Over six months ago we set out on a journey to reinvent Cool Cousin, not knowing if we could find solid ground in such troubled water. Q1 indicators were overall positive and Q2 started with great momentum and lots of motivation. Looking back at the last 3 month, it is fair to say we had a great quarter, we expanded our B2B activity and we started seeing signs for a change in the general sentiment of the crypto market.
Before we dive into the details, a short recap of Q1 and some we information about the second pilot we promised to share. In Q1, we introduced (in stealth mode) our white label solution, allowing travel brands to boost their customers satisfaction, drive engagement and create new revenue streams. We piloted with two brands (Travel agency and hospitality chain). First pilot was great (see full stats in our previous update) and the second pilot, ended on the first month of Q2, resulted in a moderate success with high engagement numbers (Average of 3min session length, 30% returned visits and 12% CTR) but with a relatively low ‘top of the funnel’ numbers. Based on the pilots we’ve set our Q2 goals:
- Build a 2-vertical partners base
- Improve our technical infrastructure
Building our partners base was our most important task. We needed to onboard a ‘perfect fit’ partners in order to learn fast and iterate a lot. I’m pleased to say we’ve signed with 15 medium size and 2 enterprizes. Our pipeline is completely full and we’ve reduced to closing cycle from 2 month to 3 weeks for SMBs. This is by far our biggest achievement during Q2. It supports our efforts in several ways: (a) Provides initial validation for our B2B product (b) Provides a lot of data to both improve our product and work on our business model and pricing (c) Laying the infrastructure for our next objective - market fit.
On the technical side - we were able to establish and adjust our existing infrastructure to accommodate our partners needs: (a) Build a new DB infrastructure (b) Develop a full back office system, CMS like. (c) Build partners dashboard (d) Build API for partners integrations (e) Build initial analytics and reporting system.
On the product side, working with our partners in order to build a product that boost their guest experience and drive new revenue streams, we were mostly focused on reducing the amount of manual work needed in order to launch new partners quickly and designing a tailored experience while meeting GDPR standards and different brand values of our partners. Fortunately we were able to achieve the above by with terrific engagement figures, that remained higher than expected - Avg of 2:24 minutes session duration, Avg of 36.4% of second visit returns and an average of 20.7% CTR!
Our recent achievements serve as solid ground as we go forward. Finding the right balance between our pipeline of partners, our ability to accommodate their needs and drive value in return is crucial for our next targets in Q3. In addition after we changed some of our team members with the new objectives in mind and during Q2 we hired new content lead and associate product manager. Having said all that and considering all the positive indicators - we are still in a very challenging moment of the company and all optimistic projections must be taken with a grain of salt. We were never about focusing on our successes. We like to celebrate it but our eyes are on the prize, removing barriers, pushing Cool Cousin forward.
Before we get into Q3 objectives, let's take a moment to discuss the CUZ token and general crypto market status. Most of your questions and comments were about liquidity and listing. We totally understand the urge, the concerns and the frustration- but we don’t make decisive decisions based on emotions and external pressure nor do we rush into finding a remedy for what’s going on out there. Market sentiment, external challenges, prematurity, regulators - are all old news and I don’t believe we should repeat it, probably 99% of the people who got to this point know exactly what we’re talking about and have already seen others shut down, leave and other terrifying stories. We are now at a point where we have enough data to estimate and plan our trajectory with the relevant adjustments and we already started working on it. Just to be very clear, these are the things currently on our table: (a) CUZ token functionality adjustments - our WL solution is in many ways built on the current system but will modify a bit community role and token economics. The new design is in progress and once completed and updated roadmap and explanation will be published. (b) Liquidity- considering the new roadmap, we will incorporate liquidity solutions which meet business, product and legal standards. (c) Market analysis - Timing in many ways is everything and while we did see a change in the general sentiment there are still a few warning signs about timing. It’s not just about value and the last few weeks ups and downs, it’s the general sentiment. Unlike the quarterly update that is mostly dedicated to progress, these things are crucial to this community and CUZ vision, hence it won’t be announced in Q3 update, but before. We already started working on it, first draft should be ready in a couple of weeks and official announcement by the end of Q3.
Back to Q3 goals. Aside from our strategic work, business wise we want to achieve the following: (a) Partners growth - as of the first month of Q3 we’re looking to reach 20% MOM partners growth to validate the efficiency of our current distribution channels. (b) GTM strategy - If we reach our challenging goals during Q3 we will be ready for the next step and our GTM strategy will have a significant and crucial role in it. (c) Infrastructure adjustments - after laying the infrastructure during Q2, we must test the right adjustments before it is ready to rollout.
Last but not least, some of your constructive feedback was about communication and using more the help of this community in the challenges we’re facing. We thought it was a great feedback and we did on-boarded a few admins to the TG group to make sure every issue is being addressed and no questions are left unanswered. Of course it doesn’t assure that everyone will like or agree with some of the answers but that’s a different issue which has nothing to do with communication. We’ve also opened a special closed group to be more engaged with issues we’re facing, but just a handful of people joined it. In order to see if it’s viable, I invite you to email Ceoclosedgroup@coolcousin.com so we can push this initiative forward. In addition if you want me to conduct another video AMA - I’d be more than happy to do so. Please send your questions to email@example.com and if we see there’s enough to work with, we’ll have another video AMA (anyway all questions will be answered).
Finally, I’d like to thank you for being with us on this journey, even when it’s frustrating and uncertain. We are constantly working to bring Cool Cousin to a bright future with each and every stakeholder in mind, even when we make unpopular decisions - it’s the only thing we see in front of us. As always, please feel free to email me on any matter and I will be more than to reply or jump into a quick call.