Refer-a-friend incentives

Community
#21
  1. how should refer-a-friend links be shared

Straight from the app to whatsapp, telegram, facebook, twitter, email and sms.

  1. what should be the incentive

$10 to both the referrer and the new customer, in a crypto of each of their own choosing.

  1. 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

Keep it very simple to explain and understand. As the target market is people new to crypto and trading in general. I don’t think it should be tied to first deposit/purchase only, as for some people even an initial deposit of just $100 equivalent might make them hesitant. Make it a time based constraint, so they can send just $25 first as a trial run, which contributes to the $100 equivalent minimum requirement for a reward, which must be completed within 3 months.

Also, what about the ability to send what could be named Nash crypto gift cards via Nash app, directly via whatsapp, telegram, email and sms?

Your friend Kellogg wishes to send you a $10 BTC Nash gift card. As a bonus, you can also receive an additional $10 welcome reward after depositing and purchasing $100 in cryptos of your choosing within 3 months.

It would allow people to send money as gifts or settle a debt, then potentially retrieve $10 of it back from Nash as a referral reward, plus the new user receives $10 in this example straight away in their account without having to send any money. For some people, there may be a perceived risk to getting into crypto and sending money to a company previously unknown to them, but a $10 gift card received (and no kyc required to receive it?) is completely risk free.

#22

Perhaps the best would be a combination of both: 1 small assured gain + 1 scratch-to-win ticket

6 Likes
#23

If that is easy enough to communicate in a very simple way then why not. If not, the simpler the better.

#24

I disagree. Even if you were to pay users who would otherwise have signed up for free, a good money-reward certainly make sense. By having a good payed reward system you should attract more users than only those who were planning to do it anyway. Also the users who were planning to sign up without a reward might just bring in a lot more additional users because of that reward.

1 Like
#25

Different angle - some personal anecdotes from USA

  • I have a checking account with a banking institution for twenty plus years (piss poor interest, but it’s where I store non-invested fiat). Recently, I opened a new checking account with another institution because they rewarded $400 just to hold a fixed amount in with them for a period of six months. That reward afforded them an increase for their fractional-reserve program, and was a meager 2.7% return for me TL;DR it was a mutually beneficial reward

  • About six years ago I had opened > 8 credit card accounts, and referred numerous friends in order to accumulate huge bonus points for frequent flyer programs. At least five of these accounts had annual fees ranging from $100-500/yr (I dropped the $500 fee cards and kept the smaller fee cards). Some of the cards had referral programs that gave bonus miles if you referred friends (with a limit). TL;DR Partner incentives

  • Venmo. I was paying friends using checks up until 2015, with some occasional usage of my bank’s payment product (poor UX) and over time a number of friends starting asking me to “venmo” them instead. Was very reluctant to use it because I never heard of the company, but the legitimacy was there because of this cluster of requests from people I knew. TL;DR Maybe the referral program can be tied to groups - more power in numbers

4 Likes
#26

System that unlocks a bonus. Like after 5 deposit of X amount you earn XNEX. You lose the bonus if you did not trade the equivalent of the amount deposited during this period

#27

:slight_smile: This is a fucking good idea !

The lootbox system is something that works very, very well. I don’t know how it can be integrated (NFT?) But many will want to play to have the rarest boxing. I even think it’s more additive than a simple lottery ticket because there’s the pleasure of opening or unlocking something. It may please @fcc

#28

For nash cash something like deposit $100+ and both will get $20.

Additionally For new users some task based rewards system is good. Like,

Create account and will get $2
Verify account and get $5
Deposit $100+ to channels and get $5
Do first trade and get $5
Do $1000+ trading volume within month and will get $10.

Also these task based rewards can be some random amount from prize pool. But total should be guaranteed like $20-$500. Everyone should get atleast $20 and upto $500 by completing all task.

Some promotions like $500 for new users really attractive.

1 Like
#29

These would be abused to infinity. People would open accounts left and right with their family and friends names, reap up all the benefits and never look back.

#30

For this we should find ways to implement scarcity and prestige & growth opportunity.

Growth Example:

A invited B = rewards each
B invited C = rewards each + A receives 100 Satoshi
C invited D = rewards both + B receives 100 Satoshi + A receives 50 Satoshi
D invited E = rewards both + C 100 Satoshi + B 50 sat + A 25 sat
…,
So let’s say that D invited E and E is a big whale :whale:, in this case D gets a bigger bonus, if E makes a big contribution in trading $$$ ( in first 48 h)

The strategy is to make people bring new people and encourage the new people to bring in others and those others to bring in others…(you got the idea ) it will keep the game on, I would open my app every day to see new BTC coming in ( or to have notifications that I just received 100 Satoshi :smiley:. Just like social media keeps people engaged with all of the notifications ). It will keep me excited and motivated to do more.
The BTC rewards amount is for you to decide. For me the higher Satoshi number is, the more exciting it looks ( even if dollar value is not great)
Also the idea of having BTC is amazing.

Scarcity:

Every 48 hours ( is important to use hours in measuring time, it gives the feel that is more then 2 days) the chain of invites is broken if no new users are coming in. So you start from the beginning.
Also the reward of the invited friend should be somehow tied to the contribution of that new user ( its not fair if all contributions are rewarded the same ) this will keep me searching for quality, not only quantity.
After chain is broken, give 1 to 10 Satoshi in case any of those friends bring new friends, seeing any amount will make me think about Nash :grinning:

Prestige:

It’s just a number that could be displayed and rewarded again once a week. Giving attention to firs 3 biggest chains.

Keep it often and engaging.
It’s complex but people might love it. I love it already. The only thing is that people that I know are almost all from USA.
MY REWARD WILL BE THE DIVIDENDS :partying_face:

Got milk? campaign was a success, we can use:
Got Bitcoin?
New people don’t really know about crypto, but they know about Bitcoin :upside_down_face:

Thank you :handshake:

3 Likes
#31

I still get money from someone, I can enter that amount and send link. I want to receive this in crypto and send him the link. Here it says buy 100 euro of crypto and pay your friend only 80 euro. This is how i see it in real life for myself. Not talking about youtubers or something else. Just the way how i would use it for friends and family.

#32

Even PayPal incentivized its initial users with money. The monetary incentive is essential but it has to be crafted brilliantly so that new people join the Nash ecosystem and stay active.

This new referral has to be simple to understand and easy to participate in.
It also has to be well-timed to fit with an appealing mobile UX.

2 Likes
#33

I truly think that the best option is to give out a lottery ticket to each new user and if it used a reflink also give out 10 tickets to the referrer because we always end up doing support ^^

Make those tickets nep5 tokens, NEO has automated the whole process if i am not mistaken already and if you really want to go nuts open a market for those tokens on the exchange against USDC :slight_smile:

Make the lottery happen every 3 months and 5 winners get 1000 NEX each.
Top 5 referrers also get 1000 NEX each.

In order to participate candidates need to complete T1 KYC.

And for the love of god don’t forget to make sharing the reflink as easy as possible via the app before you do anything else ^^

2 Likes
#34

I’m not looking forward to another season of Twitter spamming with ref links :man_facepalming::roll_eyes:

1 Like
#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.

2 Likes
#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.