User Acquisition Tips for Crypto Apps
The world of cryptocurrency has come to the masses. It’s no longer a niche investment space that only the technically savvy understand. Crypto apps are a fast-growing category with lots of demand. Buzz and relevancy, however, won’t drive new user acquisition (UA). You’ll need to develop a strong strategy that leverages various tactics to attract and convert new users.
The State of Crypto Apps
The landscape of crypto apps is growing, and users are biting. They took off during the pandemic and are continuing to grow rapidly. According to data from Sensor Tower, fintech and crypto apps reached a new download milestone with 1.74 billion in Q1 2022. For crypto specifically, the number was over 100 million.
The growth of cryptocurrency crosses all markets, with Asia being the leader. U.S. consumers are eager to join the cryptocurrency train, too. In 2021, downloads of these apps hit over 160 million in the U.S., accounting for 43% of the Top 50 Fintech App downloads.
The cryptocurrency app landscape isn’t only dominated by those that solely provide currency and trading. Apps like Cash App, Venmo, and PayPal offer cryptocurrency transactions (but only in the U.S.). That makes the competition even broader and intensifies the pursuit of new users.
So, how can you get your app to stand out and persuade investors to become users?
5 Ways to Increase UA in Crypto Apps
Now that we’ve set the landscape, let’s look at specific ways you can build on UA goals.
Keyword Campaigns Are Essential
In the Sensor Tower report cited above, data links download increases to keyword popularity. Terms like “crypto,” “blockchain,” and “bitcoin” were among the most popular. These search terms increased significantly in 2021 over 2020. That tells you a few things:
- Consumers are using search terms to find the right app.
- Because they are using generic keywords versus app names, your app doesn’t need name recognition.
Launching a keyword burst campaign around these words and others will lead to new users. The key is to deploy these strategically. First, you want to update your app profiles to focus on the terms. On the Apple App Store, you can also create custom landing pages for your campaign.
Second, your ads with keywords should be compelling and not general. In fact, you may want to segment the campaign with longer keyword terms like “crypto for newbies.”
Third, consider CPI/CPE (cost per install, cost per engagement) hybrid keyword campaigns. The difference is really in the language. You want to prompt a user to download and then take an additional action. An example is “Download the app and make your first trade for free.” By using this approach, you’re driving the install and the next action.
Keyword campaigns can provide a lot of traffic. In turn, the installs can help you rise in the ranks. Then, your app is more visible, resulting in an organic lift.
Ads That Reflect the Current Cryptocurrency Market Could Drive More Users
Bitcoin fluctuates just like any other investment. In 2021, it had its biggest growth. It’s fallen since then, but it’s still way above 2020 figures. There is a connection between rising Bitcoin prices and user engagement in crypto apps.
Even though the price is volatile, you can still use this as a theme for ads across channels. Adding a bit of FOMO (fear of missing out) and urgency to the content could persuade consumers to join the crypto community. Adding a relevant and enticing offer like discount codes and rebates can sweeten the deal.
Emphasizing Differentiation of Your App in CPI Campaigns
While most crypto apps have many of the same features and functionality, they all have differentiators. Lead with that. For example, crypto apps that include education and information lessons could appeal to those interested in investing but who don’t quite understand crypto.
When you plan CPI campaigns, include these “what makes us different” content to drive those still on the fence to your app. Additionally, ads and your app store profiles should feature social proof. Coinbase does this with the line, “There’s a reason 35M people use Coinbase.” Such a statement provides credibility to the app, which is vital for user trust.
Each Channel Should Have Its Own Creative but a Unifying Theme
It’s good to advertise in many areas. With a robust ad network partner, you can do this. When selecting channels, you should also develop unique creative for each. How you target someone on Snapchat would be much different from an app store keyword campaign. They are different mediums—visual versus just words. The audiences are distinct, as well. Developing a strategy for each channel with a unifying message can increase the traction of your app and its appeal.
Tapping Influencers Can Be Lucrative
Many crypto apps have featured prominent movie and reality stars. They have name recognition but no expertise in the industry. These are expensive cameos that may do little to increase market share.
Instead, work with micro-influencers that are crypto experts and have a following of eager investors. With this type of influencer marketing, you would also pay via a CPI model. The influencer would have a specific link. If someone downloads from this, you’d then pay them.
It’s a much more sustainable approach to this type of marketing, and you have access to an audience with a high interest in crypto investing.
Invest in the Right Ad Mix to Grow Your Crypto App with AdAction
With these strategies, you can reach your UA goals. It’s important to diversify your ad mix when promoting your app. You can execute all these opportunities with AdAction. Our experts have successfully deployed campaigns for crypto and fintech apps with great success. Contact us today to get started.
