We would love to hear your thoughts/feedback on effective refer-a-friend growth strategies used by other digital wallets (either in crypto or traditional payment wallets). We have Nash Affiliates today, but that’s not really the right hack for our new strategy of inviting new users to try our fiat ramps.
Things to think about:
how should refer-a-friend links be shared
what should be the incentive
we can’t just give away free money, so there needs to be an action tied to the incentive (e.g. download the app, buy $100 using our fiat ramps for a X deposit
should the incentive be tied to their first purchase + first deposit of funds in a Nash Wallet
We want killer growth hacks, so curious to hear your feedback and please share use cases / other programs as reference.
As mentioned in the other post, the one from Celsius Network works perfectly and is nice and simple.
Unique Refer a Friend links should be easy to share from within the app.
The new user has to download the app and can receive e.g. an amount of USDC or BTC if he makes an initial purchase of a certain dollar value of crypto via Nash Cash and holds it for a certain time in the savings product. The user referring should receive the same amount.
Celsius also uses popups on the home screen in their app to get users to share their link.
An easy overview of how many people you have referenced and how much you have earned from it would be a nice extra.
As I said also on telegram, we should have a NashCash promotion with referral.
Negative fees, purchase BTC/ETH etc and you have -0.1% fees with a maximum of 50 USD.
This can be done for first 3 purchases.
This could also work for NashLink when L2 payments are implemented
I believe that when referring a friend and he/she buys from fiat ramp there should be a reward for both the referrer and the referred. In the current affiliates systems there is only an incentive for the one referring which doesn’t promote new users to leave their current trusted exchange to use Nash.
Strategy I - Friend Volume Link
Step I - Both user’s volume is measured.
Step II - Based on total volume of both users, rewards can be earned. No Time-Limit. Rewards are in-calculated based on a portion of the fees.
Step III - To make this attractive you can visualise this in the mobile app as a progress bar or gamification element.
It can be similar to a countdown of how much volume is required by each to reach the next goal.
Step IV - It is possible to apply a competitive element between both users, by e.g. letting the user that reaches the active-volume-goal first receive a slightly higher reward. Similar to a race.
Negative fees are a great idea! The most important thing is to sign up a new user and with negative fees, basically selling crypto below market price, the user has no better rate anywhere in the world (where Nash is available).
The only drawback is if somebody would sign up users only to use this one-time offering several times (signing up parents, siblings, friends just for a one time purchase) so there would need to be some additional conditions just to patch the possible loopholes. Tying to volume is an OK measure but it is not enough (users could still trade up to the threshold on the throwaway accounts).
Revulut’s metal card (link) was something that spread in my network well. A user had to refer at least 5 new users before he was eligible for metal (if I remember correctly). I would tie a premium product (like nash higher tier card) with the number of valid referrals. Gamification and status seems to be valued by users. So, rewarding the users with premium features like lower trading fees, better interest rates, preferential support etc. All features tied to number of referrals (and possibly even to amount of staked NEX).
There needs to be a limit how much a revenue a user should generate to nash before he is counted as a valid referral. Like onboarded/traded €3k? Or hold €10 worth of crypto on nash’s wallet for 6 months? Use nash savings with at least €5k worth of crypto?
Awesome to see you guys brainstorming like this!
Here are some of my ideas influenced by others in this thread and my time in crypto!
The refer-a-friend link should be easily shared from within the app, non-intrusive, simple and easy to copy to the clipboard, I kinda like the idea of a pop-up as mentioned already in this thread, but not every time you log into the app, first a pop-up then a little link you can click to activate the pop-up would suffice, possibly with some simple metrics displayed.
Would be great if there was more than one incentive… multiple smaller ones instead of one large one…
First, the referred user should get a small amount of ‘Free Money’ ($10 in Bitcoin) for downloading the app, signing up, making a minimum deposit and making their first purchase with fiat straight into their Layer-1 wallet or making their first trade via the Layer-2 exchange. The referrer should probably get the same amount as the referred, however, I wouldn’t be opposed to giving the referrer only half of what the referred gets…
Secondly, something to keep the new customer, further incentivise them by offering them $5 more Bitcoin for each purchase they make up to their next three purchases. The referrer shouldn’t get anything here.
I like the idea of negative fees for the first three purchases as mentioned by @seidler It could really drive home the fact that Nash is the cheapest place to buy your Bitcoin, for your first three purchases WE will PAY YOU to buy bitcoin! @Garda makes a good point about closing loopholes, I think possibly breaking up the reward to the first purchase, the third purchase and the fifth purchase or something, this way the new user gets comfortable using Nash over time and gets rewarded for it.
I very much like the lottery idea and angle that @BILLYBELT2018 and @Oldsport have discussed a few times, the lottery could really get people excited…
I have some more ideas I will share later, however, it is late here and I need to hit the hay!
Thinking about Nash already takes up to much of my time heh!
You cant give away money, but what is about borrow some staked nex token? Like someone recommends nash to some friend and when he joins nash, then he will get some staked nex. After the staking is over the nex tokens go back to the company. So he gets free dividende.
Robinhood’s referral program is interesting. Refer a friend, scratch-and-win 1 free stock from a pool of companies. Nash could do something similar, using coins from the exchange or spot pairs. Obviously it wouldn’t make sense to do flat 1 coin (1 BTC would be insane – but also kinda awesome if it was a low chance lol) but a variation of it could be figured out. The free stock is given out when the referred user connects their bank account, but with Nash it could be when they onramp or spot trade $100+. OR – maybe double or triple the incentive if the referred user proceeds to open a Nash banking account!
edit: on second thought, an advertised chance of 1 in 1000 (or maybe 5000) at winning 1 entire BTC would be insanely marketable. You’d have to calculate your desired cost per user and work out the probability from there. 1 in 1000 aka 1 BTC per 1000 users. Is that too expensive? I don’t know, I’m not a marketing guru but I bet it could be sorted out.
Random chance of obtaining loot from a purchased box, with usually at least one item being super rare. People love it judging by the money being thrown at it, but it’s a pretty grey area in terms of legality. The practice has been under fire for some time now, since it’s essentially gambling.
Referral campaign though? The referrer isn’t spending anything, I think it’s a good synergy.
I think the most pressing endeavor at this time, is figuring out how to make the mobile app as visually appealing, intuitive and streamlined as possible (Maiar wallet signup flow was great).
What features will be included by the end of 2021? (Account for these in the current design, so that it doesn’t end up becoming cluttered later and requiring an overhaul.)
Is there any room for customizability? (skins, modifiable color schemes, “@nametags”, profile pic, enable/disable features(better performance) etc. - always helps to attract users.)
If the mobile app design is on point, then I think there are easy and effective ways to encourage new user signups, without having to offer any monetary rewards. I feel that such growth hacking is best conducted early, otherwise you’re simply paying people to sign up who otherwise would’ve signed up for free.
The problem here is that you need to offer something which appeals to someone’s needs or values. If you’re throwing money at individuals so early on, there’s a chance it’s because you’re lacking desired feature(s); I’d say don’t target individuals with any monetary incentives whatsoever, until that monthly growth figure shows signs of an upcoming plateau. To do otherwise would feel like incredibly poor timing/resource management, indicative of multiple incongruous strategies being executed simultaneously (which I’ve witnessed happen more than once these past 2 years).
In designing refer-a-friend programs (we probably want 2-3 lined up, conducting one after the next), I think it really depends on the question of: “Exactly what type(s) of users we are wanting to attract first?”
Answer - “Retail users, not-yet acquainted with crypto.”
So which types of retail users are we going for?:
newcomers wanting to buy & hold BTC
people seeking better bank/savings (defi) account.
we won’t attract a meaningful number of traders with RaF; we won’t get freelancers yet (details below); nash link is an ongoing process, w/ co-marketing; so the unacquainted soon-to-be BTC HODLers, and those seeking better savings accounts vs traditional banks would be the most effective first targets, and we should base all our designs on targeting them first.
My advice is to bundle the target users into appropriate groups, design a RaF program around each, and then execute each program in order - depending on what features & services we have available, and what your current EU/UK marketing strategies entail (try to make them all synergize).
The problem I encounter here, is that groups #2 and #5, almost exclusively value money(investing/savings), whereas group #3 (freelancers) value tools & features that improve efficiency and reduced expenditures, in additional to just money(investing/savings); so it’s much easier to design zero/low-cost programs to attract the latter group, as we have something of immense value to offer them - except we don’t, yet; we’re currently lacking what they need, yet they’d make for a great first target, so there’s no optimal path forward from my view. We’ll have to slot them in much later.
In the case of freelancers:
I haven’t been able to refer anyone because the needed features simply aren’t there yet, and I get the feeling this could remain the case until mid-2022 (hope I’m wrong). Freelancing is largely global, so I need to be able to pitch:
user profiles with some level of customizability. (PayPal offers user icons - anything more than that would be nice, and you could gather feedback from freelancers if/when designing it)
Some form of cheap/free and intuitive user-to-user transfers. (basically the same as PayPal)
fiat off-ramps (or some way to reliably pay bills without having to do withdraw to your traditional bank) available in the below countries.
Points #2 and #3 need to be functional in at least: USA, Canada, UK, EU, Australia, New Zealand (those are mandatory); Russia and Japan are a nice bonus.
When the above is all in place, then PayPal + Traditional Bank ceases to be a requirement for one to get by, and freelancers won’t have to frequently juggle between PayPal <-> traditional bank <-> Nash, depending on which country their clients are from. I know I can onboard a good number of people once this overarching system is in place.
Map it out something like this:
RaF Group #1: (non-crypto users - BTC HODLers / traditional bank savings acc. replacement)
Monetary Incentive (Q4)
RaF Group #2: (merchants & consumers?)
Monetary Incentive (Q1, 2022)*
RaF Group #3: (freelancers & clients)
Low-cost (Q1, 2022)
Monetary Incentive (Q2, 2022)
Things to look at & include:
Elrond and shapeshift both have those @username tags, which adds an element of scarcity, intentional or not. Users might try to get their friends to sign up, simply to reserve a nametag. That’s it. That’s the incentive for the users of least resistance. Throwing money at those people would simply be a bad strategy. Hopefully we get a lot of good ideas in this thread, to categorize appropriately into something structured like the above.
Bundle up all these free incentives which appeals to the target group, and roll them out first. When it looks to plateau, boost the signal with cheap monetary incentives, and so on.
I don’t know anyone who likes those signup bonuses, they feel as if you’re being baited in, and some people might think it’s a scam.
I think a better way to design it would be to tie the reward to a user signing up with phone number + KYC (that feels like punishment enough), and then deposit the sign-up bonus somewhere they can see it appreciate in value, but not immediately withdraw it. Perhaps have them trade with it several times before being able to send or withdraw it. As soon as the user is able to send or withdraw it, they’ll know it’s not a scam and feel more comfortable with depositing, but I’d try to timegate that withdrawal.
Alternatively, convince them to deposit $3-5 first, to unlock something of value to them (a non-monetary incentive). Or set the reward as: “earn X amount in your DeFi savings account, to unlock the signup bonus” - they can expedite that process by using Nash cash to deposit more into DeFi savings; using the fiat ramp becomes part of a process rather than the objective.