OkCoin

I was given the prompt to design an engagement engine that introduces new users to crypto concepts then turn them into customers who engage with the OKCoin mobile app daily, make frequent trades, and invite their friends to join.
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Goals

• Retain those users who converted into customers ( made initial trade or deposit) and make them open the app on a daily basis
• Increase the number of trades per user
• Make each customer bring at least 1 friend to the platform

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Assumptions

• They already have an OKCoin account
• A trade is either fiat to crypto, crypto to fiat, or crypto to crypto

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My Solution

I created an engagement engine called Streak King. The Streak King engagement engine is a progression system that gamifies the trading experience and makes the crypto trading learning engaging and rewarding for OKCoin customers.

As a customer completes the progression system, they are awarded points and prizes.

1. Points are used to track progress which will allow them to access new features and earn prizes.
2. Prizes will be crypto ranging from a few satoshis to multiple BTC and reduced fee trading sessions.

There are two progression systems:

1. For daily tasks, customers get a point + a prize that gets turned into a big prize when they hit a 7-day streak. Task include:

1. Opening the app
2. Making a trade

1. For hitting milestones and big tasks, customers get a badge and a prize when they complete a  challenge. This progress system does not have a day streak but when 7 challenges are completed they get a digital mystery package with a prize. Challenges include:

1. Inviting friends
2. Doing a certain amount of trades
3. Taking educational courses

The first progress system will be displayed whenever a customer takes an action. Customers will be presented with a streak modal when they open the application, congratulating them on coming back and will show them their current weekly progress. The actions that will be rewarded are:

• Makes a trade
• Opens the app

The second progress bar will have its own dedicated section in the main UI. Customers will be presented with their current progress and a list of items that they can complete to earn a prize. Customers must complete 7 challenges to unlock the prize which is rewarded when the 7th challenge has been completed. The first challenge will be earned during the onboarding/ first interaction with this feature so customers can familiarize themselves with the process. The first seven tasks will be:

• Make a deposit
• Take a lesson on crypto
• Make first trade
• Purchase crypto other than BTC
• Make a sale
• Invite a friend
• Trade C2C

Customers can only complete one of these tasks every day. Once a challenge has been completed, a new one will pop up. We will present customers with 4 options to choose from at a time.

Testing and KPIs

Revenue Generating KPIs

• User to customer conversion
• # of trades per customer

Non Revenue Generating KPIs

• Customer daily engagement
• Customer churn
• # of friends added per customer

What Success Looks Like

• Increase in customer daily engagement
• Lower customer churn of existing customer base
• Increase in customers sending invites to friends by 10%
• Increase user to customer conversion
• Increase number and value of trades per customer

Anything lower than the set targets would be considered a failure

Testing

• Pilot Streak King for 30 days with two groups of users; new users who have just created an OKCoin account and existing customers who check the app at least once a week. Participants in this test will be chosen at random
• Measure and compare KPI data from the sample population with the general population. If results look promising, then scale test to larger population.

Knowledge to be gained

• How much more valuable is an educated customer than a non educated customer?

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Future

In the future, I want to add a robust ranking system. As customers advance their way through the progression systems, they will earn ranks which will allow them to access new features or earn bigger prizes.

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