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With a tailored, cross-channel re-engagement campaign, CoinStats achieved a 35% decrease in abandonment rates and a 20% increase in user activity.
Shifting the tone of their communications from promotional to transactional increased push open rates by nearly 50%.
Integrating Iterable with Amplitude provided unparalleled visibility into A/B testing, down-funnel analytics, and campaign performance.
A decade ago, there were only seven cryptocurrencies, but the number of cryptocurrencies has since ballooned to over 23,000. This exponential growth was made possible by the decentralization of finance, enabled by distributed ledgers and blockchain technology.
For investors and advocates, crypto and decentralized finance (DeFi) empower them to access peer-to-peer digital exchanges, allowing for greater accessibility and autonomy. However, the very nature of decentralization means it can be challenging to keep track of an investor’s digital assets and their performance. That’s where CoinStats comes in.
With over 1 million monthly active users and $100 billion in assets, CoinStats is one of the most popular cryptocurrency portfolio management platforms. CoinStats seamlessly and securely manages crypto and DeFi portfolios in one place, making buying, selling, swapping, and tracking assets easier.
For a bird’s eye view of their portfolios, CoinStats users get started by connecting popular crypto platforms, including Binance, Coinbase, MetaMask, and 400 other options. However, the key for the CoinStats marketing team is ensuring users make it to the finish line and complete their integrations.
“With its unmatched personalization and experimentation capabilities, Iterable is core to our cross-channel customer experience. With its data flexibility and direct, bidirectional integration with Amplitude, Iterable has made it possible to keep users engaged throughout their entire journey, dramatically improving retention and loyalty.” ~ Vahe Baghdasaryan, Senior Growth Marketing Manager at CoinStats
Signing up for any type of financial service is more arduous than online shopping, and that’s true for traditional bank accounts or crypto exchanges. It takes time to fill out important information, verify a person’s identity, and integrate all relevant financial platforms.
Because of the inherent friction involved, CoinStats experienced high abandonment rates as a significant percentage of their new users dropped off before they could connect their portfolios. In a webinar hosted by Iterable, Vahe Baghdasaryan, Senior Growth Marketing Manager at CoinStats, explained the complexity of the CoinStats new user journey—which requires multiple onboarding steps that can lead to hesitation about getting started. Not to mention, many users had reservations about the security of their highly sensitive data and assets.
To fight the friction and re-engage users who abandoned the portfolio connection process, CoinStats implemented personalized CRM campaigns through Iterable.
Reducing dropoffs takes a real-time response so, to address their high abandonment rates, the CoinStats lifecycle marketing team initiated a re-engagement campaign that is triggered only a few minutes after abandonment occurs.
Powered by Iterable, this campaign utilizes snippets to incorporate each user’s portfolio names in push notifications, making the communication more tailored and relevant. These messages also leverage deep linking to redirect users precisely to the point in the journey where they had previously dropped off, ensuring a seamless continuation.
In addition to personalized push, follow-up communications are sent via email and in-app message, as a way to highlight the various value propositions of connecting to CoinStats. This cross-channel orchestration demonstrates how real-time re-engagement can be impactful without being complicated.
Data-driven testing is essential to CoinStats’ re-engagement strategy, starting from the first message. Using Iterable Experiments, the team conducts A/B testing, keeping 20% of users in a control group and 80% in the test group. Each email, mobile push, or in-app message is tested with different value propositions to determine which converts users more successfully.
The CoinStats team then carries this experimentation further with data analytics platform and Iterable partner, Amplitude. Through a bidirectional integration, Amplitude automatically ingests Iterable’s campaign metrics to better understand how personalized messaging affects usage down-funnel within an app or website.
Because the control group and test group each have their own specific email list ID in Iterable, Amplitude can apply this segmentation in its data visualization, where CoinStats can easily analyze the performance of each group.
Amplitude can also show whether an experiment was statistically significant and what the improvement was over the baseline. And while campaigns are automated, the CoinStats team is regularly checking in: the integration with Amplitude allows them to determine how their Iterable messages are performing over a period of time. This allows the team to make changes to continually optimize their campaign metrics.
“Even a slight touch of personalization in your content can significantly enhance your open and click rates,” says Vahe. Notably, using snippets in Iterable to personalize push notifications increased Coinstats’ push open rates from 5.91% to 10.38%—a 2x improvement just by adding the name of a user’s crypto wallet!
Vahe notes that CoinStats achieved better performance if the tone of their communications was more transactional than promotional. For example, a promotional push message that read, “Grow your crypto with CoinStats. Tap to pick up where you left off & connect your portfolio!” had a 5.61% open rate, but a more personalized, transactional push like, “Tap to connect & see your MetaMask portfolio analytics on CoinStats,” resulted in an 8.43% open rate—a nearly 50% increase.
Using behavioral science, the CoinStats team was able to expand on the personalization made possible by Iterable and significantly reduce abandonment. One such approach was applying the Forced Choice Principle to present users with a clear in-app message that prompted them to either “accept” or “decline” the connection of their portfolio to CoinStats. This message showed users a list of benefits, compelling them to make an immediate decision and significantly increasing the rate of portfolio linkages.
Another powerful tool in the toolbelt of behavioral science is Positive Reinforcement, which CoinStats deployed in its “Welcome Back” in-app message series. Not only were these messages personalized to users’ specific portfolios, but they also greeted returning users with a celebratory confetti animation. Using positive reinforcement in their Iterable campaigns allows CoinStats to create a more joyful user experience.
CoinStats is proof that financial services can be fun and doesn’t have to be all dollars and cents. By creating personalized messages packed with personality, the team has tapped into relationship-building moments that elevate user satisfaction and get them coming back for more.
