How we reduced the CPI for a crypto wallet from $8 to $1.81 using non-obvious promotion tools.
A BDC Consulting client brought an interesting product to the market: a multi-currency crypto wallet with fiat support, a built-in exchanger, and an encrypted blockchain messenger. The problem was that the crypto wallet competed with large projects whose advertising budgets were many times higher than the client's budget. The result was a high cost per lead: about $8 per app download via Facebook ads.
Goal: achieve 1100 wallet installs at a lead price of no more than $4. This required 100 downloads from each of the following 11 countries: Hungary, Germany, Spain, Malta, the Netherlands, Norway, Portugal, Ukraine, Finland, Croatia, Czech Republic.
Final result: The BDC Consulting team beat the KPI by almost 40%, achieving 1536 wallet installs at an average cost of just $1.81.
A comparative analysis of previous campaigns showed that one lead received from Facebook, on average, cost the client $8. However, to complete the scaling plan successfully, we had to generate leads at half the price of $4 or less. Therefore, it was necessary to look for an additional site.
It was decided to launch campaigns directly in the Apple Store and Google Play along with Facebook advertising.
Next, we prepared a list of the main advantages and “killer features” of the wallet, such as free crypto transfers within the network, exchange at a transparent fixed rate, invoices, etc. Based on this list, we created 5 options for offers and creatives for each site.
Insight: Market research by BDC Consulting shows that English is the least spoken language among crypto audiences in Turkey, Spain, and Portugal. Therefore, we ordered the translation and localization of both the creatives themselves and the landing page into the languages of these countries.
When setting up an advertising account in the Apple Store, there were no problems, but the ad did not pass the Google Play moderation. The fact is that “stop words” appeared in the meta description of the application, such as “cryptocurrency”, “staking”, “wallet” and “blockchain”.
It was impossible to change the description of the wallet, so a search engine optimization campaign was tied to it in app stores (ASO, or app search optimization by analogy with SEO).
Insight #1: Avoid the words “crypto”, “cryptocurrency”, “staking”, “wallet”, “blockchain”, “token/coin”, etc. when creating creatives for blockchain projects. In addition, it is worth checking that these words are not on the landing page.
Instead, you can use “digital assets”, “getting/accumulating interest”, “online account/online storage”, “digital currency”, “digital finance / online fintech”, etc.
Insight #2: Even if an ad with potentially objectionable words has been moderated, you need to scale your campaign carefully. You should increase the daily budget gradually so that the advertising account is not blocked.
As always, the BDC Consulting team found an alternative. We launched paid search advertising through the site using the AppsFlyer Onelink service. It allows you to create a deep link, leading directly to the installation of the application. In addition, using OneLink, you can correctly track conversions from each advertising channel.
Insight: Deep linking services are an interesting solution in case the advertisement does not pass moderation. This is especially true for crypto products, which are still banned from advertising on Google.
At the same time, we received the best results in terms of cost per lead in the following countries:
Currently, we continue to scale the campaign and analyze the crypto wallet funnel to maximize user retention.
Thanks to the use of alternative advertising channels and an innovative approach to creating creatives, BDC Consulting experts managed to get CPI (cost per install, the cost of installing an application) 2.2 times lower than planned: $1.81 instead of the planned $4. Look out for other BDC Consulting cases on our blog under the #Cases tag.