Key to revenue growth in the crypto world: reaching and engaging the perfect audience

Overview

• Thai-based cryptocurrency exchange platform Bitkub was looking to optimize its marketing efforts in order to maintain its leadership position and drive expansion. 
• However, lack of reliable campaign performance data and a well-defined audience strategy was making it challenging to maximize user acquisition and retention efforts across owned and paid channels. Bitkub wanted better visibility over its media sources and deeper connections with users. 
• Bitkub implemented AppsFlyer’s measurement suite, Audiences, and raw data import capabilities, optimizing media sources, enabling improved remarketing, and achieving a consistent month-on-month increase of 4% in clicks-to-install conversions and a 87% boost in trading fee revenue.

Background

Bitkub, founded in 2018 by Jirayut Srupsrisopa, is a cutting-edge digital asset and cryptocurrency exchange headquartered in Thailand. As part of Bitkub Capital Group Holdings, it has emerged as the dominant player in the country, facilitating more than 95% of crypto transactions. Boasting over 5 million downloads on iOS, Android, and Huawei platforms, Bitkub’s influence extends globally, fueled by its growing user base and expanding market presence.

To maintain its market leadership and drive expansion, Bitkub is focussed on optimizing marketing efforts as a strategic priority. To achieve its goals of increasing conversion rates, app growth, and revenue from trading fees, Bitkub was determined to gain better visibility into the effectiveness of its media sources. By harnessing data-driven insights and refining its media strategies, Bitkub aimed to solidify its market position, cultivate customer loyalty, and achieve sustainable growth in the ever-evolving realm of cryptocurrency trading.

Challenge

Bitkub’s objective was to expand its user base and generate revenue from trading fees through acquiring new registrations. However, the company encountered challenges in identifying high-performing media sources due to a limited view of campaign performance. The absence of crucial performance data hindered Bitkub’s ability to make informed decisions, leading to financial losses from ineffective media investments.

Bitkub also faced a challenge in effectively engaging and retaining users, which had a negative impact on its business goals. The company had no means to curate and reach the right user groups, resulting in lower user engagement, missed revenue growth opportunities, and difficulties in optimizing marketing efforts to cater to the diverse needs of its user base.

Results 

AppsFlyer’s solutions brought significant results for Bitkub. 

Firstly, by being able to identify high-performing media sources, Bitkub optimized its marketing investments, minimizing wastage from ineffective channels and achieving a notable 13% increase in the volume of registrations as well as a 4% increase in app conversion rates month-over-month since January 2023.

Secondly, using AppsFlyer’s raw data export feature enabled Bitkub to run more effective user acquisition campaigns, contributing to an 87% increase in revenue from trading fees as well as a 5% reduction in average CPA. 

Lastly, AppsFlyer’s insightful marketing measurement data allowed Bitkub to reach the most appropriate user segment, optimizing its marketing efforts and maximizing conversion opportunities.

When it came to our remarketing efforts, it seemed like we were missing the mark, wasting valuable resources on not-so-effective campaigns. AppsFlyer came in as a partner, not just a vendor. Their platform helped us understand our audience better, bringing in much deeper granularity accurately. We finally found our voice and connected with our users on a deeper level.

Atthakrit Chimplapibul, Chief Executive Officer, Bitkub Online Co., Ltd.

Solution

In order to identify high-performing media sources, Bitkub implemented AppsFlyer’s Measurement Suite. It provided insights into the media sources generating the highest revenue at optimal CPAs, allowing the company to allocate resources to high-performing media sources and avoid wasting money on ineffective channels. With this data-driven approach, Bitkub maximized its marketing efforts, achieving higher returns on investment.

Bitkub leveraged AppsFlyer’s APIs and raw data solutions to enhance its user acquisition and retention campaigns. While maintaining user privacy as a priority, Bitkub was able to optimize its marketing strategies based on specific in-app user behavior, resulting in higher engagement rates. This integration of marketing attribution data, coupled with a privacy-centric approach to remarketing, empowered Bitkub to run more effective campaigns and optimize user engagement and retention.

Bitkub also made strategic use of AppsFlyer’s Audiences feature, employing in-app events-based segments to enhance its remarketing success. By leveraging more than 30 audience segments, Bitkub achieved notable improvements in user retention and engagement.

We find AppsFlyer CX and Deep Linking Suite invaluable in seamlessly connecting customers with our brand landing pages. It not only saves us significant time in link generation but also allows us to track the performance of each campaign link in terms of events. This data analysis enables us to make informed decisions and optimize our marketing funnels effectively.

Chusin Mateechaipong, Marketing Director, Bitkub Online Co, Ltd.

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