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.
Our DHF proposal is temporarily below the funding threshold, if you think we are on the right track in onboarding 603 new Hivers this month and many more thousands in the months to come, please consider voting for it!
Posted Using LeoFinance Alpha
If those are 603 "active" users why is it that, in the doc you linked to, not all 603 users are marked as "active"? You refer to them all in the post as "active".
I looked at 6 of the ones who are marked as "active" on the doc and only 1 account has any kind of activity.
Can you please explain why you are saying they are "active" when clearly all 603 are not active (as by your own doc and a simple look at the user name).
Or at least explain what you define as being "active". Because most people including myself define active as voting, commenting and generally interacting on Hive for a lot longer than 2 days. Not just making an account and looking around like people can without an account.
I personally wouldnt consider a user active until at least a month or two showing some form consistency in posting.
Hi.
I don't understand this question, column E has 776 'NO' and 603 'YES'. Those 603 users are marked as active, because they were active in September.
Can you point me which ones? I doubt this statement is accurate but I'm not flawless and I could've made a formula mistake and if that's the case I want to rectify it.
We mention this in the DHF proposal, but we'll make sure to mention this on these reports as well. Active means if the user made a post or comment during the month on Hive. That's how we measure monthly active users.
Yep, we're actually going to measure this throughout the year, but this was the first month of the campaign, so we don't have more data to measure.
Thanks for the feedback!
My mistake on this. I did not scroll all the way to the bottom since the column name is "Was active" I assumed only those names in the column was cinsidered active users.
The first 6 accounts marked as YES in column E. I know that there is at least 2 of them that made a single post and I said only 1. But I was working when asking the questions and not exactly paying attention to my fat fingers.
Thank you for the clarification. But I didnt see those on the first 6 names. Its possible I missed them because I did not use Hiveblocks and just viewed there accounts through Ecency and outside of a couple of single posts there is no activity on those 6 for the remainder of the month.
Dont get me wrong. I'm not trying to troll you guys are send any hate your way. I just want to understand the terminology you guys use. Because your posts have a lot of "corporate speak" in them and through my life's experience "corporate speak" usually has more holes in it than swiss cheese. The proposal is asking for a lot of money at the wrong time of the market and many of us are hoping it's not just a ploy to an easy pay day.
We do have a common goal just different paths on getting there.
Would it be possible to get more details around related influencer data? For example you had mentioned a Spanish speaking influencer. Is there data directly related to the signups they generated outside of everything else. It feels a bit too general.
when we have influencer’s onboarded, we’ll have the data for everything from the sign up to daily usage from the referrals they bring
This Spanish influencer was actually unrelated to us, we just made a note of it bc it skewed the august data for the total on-chain signups a bit
Cool good stuff thanks Khal. Keep up the good work, everything else looked good in the report 💪
I am waiting for that impatiently.
The rebranded LEO might bring lots of new Hivians / Hivers who are interested in pretty niche topics in our ecosystem. So far, the growth is magnificent! Engagement on Twitter and awareness on Hive are increasing gradually.
We will do our best to utilize the SocialFi trend to bring new people to our ecosystem.
Hive on ✌🏼
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Great analysis! I will focus on this statistics..
I also voted the proposal after reading this great report!
More active users effect positive for Hive price. Hive price effect to more new Hive users. This is the circle. The main target is to enlarge the circle.
I will do what I can to bring new active users to Hive Blockchain!
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BEER.I appreciated @khal at Breathe helping with any difficult onboard I had he offered assistance with. Still have 2 Breathe appointments remaining with more to come plus just finished NFTxLV!, Ran out of those cards you gave me! & They were so impressed by Hove a company owner was referred to me by the shows coordinator as he felt Hive could help him better in just a 3 day convention! Feel free to click my name to see some pix & videos from this most recent web3 show!
thanks for the update in leofinance record for lat months. That's Awesome
Looks like some nice results there - great work !!!
good achievement! More wins for hive!
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2 of those new active accounts were due to me 😎
Unfortunately one of them forgot to set me as their referral but I'm still delegating them some HP.
Looks like a great result for the first month. A lot of those were thanks to Zealy campaign. I’m curious to see what you have planned for the next months apart from rebranding. Well done 👏
This looks impressive so far, I'm just hoping also that this will reflect on thread's were we will see a lot of new cool creators come and share what they are all about.
October 9 will bring a big change to the entire Blockchain