As the crypto market continues to mature, there is a growing need for secure and user-friendly wallets to store these assets. Non-custodial wallets, also known as self-custody wallets, have emerged as a popular option for cryptocurrency users who want to take control of their assets and keep them secure.
However, like any other product, non-custodial wallets need to be marketed effectively to attract users and build a loyal customer base.
In this blog post, we will discuss 10 important metrics for measuring the success of a marketing campaign for cryptocurrency wallets.
10 Important KPIs for Marketing Crypto Wallets
Conversion Rate
The conversion rate is the percentage of website visitors who take a desired action, such as signing up for your wallet. For a non-custodial wallet, the desired action could be creating an account, setting up a wallet, or making a transaction. Tracking your conversion rate is crucial to measure the effectiveness of your marketing campaign in driving user acquisition.
A low conversion rate could indicate issues with your website or app design or marketing messaging, while a high conversion rate could suggest that your marketing efforts are resonating with your target audience.
User Acquisition Cost (CAC)
The user acquisition cost (CAC) is the cost of acquiring each new user for your non-custodial wallet. This metric can help you determine the effectiveness of your marketing efforts in attracting new users. A high CAC could suggest that your marketing campaigns are not targeting the right audience or that your messaging is not resonating with potential users.
To calculate your CAC, divide your total marketing expenses by the number of new users acquired during a specific period.
Customer Lifetime Value (CLTV)
The customer lifetime value (CLTV) is the amount of revenue you can expect to earn from each customer over their lifetime. This metric can help you determine the long-term impact of your marketing campaign on your business.
A high CLTV indicates that your marketing efforts are attracting loyal customers who are likely to generate more revenue for your business over time.
To calculate your CLTV, multiply the average revenue per customer by the average customer lifespan.
Retention Rate
The retention rate is the percentage of users who continue to use your wallet over time. This metric is a good indicator of the effectiveness of your marketing campaign in building loyalty among your users.
A high retention rate suggests that your crypto wallet is meeting the needs of your users and that your marketing efforts are effective in keeping them engaged.
To calculate your retention rate, divide the number of active users at the end of a period by the number of active users at the beginning of the period.
A poor retention rate could be a sign of:
- Poor user experience
- Lack of engagement
- Security concerns
- Poor customer support
- Misalignment of your product and your marketing message
User Engagement
User engagement measures the level of interaction users have with your non-custodial wallet, such as the number of transactions or the frequency of logins.
This metric can help you determine the effectiveness of your marketing campaign in driving user engagement.
A high level of user engagement suggests that your non-custodial wallet is meeting the needs of your users and that your marketing efforts are effective in keeping them engaged.
Social Media Engagement
Social media engagement measures the level of engagement your social media posts receive, such as likes, comments, and shares. This metric can help you determine the reach and impact of your marketing campaign on social media.
A high level of social media engagement suggests that your marketing efforts are resonating with your target audience and that your social media strategy is effective in driving engagement.
For inspiration, check out some of these top crypto Twitter accounts.
Organic Traffic
Organic traffic measures the amount of traffic your website receives from organic search results. This metric can help you determine the effectiveness of your SEO efforts in driving user acquisition. A high level of organic traffic suggests that your website is ranking well in search results, which can drive more traffic and ultimately increase conversions.
To improve your organic traffic, focus on optimizing your website for relevant keywords, creating high-quality content, and building backlinks from other websites.
A crypto SEO agency can help here.
Referral Traffic
Referral traffic measures the amount of traffic your website receives from referral sources, such as other websites or social media. This metric can help you determine the effectiveness of your referral marketing efforts in driving user acquisition.
A high level of referral traffic suggests that your referral marketing strategy is effective in driving traffic to your website and increasing conversions.
To increase your referral traffic, consider partnering with other companies in the cryptocurrency space or offering incentives for users to refer their friends to your non-custodial wallet.
Customer Satisfaction
Customer satisfaction measures the level of satisfaction users have with your wallet. This metric can be measured through surveys, feedback forms, or reviews.
A high level of customer satisfaction suggests that your non-custodial wallet is meeting the needs of your users and that your marketing efforts are effective in building a loyal customer base.
To improve customer satisfaction, focus on providing excellent customer support, responding to user feedback, and continuously improving your product.
Revenue
Revenue measures the total amount of revenue generated by your non-custodial wallet. This metric is the ultimate measure of the success of your marketing campaign in driving business results.
A high level of revenue suggests that your marketing efforts are effective in driving user acquisition, increasing user engagement, and building customer loyalty.
To increase your revenue, focus on optimizing your pricing strategy, introducing new features or products, and expanding your user base through targeted marketing campaigns.
Conclusion
Marketing crypto wallets can be challenging, but by tracking these 10 important metrics, you can measure the effectiveness of your marketing campaigns and make data-driven decisions to improve your results.
Remember to focus on attracting the right audience, building trust and loyalty with your users, and continuously improving your product to meet the needs of your customers.
With a strong marketing strategy and a user-friendly crypto wallet, you can position your business for success in the competitive Web3 space.
If you are looking for assistance with your crypto wallet marketing, try Coinbound, a marketing agency built specifically for crypto companies.
