With a vision as big as ours, we needed data to guide us.
That’s why we conducted proprietary research and partnered with a top-rated data-driven marketing agency to conduct an extensive market research project.
The main objective of our research was to quantify the overlap between the two markets we plan to serve: crypto investors and streetwear enthusiasts. We had data about each market individually but needed to bridge the gap between the two.
The sneaker resale market is estimated to be a $6 billion dollar industry, with 20%+ y/y growth since 2012. It’s growing at a faster rate than the $79 billion global sneaker market, which has seen 10%+ y/y growth in the same amount of time. We are witnessing the gap closing between these two closely tied markets. By 2030, the sneaker resale market is projected to grow to $30 billion.
Currently, the global crypto market is estimated to be worth $1.49 billion — and is projected to reach $4.94 billion by 2030. Every day, new technology and trends surface that push the DeFi movement forward.
While this macro data is useful, we needed a more granular understanding of our target market. Have they used crypto apps before? What resale marketplaces are they most familiar with? Is there a link between what shoes people buy and how interested they are in crypto?
The answers to these questions would be instrumental in the decision-making process for our team.
After reaching out to several marketing agencies, Anderson Collaborative (AC) stood out to us for four key reasons:
- Comprehensive and data-driven strategy
- Experience and success with previous crypto clients
- Vast network of data partnerships (Time Warner, Visa, Mastercard, etc.)
- Personal interest and knowledge of crypto
Once we aligned with AC, we decided to use surveys for this project. The following outlines their methodology:
- Collaborate with Dripto on survey creation
- Distribute surveys to 1,500+ respondents via Google Consumer Surveys
- Perform several tests to assess statistical significance (T-test, regression analysis, ANOVA)
- Uncover insights through data analysis
- Use data-match technology for additional demographics and insights
As expected, this process produced valuable results.
24% of qualified respondents were interested in both crypto and streetwear. This reassured us that there is a market for our platform. However, interest alone does not tell us that they will use Dripto. 60% of qualified respondents are more likely to shop on a streetwear site that only accepts crypto as payment, because of the crypto-only payment policy. Now we’re seeing something beyond interest alone.
“Interests in cryptocurrency and streetwear tend to be polar opposites with respect to a person’s spend on sneakers. Those who have low spend are likely only interested in cryptocurrency, and those who spend so high tend to be interested only in streetwear. Those who are interested in both cryptocurrency and streetwear spend around $100-$200 on sneakers.” — AC
For the rest of their insights, read our whitepaper: Dripto Whitepaper
We learned a lot about our target market. Which shoe brands they like, apps they use to buy crypto, and even coins or tokens they have traded. This data was made available to our team so that it can drive our decision-making — from the design and functionality of our platform, to the content we create for our marketing channels. We wanted to take a data-driven approach to best serve our audience on all fronts.
We cannot thank AC enough for the work that they’ve done. We’re proud to have them as a partner and look forward to the work we’ll do in the future.
For more information about AC, check out their website: Anderson Collaborative
