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Hey everyone, this is my first post on GH and I would appreciate your feedback and tips. I'm working for this remittance company focused in the Brazilian market and soon we will expand to 5 more markets. I was able to establish and acquire thousands of new customers trough facebook ads and implementing a referral program where we give you and your friend $15 on your first remittance. I'm pretty much using every technique the big players are using and I was wondering if you guys could help me take it to the next level and reduce my CPA which is around $60 bucks today. Thanks, Yoni

  • KS

    Kamil Szybalski

    almost 5 years ago #

    Test, iterate and repeat.

  • GW

    Grzegorz Warzecha

    almost 5 years ago #

    Hi Yoni!

    Have you ever tried a marketing automation app? It really facilities follow-ups (lead nurturing).
    The app gathers the information about your users and thanks to a marketing builder, you can automate the actions.
    So for example, everybody who visits your website for the first time and coming from Facebook, will see an automatic pop-up window with a special discount.
    A customized action to a targeted group of users.

    It'd be awesome if you want to try out our product for free and tell us how it goes!

    UserEngage.io

  • RF

    Ryan Farley

    almost 5 years ago #

    So I have a great deal of experience with Remittance apps. Almost every experience has been piss-poor. Due to the nature of money transfer, there is a great deal of fraud, which results in safegaurds that translate into hoops those of us honest people have to jump through.

    I would tend to thing that given how freaking bad remittance apps are, you could grow organically just by having a product that is painfree to use.

    Assuming that you do, I would focus positioning around that. Highlight the rate at which you are able to process payments the first time, or your super fast response time when things don't go as planned.

    Then, you can crunch the numbers to see on which cadence people are transferring money. I'd imagine there's a target audience that sends money on payday. Could you use basic data science to determine when their payday is, and email them right before that happens? Is there a way to convert them to your app exclusively, so your retention rate stays flat after X uses, and then you can increase your CPA?

    Just some thoughts. Best of luck. So many remittance apps really suck; I hope you make something that works well!

    • YF

      Yonathan Faber

      almost 5 years ago #

      We are building a new app from scratch and it's looking f*** cool!

    • ZG

      Zanou Gerard

      almost 5 years ago #

      '' Due to the nature of money transfer, there is a great deal of fraud ''
      I have the impression you do not know what you are talking about. How many money transfer did you do each month ?
      You have more fraud with credit card than on money transfer.

      Disclaimer: we resell money transfer and mobile top up service.

  • MK

    Manikanta Kondeti

    almost 5 years ago #

    Hi Yonathan, Have you listed out strategies of when to use? I suggest you to go through a book called "Traction". First five chapters will give you a descent idea on how to focus on growth. There are 19 channels of acquiring users listed out in the boook. The framework Bullseye helps you to iterate on your marketing strategies like you do for a product management. I am pretty sure this will help you to figure out stuff.

  • AA

    Anuj Adhiya

    almost 5 years ago #

    So is the question specifically about lowering your CPA on facebook or in general?

  • TR

    Tomas Ruta

    almost 5 years ago #

    @yfaber Hi Yonathan, might sharing what you are already doing? You wrote "I'm pretty much using every technique the big players are using". Thanks!

  • SS

    Shitanshu shekhar

    almost 5 years ago #

    Hi Yoni,

    First of all be clear nothing comes for free, now it's up to you how low you can bring CPA. Going forth investing in paid campaigns on app stores like Google Play and Apple App Store will help you big time but depends on which country you are focusing. Like in China CPC for Apple Store is way too costly and hence a social media campaign can do much better.

    Do make sure that your store is optimized, organically ranking high is the most cost efficient way to get new acquisition.

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