A few days ago the Hive marketing proposal ad campaign has started.
Our Ad dashboard is ready and we have received the first results of the campaign.
The results are very encouraging. We are still adjusting a few things. We added
There are two tabs. For facebook and Twitter.
We are doing incredibly well with the first week. We have spent only around 429 USD and we have a very high "conversion rate" (users clicking on https://signup.hive.io/ "SIGN UP" linking to wallet creation for dapps)
That is as far as we can track new users. Anything from there onwards is the job of wallet creation sites, dapps.
The current CVR (conversion rate) for this first week is 25,21% which is very high for Facebook. The advertising benchmarks for average facebook CVR across all industries is 9,2%, for tech being only 2,3% based on data found.
If we can maintain this CVR (this is still a small sample), using all the budget remaining if we go with only facebook, we could be seeing up to 7000 new "Signup clicks" (once they click on sign up, dapps take over!) on the Hive.io site. A large part of those clicks will create an account.
The complexity of the sign up process being the only obstacle here. But that is something we working on marketing cannot do anything about!
All we can do is bring people to the brink of being Hive users.
Everything else is for devs to work on.
@mahdiyari and @therealwolf are currently working to add improvements to the Hive.io site and I have already submitted some changes to the initial ad landing page created by Ignite. (see current landing page below) All these changes should help increase our CVR even further.
All the messages on the landing page have been approved by a team of people from Hive that are involved with the marketing campaign. Also to consider is that we ONLY have 3 ad messages up right now out of 8 we created so there is a lot of room to explore which ones are more effective which is exciting when it comes to the potential increase of the CVR that exists!
The twitter campaign we have decided to pause for the time being the second we received the data. The goal of the Twitter campaign is different from the facebook campaign. We will have to internally decide what our goal should be.
For Twitter, website conversions is not an option for optimization, so our objective there was link clicks.
In that aspect we are doing really well also. The average CTR for Twitter is only around 1.5% and we are doing 2.5x better.
An important factor to think about is the higher level of traffic we are getting from Twitter, and at a much cheaper cost per click but with a negligible sign up rate.
If there is a higher click through on the exchange links then we might consider keeping it going.
Right now Twitter is getting around 3x the clicks for the same price as facebook but 30x less signups.
Twitter increases brand awareness but doesnt lead to new users at nearly as high rate. For that reason we have paused it till we discuss it internally on the benefits of continuing or not.
We will know that on Tuesday during my weekly call with Ignite.
Anyone from the community is free to chip in with their thoughts.
Should we work on brand awareness and traffic to Hive.io or just go all in on Facebook and work to optimize signups?
I am mostly leaning towards "all in" with facebook right now after we check out GA for Hive.io and see what the twitter users are clicking on.
NEXT FEW DAYS:
- Ive already submitted the ad landing page changes that should go live next week.
- We have updated the facebook interests that should help the targeting.
- We have a HIVE specific PR, thats extremely well written, we will be sending out this week and paying for placement.
- And that one other thing thats coming SOON. 😉
Thanks for the report. Are you seeing new unique users?
There should be up to 60 unique new users this week. 60 of them clicked to create an account. From that point on dapps take over.
@dalz do you know if theres any way we can track the new user accounts created on the chain that come from this ad campaign?
We can track them to the point of clicking sign up. But no further.
Hard to tell exactly where the new sign ups came in, but we can track some trends. Are they using hiveonboard mostly? I believe @tipu is creating those accounts, so we can track that.
Sounds like they not using ref which is very odd. Not to mention any other way to track it.
Hiveonboard will create a part of those accounts. Not all of them. Maybe thats a starting point?
I will try to dig something out :)
Do you have a Witness up @lordbutterfly?
You deserve to be a high ranking Witness IMO.
I have a few spare votes so... ♦️
Facebook is known for sending bot traffic to generate false ad data. They are also known to deliberately prevent traffic reaching hive/steem - hence we have a multi billion dollar class lawsuit in action against them currently. I would suggest looking at ads on reddit since Steemit was originally modelled on Reddit and I regularly see people asking the crypto sub reddits about how to find blockchain powered social networks - no-one usually has a clue.
You can also look at advertising through blockchain and crypto based ad marketing platforms to specifically target crypto oriented websites.
We monitor the funnel and every step made by user on the site so we will see if any traffic is suspect in any way.
We will also be implementing some changes to the funnel to eliminate any click fraud focusing directly on conversions.
Moving this ad campaign to reddit or elsewhere isnt an option right now.
In the future different platforms can be discussed.
Sounds great and can we please fix the coingecko description that reads like Hive hasn't launched yet?
I would suggest exploring a partnership with one of the onboarding sites.
I think in order to make informed decisions here we'll need to understand how many users coming from a campaign that hit the landing page are actually signing up, and then one level deeper, of those how many make a post or comment within x amount of time. All the traffic in the world from Facebook is meaningless if no one is converting on the landing page by creating an account.
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The conversion rate is 25% meaning that 25% of those clicking on the ad are clicking sign up.
The onchain data, i cannot track. The job of marketing was to get people to create accounts and increase brand recognition.
Retention is not my job.
I think it's worth considering whether sending traffic to signup.hive.io could be detrimental versus sending direct to one or two qualified account providers such as eCency or HiveOnboard. The general signup site has always created one extra layer of friction and can be somewhat off putting if viewers see certain sites listing a signup fee.
If a campaign landing page funnels to a specific signup partner, this would also open the door to inviting the user to input a campaign specific referral or promo code to facilitate better conversion tracking and perhaps reward new accounts with small delegations, eCency points, etc.
edit thought - It would be interesting if the funnel could target device. Example: Send direct to HiveOnboard when on desktop as their process I believe has a focus on keychain installation… while users on mobile are sent to eCency due to its more app based approach.
That is true. This is actually already on the agenda for discussion.
Those are some really good points. Will screenshot so i dont forget.
The biggest issue I see with signups I get referrals for is that they have no HP to post with, so don't post.
Are you going to add Leo to the signup pages? Just curious. They have one of the better onboarding methods so it kind of makes sense.
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Using Twitter money to increase followers base of Hive blockchain Twitter account could be beneficial. Our reach in crypto community is very limited.
Thanks for report back on how marketing is going, perhaps Instagram or Pinterest if you have accounts there for further marketing, each attracts different people...
Upvoted 👌 (Mana: 36/48) Liquid rewards.
Brand awareness is necessary, but I think going all-in on Facebook, for now, is a good option.
Thanks for the report.
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Great job, promising, could you share also which ads work better on fb and tw? Would be interesting to see how different ads / images perform.
Once we place all the ads ill share it to compare. Right now we only tried out 3/8
This is amazing! "To infinity and beyond!". It took me awhile to navigate around, learning how the community concept works and once I did, I began to love it even more than the old steem. You beautiful humans are rockin it! Upvoted and rehived.
That is some very incredible conversion rate.
This ad campaign looks quite promising. The only problem I see is that the campaign involves giving money to Facebook and Twitter.
I think the ad campaign would be more interesting if it involved purchase of ad space from independent publishers.
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With more budget we can do that.
This campaign is also a "proof of concept". We never had any serious marketing.
We need quick results to prove it works. Facebook allows for that.
That Facebook data is insanely impressive, is this an anomaly or something you expect to continue?
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We expect to increase the effectiveness with the coming weeks.
The problem is that we have a short time window and limited budget so we are trying to do the most in the shortest amount of time.
Hive is also a different beast from anything on the market right now being a decentralized ecosystem of dapps which proves this a challenge.
I see. I agree, it is tough to market something that is so spread out and decentralized
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Regarding FBA: Are you retargeting those who hit the landing page? Do you have funnels in place as in do you guys play the whole game that FBA makes possible?
I totally get the issue with the different signup URLs thus making conversion tracking difficult but clicking on the Signup button is not conversion. You could use the Custom Audience (include Lookalikes too) of those who clicked the Signup button and run a conversion campaign with 3 different URLs (not the entire URL, you could use just the beginning) that provide free signups for a test - in this case Ecency, Hiveonboard and 3Speak. Also, run IG as a separate placement both Feed and Stories and see how that performs. You could start with a Brand Awareness campaign and work yourself down the funnel. In terms of interests, behavior, patterns, influencer and Co. there's a ton that you can play with.
While running profitable FBA/IGA (consistently) is attainable if you have a solid funnel in place, making Twitter ads profitable is a whole new level. The best results I've seen in my 10+ years of running social ads is to use Twitter for the top of the funnel and retarget on FB.
We could potentially have dapps provide info on creation and sign up numbers since they can track where the sign ups come from. They could potentially store wallet created through their service. They dont though. The part of the ideology here is to NOT collect any user information. (as far as i know from 3 sign ups i talked to).
They dont know which wallet is created from what origin.
The process is: User clicks ad, user comes to landing page, user clicks on sign up on landing page, user ends up on Hive.io sign up page, user clicks sign up option and is taken to wallet creation.
We track till he clicks to wallet creation. Once he clicks to create wallet we consider that a conversion. Since the dapps dont collect information its hard to track anything beyond that point. The onchain data after 2 months will show the actual rise of wallet creation so we will know precisely how many wallets have been created in time period of 2 months in relation to wallet creation prior to the marketing campaign and we can track their retention. That wont be completely precise but should give us concrete onchain data to reflect the marketing.
When it comes to retaining a leaving potential user, we might consider a pop up on landing page exit. That could work on the landing page but not on Hive.io. Devs im sure would not be willing to implement that.
We might even consider retargeting ads but we will need to discuss that internally to see the efficiency of it. We only have 2 more months of this.
Yes we track every step anyone on the landing page takes and on Hive.io.
Can i see somewhere how many user are registered and how many are activ?
No. All you can see if how many clicked to create an account so far. That is around 60 in 1 week.
I meant in general, so how many users does hive have at all and how many were active last month
Great. I created an account in a few minutes. @clixy . It's so easy and practical !
I think also that the All in with Facebook to obtain more signups is the best choice. Very good job!.
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Is this my first though? Im pretty sure i had 3-4 already.
You be slippin Hivebuzz. you be slippin. 😅
That's your second one. Check your board
Are you gonna market the coin aspects?
3sec blocks, 'no fees', human readable addresses, etc?
Not through ads, no.
Ads cover general topics.
Topics that can appeal to people outside tokenomics or crypto.
We tend to forget... Hive fixes social media no matter the token price or monetary incentive.
That which is true no matter the bull market or the bear market.
There are ad messages incentivizing investment but all of them are in service of letting the world know that Hive is the future.
Because Hive is the future.
There is lots of money in crypto, surely some crypto aimed ads couldn't hurt?
Maybe next time.
The ads are interest focused on crypto as well. They are not content focused on crypto.
I'm just thinking that aiming at folks that already know keys are important will help retention.
If we onboard the masses, and 90% of them lose their keys because web2 can get passwords back real easy, that is going to be nightmare.
Not that it isn't already dragging on our progress.
We will have 8 ads live soon. Right now only 3 are live. We only spent 1/40th of the budget. We still need time to see which ad delivers best results etc.
Some ads are directly investor focused and interests drive the ads towards crypto users.
I know that marketing majick must work, or the rich people wouldn't waste money on it.
Your post was promoted by @dagger212
THanks for the update! Interesting report
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This is awesome. Thanks so much for posting. I've got a couple questions:
Are you guys doing both creative and audience testing 🧪 so you can make improvements, discover winners and run them against audience samples, scale them, and rinse-and-repeat?
As in, taking some modular pieces of copy and images that you can mix-and-match and run as dynamic creatives against new audiences...
And then, after finding new audiences that perform well—you test non-dynamic creatives with different ad sets against the winning audience...
Rinse-and-repeat, finding new winners, and scaling winning ads...
Also, what kind of ad copy is working right now? And do you have some runner-up copy to use for testing?
I'm completely new to HIVE only joining earlier this week, so I don't have much weight to throw around, but I have to say this kind of Ad campaign looks really promising!
I really do think that Ads like these will draw more people in, who are new and complete noobs (like me), to the world of decentralization, blockchains and all of the possibilities community run social media platforms like HIVE can offer!!
Love HIVE, the community and it's potential!!
Twitter is always hard to become high rates. I can only recommend using little social networks. There are a ton ( with around 1M users).
The rates there are most times 50% higher or more. Sometimes like the Facebook data you share :)
Maybe there can offer to replace Twitter with some more little ones.
Like App for App marketing :) ( promote smartphone app on places people use the smartphone)
Right now using any other social network is out of reach. Maybe in the future. It would take too much work for sites that dont have as developed tools as facebook. Id like to explore that possibility in the future, right now, wer set on this.
Twitter is just not doing us good in terms of signups. There is great value there in brand recognition but there is no way for me to present that as a "result" to the community.
And we really need results to prove marketing is worth it.
Hive is very complex for new users with the learning curve it has so when the CVR is low i cant justify paying for it unfortunately even though we should be doing it.
That's some tool I use for some of my campaigns: https://knowem.com/websites/all ( also because of low competition on bets)
If it would be my campaign, I would test Twitter for 1-2 more weeks and try different things/ split testing ( pay for an influencer Tweet and promote the Tweet also with the signup link for example).
If no sign-ups, I would search for a way for higher money efficiency.
What about the Influencer's marketing? Would love to see something there :)
Overall good job :)
Paying for influencer tweets isnt something that we would consider under "twitter ads". It would be more in line with influencer marketing.
For influencer marketing look under 4. ;)
you don't understand.
Pay for the massage and then promote it with Twitter marketing.
Works on Facebook also perfect. So Advertisements don't look like advertisements.
Because you promote a discussion between user and Influencer. If Hive people start it in a positive way, people are most likely to comment positively too.
It's the way most modern and high successful social media marketing works today. You can also invite people to an inactive Facebook ad, let them comment, and if you have 20 comments release it.
At this point, it looks super successful from the start and people think " how can I miss this".
That would still be considered under influencer marketing. Thats something i dont have control over since the Hiveblocks account is run by GP. That could be a good idea to present him for his "petty cash" proposal.
I made a proposal through the DHF. All the dozens of Hive assets i dont have control over. All control given to me is voluntary and based on good will.
I can try and give ideas but not everything is at my disposal to tweak as i wish.
That would be great if it was but from my current position i can only do so much.
Thanks alot for the update on this proposal.
This is awesome. One problem for me for the rock I live under. Lol.
And I am already on Hive so it may not matter. But if I was not scrolling through Twitter with the #hive hastag I would never known this was going on.
Fantastic job, keep it up.
Because this is such an awesome post, here is a BBH Tip for you. . Keep up the fantastic work
Italy: 2 (Minute 55, 78)
Wales: 1 (Minute 66)