Hardwallet goals, strategy and business plan


#1

In these times of team formation and budget&revenues evaluation, it’s a great moment to share with you a view on how we see what is the end game for our hardwallet:

  • Goals
  • Strategy to reach them
  • Objective and key results (Q1&2 2019)
  • Costs
  • Revenues

See here

It’s important we’re aligned on what we’re trying to do there and how, since this has direct impact on some of the key decisions we have to take on the project, and which have direct consequences on costs & revenues, mainly being:

  • what’s the end user price point?
  • what distribution channel do we set-up?
  • what’s the marketing work and budget we put in for this project?

A fundamental underlying point (especially to set-up the price point cursor at the right level) is how sensitive we are to covering our project cost with revenues. The less we are, the more aggressive we can be to use it as an acquisition tool.

All elements here are suggestions (e.g price points proposed), and some are rough evaluations (e.g. sales per month) to get us started on the discussion and evaluation, and your feedbacks are much appreciated :heart:️:heart:️

Here’s the document. Since it’s a bit heavy in terms of information, I wanted to give it a more visual style and it’s a set of slides.

Here’s the webview open to everyone, and here’s the doc if you wish to make inline comments


#2

This looks pretty amazing @guylouis :heart:

From my side, it sounds like need a new design for hardwallet.status.im and pretty fast cc @Ned and @jonathan. We also need to change the URL to keycard.status.im (easy enough for Jakub and I). Then we can get to work on the API docs and I know a few people at woocommerce, so we can chat about that too (though obvs we should also just accept our own crypto, right? :wink:)


#3

Might be a bit early for that, the card hasn’t been named yet, there will be a vote next monday to determine the name


#4

The progress on keycard is amazing. @guylouis has bundling the keycard with SNT, and potentially ETH) been discussed? For example: Selling at 39,9 incl assets.

My understanding is that the keycard is of most value when 1 or both of he following are through:

  • You have an amount of assets you deem of value, in other words, something to lose
  • Your a daily active user of Status, specifically of activities that require signing.

I ask because I’m not sure how many daily active users we have or the amount of assets they keep in their Status wallet. An ‘All-in-one’ package might create more value.

Regarding the 5K that signed up for the hardware wallet; I would be curious to know over what time period this was. It may very well be that subscribers sold their SNT in the meantime. It might be worthwhile to base adoption estimates on a post-January 2018 timeframe to be on the conservative side.


#5

@hester this is quite relevant, and we should definitely go further along here!

This feature is being discussed here: https://github.com/status-im/hardware-wallet/issues/20

As per the number of sign-ups: 4600 were done between 01/01/2018 and today, with lots of sign-ups in Q1 and Q2. We have 1270 sign-ups from 01/06.


#6

One thing to discuss, should we sell (quantities are example)

1/ 100$ (fixed) worth of ETH, or
2/ 1 ETH (fixed) and present to the user the amount of $ this represents
3/ a flexible system where the user decides at time of purchase (online or retail) how much fiat/corresponding crypto he purchases

This has several implications and I will write something to detail it so that we can discuss it and progress!


#7

If you need help with the legal/liquidity side of those cards, I’m open to forming a partnership between my Coinvendor.io platform and Status for the keycards. We take care of all the accounting / legal side of selling crypto, and Status can distribute cards.


#8

This is super close to what the Teller Network is trying achieve! If we enable the retail store to accept fiat for a variable amount of crypto, then we simply remove the Keycard element and it’s the Teller Network.

What are your thoughts on the type of retailers that would be receptive to this? Also the distribution strategies to increase our footprint?


#9

Yes!

Two immediate ideas for the type of retails we could target:

  • urban multi-service shops, who are already for most of them distributing money transfer services like ria, western union etc.
    lyca_paris_jpeg_et_Hardwallet_goals__strategy_and_business_plan_-Product-_Status_im money%20gram

These shops are used to sell the service part and should be quite receptive. We have to study region per region how to adress them, but probably:
-we can adress all money transfer agents from w.union, ria, money gram etc.
-in some region those shops have specific service, in europe they are very much into distributing mobile phone accessories for instance. There are thus some wholesalers that distribute to these guys, and who could push our service in their network

  • tobacco shops

See what was just communicated for France

These shops are also organized in networks addressed by some wholesalers that we could rely upon.
The company that has managed to get a deal to distribute its service in this network in France is https://keplerk.com/ .Users need to open an account on their service, go through KYC, to redeem their bitcoin with QR code which is printed in the tobacco shop for them.


#10

This is really great @guylouis. From a marketing perspective, we can help with a launch plan and online advertising. However, for regional/specific market campaigns, I feel like this will require a dedicated person with experience in retail marketing.

Also - has there been discussion around branding this card? Will it be coupled to Status (I feel like yes as it will be compatible with the app and potential come with SNT).

You mention a white label version–do you foresee a need for the keycard to be its own distinct brand? Trying to figure out where this fits into the brand architecture here.


#11

hey @jonathan ! As per branding, yes, the card we will manufacture is going to be branded Status.

I am mentioning white label version, because we have seen several crypto projects that want to integrate with the card, and we imagine some will want their own branding on the cards. We can manage that on a case by case basis.


#12

@jonathan @Ned @ShawnS

The hwallet branding is a good subject to discuss since we need to build a new website asap, and packaging is also being finalized.

For the branding strategy, it seems to me an important point how far/close we position hwallet brand from status brand. And what does mean how far/close : naming, visual identity, messages etc. This affects primarily our website and packaging I guess.

I personally visualize our ‘audience’ like this
1/ users of the Status app that want some hardwallet features for security (cold storage of keys) and convenience (easier login)
2/ third party project (e.g mobile wallets) that would be interested to integrate a crypto smartcard in their project (to store keys, to login etc.)
3/ the users of these third party projects

To put it in a simplistic way, 1/ pushes in the direction of a stronger Status branding, and 2/ and 3/ of a lighter or even inexistent Status branding.

Some remarks about the reality of these audiences:
1/ -> is much depending on Status availability
2/ -> we can push this now for sure
3/ -> needs projects derived from 2/ first to exist

A good way to tackle things is to see where are our priorities (which audience) and build:

  • our product messages, that will outline what’s the value of our product for our audience
  • the branding

Any comments/opinions will be very helpful to progress !


#13

Made this just for you guys :grin:


#14

This is quite impressive and inspiring :sunny:

Where do you suggest we start? meaning for Keycard (wouhou we’ve got a name :v:) what question should we first answer and write about?


#15

Hey G

Being realistic I understand we probably don’t have as much time as needed but I would go back to our brief template and fill that out from the Stakeholder Branding Template found here:

https://docs.google.com/document/d/1jtQFxTJSIrZdmWcomMKuKQ6W-n706BomNYc7PULgKyA/edit#

That should help give us some insights into many of these elements outlined above. From there we can do competitive analysis, log some visual research, understand the territories and begin to understand the ideal audience and build out some options. This also helps us defend all the choices we have made later. @Alex will lead from a design POV but I am happy to jump in needed for some of this. Hope this helps and looking forward to it.