Chipper Cash, one of the leading fintech products across Africa, recently started offering users the ability to buy cryptocurrencies.
By applying the principles of continuous research to improving future adoption of products, Chipper Cash has experienced a 194% adoption rate of its crypto offering.
This post explores how Chipper Cash was able to achieve this in just 3 months.
When Chipper Cash initially introduced the crypto feature, the company experienced lower than desired adoption rate.
In order to improve adoption, particularly for users in Uganda, they looked at it in 3 parts:
- Are users familiar with cryptocurrencies?
- Are they aware that Chipper offers crypto?
- What’s holding them back from trying it?
In order to answer the above questions, Chipper Cash launched a microsurvey considering they had a very engaged user base.
The survey featured 4 questions:
- How familiar are you with cryptocurrencies?
- Are you aware of Chipper Csh’s new cryptocurrency invest feature?
- Are you interested in learning more about our cryptocurrency invest feature? (Only displayed if not aware)
- What, if anything, might hold you back from trying our crypcurrency invest feature?
The results of the survey were quite eye-opening and showed an overwhelming 58% of respondents in Uganda were not aware of the new cryptocurrency invest feature.
In addition, a significant barrier to the feature adoption was the fact that a lack of knowledge about cryptocurrency was holding users back from adoption, and equipped with actionable insights, the team was able to develop a plan to move forward.
Based on this knowledge, Chipper Cash increased investment in awareness-focused marketing in Uganda, including advertising on social and in-app prompts.
In addition, the company launched a crypto education initiative to teach fundamentals in bitcoin and ethereum investments.
The above insights can enable other crypto startups across Africa replicate the success of Chipper Cash in 3 ways:
- Obtain qualitative data in context – Target specific users during specific moments eg. asking for feedback in the moment when they’re using your product
- Consider where users are in the journey – Don’t assume. Rely on data to inform and guide and prove (or disprove) hypotheses.
- Capture data continuously – Capture constant insights by constantly learning and quickly iterating as customer and product are always changing
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