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In this case study, we review how Parcl was able to grow a waitlist to 30,000+ subscribers in 7 days and how you can do the same!
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Waitlist Overview
Parcl is a blockchain-based platform that allows users to invest in a digital square foot of physical real estate in neighborhoods across the world. The Parcl Price Feed mimics the behavior of real-world real estate markets and gives investors access to price exposure without the burdens of owning or transacting hard assets. Investors can trade their favorite neighborhoods just like they trade Bitcoin, Ethereum, or other crypto assets.
"Build wealth in real estate with just $1."
- Will Leatherman, CMO at Parcl
The goal of Parcl’s waitlist campaign was to generate as much social buzz as possible and bring some excitement into the upgrade of the app protocol. Parcl understands firsthand that users and community are a key part of any web3 company. By using a referral waitlist as a seed campaign to get their users started, Parcl was able to funnel more people into their products and continue to grow.
Parcl doubles down on what works by,
- Leveraging their current Discord and Medium communities using gamification through the waitlist campaign
- Utilizing their current social media channels on Twitter and Instagram to get more referral signups and social reach
"Since we are in our pre-launch phase, our primary objective was to generate as many signups as we could to establish a list of high-intent users. We also found it important to clearly communicate the value and benefits of our product to encourage them to sign up and refer their friends."
- Will Leatherman, CMO at Parcl
Waitlist Rewards
Parcl understood their customers' needs and desires. They were able to create a prize that’s unique and has a high perceived value to their users. The top 50 contest winners will gain early access to the Parcl v2 to test before anyone else has access. Access will be granted with a Homeowners Association NFT.
Waitlist Participant Flow
Anyone who wants to be an early user of the Parcl v2 protocol is encouraged to join their leaderboard waitlist campaign. After they are in, they use their referral link to invite friends to sign up. The more friends they add the higher on the list they’ll go.
Step 1
As soon as users visit the home page the first ‘Get Early Access’ CTA is available at the top of the screen, which when clicked, will take the users to a dedicated referral landing page where the ReferralHero Widget is embedded.
Parcl uses graphics and simple text on the landing page to explain the referral process so that people can easily understand the process and what’s expected of them.
Step 2
Subscribers sign up on the widget by filling out their name, email, crypto wallet address, country, and agree to the terms & conditions.
Step 3
The sharing screen is immediately shown after the form is submitted.
Step 4
Subscribers receive the following confirmation email immediately upon form submission. For added security, subscribers are required to click the link in the email to verify their email address in order to be added to the campaign.
Step 5
Subscribers receive the following Welcome email after they were added to the waitlist
Step 6
Subscribers may now invite other people to sign up by sharing their unique referral link via Twitter, Whatsapp, email, Reddit, or Telegram.
Step 7
For every friend they successfully invite to the waitlist and sign up, their referral count will increase by one. Subscribers may “check my status” anytime when they visit the landing page to see where their current rank is.
Waitlist Launch
Parcl publicly launched the Parcl v2 waitlist on Oct 26, 2022, across all social media channels.
Parcl announced the waitlist on Twitter to their following of ~46,000 followers.
Announcement on Instagram on the same day -Oct 26, 2022.
In addition to social posts, Parcl also published a blog post and sent a newsletter to their existing contact list of 12,000 contacts. The waitlist campaign titled “A New Way to Invest in Real Estate [Waitlist OPEN]” lists the steps people need to take in order to participate in the waitlist.
Waitlist Ongoing Promotion
Participants are reminded and educated about the waitlist with a number of touchpoints.
Website CTAs
Parcl has positioned the waitlist as the primary action for the full website. When users visit their home page, the two CTAs (‘Get Early Access’ and ‘Request Early Access’) that are both above the fold, immediately prompt users to join the waitlist campaign.
Users are constantly reminded of the waitlist through the static CTA ‘Get Early Access’ available at the top navigation, even when they browse away from the homepage.
Automation Emails
Subscribers receive a follow-up email 3 days after signup.
Other ReferralHero automated emails Parcl uses include:
- First referral email
- Referral email
Ongoing Social Media Posts
Web3 companies rely heavily on communities to drive user engagement and monetization. Parcl has been able to generate many referral leads by focusing on their core channels, i.e. Discord, Twitter, and Instagram, that fit their brand and niche.
Every few days Parcl continues to prompt people to join their waitlist. The most recent mention of the campaign was on Dec 22, 2022.
Waitlist Results
On the day of the first public social media announcement on Oct 26, 2022
- Number of subscribers: 121
- Number of referrals: 0
Results after one week on Nov 2, 2022
- Number of subscribers: 29,128
- Number of referrals: 21,071
- Referral rate: 8.8% (2,566 subscribers have referred more than 1 person/total 29,128 subscribers)
- Referral growth: 261.5% (21,071/(29,128-21,071))
Results after one month on Nov 26, 2022
- Number of subscribers: 35,864
- Number of referrals: 26,209
- Referral rate: 10.15% (3,641/35,864)
- Referral growth: 271.5% (26,209/9,655)
All time results as of Dec 27, 2002
- Number of subscribers: 36,610
- Number of referrals: 26,629
- Referral rate: 10.12% (3,705/36,610)
- Referral growth: 266.7% (26,629/9,981)
Their referral links were also shared more than 26K times, further driving growth for their social media accounts and general brand awareness.
"We are incredibly happy with the outcome of our referral program, we’re about to cross the 50,000 benchmark and are extremely excited for all the support we’ve received from our community."
- Will Leatherman, CMO at Parcl
Parcl has now been able to grow a waitlist to 40,000+ subscribers, and their success is not unusual.
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