ADA Case Study
Tokocrypto lowers customer acquisition costs & acquires high-value users with predictive analysis
The Challenge
While the crypto industry boomed globally in late 2021, many consumers across the globe were faced with a new understanding and meaning of volatility at the start of 2022. For Tokocrypto, a crypto trading app based in Indonesia, it meant increasing pressure to meet their growth targets and performance.The key challenge was to identify and acquire the right audience – whales and unicorns with high intent to invest in crypto, regardless of the industry’s downturn and ‘risk-capital’ nature.
To tackle our goals, we focused on the following:
- Not just the number of new users but also those who successfully completed registration and nurtured them to KYC completion, i.e., CRO (Conversion Rate Optimisation) tactics
- Not just the number of trading users but also the number of users completing registration and KYC steps in the journey, i.e., cross-sellability
- Not just cost per download but also driving down the Customer Acquisitions Cost (CAC)
The Strategy
1. Targeting a broad audience
To understand the criteria and characteristics of audiences converted, we first targeted a broader audience. Then, we narrowed down our actions based on the learnings and insights gathered.
2. Considering additional factors
We also considered factors like offline and other online behaviour, where converters have a more rounded usage of apps and POI visits, frequenting more leisure POIs. The demographic was between mid to high affluence for converters in Jakarta and Java.
3. Producing customised creatives
The strategy brought forth a few sets of key visuals, focusing on different audience segments and correlating between the audience/user cohorts and the creative itself to map the ‘actual’ conversion data with the creatives.
4. Utilising Programmatic Affiliate channels
To drive traffic and encourage users to register on the app and optimise it towards users completing the KYC step and start trading, audience segments were profiled and were used to build look-a-like audiences across the programmatic platforms.
The Execution
1. Running a predictive analysis model
We ran a predictive analysis model to understand the device type, operating system, and manufacturer’s device to provide a higher intent of conversion before utilising the data along with its insights to amplify the performance.
2. Behaviour-based targeting
Based on users’ behaviour, ADA was able to further optimise the campaign by identifying the high-affluent investors and wealth planners. After three months, we conducted a location-based targeting analysis and optimised the campaign accordingly based on the locations.
3. Device-based targeting
ADA performed device-based targeting. By understanding the device type, manufacturer, and operating systems converted the most with higher engagement, we further scaled to improve campaign performance.
The Results
- Over 43% of the users who completed the KYC immediately started trading
- More than 200% reduction in CAC against the benchmark, and 50% lower than the set target
- Optimisation of funnel conversion rates resulted in over 148% growth
- 'Install to Registration’ conversion rate was maintained at 14%
- The conversion rate of ‘registration to users’ completing KYC grew to 55%
- Over 31% growth in Monthly Active Users
Awards
- Silver in Excellence in Data-Driven Marketing & Consumer Insights category at Marketing Excellence Awards 2022
- Gold in Excellence in Mobile Marketing category at Marketing Excellence Awards 2022