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Proposal: Core Team Public Relations (May)

Discussion in 'Pre + Budget Proposal Discussions' started by glennaustin, Apr 14, 2018.

  1. glennaustin

    glennaustin Member
    Dash Core Team

    Oct 10, 2017
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    This proposal is cross-posted at https://www.dashcentral.org/p/core-public-relations-0518

    Proposal background
    This proposal seeks funding for continuing our current public relations contract with Wachsman. The current contract restarted at the beginning of April and runs through the end of June. Although we have sufficient funds to cover April and May, we need additional funds to pay for June and to maintain a small buffer for risk associated with currency fluctuation. This proposal seeks $25,0000 of which $10,000 is required to cover the remainder of the contract period while $15,000 is for the buffer. Dash Core Group plans to submit its next proposal in June for any public relations contracts for services starting in July.

    The last time we requested funding for public relations was in January 2017.

    Since we initially engaged Wachsman, the scope of coverage has increased. Geographically, Dash is now supported in both the US and Europe. The number of press mentions has increased dramatically as well. Due to the expansion in geographic coverage and increased activity the current rate is $15,000 a month.

    What are some of the services Dash Core Group receives from the public relations firm?

    Developing and implementing a coherent public relations strategy requires a coordinated effort between Wachsman and Dash Core Group team members. Specifically, we collaborate on:

    Strategy and messaging - The firm assists in formulating our messaging so it can be easily digested by the outside world. Their input is valuable since they have experience working with media and have specific expertise in brand positioning and messaging.

    Media relations and content creation - The agency frequently forwards media opportunities to Dash Core Group. Certain opportunities are generated by their team through proactive topic suggestions, while others are directly initiated by journalists that reach out for comment. The Dash Core Group determines if potential media opportunities are promising and develops responses with the help of Wachsman.

    Training - Wachsman trains all Dash Core Group employees that have contact with the media to ensure consistent messaging.

    Crisis management - Wachsman provides valuable advice on how to manage negative media situations by bringing an outside, objective perspective to crisis situations.

    We have retained Wachsman since the fall of 2016. They have been a valuable partner to Dash Core Group. We have worked with other agencies prior to August, 2016 but found many of them lacking for a host of reasons. With Wachsman we collaborate in a manner that is fluid and efficient because we know each other well, and Wachsman explicitly focuses on the blockchain industry. As such, we believe appropriate media opportunities are more frequently offered to Wachsman than other agencies. Eight people from Wachsman are assigned to the Dash account, with locations in both New York and Dublin. Our interaction model includes frequent communication through many functions within our team along with monthly evaluation meetings.

    Wachsman also works with us on conference preparation and attendance, though that service is billed separately and is provided on a case-by-case basis. Regardless of whether Dash Core Group retains them for conference support, Wachsman does support us in aligning potential media opportunities associated with each event.

    How frequently is the Wachsman contract renegotiated?
    Despite having an excellent relationship with Wachsman, all of our contracts with them are short-term (typically a 3-month period). We prefer to re-evaluate our relationship on a periodic basis to determine whether they are the right fit for Dash at each stage of our evolution. Our current contract ends on June 30th. We are paying a fixed fee of 15,000 USD/month, which is in line with other firms we have talked with regarding the provision of similar scope and level of services.

    If you have additional questions, please direct them to @fernando.

    Requested funding is as follows for the May 3rd budget cycle:
    • 68.90 Dash ($25,000 USD @ $362.85 per Dash)
    Total: 68.90 Dash

    Note: Any unused budget will be applied toward future public relations expenses

    Manually vote YES on this proposal:
    dash-cli gobject vote-many f2ede82e7c13600389048bbdd50dbd81c9a998d01dce7db5f3a4bb714379455c funding yes
    OR from the qt console:
    gobject vote-many f2ede82e7c13600389048bbdd50dbd81c9a998d01dce7db5f3a4bb714379455c funding yes

    Manually vote NO on this proposal:
    dash-cli gobject vote-many f2ede82e7c13600389048bbdd50dbd81c9a998d01dce7db5f3a4bb714379455c funding no
    OR from the qt console:
    gobject vote-many f2ede82e7c13600389048bbdd50dbd81c9a998d01dce7db5f3a4bb714379455c funding no