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In this case study, we review how MoneyFlap was able to grow a waitlist to 5000+ subscribers in 30 days and how you can do the same!
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Waitlist Overview
MoneyFlap offers banking solutions that benefit people living on less than 5 USD a day. They are targeting everyone across Africa, but exceptionally French Africa where nearly 80 percent of the population is still unbanked or underbanked.
MoneyFlap decided to run a pre-launch waitlist contest to build awareness around their app launch and an email list they could use as an initial user base.
“We are underserved people building a simple, transparent, and modern bank for underserved people. MoneyFlap is the one-stop-solution for Millennials and Gen Z's finances, offering everyday banking services and payments mechanisms they deserve – all within a mobile application.”
- Mamadou Diallo, CEO at MoneyFlap
Making financial ease accessible to everyone will help bring communities together and make them healthier. Creating a platform that can financially connect Africa will be an effective way of boosting Africa’s financial infrastructure.
“Empowering the people of today through digital banking services - All you need is your smartphone to start enjoying zero fees.”
- Mamadou Diallo, CEO at MoneyFlap
Waitlist Rewards
MoneyFlap decided on a contest with multi-tiered rewards. Not only do they give monetary rewards to the top participants, but they also include a lucky draw that’s open to all participants regardless of rank. This way, even people outside of the top spots are encouraged to participate and refer.
Rewards for Top Participants
The participants will get a monetary reward depending on meeting the minimum referral qualification and their final rank.
Rewards for Participation
After the end of the waitlist promotional period, all the participants including those ranked 1001 or more, will be entered into a random draw to win a new iPhone 14 Pro Max with AirPods Pro based on chance.
Waitlist Participant Flow
Step 1
As soon as you visit the home page the first ‘Get early access’ CTA is available at the top of your screen, which when clicked, will take the user to the ReferralHero Widget embedded in the middle of the same page.
Note: There isn’t a separate landing page for the referrer or referral.
Step 2
A lead form with strong messaging, "Win up to $2,500 by referring friends", immediately catches the potential subscribers' attention. The ReferralHero Widget asks for the user’s full name, email address, and country (the MoneyFlap waitlist campaign is only open to individuals who are legal residents of and physically located in the eight WAEMU/UEMOA countries who are at least 18 years of age at the time of entry). Users also need to accept the waitlist terms & conditions.
Note: Proof of age, identity and/or residency will be required to sign up to the MoneyFlap all and to claim any reward).
Step 3
Once signed up, users will be shown the ReferralHero sharing screen.
Step 4
Users may now invite other people to sign up by sharing their unique referral link via Facebook, Twitter, Whatsapp, Facebook Messenger, email, LinkedIn or Telegram.
Step 5
For every friend they successfully invite to the waitlist and sign up, they’ll get one point. Users may “check my rank” anytime when they visit the website to see where their current rank is.
Step 6
MoneyFlap will notify the winners through SMS and/or email after the waitlist is over, using the contact information they supplied during the enrollment process. Furthermore, the winner of the iPhone 14 Pro Max with AirPods Pro will be revealed on MoneyFlap’s social media channels.
When the MoneyFlap app is released, winners will get their monetary rewards as a deposit into their MoneyFlap account with the prerequisite being the users need to register for an account with MoneyFlap within 30 days of the mobile app’s official launch date. Mail rewards will also be sent to the MoneyFlap winner account’s physical address provided during the enrollment process.
Waitlist Launch
MoneyFlap publicly announced the waitlist in Nov 2022 and planned to run it for 30 days. However, they decided to extend it because of the success they were experiencing.
Announcement on Instagram on Nov 7, 2022.
Announcement on Facebook on Nov 10, 2022
Waitlist Ongoing Promotion
Participants are reminded and educated about the waitlist with a number of touchpoints.
Website CTAs
MoneyFlap has positioned the waitlist as the primary action for the full website. The MoneyFlap website home page doubles as the referral landing page for both the referrers and the referrals. There isn’t any webpage redirect that will require people to navigate. The zero friction has drastically boosted both the participation rate and referral share rate.
There are two static ‘Get early access’ CTAs on every page, one is at the top navigation bar.
The other is at the bottom of the page.
Other CTAs in addition to the two static ones are found on the following pages,
A ‘Get Started’ button is in the middle of the home page.
‘Get early access’ button on the ‘About Us’ page.
Welcome Email
Subscribers receive the following welcome email upon signup.
Translation:
Thank you for registering! To thank you, we have created a unique referral link for you.
Now invite your friends and increase your chance to win $2,500 and an iPhone 14 Pro Max with AirPods Pro!
Your referral link is as follows: XXX
Follow Up Email
Subscribers receive the following follow-up email an hour later.
Translation:
A little reminder: you are 5507th in the list.
Keep sharing to advance in the queue and increase your chance to win $2,500 and an iPhone 14 Pro Max with AirPods Pro!
Your referral link is as follows: XXX
Activation Email
Subscribers receive the following activation email after 2 days.
Translation:
We noticed that you signed up 2 days ago but haven’t referred anyone yet.
If you’re not sure how to do it, just reply to this email and we’ll be happy to show you :)
Otherwise, you can go ahead and simply share your referral link!
Your unique link: XXX
Other ReferralHero Emails
Participants receive a series of ongoing emails that remind and motivate them to continue referring. Other RH automated emails MoneyFlap includes:
- First referral email
- Referral email
- Milestone email sent when subscribers reach 7 referrals
- Reminder email sent 5 days after last referral
Ongoing Social Media Posts
Every few days MoneyFlap continues to prompt people to join their waitlist.
Waitlist Results
On the day of the first public social media announcement on Nov 7, 2022
- Number of subscribers: 226
- Number of referrals: 92
Results after one week on Nov 14, 2022
- Number of subscribers: 1320
- Number of referrals: 475
- Referral rate: 10.38% (137 subscribers have referred more than 1 person/total 1320 subscribers)
- Referral growth: 56.21% (475/(1320-475))
Results after one month on Dec 7, 2022
- Number of subscribers: 4788
- Number of referrals: 1773
- Referral rate: 8.73% (418/4788)
- Referral growth: 58.81% (1773/3015)
All time results as of Dec 24, 2002
- Number of subscribers: 6882
- Number of referrals: 2179
- Referral rate: 8.5%
- Referral growth: 46.3%
Their referral links were also shared close to 14K times, which means more awareness about their product as well as the brand.
We are happy to achieve our initial milestone that was to reach at least 5K waitlist sign-ups. Despite of the unfamiliarity of the target audience with such referral campaigns, we were able to quickly convince them to join and automate the process through ReferralHero's software.
- Mamadou Diallo, CEO at MoneyFlap
MoneyFlap has been able to grow a waitlist to 5000+ subscribers in 30 days, and their success is not unusual.
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