We just updated our entire on-boarding journey and UX, Emily Dallara, Head of Product marketing at AAX, explains why.
When I first joined AAX, after positioning and messaging, my second mission was to audit the on-boarding flow and data tracking. The biggest issue was, like all exchanges, “ the deposit and retention rate”. To tackle these metrics, I first wanted to understand who our users were.
We ran multiple user surveys and interviews to understand why our users stuck with us, and what ‘type’ of user they were. It was clear that we had 4 certain user segments; Beginner, Investor, Casual trader (aka retail) and Experienced traders. But when we dug into the data, it turned out the tracking set up to understand and organize where these users were in our platform and which ones regularly used AAX versus those who drop off soon after sign up.
This seemed like the right place to start.
The hypothesis: if we added a short modal after sign-up asking users to select what ‘type’ of user they were, we would be able to solidify our brand messaging and build products suited specifically for them – plus customize and send highly targeted messaging and communications to them, which would therefore increase retention rates.
The assumption: The data collected of any new users who signed up can be used to direct them to the best product for their user goals and experience levels.
For all the current users, we started to push in-app surveys to them to collect the same information.
Here’s what the modals look like. You will see them when you sign up to AAX on both App and Web.
On top of this, I was also interested in running a little experiment to more thoroughly determine our product/ market fit, in short- the actual type of users we had on the platform and if the products they were using met their expectations/needs.
We used the framework laid out by Superhuman. (Thanks to Jon Myers- ex CDO at Liquid for introducing me to this back when we worked together).
Based on this model- product/market fit is indicated by asking users “how would you feel if you could no longer use the product?” and measuring the percentage of those who answer “very disappointed.”
The benchmark for the amount of people who answer “very disappointed” in the subscription industry is 40%, we set the benchmark at 30% as it is not yet clear for the crypto industry.
To summarize, we wanted to understand which group of users on our platform would be:
- Very disappointed if we no longer existed
- Somewhat disappointed if we no longer existed
- Not disappointed if we no longer existed.
To execute this, we selected a sample amount and targeted them through Intercom in-app messaging in English and Russian specifically. The results were pretty surprising, but actually justified the positioning and messaging we had been discussing over the weeks leading to this.
48.1% would be very disappointed if we ceased to exist (above our benchmark!) and of these 48%, the user types were:
- 37% – Crypto beginner
- 34 %- Investor
- 29 %- Futures trader
The ways they most benefited from AAX were:
- Savings product and earning interest
- The AAX app
After exploring the “very disappointed” camp we went on to dig into how the “somewhat disappointed camp” benefit from AAX and disregarded the “not disappointed” camp.
The “Somewhat disappointed” camp noted that they like:
- Web UI
- Earning interest on crypto
- Learning about crypto and trading
We also left open answers for them to give us more detail about what they liked and didn’t like.
Most of our users surveyed are Investors and Crypto beginners who like AAX’s flexible savings rates and learning materials (and requested more of both ). We had our answer, and we used these results to refocus our product roadmap.
Back to onboarding
So now we have user types being collected at signup, we want to make sure we deliver the right solution for them to enable them to get what they need from us.
To do this, we created a flow of ‘modals’ that encouraged users all the way through to transfer crypto to their account or buy crypto via our various payment methods.
If a user selects that they’re ‘ Beginners’ we show them different modals to ‘Experienced traders’. We even tied different lifecycle emails and push notifications to this event to make sure we are not showing beginner users “Futures trading” products. Now we have this data, we are using it with Intercom to build out campaigns specifically suited to them. This is how we try to tailor user experience and make sure every trader of every type can have an optimal experience.
As part of the on-boarding re-vamp, AAX’s Brand Director, Yix, and Senior designer Hiep, after a ton of research and ideating, brought our first ever mascots, Ava_7 and Alex to life.
“We thought a mascot was needed to complement AAX’s institutional and serious tone of voice. Using the mascots, we can communicate views, feelings and feedback that reflect our users but not necessarily the views and opinions shared of AAX.” – Yix
We are using the mascots to tell stories, guide users through products and help teach users how to progress in their trading or investor journey. New users will see them featured all throughout the on-boarding journey and more and more throughout their educational experience.
More to come
These are the early days for our new on-boarding flow and UX changes, so we are yet to see accurate results, but now the foundations are laid, we are able to focus more on products that users have indicated matter to them.
Do you use AAX? If you have any comments on the approach we mentioned or how we could improve our product in any way, we would love to hear your thoughts!