I’ve been in Hex for some time, and I love this project. However, I genuinely believe Richard has lost touch with marketing.
A lot of his opinions have become more and more contradictory, I’ll elaborate.
Do note: he has created a great product, and I believe Hex will bounce back. This is not a post screaming that the sky is falling, like others on this subreddit.
Now, back to RH.
If you’ve seen many of his streams, you’ll notice he loves to say how successful a project is by its current price. Example: when BTC or Eth are brought up, he’ll claim “How’s that price chart looking?”
Yet when it comes to his own coin, the default is “90% dips in crypto are normal”. I agree, yet it does become a bit played out when he only jokes about the rest of the market for their price and ignores his own - because “that’s what crypto does”
As many others have noted: this Gucci / LV craze has had a mixed vibe. Many are down for it, while others aren’t.
It’s good in the sense that it does bring in new users, which is true. The numbers do reflect this, even if the increase in followers may actually come from how the project is 2 years old (and that’s when the most traction comes).
I’m not here to decipher who came from where.
However,
People may pay attention to brands, instead of him streaming against a white, blank wall. However, the “luxury” branding emphasis he has put on himself doesn’t really seem to portray him as the intelligent person he is.
Imagine if this amount of money was put toward relevant campaigns. Example: donations to Ukraine he can post about, giving back in certain viral ways, etc.
It might be childish to compare: yet think of Mr Beast.
The hype and love doesn’t come from showing money, it comes from giving money. Isn’t that why Hex gained traction in the first place? By showing how much money was given to the OG Hexicans?
In my marketing experience, this would carry more vitality than stumbling across a man with an LV bag and thinking he’s a god. Most of the time it’s laughable.
Now, I’ll clarify. I do understand being associated with brands does bring more eyeballs. People like brands and luxury goods. I do not believe these are genuinely the type of people though who favour investments.
Although Hex helps their type of market to find out what “delaying gratification” is (instead of buying said brands), I don’t believe they’d be the type of people to stake for years on end.
People who buy these products are impulsive in nature, and will buy Hex. Yet you’ll see from many of the new wallets, they don’t stake for more than a few months - as it’s a completely different type of investment to them (where they get nothing in return immediately. No branded handbag, nothing to show off, etc.) This is what that market is used to.
Separate point: Richard Heart knows about marketing. He knows that he’s made a lot of OG’s rich. Yet he does seem to leave the marketing to the community.
This works if everyone was getting a fair share of profit (which usually is the case, except for recent events of the price decreasing).
Therefore, word of mouth should work.
However, it becomes very hindered if your pool of investors are more new than old.
Example: out of 100 people, say 80 are new. 20 are OG’s Even though they have more money (and therefore ‘marketing budget’ - albeit if many don’t even use it because it’s locked up); the 80 new investors would have more word of mouth to spread the word about Hex.
It outweighs.
But what about ETH? At the start, the later adopters still outweighed OG’s and the price went up.
Yes, that’s correct. Yet Ethereum did not have a system which can continuously benefit the OG’s (who aren’t miners) - even in a bear market (giving even more sell pressure).
In my eyes: the more Hex grows, the more difficult it is to leave word of mouth marketing to new adopters, as they will face harsher and harsher dips than those before them.
To finish it off, a quick opinion about debates. Richard is a killer and he knows it. Everyone talks about how he leaves a trail of dead bodies. The newcomers haven’t seen this unless they watch old streams of RH looking like the of Jesus himself (thank god there were hairdressers available).
With new streams; most have been the same regurgitated information. - called the top on the day (it gives him authority, sure. But do newcomers even know what this means? How does it benefit them?) - used to mine bitcoin - trading recks people
It would be great to see him discuss new topics with more new people He has the followers & brand where he can reach out to public figures and arrange these. Yet he leaves it to the public over and over.
I recall RH wanted to hire someone to arrange all his interviews / debates. Yet it hasn’t happened. He has the money to set this up very easily. This means he’s shooting himself in the foot; as the type of videos that get the most traction (debates) are only scheduled either by someone external or when he can has time (he’s a busy man, so this just doesn’t work).
I believe he needs to be more active with setting up marketing; and for a man who has run such successful marketing companies in the past - why would you leave this to a community who aren’t specialised in that field? They’ll waste money, and he gets annoyed. He has the money to hire agencies, get PR, etc. yet is not active enough in the scene.
There are a few opinions there - none are facts. They’re all my opinion.
I’ve made money with Hex, and I am by no means hating on the project
I only believe Richard could do a better job at his marketing.
