On September 1st, the Leo DHF Proposal to double the Monthly Active Social Users on Hive (MAU) got funded and we began our Marketing Strategy to welcome and retain hundreds of new users per month using our one-click account creation process.
In just 1 short month, we've already made some amazing progress. In our DHF proposal, we outlined a target CaC (Customer Acquisition Cost) of $33.
We are happy to show that the reality of September is a CaC of $2.8 - 11.7x less than what we expected to pay for each newly onboarded user. This month blew our own expectations completely out of the water. Once you dive into the numbers below, we hope you share in our excitement about what's possible as we continue to scale up our marketing into October and the Q4 2023.
Why was the CaC so low? We had so much low-hanging fruit in terms of onboarding and once we got some organized campaigns rolled out - along with a SUPER successful Breathe! conference in Vegas where we repped both Hive and LEO alongside other fellow Hive App owners - we're seeing some incredible early traction.
September Results
The Onboarding Goal for September was 450 new Hive users.
- 3,404 Total Accounts Created on Hive out of which 1,915 were active in September.
- 1,379 of those 3,404 accounts were created by Leo's Onboarding Protocol out of which 603 were active in September.
By the way, this indicates that 40% of new Hive accounts being signed up are directly from LeoFinance.
Goal: 450 new active users
Results: 603 new active users
This spreadsheet contains the details for the data above
For reference, here is a chart with the TOTAL (All of Hive) onboarding numbers so far in 2023:
* August data is an outlier because Hive was mentioned in several videos by a Spanish speaking influencer who promoted our Ecosystem as a Social media that pays you for your photos.
- The Average Onboarding rate (excluding August) is 1,175 new monthly active Hivers
- September has 1,915 new monthly active Hivers (so close to 2x!)
Retention
Onboarding means nothing if there is no retention. Retention of new users is incredibly difficult. If you analyze any platform, app or business, you'll find that most have single digit % retention rates. Here is a chart showing the retention rate of new users on the social side of Hive during 2023:
As you can see, onboarding is important, but we need to also focus on Retention if we want these numbers to improve.
Expenses
Our DHF proposal asks for 15k USD per month to achieve these goals:
We spent a total of $1,680 USD during September from our total DHF funds:
We onboarded 603 monthly active users at a cost of $1,680 USD, which results in a CAC of $2.8 USD.
To reiterate: our target for September was to onboard 450 MAUs at a cost of $14,850. We treat this as a bottom of the barrel target. If we achieve it, we still believe it is far superior (based on market research if you compare us to other Web3 / Web2 platform's CaC figures) to other platforms. Our aim is always to outperform the bottom of the barrel figure... and to do it by a long shot. You can see that we achieved this in september by spending 1/11th of what we anticipated, yet onboarding 34% more users than anticipated.
Some months will be more expensive than others. This month was a light month in terms of spending because we are still in the early ramp-up stages. If this month is any indicator though, it should indicate that our marketing strategies are effective at bringing in new users, even at a small scale. One can only imagine what pumping extra capital into our strategies will do... you'll only need to imagine this for another few weeks as things are already ramping up at the end of September and early October.
October Plans
As you can see, we spent 11% of our monthly budget and surpassed our onboarding goals by more than 150 new active Hive users.
We also almost doubled the total Hive onboarding ratio compared to the monthly average in 2023 -> Even if users do not signup through Leo, the marketing and promotion is bringing in twice as many users to Hive per month, and they can decide to signup through the various methods offered by the communities and dapps. We are not only marketing LEO with our efforts. We are marketing the entire chain by educating people about LEO and the technology that its built on (Hive).
We have our rebrand Launch prepared for mid-October and we plan to make a huge event for this. It is going to open up LEO to an entirely new audience who may have otherwise been scared off by the Finance branding image. This rebrand push will essentially be a relaunch of LEO to a broader audience with much friendlier branding. If we managed to achieve these results with 11% of the budget AND under the finance niche, we are convinced that we will have vastly superior results by the end of October.
We want to thank everyone who's been supportive of the LEO DHF proposal, and we are please to show you the above results that exceeded the target we promised. We hope to keep underpromising and overdelivering. It's time to bring the masses to Hive.