Refer-a-friend incentives

Community
#35

I spent some more time thinking about referral programs. I even asked my girlfriend if she has participated in any memorable programs. Here are some thoughts:

  1. Whatever the program ends up being – make it responsive. When you refer someone, there should be a dashboard that updates quickly and accurately. In Canada we have a couple onramps with referral programs, and they’re both super buggy. I referred someone and my referral counter stayed at 0 for a couple weeks. Then it finally clicked up to 1, but my payout took another 2 weeks to appear. This is bad. Their subreddits usually have posts from people looking for payouts. You shouldn’t have to involve support in a referral program. Conversely, I referred a friend to a new bank and was instantly rewarded with cash the second she deposited money into the new account. I suppose it’s likely the difference between an automated program, and a manual program. Try to automate Nash’s program, people like to see their payouts after slogging it through the referral trenches.

  2. Ease of use. I agree with @BananaMan, share your code directly from the app through any of the major social apps. Also, I personally don’t like the copy-paste to include a pre-generated message (“Hey! Why don’t you join me on Nash? [Referral link here]”) – just the referral link is fine. I always accompany referrals with my own messaging.

  3. Re: my Robinhood idea from above. Another reason I like this idea is that if someone ‘scratches’ and wins a coin(s) they don’t like or follow, what are they going to do with it? Probably trade it for something they want! And the coins are already in their account just waiting to be swapped. It encourages them to use the platform and get familiar with it, AND it generates profit for Nash + stakers. I’m sure this is exactly what Robinhood had in mind when they developed their program.

In terms of requiring an action to receive payout, the referral bonus could appear in the user’s account (important!), but ‘locked’ until they make a trade of at least $50-$100. Celsius manages promotions in a similar fashion. Users need to deposit >$200 and leave it there for 1 month in order for the reward to ‘unlock’ and enter their account – the reward payout does appear in your account though, so you won’t forget it and it appears right within reach!

Discussing the potential payouts for a Robinhood-like program, my girlfriend suggested the user always get a specific value ($20 maybe), but it would be in a random coin. Personally, I like the idea of potentially getting more or less (luck-based) because it really works on people’s proclivity to gamble lol. Perhaps the toughest prize to get is $100 or $200 in BTC? Or 1 entire BTC is awarded once per year to a random user, on top of the regular, smaller payouts? I just think that kind of program would drive influencers wild. I wouldn’t be surprised if they filmed all their ‘scratchings’ in the hopes of filming the 1 BTC unveiling. That being said, 1 BTC is a lot of money even stretched over a year :expressionless:

  1. Re: the lottery idea. My main issue with any sort of lottery is that a reward isn’t guaranteed. Unless the tickets carry over after each draw, I think people would get burned after referring a ton of people and not winning anything. From my recollection, this is exactly what happened with the pre-launch referral program. I’m sure it could be reworked so that everyone gets a payout though. Like a ‘losing’ ticket still gets $5, and the prizes scale upwards from there.

Anyways this thread is awesome. Kudos to everyone pitching ideas, it’s been one of my favourites reads here in a while.

8 Likes
#36

I don’t know about you guys but I find that a lottery has a negative connotation, unless it can be worded differently.
I still think that an immediate reward has the most impact.

4 Likes
#37

Yeah, people should share their links in their inner circle.

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#38

So sick of seeing ByBit and Phemex ads in youtuber videos - what are they doing to incentivise that level of advertising? Could Nash copy some ideas from that model (does Nash have the funds though, cuz as Bybit and Phemex are margin trading platforms they are probably making bank to afford it)?

1 Like
#39

Hey there and thank you for starting this discussion!

I loved to read all those proposals and wanted to share some thoughts I had about the possible future Nash Affiliateprograms / Growthhacks recently.

The best way to get natural growth should always be a product so good that I love to introduce to my friends and family without ever feeling bad about it. If I am intrinsically motivated to do so I will likely never stop to refer Nash whenever someone comes up with “cryptocurrencies” or “banking”. Unique selling points that add value to peoples lifes should also work well together with network effects. If you combine those with effective extrinsic motivators like a nice “refer-a-friend”-program you should see immediate effects.

I want to split my post in two parts, one about possible network effects the other about “refer-a-friend”-ideas. Those are ideas and up for discussion.

Possible network effects
By focussing on mobile Nash gets their hands on people mobile phones and this offers multiple opportunities of making use of network effects and Nashs USP!

  • I love the “Nametag” idea Maiar came up with but the Nametag offers several disadvantages in terms of privacy. As an example if you know ones Nametag you could send him dust to identify his address on the blockchain and get information about his personal wealth, at least that part that is held in this specific wallet. This is a no-go for a Neobank like Nash, as I don’t want anyone to be able to see the interior of my wallets (it just opens up too many attacking vectors).
    Nash is able to solve this with L2 customer-to-customer (C2C) transactions, those should offer a basic layer of privacy. Combined with a Nash-DNS system that enables C2C-L2-Transactions only based on “Nametags” it would be a really cool feature. If @Alice wants to send @Bob money she could do so just with a “Nametag” and be able to even make use of multiple currencies (BTC, ETH, NEO, ERC20, NEP5) on L2 without ever being able to see Bobs addresses for those blockchains.
    Combine that with the Nash Exchange and give @Bob the possibility to receive only the currency of his choice (-0.25% taker fee ofc.) and @Alice would be able to send USDC with @Bob receiving BTC almost instantly. I really don’t know if you’re allowed to hide ones IBAN for C2C transactions, but if so the possibilities would be unlimited.
    The DNS should not work for L1 TXs obviously because its possible to track those TX on the blockchain.
    I do not know the technical and legal limitations to that, so this might stay a dream forever.

  • By focussing on mobile you might get to the sweet spot of growth and network effects -peoples contact lists. I believe the future of banking is social and because of that the Nash app could come with some features that might even remind of a messenger.
    One unique identificator in the age of mobile banking / messaging is the phonenumber and people store hundreds of them in their contacts. I could imagine a combination of the Nash app asking for access to the contacts list and a Nash-DNS Nametag system.
    Basically the classic messenger feature of signing up with your phonenumber and finding all of your friends in the contact lists already, being able to message them instantly, but this time being able to send them funds of your choice instantly and for free. Of course this has to come with privacy features like “only allow people in my contacts to find me” or “hide me” etc…
    After sharing the contacts Nash could notify the user that “Oh noes! XXX of your contacts are not yet on Nash :frowning: ! Do you want to invite them to Nash and both receive a XXX bonus?” and combine this with multiple possibilities of sharing a reflink (with a custom message) and a nice referral system.
    Since this is banking and not a simple messenger privacy will be important but Nash’s L2 solution (and a DNS system) might solve this to a certain degree.
    You could push this thought even further with stuff like “shared IBANs” with custom limits for each user, as easy to set up as WhatsApp groups (and as easy to delete). I can imagine lots of usecases for that and it would certainly add value to peoples lifes.
    The most important part is to not push that by force. Make the people share those contacts voluntarily with you “because the Nash experience is best with your friends by your side!”

Ideas for "Refer-a-Friend"
As I discussed in the first part Nash gets their hands on peoples mobilephones which opens up the possibility of getting the hands on their contacts. I think Nash should make two programs, one for professional affiliates and another one for normal users. From what I’ve read professional affiliates often get custom deals so I wont discuss this further.

For normal users / retailers there are plenty of possibilites to create a referral system:

  • Give away a fixed amount of money for every referred account (5$ referrer, 5$ referred)
  • Give away a dynamic amount of money for every referred account (5$-50$ depending on factors for referrer, fixed amount for referred).
  • Reduce fees for Cash / Link / Exchange (negative fees for the referred user, reduced fees for the referrer)
  • Give away a random coin (like Robinhood or FTX), with a very low chance of even getting 1BTC or some Sats.
  • give away special perks / features that you won’t be able to get without referring friends (e.g. bonus % interest rates on savings or other cool stuff)

People in this thread already had plenty of ideas. (I really don’t like any form of lottery though!)

The most important part here is to prevent abuse so I would tie this to the referred user doing KYC Tier 1 or other factors and plenty of activity on that account. Also we should do our best to prevent spamming. This always gives a bad impression.

That being said: I think network effects and a flawless product, that adds value to peoples lifes, are way more effective than referral programs. The referral program should be built on top of that.

Best,

7 Likes
#40

Hey Kellogg,

I can’t see how you’re asking the community for advice on the affiliates system when the core product lacks the most crucial aspects.

I know you weren’t apart of Nash when I first posted this - however I would strongly recommend reading my post here: Put that affiliate reflink to work! - #4 by zedsix

Affiliates simply isn’t something that should be focused on right now for the pure reason that a majority of the world still can’t use Nash’s services. The most crucial services to be specific are still missing from the most important countries. It’s like my post went on deaf ears and what’s even more sad is that I actually contacted Nash’s team directly to offer my services with absolutely no response in return - disapointing and the mere fact that it’s taken 5 months to realize this shows how business inept the people running the show are. This is not a personal dig at anyone at Nash - technology wise, things are not bad. Business & marketing wise - you’re on Mars.

So as Nash has somewhat matured over the last 5 months, nothing has really changed besides a whole lot of technical aspects behind closed doors which most people don’t care about. The NUMBER 1 driver that Nash has is that users have the ability to control their own keys, now from a technical stand-point this is amazing. However without a doubt 90%+ of people will have no idea what this means. If you’re wanting to target the mainstream and attract users to actually use Nash then you need an actual product for the mainstream. What you have now is not a product, it’s too technical/hard to understand.

  1. Fiat on-ramps to countries.

I still cannot purchase Bitcoin/Ethereum from Australia via Nash, I am forced to use BTCMarkets. This is what I actually emailed about and never received a response relative too. I actually offered to even help with the process. I know most other countries are also in the same boat. I think once people have access to acutally purchase coins directly via Nash then everything else will follow.

  1. Additional pairs.

Why is it taking so long to add additional pairs? Someone should be solely focusing on this, if it’s a development related time-consumer then have someone dedicated to just this. Even if the pairs are volumeless to begin with, at-least it’s available and once Nash grows then the volume will grow too.

  1. The actual website needs to be addressed, there’s far too much information on there and things that shouldn’t be on the front page.
    Here’s some links to observe to understand how to capture access to a mainstream market:

– Crypto.com - The Best Place to Buy, Sell and Pay with Crypto
– https://stripe.com/en-au
– https://tenx.tech/

The most important aspect/button that anyone would clikc is ‘View Exchange’ and ‘Sign Up Now’, both of these buttons should be the centre of attention along with a clear message about the services you prodvide.

Once the above has all been addressed then move onto marketing/affiliates etc.

Oh, and to answer your question in relation to affiliates - money is the best incentive. Earn $10 USDC for every person referred with trade volume greater than $100.00 (just an example). You can make it even better with continued growth, so for every $100.00 traded by your referred person, you’ll receive $10.00 - so don’t make the bonus a once off, allow it to progress for the life of the account.

For new signups - start off with 0% fees for the first 30/60 days for ALL NEW SIGNUPS. The most important thing is to get people signed up and purchasing coins via Nash.

#41

There is nothing wrong with Kellogg asking the community for inputs. It doesn’t mean that the team doesn’t have a good idea of what would work this time.
From what I have observed so far, Kellogg is a very smart and busy fellow, but he is also a cool and simple man. And that is why he likes to carry the community along. I know it has been a bit frustrating watching everything fly but let us be kind with our choice of words.
Quite happy with the new roadmap - if they can deliver on those promises in a timely manner, we shall see results!

PayPal just sent me an email offering money if I refer a friend so yeah, without reinventing the wheel, money incentive is kind of standard. But Nash can adapt it a bit and time it well.

3 Likes
#42

Just curious, did you read the new strategy / roadmap before you wrote this?

3 Likes
#43

cstmcc

That’s another possible incentive. Hopefully it could be done at a low cost, but if not, then it could be a reward for users who manage to refer 20, 50 or 100 people. Whatever seems cost appropriate and fair.

Don’t know about everyone else, but I’d certainly try to unlock that reward, and I wouldn’t get paid a cent.

It makes no logical sense to me to go with a fully-fledged monetary incentive straight off the bat.

Refer-a-Friend = mobilizing your existing userbase, incentivizing them to tap into their own social network. Both the user needs to be incentivized, as well as the person they’re attempting to invite; so the pool of possible referees remains the same. If you start handing out money from the get go, then you’ll only end up paying significantly more for roughly the same result in the mid-term.

Focusing on advertising first, to grow the userbase by external means (as to not exhaust your user’s social network, as well as your own capital), would be far more efficient in the long-run imo. I.e. Gain awareness with advertising, and only reward user referrals with free/cheap rewards at first, then scale up the company’s financial investment in RaF incentive programs later, whenever the cheap/free rewards lose their luster, and you have a larger userbase to mobilize (who haven’t already signed up everyone in their social circle).

The main benefit to that, is low/zero expenditures in the short-term, so you get to assess effectiveness and see what works best, pretty much for free. It’s low-risk and easy to tweak. It becomes much easier to offer more lucrative RaF bonuses later, because you’ve been generating small amounts of revenue for months.

And that justifies spending double for the same amount of new users? It’s not a question of whether burning more capital will attract more users - it certainly will, it’s just a poor long-term approach.

2 Likes
#44

Read Nash’s new strategy for 2021, then adjust your post accordingly. Feedback is good but at least be informed and up to date before giving opinions:

1 Like
#45

Other people have outlined some good approaches my experience with refer a friend is with Trading 212 UK stocks trading app.

Am usually not a fan of referral things as it never seems worth while unless maybe you’ve got a large following.

Having said that I like Trading 212’s approach where when you refer a friend and they deposit £10 you and your friend get a free share worth up to £100. Now what the equivalent to a giveaway a stock would be for Nash am not sure. They did set a limit to 20 referrals though.

Link to the refer a friend docs on Trading 212: Invite Your Friends, Get Free Shares – Trading 212

1 Like
#46

Okay fine what he said
But we can also have both aka the cheese ( 5$ ) and the lottery ticket just saying
And i am like 1000% backing the channel to channel send / receive feature as an absolute must have for great success.
In all seriousness if you manage to nail channel to channel transfers for the 3 chains people will just switch to the nash wallet for this reason alone.
You can start with just ETH also and work for the rest later or just USDC.

3 Likes
#47

Hey @zedsix - I’m also keen to stop using BTCMarkets. I’m working on summarizing the regulatory requirements to establish an Australian fiat ramp for when Nash is ready to expand.
Would love your help. Hit me up via a DM on Telegram ( @ianj300 ) if you’re keen to collaborate on this effort.

4 Likes
#48

With capital preservation in mind, Nash needs to essentially offer things that cost them nothing or very little in return for user referrals.

I really like the idea of withholding some premium features of the Nash app until the a user has referred other users. It’s free for Nash, it’s a simple and easy task for the user to complete and they get an immediate perceived benefit or reward.

Because most users are hodlers, I think the best option is a referral strategy around the high interest savings accounts. "Refer 3 friends to activate to your high interest savings account!"

As soon as the user sends those referrals, you get immediate access. Reward the user immediately to avoid them losing interest in the app. Flash up a screen with something fun celebrating the achievement unlocked. Next step is to encourage them to deposit fiat through the fiat ramps. Keep pulling them in.

For the friend the receives the referral, it’s a great opportunity to sell Nash. “Hey John, I’m earning X% per annum in my Nash.io premium savings account. I’ve sent you an exclusive invite here.”

When new user signs up… “Refer 3 friends to activate to your high interest savings account!”

Rinse and repeat.

2 Likes
#49

Ok. Hear me out on this one… if crypto has taught me anything, it’s that newbies would rather hold 100 coins of something worthless than .001 coin of something valuable.

Suggestion: For all users (new and existing) on Nash wallets, change the unit of BTC shown to reflect the user’s BTC balance.
For example:
If you hold > 0.1 BTC show it in full BTC units.
If you hold > 0.0001 BTC show it in milli-bitcoin (mBTC 0.001BTC) units.
If you hold > 0.000001 then show it in micro-bitcoin (μBTC 0.000001) units.

This will actually make all users feel better about their holdings. No-one likes the look of 0.000232 BTC. But 232 μBTC feels like something bigger.

Referral Program:

For the existing user, “Refer a new user for your chance to win BTC!”. Make it like a slot machine gambling / gaming experience where the outcome is unknown. When you send a referral, a splash screen pops up with a big golden spinning BTC symbol that eventually stops, spraying fireworks everywhere and telling you that you are amazing and you’ve been rewarded with anything from 10 micro BTC to 100 micro BTC. Winning a different amount for each referral holds some anticipation for the user.

Because of the uncertainty of the reward, people will want to keep taking a chance and play again. Make it fun. Make it seem like people are winning a lot even if it’s not worth that much.

At the end of the day, regardless of the referral bonus $ value, people will only recommend the Nash platform to their friends if it’s a quality product. Get the UX right first.

For the new user:

“Congratulations! John has sent you 10 micro BTC! Sign up today at Nash.io to access your Bitcoin.”

Allow people to share the micro BTC referrals to unlimited new users.

The referral’s micro BTC sits on the L2 exchange waiting for them to sign up to Nash. If they don’t sign up within 6 months then the referral expires and the BTC is returned to the company.

1 Like
#50

first of all gratulations to the new road map…i feel, this is the right direction :+1:

I loved the system of my second project i am backing. In short they had 2 campaigns running…one was a classic lottery scratch ticket for downloading their app and topping up a certain amount. both referrer and referred person got a lottery ticket to scratch with a guranteed win between 1 and 100 EUR) u can ready about details here: Refer friends and get rewarded | SwissBorg
pretty simple, but sucessful.

for nash: I would suggest not give away money for each lottery ticket, but to give a chance to win a price pool with a draw each quarter for a price (maybe nex tokens in this one)

Second campaign was about doing tasks and get rewarded: for example u were asked for:

both campaigns were kind of a gamification and very sucessful.

For nash i could see the following tasks (just brainstorming)

  • open an account on nash and make a crypto transfer from another platform
  • use fiat ramps
  • follow nash on twitter, reddit, telegramm, insta etc.
  • like and retweet the post on twitter about this refer a friend system
  • buy something with nash link (if available)
  • invite x friends to nash and earn x amount of lottery tickets (maybe different tiers in this category and like a cross selling between this two programs.
  • create your first API and let a bot trade from our terminal selection trade for u (i feel this are the users we need a lot as the bring constant liquidity to our markets…once they tried bot trading, they will love it…like it happens with me ;-))…therefore this task should get more points then others…
  • take part in your first nash league and create at least 10k Volume during it
  • maybe a final reward for comleting all tasks. (it was called hall of fame within the swissborg program)

there could be an underlying point system where all parts done get u x points and a share of a price pool…of x amounts of USDC (the more players take part, the higher the price pool)

6 Likes
#51

I really like this idea :point_up: it sounds both rewarding and engaging! :+1:

If Nash can implement something that is simple yet engages the user like this in a gamification type way it becomes self fullfilling in a way and drives itself! :+1::slightly_smiling_face:

1 Like
#52

Wouldn’t it be possible to force the user to follow nash on twitter, telegram and youtube before rewarding him?

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#53

I believe that Nash shouldn’t force users to use certain social networks. The whole initiative should grow Nashs and not Twitter or Youtubes userbase.

Also some people do not use Twitter / Youtube / Telegram etc for a reason.

2 Likes
#54

This is one of the biggest issues for me as unlike yourself, I literally don’t have any options available to me that I am aware of. I’ve had to jump through hoops from provider to provider dodging the local banks becoming wise to this and blocking credit/debit card purchases. Our government even shut down the only local BTC ATM operator.

Even with that frustration though, I can understand that Nash is trying to get everything working in Europe first before expanding globally. Do I like the fact that I can’t use Nash as my source of purchasing crypto? No…but I get it and I’m just trying to stay patient as I know it’s going to be awhile especially as my country isn’t even one of the most well-known/largest.

3 Likes