Earlier this year, ECC outlined a new product strategy that focuses on user feedback and market research. As part of this strategy, we started surveying visitors to the websites z.cash and electriccoin.co. This will be an ongoing effort, but in this post we will summarize our findings so far.
The power of the promoter
From the beginning of July to the end of September, we received 1,048 responses via z.cash and electriccoin.co. We asked three questions about protocol usage (“How often do you use Zcash?”), User type (“What best describes your relationship with Zcash?”) And satisfaction (“How likely is it that you would recommend Zcash?”).
We were able to segment and compare the responses to gain insight into user sentiment using a metric called the Net Promoter Score, or NPS for short. NPS is a common metric used in market research to measure customer loyalty and engagement. NPS is based on a single question: “On a scale of 0 to 10, how likely is it that you would recommend Zcash to a friend?” To calculate the score, we take the percentage of respondents who answered 9 and 10 (promoter ) and subtract the percentage of respondents who answered 6 or fewer (detractors). Any score above 0 indicates that more people are promoting your product than people disparaging your product.
Zcash promoters are critical to the growth of the ZEC ecosystem. Promoters rave about their friends about Zcash and provide thoughtful and thorough feedback on new features and tools. By surveying website visitors, we can better understand current and potential Zcasher and thus better meet their needs.
Overall, the respondents gave Zcash an NPS value of 15 percent. Here we show the respondents by user type, website and NPS value:
The central theses:
- Responses to electriccoin.co generated around 10 times the NPS score compared to responses to z.cash. Electriccoin.co receives about a third of its traffic as z.Cash.
- Responses from miners, end users, and traders found a similar NPS of around 20 percent. Developers were the least likely to recommend Zcash, and their responses gave an NPS of -7 percent.
- Almost 43 percent of the survey participants identified themselves as miners. Miners ensure the security of the network and are an important part of the Zcash community. So far, ECC campaigns to involve miners have proven to be a challenge.
We also looked at the NPS by use and country. Frequent users scored an NPS of 43, while rare users scored a value of 1. Interestingly, among those who had never used Zcash, there were 56 promoters (people who are very likely to recommend Zcash to their friends). The United States, Brazil, and Germany had the highest NPS scores, while Canada and Russia had the lowest.
Provide information about our strategy
In the near future, the ECC will publish a product roadmap based in part on these responses as well as other data points such as additional ECC surveys, coin holder surveys and recommendations from the Scientific Advisory Group.
