Summary: The COE project started its activity with the aim of integrating traditional businesses with the world of cryptocurrencies on the ICP blockchain. Creating a community-based economic stream with the help of integrating traditional businesses with the world of cryptocurrencies is the main goal of the COE project on the ICP Blockchain.
After a lot of research, the COE project completed a conceptual plan that can integrate any traditional business with the world of cryptocurrencies if the set frameworks are followed.
The creator of the COE project Mr. Amir Hossein Ehsanbakhsh (AROF) believed that the best traditional business area for the first integration with COE is food, because the cost of advertising in this area is very low in the Instagram space. Also, there is no risk to experience this idea.
FOOD COE was born
FOOD COE was born to put a seal of approval on the success of the COE project! With a few changes, FOOD COE used the COE project plan in the marketing and advertising department and was able to store valuable data in its short period of activity. It took 7 months to rebuild the shop in question for FOOD COE. Due to financial constraints, it took 7 months for the FOOD COE shop to reach the opening stage. A significant part of this investment was made by AROF, and part of these costs were financed from the sp-coe fund.FOOD COE was a small sandwich shop that operated as takeout. There were 7 cold sandwich options in the FOOD COE menu, which limited the choice of customers. Also, in terms of geographical location, the shop was located in an alley, and all customers knew this brand only through FOOD COE’s Instagram and started shopping.
After 1 week of activity, FOOD COE produced a content on Instagram, in which the different features of FOOD COE were expressed. It was mentioned that this sandwich shop is the first traditional business in the Middle East that was able to integrate with the world of cryptocurrencies. This content became very viral and the attention of many audiences was drawn to FOOD COE.
How did FOOD COE work?
In the simplest way, FOOD COE was integrated with the world of cryptocurrencies. In the first step, it is necessary for customers to make a purchase in person. During the face-to-face consultation, customers could enter their contact number in the FOOD COE customer club. In the second step, customers received an SMS telling them to take a photo of their purchase invoice and send it to FOOD COE's Instagram. In the third step, customers could receive a short training, create an ICPswap wallet and send their address to the FOOD COE. After receiving the NFT, the customers' membership in the customers' club was completed.But what was the use of these NFTs? FOOD COE committed to spend 10% of its financial input to provide rewards to customer club members and distribute to NFTs at the end of each month. Customers had the opportunity to join the customer club and if they complete the membership, they could participate in the sale of FOOD COE and earn money. The implementation of this idea brought very positive comments from the community and caused a lot of word of mouth advertising. After joining the customer club, the more you promote this business verbally and increase sales, you can receive more rewards at the end of the month.
FOOD COE provided open source financial reports to customers on a daily basis, which can be seen in the FOOD COE white paper. Every few days, 10% of the collected financial input was converted into ICP tokens. At the end of 1 working month, these collected tokens were converted into COE tokens and the tokens were distributed among the holders of FOOD COE NFTs.
Limited production capacity and product demand growth
All activity and management of FOOD COE was under AROF. It was specified in the roadmap that in the second month we will need to hire labor in FOOD COE, but the emergency costs of a traditional business cannot be correctly predicted before the implementation and start of the activity. Limited financial support, lack of manpower, unforeseen events and emergency costs. The reasons why FOOD COE could only provide 90 working days of service in the field of food.In the second month, the demand for purchases from FOOD COE reached its maximum, but the production capacity of this small kitchen was very limited, and for this reason, the raw materials ran out every day much earlier than the end of the working hours. The strong growth in demand for FOOD COE in the second month was the reason for reducing the activity on social networks so that we can manage supply and demand.
FOOD COE status report
In 90 days of operation, FOOD COE sold a total of 676 sandwiches. A total of 201 people entered their contact numbers in the SMS panel and 45 real people completed their membership in the customer club. Early members were able to receive rewards from three months of FOOD COE activities, and after the distribution of each reward, word of mouth advertising was done again for FOOD COE.- Conversion rate of sandwich sales to collected call numbers (30%)
- Conversion rate of collected call numbers to customer club members (20%)
It is predicted that if the variety of products was higher, the ability to produce sandwiches was higher, and the location of the shop was in a better place, this statistic could be much more successful. FOOD COE’s Instagram page was able to reach more than 4.6 thousand targeted followers in 3 months of its activity. These contacts were attracted to the FOOD COE idea without paying for advertising.
Statistics collected in Instagram polls showed that most of the audience did not have the opportunity to buy from FOOD COE and were upset about the closure of this brand.
Let's keep the idea and brand of FOOD COE alive
What was the purpose of creating the FOOD COE brand? The priority of establishing this brand was to test the COE plan in the real market. In the second priority, the goal was to create and grow the interested community in the desired geographical area. One of the goals of FOOD COE was to hold face-to-face educational events among interested people if the real community grows to more than 200 people. In these educational events, we could teach accurate marketing techniques to the community, so that with little activity, they can be effective in the growth of the price of COE tokens. One of the other important goals was to familiarize the community with the tools of the cryptocurrency world. The tools that the ICP blockchain provides to us and anyone can use these tools to grow the quality of life and business. We could talk about the other goals of this idea, we can implement this plan for many restaurants. so that a part of the income of each restaurant is injected into the liquidity cycle of the COE token. This is one of the most important goals of the COE project, which can integrate with any traditional business and grow its financial input with the help of innovative businessesTherefore, we closed the food service, but we kept the FOOD COE brand alive with a little change and planned a new direction for the continued development of FOOD COE.
FOOD COE intends to act as an advertising label for other brands in the field of food and implement this marketing plan for other brands in a limited and weekly time frame.
FOOD COE will advertise for other brands
We will implement the FOOD COE plan with a little change for other brands that can provide better services in the field of food. The first collaboration of FOOD COE is scheduled for 25/10/2024. We planned a plan that is attractive to both employers and business owners, and can generate income for both customers and FOOD COE. We choose the best brands in the city, we try to be a guest of one brand every week. Whenever FOOD COE is a guest of a brand in the field of food, in-person customers can make their purchases from the desired brand with a specific discount. They receive a physical gift card and can enter their contact number in the SMS panel to receive a gift from the FOOD COE collection in an NFT.In each collaboration, we try to make NFTs of the desired brand as many as new club members and distribute them to the community.
If you are a follower of FOOD COE, you can participate in any advertising campaign and increase the number of your NFTs. At the time of purchase, customers need to take photos of their invoices and send them to FOOD COE’s Instagram. At the end of each campaign period, we will receive 15-20% of the total amount collected from the owner of the brand. We will convert these amounts into COE tokens and distribute them among the holders of FOOD COE NFTs.
For each brand, FOOD COE will produce content and upload it to Instagram. Customers will receive their NFTs in the form of the desired brand logo. Each event will have a sponsor who can provide more added value to customers and increase the credibility of the FOOD COE team.
A physical card is given to customers when they visit. One side of this physical card carries a purchase discount from the sponsor business. On the other side of this physical card, a text is written that carries a message for the audience. (Collect more cards and increase the number of physical cards to ten to receive a special gift) along with the logo of FOOD COE along with the target brand that is the host is included in the physical card. Customers keep and collect these cards for weeks, and the host brand will be in front of the audience’s eyes for weeks. This is valuable for business owners who host.
What is the perspective of this action of FOOD COE?
- Grow your community
- Create a different experience for people
- Culturalize the use of tools in the world of cryptocurrencies
- Increase the number of COE token holders
- Plan educational events
- Use active businesses as leverage for financial input
- Provide business owners with the experience of using these tools without risk
- Finally, implement the FOOD COE plan for several brands on a permanent basis
We are trying and we believe that after 5 successful cooperations we can hope for bigger cooperations in the capital and Persian Gulf countries. More data will be obtained with each collaboration. In each collaboration, more contact numbers will be collected. After each cooperation, it is easier to convince other brands to accept the hosting of FOOD COE. Like a snowball that falls down the slope and grows, FOOD COE will become stronger after each cooperation and will have the chance to create more income paths. There is already a sponsor to support the first few collaborations and hopefully after the first few collaborations it will be easier to convince stronger sponsors.
In the path of community growth, educational events are planned so that we can generate income and clarify the vision of the development of the COE plan for a limited number of community members.
We always said, we build together and for each other. Undoubtedly, ICP is the best choice that can host the integration of traditional businesses with the world of cryptocurrencies.
Ways of communication: https://twitter.com/coe__icp