Building new lead generation and nurturing strategies for a neo bank with 3.5M+ users with an average CPR of $2.5.
Client description
hi is the ultimate crypto & fiat app for managing digital and traditional finances.
By combining the functionality of a licensed crypto exchange with a next-generation digital bank, hi provides members with an all-in-one platform for savings, investments, payments, and lifestyle benefits.
Launched in 2021, hi has evolved into a global platform used by 3.5M members to manage their money better, faster, and smarter.
hi’s goal is to introduce the first 1 billion people to crypto with the most frictionless experience.
Services provided
- Social media ads creatives & management
- Email marketing & lead nurturing
- PR strategy & execution
- Content marketing
- Design
- Audit and data analysis
Timeline
- Started working: 2023 April
- Time worked: ongoing partnership
- Campaigns together: 7 strategies, 20+ tactics
Goal: To prepare a solid foundation for user acquisition, activate dormant users, and nurture new leads.
Gameplan
To reach hi’s initial goal and acquire new members for the app, we implemented several key tactics as a part of the overall strategy: email marketing, PR, paid advertising, and creative campaigns.
We supported hi in two avenues:
- Standalone campaigns that were led by LKI Consulting, from brainstorming to implementation.
- Ad-hoc campaigns to assist with in-house marketing.
This case-study features some of our selected campaigns, presenting LKI highlights.
Here is how we did it
Social media ads
To gather email sign-ups and get a database of new potential users, we launched social media ads on the Meta Ecosystem (Facebook and Instagram), leading directly to the sign-up process.
To gather initial traction and generate quality leads from the start, we advised the Client to go with Central and Western European regions.
Instead of targeting ads for direct downloads of the app, we advised driving traffic to email sign-ups and nurturing the leads via email marketing in the next stage.
Since targeting user sign-ups with a completed KYC process is not a cost-efficient strategy for fintech solutions, we lowered the CPA by first getting users’ emails and then running a campaign to activate them via email.
We also added a creative and competitive spin to the campaign, offering potential users a chance to win $50 on sign-up. Since hi is a platform driven by a loyalty program and extensive rewards, we leveraged their core value and offered a tangible prize to drive conversions.
Here’s a sneak peek inside the Facebook ads manager
Key insights:
- In 2 months of active paid advertising, we found that ad campaigns with a creative angle and a tangible reward for the user perform the best across Web3-curious audiences.
- The best-performing ads had a direct CTA with a clear benefit connected to the sign-up process.
- 80% of the converted users were males and 20% – were females.
- The target audience age is between 18 and 24.
- The top 3 performing countries: Austria, Italy, and Portugal.
$2.81
≈ CPR (cost per result)
549,347+
Impressions generated
$3,999
Total ad budget spent
1,491+
Total sign-ups
Email marketing
Nurturing newly acquired email sign-ups
To nurture newly acquired leads and encourage sign-ups, we ran a targeted email campaign.
With a targeted approach and ads strategy to source quality cold leads, we successfully engaged with crypto-curious individuals and secured card activations for hi.
We offered a clear reward, a chance to win $50 upon successful KYC and card activation, to activate more leads and achieve more conversions to cardholders.
10%+
Conversion from cold leads to accounts created
~46%
Of new account users activated the card
<$2.6
Average cost-per-result for acquiring a user
Activating dormant users
To re-activate dormant members from a 3.5M community that weren’t actively using their accounts, we launched a dedicated strategy, including:
- Email marketing campaign with tangible rewards,
- Status points for ascending the loyalty program tier
- A clear unique selling proposition, the tier system of the hi app that brings cashback, travel, and lifestyle benefits to each user.
Re-targeting existing users proved to be successful and helped refine the KYC and card activation process.
123,364+
Emails opened
27.76%
Open rate
9.21%
Conversion rate from new leads to new accounts
Takeaways
- Most of the users pass the KYC process but require consistent email and in-app messaging to lead them further through the funnel and to card activation.
- By modifying the IBAN application process, we significantly increased the conversion rate from download to active user.
- Among the people who requested an IBAN, most proceeded with card activation, converting them into quality members.
- This campaign also helped to reactivate old users who never proceeded with the stages, showing retargeting tactics are a viable approach.
UX journey
Even with a big influx of downloads of the hi app, the platform was struggling to convert new leads to card users. Recognizing the main challenge of converting new downloads into active members, we approached the issue head-on, from evaluating the user journey from UX/UI audit to implementing new multi-channel strategy of user communication.
Here’s what we did:
1.UX/UI audit
We reviewed the UX of the hi app based on best industry practices and successful competitors. From the audit, we found key issues in the user journey that made new leads leave the app without signing up for a card.
2. Alternative user journey
With the audit insights and findings in mind, we mapped out an alternative user journey for hi, eliminating key obstacles and UX issues stopping users from advancing further in the funnel.
3. Focus groups
We tested our alternative user journey by showing it to several focus groups on different levels of brand awareness, testing the usability of the new concept and adjusting as necessary.
4. Implementation with the Product Team
After finalizing the alternative user journey, we worked closely with the internal hi Product Team to implement changes to the app and test it to ensure everything runs as smoothly as it should in theory.
5. Fixing key issues
As a part of our continuous quality assurance process, we identified key issues in customer support, annual AML procedures, and more. We continue to pinpoint key blockers to user onboarding and eliminate them in close collaboration with hi’s internal team.
6. In-app communication
To foster in-app communication and smooth user conversion, we implemented a new timeline of in-app notifications, pop-ups, and campaigns that constantly remind the members about their stage in the process and pending perks. Some of the notifications included:
- Your documents are in review
- The card is on the way
- Card delivered
- You haven’t used your benefits this month
- ….and much more.
7. Multi-channel approach
To improve the communication flow between hi and the community, we used the multi-channel approach, including email marketing, push notifications, and in-app pop-ups.
Loyalty program
We built a new way of running a loyalty program, with referrals, membership tiers, and benefits at its core. To elevate it and prepare the program to be the leading tool in user acquisition, we reworked it from the group up with the core values of Web3 in mind.
To leverage the existing community, we launched an omnichannel campaign with the end goal of the referrers pushing their referees through the process until they get a card. To encourage referrers, they were awarded status points based on the number of referees they bring to hi. Referees themselves got 50 status points when joining during the campaign.
Here are the emails that were launched in the pilot program to the first 300 referees to test the campaign:
Why this worked: Users don’t care about communication that comes from the app but they do trust their friends. Instead of pushing the funnel from hi’s name, we gave active hi fans an incentive to call their referees and persuade them to join the fun.
We also created a competition where people who get the most referrals with card activated could win Platinum memberships for six months. The competition rewarded top 10 referrers.
30 days
Window to refer for participants
180 days
Incentives expiration period
117K
Referees tested in pilot campaign
Here is the sneak peek at the revamped loyalty program.
Takeaways
- Loyalty and referral programs come hand-in-hand and have to be closely related to boost both retention and lead generation.
- Shifting focus from crypto-centric to balanced fiat-crypto rewards helps with attracting crypto-curious users, even if they have some experience with blockchain.
- By improving the user journey and in-app notifications, members are more likely to use their rewards and ascend through the loyalty program tiers.
PR strategy and execution
To boost brand awareness of hi and create a media buzz around a round announcement with Animoca Brands, we pitched and facilitated the publication of the news in key top-tier industry publications, including CoinDesk, Yahoo News, Decrypto, and more.
The coverage of the $30M investment round with Animoca brands helped raise community sentiment, attracted new users to the app, and positioned hi as a leading voice in the DeFi space.
- Animoca to invest $30 million in crypto app hi
- NFT-styled debit cards the future of Web3 — Animoca founder on $30M Hi investment
- Animoca Brands Invests $30 Million in Crypto Payments Application Hi
- Decrypt.co: Metaverse Giant Animoca Brands Plunges $30M Into Crypto ‘Super App’ hi
- Yahoo Finance: Metaverse Giant Animoca Brands Plunges $30M Into Crypto ‘Super App’ hi
- Animoca Brands ploughs $30 million into NFT app ‘hi’
- Animoca Brands to invest US$30 million in hi, form strategic partnership
345M+
Monthly traffic of publications
68+
Tier-A publications published in
17+
Countries published globally
Takeaways
- Landing features in renowned industry publications significantly elevates brand recognition and instills trust among potential users, even when not leading to direct conversion.
- Combining PR coverage with marketing by association with a major partner results in increased media attention and buzz.
- Publications spread across four continents underline hi’s global appeal and growth as a dominant player in the fintech and crypto spheres.
- When targeting an international release, it’s best to focus on several tier-A publications and rely on quality-over-quantity exposure.
Content Marketing & Design
To support the in-house marketing team at hi, we engaged in a number of content marketing activities, spanning 5 months. Some of them include but are not limited to:
Blog posts
In-depth and SEO-optimized content to expand the Resource page and guide members through the world of DeFi with hi. Here are some examples of the blog posts we created:
Whitepaper
Deeply technical revamp of the current whitepaper to update the documentation and keep the community up-to-date with the recent developments of the platform.
Newsletters
Monthly newsletter design, stylish and filled with recent news and product updates, to maintain a close connection with the community. Here is an example of one of them:
Final insights
By combining paid advertising, extensive email marketing strategy, hands-on lead nurturing and acquisition activities, along with PR, we built a solid foundation ****to bring more users to the hi Super App in five months of active execution.
Key insights:
- The goal for lead generation and nurturing should directly translate to your marketing campaigns. Loyalty and referral campaigns are at the core of user retention. Collaborating with the Product Team is key in driving changes and actionable results.
- When user acquisition is the primary goal, diversified email marketing and ad campaigns are the major drivers behind brand awareness. Combining email campaigns for maximum reach with paid advertisement highlighting USPs of the project brings both quantity and quality to leads.
87K+
Total downloads converted to users
5 months
Of active collaboration (and ongoing)
$2.9
Average cost per sign-up
