I’ve been thinking lately about ways that we as a community could do a better job of spreading the word about StormX. I was curious if anyone in our community would have any interest in trying to develop a community proposal for a time period specific referral initiative. I was thinking that it would likely need to be something where a few community people could meet together and try to develop a proposal where the creative aspects would be community driven, and the legal and financial parameters could be a collaboration between the core team and those developing the proposal. I think it’d be great if we could offer tiered payment to the developers of the proposal based upon the success of the proposal if it is accepted by the community. I’d be happy to lead this initiative and exclude myself from any compensation if it is successful, but I’m curious if there is any interest amongst the community in trying to collaborate and make this thing a reality. Thoughts?
I like the idea, i think there are some avenues to be explored. I thi k the whole refferal system needs to be redone. Users should be able to input a refferal code at anytime. Before or after sign up. Sowmtimes the tracking doesnt work.
Well let me put one of my ideas I had on this matter. I was thinking that we could have a referral contest within the community. Obviously we have the standard referral bonus for the individual, but in this case if an individual reaches certain referral goals and/or if we as a community reach a certain referral goal, there are increased bonuses available on a tiered system based upon the tier reached for the number of referrals made. Maybe the top referral prize would be an entry into the next StormX poker tournament. Or maybe a mid tier would be a an iPad. A low tier could be a monetary bonus. Ultimately, I’d like to see both individuals engaged in making a push for referrals as well as us as a community we could seek to find influencers with audiences that might be incentivized by the initiative to encourage their audience to sign up for StormX. The team would set the parameters of the amount of time/money they’d be willing to commit to the initiative, but us as a community might be able to show discretion on how we might prefer to see those prizes divided up.
Time period specific referral initiative like coincides with the launch of the debit card or are we referring to the overall STMX ecosystem?
Not sure if that difference would matter as I’m not even familiar if there would be referral difference if someone uses the card or the rest of the ecosystem.
Time period specific: I meant that there is a start and end point to the initiative. It would make sense to have it coincide with debit card releases in key countries/regions. But it might be hard to get people without debit card access to be motivated to participate. But if there were benefits available to all community members who cross a minimum threshold of referrals, perhaps that could be enough to get the whole community behind the initiative.
Personally I feel it should be more of a debit card oriented promo but that’s my opinion.
Would the current referral program that is in place also be valid for the debit card?
I don’t think so because it seems geared towards staking/shop. I think debit card initiatives will be separate and probably one time kind of bonuses. However, if someone does sign up for the stormx app using your referral code and their intention is just to have debit card access, there is always the possibility that they end up staking/using shop down the line so there’s still a chance to get referral bonuses for those activities.
Once the card is live we should defintly do a debit card promo.
The team needs to let us know which is more profitable for them, debit or shopping. If debit isnt that profitable then maybe we shouldnt focus the refferals to it, but let it be a value add instead.
Vice versa also works.
I think refferalls need to be loke 3 shopping tripls within 90 days OR a average spend of 150$ within 90 days. That counts as 1.
Ans then as the communkty hits lets say 100 refferals total, it unlocks better rewards. If we hit 200 it unlocks even better, etc. Good system. Needs some fine tuning
If the debit card is an easier first step to join the stormx ecosystem, then it might make sense to prioritize debit card users because it could be easier to get a happy debit card user to convert to a shop user than trying to get a non-user to become a shop user. Debit card might be the easy to enter front door that later becomes a shop user. So regardless of profitability for StormX, it might not matter which of the two a new user signs up for and thus, it might be better to just get referrals, regardless of what the new user is really interested in signing up for.
And yes, I think you’re getting what I’m saying. I was thinking of two different reward incentives. Some for the top individual referral generators and then some for the community as the community is able to achieve different tiers of success.
Can you go into a bit more details about your last paragraph?
I personally just see that shilling a debit card is simpler and makes the whole experience for me as the shiller much more easier to onboard potential friends/acquaintances.
Maybe I’m wrong here but I assume most of our community members will probably use word of mouth to promote STMX and so being incentivized to help onboard a person with the debit card seems like the easiest way for the community to earn a few $ more as current referral system does not apply to the debit card (if I understood things correctly)
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My idea is that if individuals are able to generate a LOT of referrals they should get a reward incentive. But also, if the community is collectively able to generate a LOT of referrals and we hit goals, then anyone who passes a baseline minimum of referrals during the initiative would be able to receive a community reward as well. For example, if the community produces 50,000 referrals during the time period, all community member who have 5+ referrals would receive _____ reward. For an individual who generates 100 + referrals they would receive _____ reward. Things like that. I’d also expect that there’d have to be some sort of baseline participation for a new user to qualify as a successful referral so that the initiative couldn’t be gamed by bots, etc. Something like a funded card with spend, or a shopping trip that earned rewards or a user who stakes.
Yes there would need to be a eligbility/verification period. Maybe 90 day for refferals to be “earned” 30-90 days after window cloaes for verificaiton/refund window to end .
And then rewards go out within 30 days after.
Sadly, the situation that storm is in means they need to add breathing room to verify charge disputes and refunds. So rhere will be a long drawn out waiting period for rewards.
Yeah I like the direction we are headed to although I’m only considering the debit card…the shopping trips I don’t feel are reliable to stick my head out when I didn’t have an enjoyable experience in the very few occasions I used the app.
So incentivizing a debit card specific promo is IMO the right path to take(although has be done in collab with the team) but I do like your idea about community total referrals 50k+ all community members with 5+ referrals receive X award.
What I would also like is category where we get less people referred 10k but they spend a lot. It might not happen but I was thinking if I where to refer it somebody I will go either by his risk appetite(I know you don’t like to talk about token price but if I refer somebody and he uploads $250 and the next day is $230 I’m going to choose who is not going to bite my ass for it) or generally shops/spends a lot(less exposed to token swings if constantly spending STMX).
Ofc this pure brainstorming from my standpoint as community member that will only use more or less only word of mouth.
I don’t even know if the majority of the community members plan on using word of mouth or would be willing to actively promote the company on social media?