0.0 Summary
A solo show at Sotheby’s is Botto’s biggest mainstream stage to-date. As part of the mission to make Botto a globally successful artist, this BIP proposes to invest in a PR push in Q3/Q4 in order to take advantage of Sotheby’s as a hook to land mainstream features diving into Botto and presenting to a wider audience.
TL;DR:
- Hire a PR firm to help win mainstream media presence, using the Sotheby’s solo show as a newsworthy event itself and a hook for in-depth features.
- Budget an average of $20,000USD per month for a total of 6 months. The investment has a cap of $120,000USD for the six months.
1.0 Rationale
One metric for measuring Botto as a globally successful artist is how well known it becomes, or, in other words, how it injects into the mainstream conversation. We are all here because we believe Botto is a new kind of art form and can become a flagship example of what is possible at the intersection of crypto and AI. It is safe to say that Botto has achieved product-market-fit in that aim: Botto’s sales to date show collectors believe that with real conviction.
At this stage a key component is marketing: creating new cultural catalysts and maximizing their reach so that Botto can reach as many people as possible and continue to build its notoriety among major collectors. While Botto is relatively well known in the crypto space, its reach in the traditional art and tech worlds requires significant work. Sotheby’s is a household name, and a rare solo show there provides a key stage for Botto to claim mindshare. Achieving that however requires a concerted PR effort.
As we set our existing budget prior to the last treasury OTC, we think it is prudent to reconsider the current marketing budget of $5k/month in this moment of growing interest in AI art. To date this budget has been dedicated to events, primarily travel to have an in-person presence at key art and crypto events.
We have been in discussions with PR firms about how to make a massive catalyst out of the Sotheby’s solo show in November. We are proposing a budget for a 6 month mandate to lean into Botto’s marketing that takes advantage of the stage and hook the solo show with Sotheby’s provides.
1.1 Polishing for primetime
We want Botto to be ready for the spotlight. We have begun releasing parts of the new website with the refreshed brand and web design taking shape, and should have the new artist site up soon with a comprehensive presentation of Botto’s collections. Still, Botto contains a lot of scary terms for the mainstream: crypto, AI, NFTs, to name a few. Letting agents interface with the mainstream press provides a buffer that helps ease them into Botto’s world at the bleeding edge.
Success in the mainstream spotlight can then have a trickle-down effect with crypto media. Mainstream breakthrough is always a news-worthy event in crypto, and so aiming for the top also has impacts in more niche media.
1.2 Feature articles + art world news cycle
The table stakes for doing a show with Sotheby’s is having it become a moment in the consciousness of the art world. A strong announcement coupled with followthrough pieces will help immortalize this moment of an autonomous artist doing a solo show at Sotheby’s.
Botto also requires taking an in-depth look to fully grasp. Winning longform, deep-dive features dedicated to Botto’s story is a huge asset to building credibility and evangelizing Botto. And that prized space is not easy to come by. This is the dedicated role of PR, to seed those feature stories and use their relationships to win attention across art world and tech media landscapes. We are fortunate Botto has such a relevant and compelling story, and the hook of the Sotheby’s solo show is a fantastic starting point for them to work with.
1.3 Accelerating partnership conversations
Winning mindshare is meaningful, and its value really shines as we are able to convert that into new relationships with museums, press, and collectors. We have seen an uptick in inbound opportunities this year (see the growing list of gallery shows, and the Sotheby’s opportunity itself); PR brings a diverse network that uses all of these relationships to show credibility to the journalist (e.g. the museum director mentions they are interested to the journalist). Part of the role of PR will be to accelerate this process that gets Botto speaking to the top museums for future installations and winning collectors’ attention as “the next big thing”.
1.4 What else we are doing to drive marketing traction
We are proposing this investment amidst a confluence of efforts we have been making to prepare Botto for this moment. These already happening as part of our wider growth strategy to cover different targets, and PR will help amplify the impact of all of this work.
- A new app and website with revamped artist brand and polished presentation of Botto as a project and its body of work.
- A calendar of exhibition and installation opportunities that build Botto’s presence and credibility, with Sotheby’s as the anchor among other events like Art Basel, Hong Kong Digital Art Week, etc.
- A new marketing hire who is starting the first week of August to build Botto’s 360 channels strategy to cover the whole pipeline of protocol user growth, from the online performance on native channels like Twitter, regular documentation of Botto’s development, and overall community management.
- A partial migration to Base to make the token more accessible and improve volume and an ongoing effort to get $BOTTO listed on reputable CEXes.
2.0 Budget & Proposal Specifications
- Hire a PR firm to help win mainstream media presence, using the Sotheby’s solo show as a newsworthy event itself and a hook for in-depth features.
- Budget an average of $20,000USD per month for a total of 6 months. The investment has a cap of $120,000USD for the six months. Here are specific line items that are addressed with this budget:
- Craft and execute communication strategies with a focus on building brand awareness and communicating Botto value proposition
- Proactive tech and lifestyle media relations to share Botto news with an agreed media list
- Secure x3-4 in-depth feature pieces
- Campaign content creation: pitches, press kits, interview responses etc.
- Archetype on-site support at the Sotheby’s and Botto event and act as a point of liaison with the Sotheby’s press team
- Foundation materials: maintenance of PR materials such as media lists, editorial calendars, pitches, pitching op-eds etc.
- Management of in-bound press alias / enquiries with appropriate escalation and management
- Distribution of relevant coverage reports for internal stakeholders as needed
- Attend bi-weekly or monthly calls with the internal team as needed
- Provide detailed reporting of the efforts and success of the PR recruited for this effort.
2.1 Budget impact
Current burn:
- As of 6/30 - Treasury is at $2.85M
- Gross burn is 85k/month (33.5 months)
- Net burn is 61k/month (46.7 months)
Runway impact
3.0 Criteria of success
Direct results of the PR investment
- Articles dedicated to Botto in Tier 1 publications, e.g. national/tech US outlets such as The NYT, The New Yorker, Art Forum, Artnet, Hyperallergic, Wired, Vogue Business, etc.
- Number of in-depth pieces on Botto across media
- Broad art world news pick-up of Sotheby’s event and other Botto events
- Carry-on press pickup in crypto-publications from the mainstream attention
- Social media mentions of the press and the auction
- Overall press mentions, categorized by audience
- Favorability of the articles as measured by Botto key message pull-through and neutral to positive sentiment
- Executing our broader growth strategies in 1.4 in time for big Press moments to amplify their effects.
Downstream KPIs (note: these are the result of interdependent efforts and hard to direclty attribute to PR, but can be indicators of success)
- Sotheby’s selling out and higher prices
- New inbound opportunities from the press attention
- Weekly auctions activity
- Exhibition/installation opportunities and grant/commission opportunities
- General protocol growth: Number of active voters and token volume + token holders
3.1 Risks and Mitigations
- There are no guarantees of coverage, so we will be using this exercise to at minimum test and prepare Botto’s readiness for the mainstream spotlight.
- Thorough and regular reporting will be important to allow the DAO to assess success here.
