Productivity improvement with Iterable's Smart Ingest
Flipster
Key Results
Iterable migration was successfully completed in three phases over three months.
Implementing cross-channel onboarding journeys resulted in a 223% rise in the number of first depositors.
Flipster saw a 77% increase in trading volume driven by cross-channel customer engagement.
Flipster is one of the fastest-growing cryptocurrency exchanges, offering both futures and spot trading to traders globally. The platform provides an intuitive all-in-one trading experience, featuring leverage of up to 100x on over 250 perpetual swap contracts, high liquidity, and zero trading fees on both the web and app. With a strong emphasis on innovative technology and user-centric design, Flipster supports traders with powerful tools, real-time insights, and data-driven solutions to optimize their trading strategies.
Flipster serves a thriving community of over 1 million users, processing transactions exceeding 10 billion USDT monthly. Iterable plays a crucial role in enhancing customer engagement and retention marketing efforts on the platform. The Flipster team relies on Iterable for all their marketing communications, including announcements, trading and system notifications, customer surveys, and product newsletters.
Unlocking Potential: Overcoming Challenges in Identity Verification
It’s essential, as a financial technology business, to get users to complete the Know Your Customer (KYC) procedure, which plays a vital role in preventing illicit activities, evaluating customer risk, and complying with Anti-Money Laundering (AML) regulations.
Implementing the KYC protocol effectively means understanding a customer’s identity, monitoring their financial activities, and assessing the level of risk they might present. This adds a lot of friction to the onboarding process and financial companies often see a significant drop-off at this stage. As Flipster is a mobile-friendly company, adding push notifications to their onboarding journey was the top priority to move users through these requirements and complete their onboarding process.
However, Flipster lacked a cross-channel communication system, leading to reliance on ad-hoc emails sent manually through a previous ESP without segmentation. This hindered their ability to effectively engage users to complete their onboarding.
In search of a solution, Flipster identified Iterable as the ideal platform because it catered to their email and push messaging needs with ease of use and unparalleled data flexibility, enabling them to engage and activate users through cross-channel communications.
The Migration Process Carried Out with Confidence
The implementation was rolled out in three phases:
- The first phase focused on implementing push notifications, essential for their onboarding process, especially for users on-the-go. This would enable timely transactional and marketing push notifications, pushing users through the identity verification procedures so they can become traders. Within the first two months, both transactional and marketing push notifications were enabled.
- The second phase involved transitioning email marketing efforts from the previous ESP to Iterable, where a successful domain warm-up was completed within the first two months.
- The final phase involved ingesting user data into Iterable to unlock personalized messaging. This allowed Flipster to message users by name and showcase detailed user engagement metrics, such as their loyalty status, trading metrics and reward amount.
During and post-implementation, Christine Choo, Direct Marketing (CRM) Manager at Flipster praised the support they received, stating “Working with Iterable’s customer success team has been transformative. Their expert guidance and proactive support have been instrumental in helping us navigate our CRM implementation, optimize our strategies, and achieve significant growth. Their partnership has truly been a catalyst for our success.”
Success After Implementation: Key Milestones
The adoption of Iterable allowed Flipster to successfully reach many milestones throughout the customer lifecycle journey.
Activation Milestones
As part of a five-step activation journey, the first email welcomes new users, promotes app downloads, and introduces the identity verification process. However, despite these efforts, half of the new users who created accounts did not download the app and remained dormant. Since Flipster is a mobile-friendly platform, it is important for users to install the app to enjoy all offerings anytime, anywhere. To address this, the team created a separate onboarding journey for those who have not downloaded the app yet. This “install app” onboarding email campaign recorded over 45% click-through-rate on the download app button and motivated these users to go through the activation funnel.
Retention Milestones
Flipster’s recent commercial objective was to boost deposit values and enhance bottom-line profitability. The team successfully met this goal after the launch of the Earn Campaign. This initiative allows users to earn rewards by depositing various crypto assets, including BTC, ETH, and USDT, into their platform. With no lock-ins or complicated procedures, users receive daily earnings based on the amount of assets held in their wallets.
Within just three months of the campaign’s launch, the number of first-time depositors surged by 223%, total depositors increased by 243%, and the total deposit value saw a significant 243% rise.
With data-driven insights and a personalized approach, there was a significant impact in increasing engagement and retaining high-value users. From Q1 to Q2 in 2024, Flipster saw a 77% increase in trading volume driven by cross-channel customer engagement. Flipster hosted over 100+ promotions, giving away over $6.8M USDT worth of rewards to their customers.
Iterable’s advanced segmentation and personalization capabilities have been instrumental in boosting engagement and retaining our high-value users, with a positive impact on our bottom line.
Driving Fintech Excellence with the Right Partner
Flipster’s journey of overcoming challenges in data activation and user engagement demonstrates the power of leveraging the right technology to drive business growth. By adopting Iterable, they successfully transformed their customer lifecycle management, from onboarding through to retention, with impressive results. The ability to deliver personalized, data-driven messages across multiple channels not only streamlined the identity verification process but also boosted trading activity, and overall customer engagement.
Flipster’s success story is a testament to how innovative solutions and strategic partnerships can unlock a company’s full potential, enabling it to thrive in the competitive world of crypto derivatives trading.
"Iterable has made it extremely easy for us to execute and optimize sophisticated engagement campaigns with minimal engineering support." Read more