As the market develops, there is a growing demand for safe and straightforward wallets to store crypto assets. Self-custody or non-custodial wallets are becoming increasingly popular among cryptocurrency owners who prefer to maintain custody of their funds.

Non-custodial wallets, however, need to be marketed efficiently to attract users and establish a loyal client base, just like any other product.

In this article, we’ll go through 10 key indicators for gauging the efficacy of a wallet-focused Bitcoin marketing initiative.

Key Performance Indicators for Promoting Cryptocurrency Wallets

Exchange Rate

A website’s conversion rate measures how many visitors actually take the desired action, such as signing up for a digital wallet. Depending on the type of non-custodial wallet used, the intended action may be account creation, wallet setup, or transaction execution. Your marketing effort’s success in bringing in new users may be largely gauged by keeping tabs on your conversion rate.

A high conversion rate could mean that your marketing is reaching your target demographic, while a low one could mean that your website, app design, or marketing messaging needs improvement.

Cost To Acquire a New User Or CAC

The cost per user you incur to add them to your non-custodial wallet is the user acquisition cost (CAC). Using this indicator; you may assess how successful your campaigns have brought in new customers. If your CAC is high, your marketing isn’t reaching the correct people, or your message isn’t getting through to them.

You can determine your CAC by dividing your marketing costs by the total number of users you gained over a given time frame.

Customer LTV or Value Over Time

The customer lifetime value (CLTV) is the monetary sum a single client can count on throughout their lifetime. This indicator can forecast how your marketing strategy will affect sales.

If your CLTV is high, your marketing successfully brings in a steady stream of clients who will likely become repeat buyers.

Multiplying average income per client by typical customer longevity yields customer lifetime value.

Retention Rate

The retention rate measures how many customers have used your wallet over time. This KPI shows how well your marketing is doing to make customers loyal to your brand.

High retention rates indicate satisfied customers and the success of your crypto wallet’s marketing strategy.

Subtract the number of users who were still active after the period from the number of users who were still active at the start of the period to get your retention rate.

Involvement of Users

Your level of user involvement with your non-custodial wallet may be gauged by tracking metrics like the number of transactions and the regularity of user logins.

This number can tell you how well your marketing strategy is engaging users.

Having a large number of active users indicates that your non-custodial wallet is satisfying the requirements of its users and that your marketing strategies are successful.

Social Media Engagement

The amount of interaction with your social media posts (likes, comments, and shares) is called “social media engagement.” This metric will help you evaluate the efficacy of your social media marketing strategy.

High levels of interaction on social media indicate that your marketing efforts are having the desired effect on your intended demographic.

Referral Sites

How much of your site’s overall traffic comes from unpaid, or “organic,” search results is what you want to track. To what extent your SEO activities contribute to new user acquisition can be gauged with this indicator. When people find your site using search engines like Google, Bing, and Yahoo, called “organic traffic,” it can lead to more visitors and sales.

Increase your website’s organic traffic by concentrating on keyword optimization, producing high-quality content, and gaining backlinks from authoritative sites.

Targeted Referrals

Referral traffic quantifies how many visitors came to your site via links on other sites or social media. The success of your referral marketing in bringing in new users may be gauged with this metric.

If your website receives many visitors from other sites, then it means your referral marketing approach is working!

If you want more people to use your non-custodial wallet, you may incentivize customers who refer their friends or form partnerships with other businesses in the cryptocurrency industry.

Customer Satisfaction

User happiness is quantified by how satisfied they are with your wallet. Questionnaires, feedback forms, and reviews can be used to gauge this metric.

If your non-custodial wallet has a high rate of client satisfaction, then your marketing is succeeding in attracting and retaining customers.

Improve client happiness by listening to feedback, acting on it, and updating your product often.

Earnings Profits

Earnings profits are how much money you make with your unattended wallet. This KPI is the gold standard for gauging the efficacy of a marketing initiative in terms of its impact on the bottom line.

A high level of revenue indicates that your marketing is successfully attracting new users, keeping existing ones engaged, and encouraging the creation of committed brand advocates.

Optimizing your pricing approach, releasing brand-new features or goods, and expanding your user base via strategic advertising are all great ways to boost your company’s bottom line.

Conclusion

It might be difficult to promote cryptocurrency wallets. Still, by keeping tabs on these 10 key measures, you can evaluate the success of your efforts and adjust your strategy accordingly to boost conversions.

Attracting the proper kind of clients, gaining their trust and keeping their loyalty, and always innovating to serve their requirements better should all be at your mind.

You can set yourself apart from the competition on Web3 with a solid marketing plan and an easy-to-use cryptocurrency wallet.