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2/10/24

OpenGov #324 Transparency Report: �Increase Awareness of Polkadot On-Brand Narratives via Twitter Ads

�OpenGov #324: �Twitter Ads Promotion by @colorfulnotion

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#324: Increase Awareness of Polkadot On-Brand Narratives via Twitter Ads �$144K Spend

Targeting: English-speaking Crypto Retail

Aims: 85% on @polkadot + parachains, 15% other

50% Twitter Direct ($72K), 50% Addressable ($72K)

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OpenGov #324: Twitter Ads by @colorfulnotion

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$30.5K out of $144K spent (21%) over first 6 weeks (12/25/23 - 2/9/24)

Remaining $113.5K to be spent over next 8 weeks (2/10/24 - 4/15/24) �$14K/week, $1,750/day

#324 At a Glance: Spend over time

OpenGov #324: Twitter Ads by @colorfulnotion

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OpenGov #324: Twitter Ads by @colorfulnotion

2/10/24

Question 1:

What messages did you promote so far?

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OpenGov #324: Twitter Ads by @colorfulnotion

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OpenGov #324: Twitter Ads by @colorfulnotion

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How It Started:

DOT 2.0 BUSINESS

DOT 2.0 IS BREAKTHROUGH TECH

DOT ECO HAS GREAT REWARDS

DOT IS FOR THE ENTERPRISE

DOT IS A STARFISH NOT A SPIDER

DOT SUPPORTS USERS + PARACHAIN GROWTH�

How Its Going:

Memecoin [used to do large scale audience testing]�Polkadot 2.0 [used to do large scale ad testing]�Polkadot 1.0: Defi, Staking, Gaming, Dapps, Decentralized

OpenGov

YearInReview

Events

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OpenGov #324: Twitter Ads by @colorfulnotion

2/10/24

Narrative Category	$ Spend	# Engagements	# Impressions	eCPM	eCPE	% Spend
Memecoin	$9,553.99	32,487	5,353,741	$1.78	$0.29	32.77%
Polkadot2.0	$8,953.44	21,329	3,481,026	$2.57	$0.42	30.71%
Defi	$3,110.34	5,749	835,245	$3.72	$0.54	10.67%
Decentralized	$2,153.97	7,777	861,290	$2.50	$0.28	7.39%
Gaming	$1,074.98	3,304	444,715	$2.42	$0.33	3.69%
YearInReview	$1,024.34	3,071	418,014	$2.45	$0.33	3.51%
OpenGov	$953.30	2,648	442,789	$2.15	$0.36	3.27%
Other	$867.85	2,395	260,322	$3.33	$0.36	2.98%
Dapps	$651.03	1,556	407,681	$1.60	$0.42	2.23%
Staking	$433.35	1,062	114,762	$3.78	$0.41	1.49%
ETHDenver/sub0	$374.28	259	35,944	$10.41	$1.45	1.28%
Grand Total	$29,150.89	81,637	12,655,529	$2.30	$0.36	100.00%

#324 At a Glance: Twitter Ad Narratives

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OpenGov #324: Twitter Ads by @colorfulnotion

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Question 2:

Can @colorfulnotion promote @polkadot + other accounts�(e.g. parachains, leading ecosystem agents)?

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OpenGov #324: Twitter Ads by @colorfulnotion

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Answer: Yes!�Account owner (e.g. @polkadot, @bifrostfinance, @giottodf, …), send a note permitting @colorfulnotion to promote …�… few days later, Twitter ad ops approves�RESULT: @colorfulnotion can promote any tweet as an Ad

@BifrostFinance added 2/7/24

@polkadot required W3F Legal/Security Approval, finally added 1/31/24. Thank you Evan Thomas!

Any parachain can reach out to @sourabhniyogi on Telegram to be added here for #324 promotion. Tweet must mention Polkadot and be about product

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OpenGov #324: Twitter Ads by @colorfulnotion

2/10/24

Question 3:

Is working with

Addressable work �better than Twitter Direct?

(This guy made a lot of changes.)

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Background:

Twitter, in classic Web2 style, shut down open analytics; Addressable uses an $40K+/mo API to build “Audiences” where social accounts are inferred to be mapped to EVM wallet addresses
Addressable setup ~200 audiences for us to run a A/B test to compare Addressable to Twitter Direct

Answer: Yes, Addressable is an excellent partner

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OpenGov #324: Twitter Ads by Colorful Notion

2/10/24

Addressable Process: (roughly)

Once we create an audience, we setup a campaign. Addressable actually sets up a dozens of “Audience segments” using the Twitter Ads API�
Then, we go to Twitter Ads, finish setting up the campaign (setting impression caps, specifying), and launch it! �
As campaign runs, segments adjusted to lower eCPE (eCPC, eCPA, …) by addressable.

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OpenGov #324: Twitter Ads by Colorful Notion

2/10/24

Twitter Direct

Not matched to wallets
Lower CPMs because of lower competition
Excellent for short < 1 week high reach campaigns with little time to optimize eCPE, eCPC
Self-serve advertising

Addressable

Matched to wallets
Higher CPMs because the audiences are [supposedly] matched
Costs 15% more than Twitter Direct
Excellent for multi-week campaigns to lower eCPE, eCPC, …
(Probably) Excellent for transactional campaigns. Requires eCPA focused campaigns for validation
Stellar ad ops team! Critical – as Twitter ad ops is often slow + needs prodding in Musk era

Bottom line Conclusion: Addressable is a super valuable partner for Twitter Ads in most Polkadot campaigns.

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OpenGov #324: Twitter Ads by @colorfulnotion

2/10/24

Question 4:

Can dive into the messaging performance?

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OpenGov #324: Twitter Ads by @colorfulnotion

2/10/24

Memecoin: DOTisDED

Tweet Text	Spend	Engagements	Impressions	eCPM	eCPE
DOT is $DED? Come help build Polkadot's 100% Fair Community-Generated Memecoin!	$6,373.61	17,731	3,391,286	$1.88	$0.36
$DED is a DOT Memecoin: If you have DOT, you can claim $DED Airdrop	$3,180.38	14,756	1,962,455	$1.62	$0.22

The first message was used to do mass audience testing, the second demonstrates lower eCPE is possible with simple ad copy changes.

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OpenGov #324: Twitter Ads by @colorfulnotion

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Twitter Direct provided precise ad testing for Polkadot 2.0 ads

Highest engagement 0.53%

Lowest engagement 0.46%

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OpenGov #324: Twitter Ads by @colorfulnotion

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Sometimes you get really bad performance:

Example 1: Targeting #ETHDenver is expensive because everyone else is, making eCPE 10x expensive

It could be worth it, its a judgement call.

Example 2: Targeting @interlay_HQ for an InterlayHQ ad was also expensive, which should make sense

It’s probably not worth paying the high CPM here. But still a judgement call.

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2/10/24

Question 5:

What’s next�for #324?

OpenGov #324: Twitter Ads by @colorfulnotion

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OpenGov #324: Twitter Ads by @colorfulnotion

2/10/24

You are welcome to dive into the data yourself and share your ideas:

https://docs.google.com/spreadsheets/d/1mWB7XzrBo_EU6rRKJEHKBu_kXCxatqUON2uNWWES6C4/edit#gid=212353296

In Transparency Reports #2 + #3, we’ll have more data from @polkadot + Parachains.

It is reasonable to reach 1.0-1.5MM Twitter accounts with 1-2 impressions with $2.5K-$5K and achieve $.40 eCPE for most messages over a 1-2 week time period with audience targeting similar to the above.

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Coordinate messaging with

DFP Social Media @polkadot
Other OpenGov+DFP Agencies: Lunar, Distractive

Add Parachains, demonstrate eCPA optimization
Develop and Test brand marketing videos: Beyond the Code II
Promote Polkadot ecosystem results from our own work (#366)
Share learnings with X/social media efforts (#385, #298)

2/10/24

OpenGov #324: Twitter Ads by @colorfulnotion

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2/10/24

If you lead a Polkadot Parachain:

get yourself noticed on @polkadot
reach out with sample tweets on your parachain account � Telegram: @sourabhniyogi Email: sourabh@colorfulnotion.com

At this time, it is reasonable to conduct $5K-$10K tests for 5 Polkadot parachains supported by #324 … if your tweets are directly related to Polkadot.

OpenGov #324: Twitter Ads by @colorfulnotion

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2/10/24

#324 Transparency Reports:

2/10/24 (start) - covering 12/25/23 - 2/9/24
3/15/24 (intermediate) - covering 2/10/24 - 3/14/24
4/15/24 (final) - covering 12/25/23 - 4/10/24

OpenGov #324: Twitter Ads by @colorfulnotion

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#324 has been �brought by OpenGov

Thank you DOT Tokenholders for helping increase awareness of Polkadot On-brand Narratives!

Follow @colorfulnotion on Twitter!

2/10/24