A few day ago I shared Guiding Principles [2022 Revision]. In today’s post, I’d like to discuss and share important aspects of strategy and metrics.
Strategy in 2022
Our Ultimate goal
Be the platform of choice for ambitious crypto wealth seekers to deploy and grow their assets.
What is the purpose?
Help them escape the financial captivity.
For whom is your organization fulfilling the purpose?
Crypto people which are committed to growing their wealth.
When do we consider your venture a success?
When the vast majority of users consider PieDAO products of impact on their life.
The 2022 revision of the Ultimate Goal statement develops on important points; It identifies the clear goal of Being the platform of choice for ambitious wealth seekers. It develops on the previously used motto of Automated wealth creation for everyone by narrowing down the customer segment to ambitious wealth seekers, it is an important distinction as the word everyone, while being incredibly powerful, can also be at times confusing. The Ambitious Wealth Seeker has made the conscious decision to change their destiny, take action and walk the path to grow their wealth. Why crypto? Because it’s the single biggest wealth redistribution event in history, its’ open infrastructure makes the opportunity available to anyone connected to the internet.
The Ambitious Wealth Seeker owns ETH and other tokens, it’s familiar with the concept of DeFi and values the use of passive tools for portfolio management to grow their holdings.
We put innovation at the heart of our product philosophy. We take pride to have pioneered a dao-first community, gas-saving via batching such as the ovens, productivity of assets in indexes, and have crossed the line from “valueless” governance tokens to reward active participation via governance mining.
We recognize there is great value in developing easy and beautiful products people want to use with confidence and joy.
Lastly, we deeply care about building a community people love to be in. A community ready to help, with kind words, where ownership is encouraged. The journey to financial independence is long and fraught with peril, mistakes will be made and achievements will be celebrated. We are in this together.
A North Star metric is a powerful tool to help align an organization towards a shared goal and predict success (learn more on Amplitude and Mixpanel). Last year there was a fair amount of discussion between active contributors in the community about the subject, it’s natural for metrics to change over time and evolve together with the organization’s objectives, for this iteration I recommend we implement Unique Holders as North Star Metric and keep it that until the next revision in 6 months. We can use this query made for the Dune Analytics Dashboard made by Tom. Unique Holder offers a good proxy to benchmark for how many people we are the platform of choice to deploy and grow their capital.
We can think about Core KPIs as ways to answer the question: “How are we doing against our north star?” It’s a powerful tool to also understand if something is broken. Following the strategic pillars above, I recommend using 2 key KPIs until the next revision:
Net Promoter Score: Would you suggest the product to a friend? 1-10
Unit Supply: Number of units of a single Piedao product.
I’m particularly fond of NPS since it helps measure users’ loyalty and helps optimize the product so that people are willing to tell others. Unit Supply makes it easy to understand if people are minting or burning and can easily raise a flag, should things stop working.
I deeply care for the people in this community to be aligned on the shared goal, executing with focus is how we win. My intended next step is to share a post about practical initiatives for 2022.