The mobile marketer’s guide to crypto on mobile: Maximizing crypto app potential in 2022
Mobile and crypto are a natural fit as tech-savvy early adopters embrace the cryptocurrency wave. Crypto exchanges are, in fact, a relatively new vertical in the grand scheme of app categories, but they are more than just the new kid on the block. These apps are experiencing massive growth.
The number of crypto apps available remained stable from the end of 2017 until an uptick in downloads started in 2020. Apptopia data shows that year-on-year growth was as high as 64%, which was already a very healthy number. However, 2021 saw this growth skyrocket to 401%.
Between 2020 and 2021, Adjust’s data shows that crypto app installs grew by 455%. Other fintech categories also grew immensely over the past 24 months as a result of fast-tracked digitalization in markets across the globe during COVID-19-related lockdowns. Banking, payment, and stock trading all saw impressive, sustained growth, hitting 27%, 25%, and 31%, respectively, but this is entirely eclipsed by the 455% seen for crypto.
Crypto had its ups and downs throughout the year but maintained meteoric growth overall — while also teaching us a lot about crypto user acquisition (UA) and re-engagement.
App use follows crypto market fluctuations
In 2021, we saw downloads drop 49% from Q2 to Q3 but bounce back by 106% in Q4, matching the Bitcoin and overall crypto price movements. This demonstrates the importance of these fluctuations for UA and re-engagement. The first boost we saw took place in April 2021, when the Bitcoin price reached nearly $64,000, followed by a new peak in November with the price hitting $69,000.
In other words, interest in crypto exchange apps peaks when users see there’s money to be made. As interest rises, so does competition.
We see an increase in crypto apps in the app stores in 2017 and 2018, which is around the time of the first “crypto bull run.” The surge recedes in 2019 and early 2020 before picking back up again from July 2020 onward. This trend line coincides seamlessly with Apple’s revision of its privacy guidelines in June 2018 for cryptocurrency apps.
Savvy marketers will capitalize on these clear indicators to craft well-timed UA campaigns, alongside re-engagement campaigns that remind users to come back to the app and make the most of what they have invested.
Loyal users: The app marketer’s best friend
While crypto app users’ interest may wax and wane with the fortunes of cryptocurrency — Apptopia data shows sessions rose 63% from 2019 to 2020 before growing by a stunning 567% in 2021 — the good news is that these users are loyal.
Perhaps the best way to assess the performance of these apps regarding engagement metrics is to compare them with their closest established counterparts: stock trading apps. Retention rates for crypto apps performed steadily higher than stock trading apps in Q3 and Q4 of 2021. In Q3, for example, crypto app retention is 32% on day 1, while stock trading comes in with a median of 19%. By day 7, crypto apps are still retaining 24% of users compared to stock trading’s 13%, on day 14 it’s 19% vs. 12%, and by day 30, 18% vs. 9%. The high retention rates represent a huge opportunity for app marketers to monetize users throughout the 30-day period.
Once a crypto app scores a user, they have plenty of time to monetize and engage that user over and over again. So, let’s talk about a few key ways to grow your user base:
Don’t be afraid to pursue new audiences
The crypto niche is performing strong, but eventually, you will need to look beyond niche users to continue to grow. Don’t be afraid to try expanding to new audiences that may be interested in your services, but are still uncomfortable or unfamiliar with digital currencies. Think about constructing audience segments outside of the fintech space. Large exchanges such as FTX and Crypto.com have made major investments in brand awareness by pursuing fans of professional sports, especially in the U.S. Even if you focus 95% of your budget on catering to safe crypto segments, a campaign that allocates 5% to discovery could also prove lucrative. People are more interested than ever in the crypto space, and making it approachable for newbies can pay off.
When it comes to managing campaigns, and succeeding in UA and mobile marketing in general in 2022, which is proving such a crucial moment for crypto apps, it’s agility and visibility over data that will make the difference. Marketers who can act immediately — and confidently — by viewing data from multiple sources can make smart, fast decisions and more easily prove ROI.
Referrals and incentivized campaigns are key
Referral programs have long been essential marketing tools for crypto exchange apps. These programs reward the referrer when the referred user purchases cryptocurrency on the exchange. Incentivized campaigns offering users a sign-up bonus, such as a free $10 in Bitcoin upon funding an account, are also a critical UA technique for driving first-time deposits from new accounts.
Referral and incentivized campaigns (including influencer marketing) require a sophisticated cross-channel deep linking solution that allows marketers to track deep links for existing users, defer deep links for new app users, conditionally redirect users to app stores, and more.
Finding and incentivizing the right users is always key to app growth, but in the crypto space — where competition is currently especially fierce — having a strategy that allows you to find new sources of traffic that convert high LTV users can mean the difference between topping the charts and becoming an also-ran. With the right data, a forward-thinking strategy, and capable partners to help you execute and optimize, your crypto app can count on moving steadily up the ranks.
Authored by:
April Tayson, Regional VP – INSEA, Adjust