New Joiner Analysis

Author: Helmass, Review: Pepperoni_Joe

Hello everyone,

I am writing this today as a follow-on to Pepperoni_Joe ‘s community management initiatives post from a few weeks ago to provide some analysis on our New Joiners data.

The purpose of this post is to:

  • A) understand the background and interests of those who are drawn to The Index Coop.
  • B) identify opportunities reduce the pressure on the wider community and core contributors.

Quick Context

@Pepperoni_Joe has been leading the new joiner call for six weeks now, with over 100+ people completing the new joiner forum, 65+ attending the New Joiner call and 40+ people providing feedback on the session. I think anyone who has attended a new joiner call (myself included), can attest to the amount of effort Joe has put in to create a welcoming environment for those interested in learning more about the Index Coop. Keep up the great work Joe. :slight_smile:

TL;DR

  • The Index Coop is full of active promoters who are engaging and recruiting new community members.
  • New joiners typically come from Traditional Finance backgrounds and are U.S. based.
  • The new joiner call is being received well and is having a positive community impact.
  • There is pent-up demand for new joiners looking to contribute and a desire for more structured processes around how they can get involved.
  • There is still an opportunity for the Community team to improve by sharing more pre-reading and promoting a “a walk before you run mentality”.

Who is finding the Coop and how are they finding us?

New joiner profile

East Coast TradFi. The people most interested in the Coop come from traditional finance backgrounds (38% of total new joiners). This is followed by individuals with backgrounds in marketing and development, representing 21%/16% of new joiners, respectively. 33% of the $INDEX curious are located on the East Coast (likely due to the TradFi heavy background).

Thoughts and considerations:

  • There is plenty of opportunity to diversify our team and marketing channels towards non-U.S. markets.
  • There is a clear market fit for people who like our product, people who have had a background in traditional finance and are comfortable with index products. This has some interesting implications on the value of target marketing (@LemonadeAlpha , @puniaviision ) towards a more financially literate customer base. These are the first adoptors that intuitively understand the product and can be promoters for the Coop.
  • An opportunity exists to proactively engage future members with backgrounds in in-demand Coop functions (ie: engineering/development, legal, graphic design, etc… - see Engineering and Product Constraints)

How are people finding the Coop?

At the moment, our New Joiner calls are only marketed for people who have

  • Found their way to our discord
  • Introduced themselves in the channel

New joiner question: When asked, “how did you hear about the Coop?” The bulk (~85%) of engagement is driven by Twitter, Word of Mouth, and online research.

High-level insights:

  • That the Community is full of promoters. This begs an interesting question, do we want to reward those individuals who actively promote and draw in members, potentially via a referral scheme?
  • It shows that Twitter is powerful not only as growth tools but also a means of engaging and drawing in new community members to the Coop. This finding suggests the Community team should be far more active on Twitter, using it as a core pillar of Community building.
  • Finally it shows that building a strong network of partners and advocates across DeFi is helping funnel people in our direction who recognize the quality of what we are doing in the IC.

New joiner question: When new joiners were asked, “did any contact with an existing community member motivate you to join the Index Coop?”, responses pointed to BD/Community management promoting the Coop the most.

Thoughts and considerations:

  • Key promoters on Twitter and through word of mouth were responsible for a substantial number of new joiners’ involvement. Broadly speaking, the top Index Coop “promoters” are involved in business development and community management. There is an opportunity for more aggressive promotion of our New Joiner call to grow our community and contributors, especially via Twitter.

Why New Joiners Engage with The Index Coop

Three common themes emerged when New Joiners were asked, “what would you like to get out of the Index Coop”.

  • Learn: I would like to learn new things, meet smart people, and find ways to contribute to the growing DeFi space.
  • Contribute: Want to get involved and help develop indices.
  • Community: I would like to join a thriving crypto community that has a solid product and seeks to change the world through DeFi.

These themes are aligned with Index Coop’s purpose and seem to show that our DAO naturally draws people who are a “good fit” to help support our growth and expansion.

Impact of the New Joiner Call

Positive community engagement. New joiner call participants are asked to fill out a feedback form post call. The first part of this form is focused on how well the New Joiner call built understanding and desire to contribute, based on the following New Joiner questions:

  • The session has helped me understand how Index Coop works, and how best to get involved…
  • The session has helped me understand Index Coop’s different products…
  • I am more likely to contribute as a result of this session…

Here are the results showing the scores for these questions, and how these changed through the weeks as we developed the questions. Disagree and strongly disagree options were included in the questions, however garnered zero response and were excluded from the charts below.

High-level insights:

  • The new joiner call helps provide context and direction for those joining the Index Coop.
  • New joiner calls are excellently received - and considered hugely valuable by attendees

Sentiment analysis on new joiner call feedback

Methodology: SA was conducted on the open-ended New Joiner questions: 1) I would have found the session more valuable if… And 2) Please share any feedback or reflections on the session. SA was scored on a week-over-week basis, with each response reviewed individually to channel check accuracy.

I think SA helps normalize feedback that could be biased to the upside (ie. individuals won’t join the new joiner call without a baseline of support for the Coop).

High-level insights:

  • New joiner feedback is generally positive.
  • The narrow variance in sentiment (st.dev - 6.7%) underscores message consistency.
  • Data is still limited, however, it provides an interesting starting point for future analysis.

Highlights from new joiner commentary:

  • It was great to put faces and voices to those who are making Index a successful organization.
  • The people more involved in Index did a great job of being great representatives.
  • Covering a whole lot in a short time. Maybe figure out a way to break it up into a series.

I would have found the session more valuable if….

Feedback here highlighted one of the key considerations we are trying to account for within the Index Coop. Specifically, new joiners want to know how they can contribute. We should provide this answer, while minimizing disruptions.

Before jumping in. I believe it’s worth bringing up previous feedback from the initial forum post as this serves as one of the motivators for conducting this analysis. (Upcoming initiatives in Community Management (+extras) - #10 by BigSky7) Specifically, community members voiced concerns around how an onboarding initiative (like the New Joiner call) could disrupt contributor activity. In my opinion, this is a valid concern. I think this is best summarized by @BigSky7

  • We are talking about a few different things here and blurring definitions - maybe this breakdown is helpful. Community Member: Owns $Index, participates on Discord and the Forums, helps brings Index Coop products to larger audiences, attends some calls, etc. Contributor: Active member of a working group, attends all meetings, doing meaningful non-trivial work for the Coop, has spent a significant amount of time in the community etc. This separation is relatively fluid. Generally, everyone starts as a community member and then progresses to greater and greater levels of involvement until they are making a meaningful contribution to an established working group. - bigsky

Here are a few examples of what new joiners are asking for:

  • A greater understanding of what each team is doing and what WG short/medium/long-term goals are. This is understandable, given the New Joiner call is the first step within our new member onboarding process.
  • There was a focus on impression mining & business development which makes sense as that seems to be the easiest way to contribute and dip your toes. But as someone who wants to contribute to investor relations or the investment committee there wasn’t too much content.
  • Less material, more action items.

In response to this feedback, our main changes to the New Joiner Call going forward will be:

  • Setup up a more detailed onboarding process for each Working Group with key points of contact identified - New Joiner process next steps (ask on WG leads)
  • Establish a “bronze owl quest channel” to match people who want work, with those who have work to give - Optimizing Discord with "Roles" - #11 by Pepperoni_Joe
  • Develop detailed pre-reads to share with New Joiners in advance of the call. This will be further improved with @mel.eth and Joe’s relaunch of the Community handbook/ Reduce the amount of general context given on the call (deliver this via the preread) but focus more on what we can do differently.
  • Continue to make clear the difference between a community member and contributor and emphasize the “walk before you run” mentality.

Future Work and/or Bronze Owl Quests

  • Create a framework to identify talent with Index Coop desired backgrounds (engineering, legal, design, etc.).
  • Define clear onboarding routes for each Working Group.
  • Conduct analysis around forum/discord engagement to better understand the threshold of knowledge required to successfully contribute within the Coop.
  • Split out New Joiner call and run a “Introduction to Index” webinar with key community members talking to different sections.
  • This can be shared with new joiners in advance of the session to get them up to speed on our products - thus reducing the overall time of the session and enabling a focus to be more towards contribution.
11 Likes

wtf why is my name on here lol

lol - appears word of mouth is out… maybe someone joined because of a tweet? So on the graphic above, we just asked did anyone refer you to the meeting. There were a few people who mentioned – I joined because of xxx members tweet/forum post (w/e). When I cleaned the list to just show names, this component is obviously lost. Maybe its a good idea to ask – if referred – give a canned response of how (word of mouth, twitter, forum post, etc…) That said, it appears you impacted someone enough to where they wanted to get involved. Hats off :slight_smile:

1 Like

I guess someone loved the shitposting

3 Likes

New joiner myself attended Joe’s new joiner’s session, and agree that it was very engaging and useful!

I really like the idea of “walk before you run mentality”, being relatively new to the defi and crypto space for me I am trying to improve my understanding of both and also what Index coop does and where I can see myself utilizing my skills and contributing to the community.

I had a suggestion, as I saw Joe having to share all the different links on discord numerous time for the new joiners. I was thinking there could be a google folder or centralized place which contains all the useful documents for new joiners including:

  1. pre-reads
  2. commuiity handbook link
  3. the bronze quest spreadsheet
  4. a folder for each WG, which includes the WG onboarding document you guys are working on, and (please ignore me if I’m just repeating what you meant by webinar!) to reduce time and effort maybe have the relevant contributors make a short video on their sections and include this in the folder?
  5. Google sheet where each WG can put tasks for the cooper owls so they don’t get lost in the discord chat, with discord handle of who to contact if interested and can see if it’s already been claimed

You guys might already be doing this but just were a few thoughts having just joined myself! :slightly_smiling_face: Really like the bronze owl quest to get new community members engaged and contributing straight away till they find their feet.

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Glad you found the call useful and happy you are interested in the community. The suggestions you bring up all make sense and are on our radar for sure – although, I am not sure anyone has suggested to make a short video introducing WG leads. This is an interesting idea.

Happy to have you involved and congrats on the 1st post.

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Thank you @helmass! Glad you liked the idea, please lmk if I can assist with any of this :slight_smile:

Nothing valuable to add here but had to note that this is super interesting to see, and I really appreciate the time/effort that went into this analysis!

In the interest of efficiencies across existing efforts… wondering if @Hammad1412 's 5th idea could be covered by an expansion of the current bounties sheet?

2 Likes

Lots of interesting information in this post to read & digest. 2 point that jump out to me are a) the number of people joining , and b) the background of folks interested in joining the Coop.

a) More than 100 new joiners is quite significant given the existing contributor size of appx 50, and is a great sign of how the Coop can grow. Remembering Blackrock have around 15-18k employees! In the long term The Coop may not need as many contributors as Blackrock as the underlying tech is way more efficient, and the Coop’s organization is also way more efficient but we undoubtedly have scope to grow.

b) Especially interesting is that almost 40% of these folks are from TradFi. As more and more folks in TradFi understand 1) DeFi and 2) IndexCoop products, those folks realize that TradFi will simply not be able to compete with DeFi & IndexCoop products in the medium-long term (I am speaking first hand after going through that journey of realization myself).

Great analysis & lots of positive signs - really interesting to see how this evolves as we move forward in the Coop journey.

Thanks for the feedback - those are two points I saw as well.

Same here. I think it is a natural progression for folks with TradFi backgrounds.

@Lanks i’d be curious to get your feedback on how to improve this product going forward. I think this could be condensed into 1 page ultimately, kinda like the treasury update. ping me in discord if you want. I like how you messaged the above and would like to improve further