. Apple has to sell its computers before investors will buy APPL.

A BitAsset customer will look very different than a BTS investor.
« Last Edit: October 29, 2014, 07:04:56 PM by MeTHoDx »

Offline liondani

Re: What does a BitUSD early adopter look like?
« Reply #6 on: October 29, 2014, 06:58:18 PM »
It's standard marketing practice to clearly define what an early adopter (of your product) looks like. It's not sufficient to say "lets target everyone". You need to target a very narrow band if you want conversion rate to be high. Here's how I see the ideal early adopter of BitUSD and other BitAssets:

Age: 18 - 35
Sex: Male
Education: University
Occupation: Tech related
Political: Libertarian
Location: Latin America

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Offline sschechter

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Offline luckybit

Re: What does a BitUSD early adopter look like?
« Reply #8 on: October 29, 2014, 09:43:33 PM »
It's standard marketing practice to clearly define what an early adopter (of your product) looks like. It's not sufficient to say "lets target everyone". You need to target a very narrow band if you want conversion rate to be high. Here's how I see the ideal early adopter of BitUSD and other BitAssets:

Age: 18 - 35
Sex: Male
Education: University
Occupation: Tech related
Political: Libertarian
Location: Latin America

Location doesn't matter but I do understand where you're coming from. I think this is pretty much true but you should at least collect some statistics to put as references rather than just putting out gut feelings which could be incorrect.

It seems the typical demographics that will like Bitcoin will also like BitUSD. But I think with BitUSD you should also consider whether or not they are nationalist in orientation. Also libertarianism isn't necessarily popular in Latin America so you have to figure out what political views exist there and appeal to that.

I don't think I've met many libertarians from Latin America.
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zerosum

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Re: What does a BitUSD early adopter look like?
« Reply #9 on: October 29, 2014, 09:54:43 PM »
It's standard marketing practice to clearly define what an early adopter (of your product) looks like. It's not sufficient to say "lets target everyone". You need to target a very narrow band if you want conversion rate to be high. Here's how I see the ideal early adopter of BitUSD and other BitAssets:

Age: 18 - 35
Sex: Male
Education: University
Occupation: Tech related
Political: Libertarian
Location: Latin America

Location doesn't matter but I do understand where you're coming from. I think this is pretty much true but you should at least collect some statistics to put as references rather than just putting out gut feelings which could be incorrect.

It seems the typical demographics that will like Bitcoin will also like BitUSD. But I think with BitUSD you should also consider whether or not they are nationalist in orientation. Also libertarianism isn't necessarily popular in Latin America so you have to figure out what political views exist there and appeal to that.

I don't think I've met many libertarians from Latin America.

I do not know where the tech-savvy Latin Americans are hanging those days, but I dare to say that the number of them being in the BTS crowd is dangerously close to the number of  females around here.

Offline Empirical1.1

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Re: What does a BitUSD early adopter look like?
« Reply #10 on: October 29, 2014, 10:32:41 PM »
It's standard marketing practice to clearly define what an early adopter (of your product) looks like. It's not sufficient to say "lets target everyone". You need to target a very narrow band if you want conversion rate to be high. Here's how I see the ideal early adopter of BitUSD and other BitAssets:

Age: 18 - 35
Sex: Male
Education: University
Occupation: Tech related
Political: Libertarian
Location: Latin America

I largely agree with that, Latin America will be our strongest & most lucrative early adopters outside the existing but small Bitcoin demographic.

Our current CAP & community is mostly taken from the Bitcoin/Alt-coin group & I think we could do more to win our own market. It would be nice to be a solid no.2 before expanding beyond it but perhaps focusing on markets beyond crypto will scoop up a lot of the rest of crypto on the way.

I would say a BTS early adopter is much like a Bitcoin user, except we have utility Bitcoin doesn't have in the form of BitAssets which has huge appeal in places with highly volatile/depreciating currencies and limited access to alternatives. Early adopters in the rest of the world outside Bitcoin users, would probably be Libertarian leaning so I like Bytemasters thoughts here for that - https://bitsharestalk.org/index.php?topic=10620.0

Latin America esp. Argentina - Starting with existing Bitcoin demographic

This is where the use case is so compelling, people outside the existing Bitcoin demographic will rapidly adopt BitUSD as it is with limited development. The market size is also very big. The easiest way to get in there though is probably via the Bitcoin door.

Libertarians/Independence minded people - Starting with Bitcoin demographic

Brand BTS as being similar to their values, so that it appeals to a wider group of Libertarians not just tech savvy 18-35 Males, we can expand our market to include older males & some females that are non techie but are willing to expand outside their comfort zone as it appeals to their ideology.

The other groups to expand to I wouldn't consider early adopters as they need a lot more on the technical development & utility side as well as expensive promotion and bonus campaigns to get their interest. It's not a bad idea to get the basics in place though as a financial crisis could happen at anytime in which case our early adopter base will expand to encompass a very wide net.

Other Potential target niches

Merchants - I also think BitAssets have a lot of appeal for merchants because unlike a volatile Bitcoin they can sell in BitUSD, stay in BitUSD, earn yield, pay suppliers in BitUSD + other advantages.

Traders - I also think traders are a potential market. They will be more familiar with these type of clients, the fees may be cheaper, yield lucrative and of course BitAssets have some unique advantages.


« Last Edit: October 30, 2014, 09:22:24 AM by Empirical1.1 »

Offline nomoreheroes7

Re: What does a BitUSD early adopter look like?
« Reply #11 on: October 29, 2014, 11:47:34 PM »
Age: 18 - 35  Check
Sex: Male  Check
Education: University  Check
Occupation: Tech related  Accountant...hobbies/interests are tech-related
Political: Libertarian  Check
Location: Latin America  nah, USA

Tuck Fheman

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Re: What does a BitUSD early adopter look like?
« Reply #12 on: October 30, 2014, 12:31:46 AM »
Age: 16-96 conglomerate
Sex: both
Education: autodidact
Occupation: self-employed
Political: no rulers
Location: north america

Offline toast

Re: What does a BitUSD early adopter look like?
« Reply #13 on: October 30, 2014, 12:46:46 AM »
 +5%

The message to people who *could* understand the entire idea in 5 seconds are not well-formulated enough for it to be popular with people who should get it. I think we will find a lot of evangelists by being able to *actually just explain what it is*.

"These are experimental financial instruments which use cryptocurrency + price information to make decentralized digital tokens that can price-track a dollar, oz of gold, etc without a counterparty"
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Offline oldman

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Re: What does a BitUSD early adopter look like?
« Reply #14 on: October 31, 2014, 03:58:27 PM »
We might want to take a hard look at Germany and other Eurozone demographics.

Lots of unemployed, tech-savvy 15-35 year olds.

Some German bank is now pushing negative interest rates on balances.

Could not be a more opportune time to reach out with a mobile wallet and yield-bearing bitAssets.

 

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