Mirror adoption- How to improve and increase the user base

Hi, guys! I’m looking for ways to improve Mirror adoption and grow the userbase. Any ideas are welcomed!

So how can we get more users on Mirror? An important metric for every website it’s how many users it has daily, monthly.

Another aspect is the regions or countries these users are coming from. So how do we find out these metrics? We use an SEO tool like SimilarWeb, SEMRush or other SEO Tool.

Here are the user’s analytics from mirror protocol:
https://www.similarweb.com/website/mirror.finance/#overview

-We see most of the users are from Thailand, China, the USA, Poland, Korea, countries that do have access or are limited to the USA stock market.

-Most of the traffic it’s direct traffic and referral traffic. Traffic from googling it’s very small, which means we will need more content like a blog or more articles promoting the website. We lack SEO on google for people to find our website.

-I think developing a marketing strategy for the website will help a lot: A SEO strategy, marketing plan, etc. We need to increase the website traffic in some ways.

-Affiliate Marketing by incentivizing creators on youtube and other people to promote the protocol. I don’t know if this strategy can be implemented, but it’s used a lot by other protocols and big crypto companies.

-We should focus more on the marketing side of the website, by hiring people who have experience in growing a website user base, hire people from Upwork, Fiverr, or other freelancer websites, etc. The website cannot grow long-term if the community it’s not involved in marketing.

-Another way to increase users it’s to look at what the competition it’s doing.
So we can find easily what projects are similar to us from CoinGeko, the synthetic-assets projects.

We can find a way to market Mirror to users that are already used to trade stocks with crypto, like Injective protocol, UMA, or Synthetics. We need to find a way to incentivize those users to use Mirror as well.

-We need to find those countries, which don’t have access to the US stock market like Mexico, countries from South America or Asia. If anyone can make a list, it will help a lot.
After we have the list of the countries, we can search which brokers are most visited in those countries, and promote MIR as an alternative.
An example will be to find forums, posts, websites where traders are active like Reddit, Robinhood, E-torro users, and present Mirror as a dex centralized alternative etc.

-We need a video strategy on YouTube and bring more creators into the Mirror ecosystem. YouTube it’s the no 1 website worldwide by traffic. More videos, more visuals, an academy, etc.

These are some of my ideas right now. I will update you when I will find new ones. In the meantime, every one it’s welcomed to leave his opinion on how we can grow the user’s base on Mirror.

Please comment below if you want to add more ideas. Thank you!

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Here are some of the answers and feedback I got from our Telegram community. I will post them here:

-I think the idea of buying stocks and earn massive interest on them (by staking) is just enough and awesome. As I discovered this I couldn’t believe but I was super suspicious about these “mirror” assets and if they really have the worth of that stock. I think we need a lot more marketing and explain this to the casual/mainstream stock buyer. They are still feared or don’t even know. Perhaps an all-in-one app for the smartphone which makes it much easier to invest in those assets."

-Probably just a much broader selection of mAssets would do the work. If people wish to invest in things without all those limitations (brokerage, tax policies, law restrictions, etc).

For now we only have a USA tech sector, oil, silver, gold, couple ETFs and couple coins… that’s not serious at the moment

  • Where are Chinese/Japanese/European/African/Russian/etc markets?
  • Where are other USA sectors?
  • Where is Mirror V2? :wink:
    Let’s go mirror everything tradable and people will come!"

-One of the main limitations for southamerican people is the barrier we have to buy crypto. We cannot transfer money from our banks to DEX o CEX, and our credit cards, I don’t know the reason, are not able to buy crypto. So, with the new integrations in the therra ecosystem, it will be awesome to have a gateway to buy UST so we can invest in MIR”

-assets such from other major markets should be a consideration since ppl come from all parts of the world! We need more assets. “

-You don’t get it people right? All that matters it’s to increase the website traffic for mirror! More traffic , more users, more trading, the higher the price of mirror! we need more stocks!”

-Lower the quorum for voting the stocks! Also, 20 stocks are to little and are like a provision store. We need an actual supermarket with at least 50-100 stocks! “

-Hello!! Been a user and holder of MIR for a while now. I think MIR needs to offer leveraged products. There is a very real demand for this is the crypto space that MIR is missing out on!”

-Next to zero marketing is the biggest mistake and one that requires attention. Its naiv to believe the best product wins by having the best network/code/technology. Marketing is key.”

-Couple of comments in reply to your view: MEME stock and MEME crypto do actully provide long term growth. You need to get people in the door and recommend it to their friends, meme stock/crypto is a great opening.”

-Adding too many stock and too quickly will dilute rewards and risk a bank run situation, be very careful with that.”

-Everything is gobbledy goop to the average person. They start to read about stuff like Mirror, but the writer has gone into jargon and using terms to show how advanced he is in the knowledge dept.
To get people interested in Crypto, all its fascinating ecosystems and potential like the Cosmos, information needs to be in learner language. It needs to be taught. You need teachers to get in and make it easy to understand.
And if the lessons are posted on youtube , same same, and they need to be slowly presented in good clear english.
And people need to know; this is the future, you are ahead of the rest, now is the time to learn it all.”

-Those assets should have been added automatically instead of leaving it to governance.
Anything that is stable enough should not need a governance vote. All these people putting up proposals which make sense and not passing is just hindering growth.”

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I think that it would be a good idea to mirror Chinese stocks as the government there has very restrictive rules on what can be done with shares.

For example, in 2007 and 2015 the Chinese government engineered huge bubbles which resulted in massive gains. However, there were many lock-up agreements in place and restrictions on trading meaning profits were missed out on. They even went as far as making short-selling illegal when the collapse of the bubble was imminent.

This is why I believe that it would be a good idea to mirror the Shenzhen and Shanghai composite indexes so that investors from all over the world can invest in China’s growing economy and spectacular bubbles of financial opportunity without worrying about government policy preventing them from taking profit, trading shares or even making it illegal to short-sell at peak opportunity.

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I’d like to see a steady cadence of new stocks being added that are popular across the world by market cap and volume. Non US stocks would be great as well.

  1. Create mirror for all the major indexes : US (S&P500 , Dow, Nasdaq, Russell 2000) ; EU(Dax, Eurostox, FTSE 100, CAC 40) ; China (Hang Seng) ; Japan (Nikkei 225) ; Australia (S&P/ASX 200); Canada (S&P/TSX Composite Index); India (NIFTY 50)
  2. Create mirror for all the blue chip companies (Apple, Microsoft, Berkshire Hathaway, Walt Disney, Alphabet, Amazon, Visa, Mastercard, Nike etc.) , then keep adding companies with market cap over 200 bln.
  3. Create mirror for mid and small cap (S&P 400 and S&P 600) and start adding companies best performing companies with market cap from 10 to 200 bln.
  4. Strat adding hype/meme stocks to keep everyone happy
    Some of the indexes and stocks are already on the mirror but its probably only around 5% and everyone skipped the hard work and jumped straight to hype/meme stocks. Hype could bring some temporary players but if mirror.finance is here for long run it is pointless and people need to focus more on macroeconomy and growth in the long term (SPOILER ALERT - MEME STOCKS DONT BRING LONG TERM GROWTH)
  5. When everything is ready you will have a product to sell so there could be a marketing campaign targeting people from underdeveloped countries that don’t have access to stock market (and there are a lot of countries that cant access stocks).
    And this is just the start, there is so much more that can be done with mirror and I am very bulish on MIR (I am long, keep buying it, and not stopping), I think it can easily reach 10 bln market cap if everything is executed correctly but people need to stop focusing on short term and put some hard work into it.
    P.S. I am happy to work with mirror.finance if my knowledge and skills can be useful but I am not a developer , I am full time trader/market maker/investor-Anatoli!
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One way to make interested users actually use the platform, would be to decrease the beginner barriers to use it.

There is two things about which could have been easier for me, the first time I was interested in trying out the platform:

  • bought MIR on Binance, was wondering how I could transfer it to the terrastation wallet; couldn’t figure out it myself and asked on Telegram (if anyone is wondering: you cannot withdraw MIR from binance to a luna address, instead you need the bridge for transfer: bridge.terra.money);

  • where to buy UST to pay the fees? Luckily I got a Kucoin account where I can get the UST. But some people wouldn’t register a new account on an exchange. On most other major exchanges like Binance, OKex it is not possible to buy UST.
    → possible solutions or workarounds: make UST be listed on more major exchanges; make fees payable in MIR, when there is no UST balance available

So that were the main obstacles for me as a interested crypto user. For beginners of crypto there is surely some more obstacles.

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-I would say get more youtubers and content creators on the case… get feedback on UX too”
Offer affiliate / sign-up / deposit bonus…
This is how other share platforms grow… via affiliates… so you need a way to reward people who bring traffic to the site and make a first trade.
im sure it can somehow… if you can give MIR tokens to people who bring traffic they will, and you can track who brings traffic… so yeah, you can pay people”

-I really hope one day Mirror Protocol will come up with trading charts on site and stop losses or OCO trading functionalities. This would really boost more users as these tools would help trading to be more condusive on Mirror, especially when Minting and managing a short position :)”

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Enable the usage of MIR to pay for txn fees.

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There are two ways where Mirror or any other token can grow. User adoption and big fish investment. What’s the way Mirror can gain user adoption ? Well, for instance compete with the likes of Robin Hood and stress that, unlike Robin Hood, there is no Vlad whatever that can just centralize decision making. Do we need marketing for that ? Without a doubt. Should we submit to a vote if the community is interested in investing in such a project and if yes, how much we should pool in ?

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I agree we need to get UST on all major platforms and exchanges, to begin with. Also, wherever SNX is listed, so should MIR. Why isn’t it already on Quick Swap, Beefy, Rari, Orion exchange, etc. ?

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I think if there was a brokerage firm that adopted mAssets for non US clients this could be the key to the kingdom. The only firm that I think would consider such an idea would be Tom over at TastyWorks. They like to do things outside the norm. Anyone familiar with that platform?

As for directing traffic, SEO is a complete waste of time. Are you wanting "users"as in number or are you wanting “users” as in the volume they will trade. If that is the case then what will be better is directing the platform and explanations to stock brokers and institutions. The stock market is already difficult enough without trying to educate individuals about synthetics. Those who already have an intrinsic understanding of the stock market will understand the concept better and be more willing to uptake. I think SEO will be a pure waste of $$. Regards.

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I agree, SEO is not the way forward.

@Gezza22 and @edgarintimbuktou Looking at successful projects, what really matters is the network effect. Getting this project in the hands of a few investors with deep pockets will only create a massively centralized distribution of asset hodlers, and likely the moves will be highly correlated, which means deep swings.

Having 100,000 users hold 100 MIR each versus 100 users hold 100,000 MIR each is much much healthier and better for the project. At a few hundred thousand to 1M users, we may hit the network effects, triggering exponential growth forces. Whatever gets us there would be the right approach.

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Another consideration here is to appeal to different markets, it will be interesting once mirror expands outside of US equities . It will bring in a whole new group of users .

You can check out flipside and see this data for yourself, For example when mCOIN and mAMC were announced we saw a huge increase of users .

https://mirror.flipsidecrypto.com/

Mirror is building something incredibly useful. If you build it they will come.

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Whatever gets us there. Let’s try and find a way then.

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Hi Frank, I have read your piece regarding the marketing strategy to increase the number of users. One of the drawbacks with these polls is that you cannot give feedback, only vote yay, nay or abstain. At least you have added some further information for people to read. If I may provide my two penneth, the ideas sound good, but we are missing a vital piece of information - the payoff. In other words, if the community agrees to your proposal and sanctions the marketing program, what do you expect to be the benefits that will result. I appreciate these will always be difficult to estimate, but it would help to have an idea of what you think can be achieved a) to assess whether the cost/benefit looks attractive and b) if you do get the green light, to assess the effectiveness of the campaign when it has finished.

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Just wanted to echo Dickshorty here also but also give frank props for trying to get things moving

Agree with many of the points above - one of the key focusses for mirror should be helping facilitate access to restricted markets. This is typically what any investment bank does via their swap desk. ie give access to US investor to Chinese equities on swap or let someone in Europe trade Indian stocks etc

Hence those in the US / Europe typically find it hard to trade the following markets due to capital controls, tax and or creation of local IDs on local exchanges: China, India, Taiwan, Korea, Thailand. To start it probably makes sense to list the country indices CSI 300/500, NIFTY, TWSE, KOSPI2, SET50 etc If those prove successful then you can then move to listing the top 5 stocks perhaps…

The flipside to this coin are those investors who live in those capital controlled/overly regulated markets or the unbanked who can’t create a IG or Interactive Brokers accounts. Hence these people would requite access to “mainstream” equities. Mirror has done a good job with listing Tesla etc but what about simple things like FTSE, DAX, SX5E or even MSCI indices like MSCI World or ACWI?

On top of that I think SEO is a good idea but I still think mirror lacks the full offering of a fully functional trading application. Once there are more things to trade and perhaps improved functionality then perhaps its then good to start publicising more

I guess the key is to keep people using their UST and stay within the terra ecosystem - and the way to do that organically is to provide more service and variety to spend UST on

With that said I was thinking was is there any reason why Mirror couldn’t mirror an option listed on Derebit? Hence you could mirror things like the 1m 105% call or 1m 95% put and then that would enable you to create very simple call overwriting / underwriting or hedging strategies for mirrored assets and hence give more reason for people to stay in the ecosystem.

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Some thoughts:

  1. The marketing strategy will have several pieces and we need to determine, what the order of prioerities is. For example, in my opinion any SEO work done too early, without proper landing pages, customer education materials, and conversion funnels would just be a waste of time and funds - it will drive massive traffic and they will slowly just die down (lack of interest / friction/frurstration / UX issues if any etc). There are also valid questions about reducing industry specific customer friction with regards to UST/MIR on- / off-ramps etc and it may be worthwhile to wait before funneling marketing funds - if a proper strategy is in sight for that. That’s also why I’ve voted no on prop 109 for the SEO campaign.

  2. I can’t help but think that a properly done Explainer Video about what MIRror actually does, how it works, could be a crucial piece of information for non-educated customers. It would answer what mirrored assets are, how they work (what are oracles, and can this technology be trusted, and what are the benefits). We could have a short/long version, posted organically by the community (possibly, with affiliate links to reward the most active community members) and then appropriate links that lead users to a landing page (are you a ____ user, wanting to ___ click here).

  3. I am noticing that governing via a DAO presents its own challenges / a consequence can be that there are too many cooks that spoil the soup. Too many opinions that are often in conflict, and there is the other reality, that we are working in an echo chamber where not everyone (perhaps no-one?) is an expert on the given subject. Building on this, instead of trying to run a grassroots marketing campaign, how about Mirror (or even Terra, from-the top – of course, with blessings from the Terra community) requests proposals from actual marketing / design companies for a full-on digital strategy?

This means, to have a big impact, we need to think big. Incremental, small campaigns may seem to cost less, but they will inevitably lack the “grand” marketing strategy that has to span multiple years, media, even versions of the product – meaning: strategy, tech, and business building (sales) need to work hand in hand as best given the known information, to create a strategy that will serve the community long-term.

I have a feeling that there may be a resistance to the idea of a “big ticket item” (eg something that costs, say, $250 or $500k) in a community where perhaps $5000 can seem a lot. I am not fully convinced that people living in places with different economic power would be comfortable voting for a number that may seem astronomical to them. There’s also this common “we can do this better, for much less” philosophy I’ve seen creep up in my years as a developer. Just bringing this up to see, if there’s something to learn.

  1. If I had to propose an action plan that could work with community governance, I would propose the following:
  • We could vote on the amount the community is comfortable spending on a digital strategy. This would give us the parameter that would be part of the requirements.
  • Create a fair budget (in the $2-5k per bidder) that would pay N world-class (digital) branding/marketing companies the fair amount to prepare a bid. Bids will be published openly and reviewed and discussed
  • Interesting “challenge”: We would need a tool that would allow the community to vote on these multiple bids. If no better option exists, voting could be done in binary form eg: Yes = I vote for bids in group A, No = I vote for bids in group B; if possible, we could use the Abstain option as well, eg if we had 3 finalists / or only 3 bidders).
  • Final proposal formalized with exact amount, collateral requirements etc. - based on the proposal from the winning agency, that would formalize exactly the cost, deliverables and timeline) that would trigger a withdrawal (into escrow? / custody?) of the project funds
  • I would not refrain from potential bonuses for quality or speed of work (eg if done before… a bonus of … will be rewarded to the agency)
  • Community-created task force (eg a group chat via Discord if such a thing exists?) – (side note: Telegram is severely limiting for project-/ group-specific communication) that could serve as the liaison with the winning agency)

Closing point: Let’s let experts do what they’re good at. You wouldn’t let a butcher perform neurosurgery, would you? :stuck_out_tongue:

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I just published this, inspired by your post @frankunderwood22 : [Proposal] Collect 3 Proposals from top-class design/digital marketing companies for a general Marketing Strategy (and derivative products?)

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