From Poor Value to Top Performer: CoinStats Case Study Reveals Secrets of Success
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🧞♂️ What Web2 strategies can help overcome poor onboarding in Web3? Community Insights from the CoinStats case study.
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At first, CoinStats had this: poor value proposition, big security concerns, no clear CTAs, etc. Now it’s the largest crypto and DeFi portfolio management platform with over 1.2 million active users.
Vahe Baghdasaryan, their Senior Growth Marketing Manager, told us that the team made a bet on improving the onboarding process. Let’s dig into detail:
At CoinStats onboarding starts on the main page. First, the main page didn’t have any clear value proposition to the users and raised questions if the service was easy and safe enough to use:
💡 Main user pain points included:
— Security concerns;
— No understanding of how to connect the wallet;
— Users didn’t know about the portfolio management feature;
— No understanding of the value proposition of CoinStats.
To address these problems, CoinStats incorporated the following hacks:
1️⃣ Clear instructions
CoinStats added a step-by-step explanation on how to connect the portfolio to their platform. It’s easy to follow and reduces users' confusion — always a win if you want to prevent users from having a bad first experience with your product.
2️⃣ Security statement
The team included it to ensure the users that they’re super safe:
«We are only requesting view permissions. This does not give us access to your private keys nor the ability to move your funds. We only need this to show you your portfolio performance and analytics.»
3️⃣ Adding reviews by key opinion leaders
Such reviews helped to build trust, provide social proof, and address some of users’ concerns.
4️⃣ Showing the value proposition in action
It was done in the form of a pop-up with critical insights about the user’s portfolio performance.
Editor’s note: Don't underestimate the power of gamification when it comes to user onboarding in Web3. By adding elements of fun and competition, you can keep users engaged and motivated to learn more about your platform.
— 4x the daily number of users who connect at least 1 portfolio;
— 8% increase in W1 retention;
— 30% conversion rate from the onboarding flow;
— 34% conversion rate from the portfolio analytics pop-up in the onboarding.
“Remember: technology changes, but people stay the same”
Vahe Baghdasaryan, Senior Growth Marketing Manager at CoinStats
These are just some of the highlights that Vahe shared with us during the Web3 Growth Summit. What’s ‘wow’ is that he’s also joining Epic Web3 Conference to speak about strategies for increasing DeFi product adoption.
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Sending growth your way,
STOP - DO NOT INVEST IN SUBSTACK'S BROKEN MODEL!!!
Seriously if they are begging for money and VC bailed it means its a broken model. Think about it, how many regular people are paying per writer $5 to $10 per month? Not enough apparently and the next thing they will introduce is advertising which is 1million times worse. This monetization model is for elites, elite writers and elite readers who can afford to pay to "benefit" from their writing. Its not Twitter but its just as elitist as Twitter and will devolve into the same mess and control mechanism.
Go check out web3. Go check out crypto. Go check out the MVP of my solo hobbiest project "dplatform.me" The next platforms will be web3, crypto, micro-transactions, and governed by decentralized autonomous organizations (DAOs) or no one
The future is decentralized!