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OKR & Status Updates

This week’s update is different. In this post, we review our current objectives, key results, and initiatives.

Objective

Generate meaningful user install growth (10% WoW) at an average CAC of $3 / user.

Channel Exploration

As you may recall, we’re exploring four channels to acquire users: SEO / Guest Blogging, Video / Social Posts, Paid Media, and Partnerships. We define and discuss each channel below and provide an update on where we are.

  • SEO / Guest Blogging refers to developing content on our blog and/or guest posting on other blogs to drive traffic around keywords for which our ICP searches.
  • Video / Social Posts refers to ongoing Twitter posting to engage target communities (1: formerly, NFT/crypto, 2: FIRE, coupon, discount), in addition to TikTok videos to engage the same communities.
  • Paid Media refers to advertising and/or paid referrals on Facebook, Snapchat, TikTok, Google Ads, Reddit, Referral Factory, and Quest3.
  • Partnerships refers to collaborations with other brands, such as hosting ‘giveaways’ on Twitter. We’re also exploring a plugin partnership with Shopify store owners, leveraging their traffic for distribution.

Status: We have not struck oil – yet.

While initial growth from NFT NYC was significant, it was not a recurring channel. We have been working through various tactics for 16 weeks now and have yet to find our growth channel.

The following is a status update on our initiatives.

  • SEO
    • Initiative:We seek 700 installs per month via 10,000 page views / mo to our website via search engine optimization. So far we have identified pillar-content keywords, “how to make money online.” We also researched and outlined 15 clustered sub-articles that would boost our search engine rank. Unfortunately, this approach will not yield results until 5-6 months.
    • Pros: sustainable and growable source of traffic.
    • Cons: results are too distant in the future because we need immediate signal on PMF.
  • Guest Blogging
    • Initiative: currently identifying guest posting opportunities in FIRE, coupon, and discounting blogs.
    • May generate intended effect in 6-8 weeks.
    • Pros: quickly test value proposition by measuring conversion rate on offer from traffic.
    • Cons: guest blogging won’t produce sustainable traffic. This will be a ‘one-off’ effort akin to paid media.
  • Twitter
    • Initiative: growing followers in FIRE, coupon, and discounting blogs.  
    • Results: previously, grew from 200 to 2,000 followers in #NFT community, driving 10% of web traffic. Seeing ~15% conversion rate on Twitter-traffic-to-install. 
    • Pros: drives 10% of our website traffic, with high conversion rate on that traffic (14.7%, n.b. sample size may be too small for a definitive answer).
    • Cons: this is a noisy channel. Unclear if we’re getting through to intended communities given algorithmic shaping. Pace of follower growth slowing, averaging 6% WoW.
  • TikTok
    • Initiative: posting 3-5 videos per day to get picked up by the algorithm. Targeting #FIRE, #Coupon, #Discounting, #PassiveIncome, and #SideHustle communities. 
    • Results: 48K views, 219 profile views, 1.8K likes, 201 shares, 317 followers. That said, we have not detected meaningful install growth from this channel yet. At best, we can see (direct) and google sourced traffic increased 25% and 94% respectively since we began this tactic. 
    • Pros: TikTok will distribute content to users’ “for your page,” even from new accounts. This levels the playing field as a new entrant to reach a particular audience or community.
    • Cons: this is a noisy, hits-driven channel. Requires constant effort to feed the content machine. Cannot add a direct link to our website until we reach 1,000 followers. The view-to-profileView rate is low (0.45%). Either we’ll need (i) multiple 1M+ view videos or (ii) a narrower community for whom this content resonates more (assuming that generates better conversion rates).
  • Paid Media
    • Initiative: launch ad campaigns on Reddit, Facebook, Google, and Snapchat.
    • Results: Facebook banned our account (final notice) because the offer of earning passive USD from the browser is “too good to be true.” Snapchat rejected our ads on similar grounds. Google restricted our account (we’re fighting; likely to win an exemption within a few business days). Reddit ads began running on 10/20.
    • Pros: we can pay to get past algorithmic shaping and forcibly reach our target audiences. This allows us to quickly test offer-audience-fit.
    • Cons: This is our least preferred method for user acquisition. That said, many other channels feel tapped or slow-moving. We’re testing this one now to see if there’s an issue with our ICP targeting and/or value proposition messaging.
  • Paid User Referrals
    • Initiative: launched a Referral Factory campaign, promoted via AlphaBack ‘new tab’ and Twitter.
    • Results: 119 people have seen the referral page and we acquired 13 new users form this tactic in the last 7 days. The card, ‘Get Paid by Making AlphaBack Referrals’ has been clicked 20 times out of 166 times shown in 7 days (~12% CTR).
    • Pros: leveraging existing users to spread the word, and we’re using our own ‘new tab’ advertising space.
    • Cons: We were getting zero results at $1/$1 give/get promotion. We upped this to $5/$5 and we started seeing some activity. But this CAC is too high to make this a sustainable growth tactic.
  • Quest3
    • Initiative: launched a Quest3 campaign where visitors must view our explainer video, follow us on social media, and install the extension, in order to be eligible for two randomly drawn $50 USDC giveaways. 
    • Results: the campaign has 10 days left and we have 510 Questers so far.
    • Pros: there’s hope that this is a sustainable growth channel. Past campaigns from Tachyon colleagues show that such campaigns can generate 2,700 questers for $100 USDC.
    • Cons: It may not be possible to run multiple campaigns back to back given a Questers ability to change wallets and replay in future campaigns. Likewise, this campaign is limited to a web3 audience.
  • Crypto / NFT Cross-Collaborations
    • Initiative: approach NFT projects and offer them free advertising via our users’ new tab experience, in exchange for that NFT project promoting AlphaBack in their Discord and Twitter. We also released our upvoting feature and leaderboard competition to give NFT leaders additional motivation to drive their users to AlphaBack.
    • Results: the cross-collaborations have not yielded as much user growth as we had anticipated given the amount of business development effort required. The leaderboard feature was meant to enhance those results, with 20 NFT projects simultaneously competing to drive their members to upvote their project via our extension. Those results were summarized before, but here’s a quick refresher: this multi-week effort resulted in ~180 new users.
    • Pros: cross-collaborations are repeatable and many ‘growth marketers’ in the crypto and NFT space emphasize that this is the path to initial user acquisition.
    • Cons: in our experience, this channel is not leading to user growth. As noted before, it’s possible that our value proposition is not resonating with the NFT community because (1) the value is too small, (2) the security concerns are too high, or (3) this user segment is especially ad-resistant.
  • eCommerce Partnerships
    • Initiative: build a Shopify plugin that offers a buyer the opportunity to install AlphaBack post-checkout. The Shopify store gets credits on our ad platform for each referred user. Then, the store gets to advertise with those credits to our user base.
    • Results: we are starting BD outreach through our networks.
    • Pros: stores may be the gateway to thousands of users. We can measure appetite from Shopify store owners before building the plugin. Plus, reaching Shopify stores is an understood B2B outreach challenge.
    • Cons: it’s unclear if another offer after checkout is going to generate the volume we need to make this effort worthwhile. Assuming post-checkout conversion rates of 1%, then we’ll need to integrate into 100,000 checkouts to reach our goal. By way of example, Elf Cosmetics is ranked 32nd in the Beauty Category, and received 2.9M total visits. At an average conversion rate of 1.8%, they generate 52,000 checkouts. But most Shopify stores don’t get that kind of website or checkout volume. We anticipate closer to 5,000 checkouts per average Shopify store owner, so we’ll need at least 20 participating partners to reach our goal.

Asks

  • Do you know any Shopify store owners with at least $1M+ in annual sales? We’d love to conduct user interviews to determine whether they would be excited about a partnership.
  • Reflect on our last 16 weeks of efforts. Do you have any thoughts, questions, or suggestions?

Thanks for your ongoing support 🙏


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By Rod Fuentes

Authentic, exited startup founder. Exploring Web3, DeFi, NFTs. Co-founder @AlphaBack_xyz. Loves: coding, cooking, climbing, and CoLab machine learning 😜

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