Free Alpha for referring


(Vladislav Kozub) #1

Would be nice to give out a month of free Alpha upon downloading the app and registering to both referee and referrer (latter is capped at X) with no other conditions such as topping up or spending (after all, we do not want to make people invest).

The variable cost of having Alpha users to Freetrade is negligible, and if they will not like the app - it will not be a loss for Freetrade either, since they will not be using the benefits of Alpha. There won’t even be an opportunity cost :thinking:


Change the user referral mechanisms from queue jumps to trades and alpha usage
Paid referral incentive
#2

We should merge the one at Change the user referral mechanisms from queue jumps to trades and alpha usage into this one - I think it’s very important that the referral mechanism start to target usage :slight_smile:


(Vladislav Kozub) #3

Do you want me to bring yours here? We have more votes on this one :sweat_smile:


#4

Go for it :slight_smile:


#5

Now that FT is deploying, it’s important that the numbers of people onboarded, using the service, and signing up for Alpha all grow quickly.

Consider moving the reward further down the customer funnel: if the newly referred user makes a first trade/makes an instant trade/signs up for isa/signs up for alpha then give that new user and the referring user a free month of alpha. (If the referring user already has alpha, give them a one month rebate.)

Would have the side benefit of encouraging both referrer and referree deeper into the product.

(Related: How many people in the queue are seriously going to use FreeTrade? )


#6

I like this idea. Would be quite fun to have some sort of referrer leaderboard as well. Maybe the top 5 or 10 referrers get the next swag pack,or similar cheap but desirable reward, regardless of investment. Limited edition socks would work for me!


Paid referral incentive
(Kenny Grant) #7

It’d be nice to have some tangible reward for referring. The only problem with free alpha is that some of the most keen customers will be alpha already or paying for an isa, so there’s not much in this reward for them, and freetrade would be foregoing all that income from its most engaged customers.

I quite like the idea of fractional or one share in freetrade itself - also pretty much free for freetrade, and gives everyone a share in the business.


(Chris) #8

Whilst I love free stuff. I’m not too keen on referral rewards.


(Denislav) #9

I am not really sure about free alpha or getting money. I don’t see a great need of it, at least at the moment.


#10

I think referral rewards is a great idea. It gives people even more incentive to spread the word and plug FT - we want as many people on board as quickly as possible, don’t we? I’m not really fussed about a leaderboard to be honest, free alpha for a month would be enough and capped to a maximum would be fine.


#11

The app has 50k+ people interested and it’s not even out yet. I’m sure it has the ability to grow organically without such incentive schemes.


#12

You may well be right.

Though the initial ask was relatively small: put your name on a list. Time will tell what %s of them onboard, trade, pay for instant trades, pay for ISA, pay for alpha etc…

I reckon that rapid growth (in onboarded users but particularly in trades and revenue) is the strongest credible signal of progress to both potential customers and the wider market. Which is why I’d look to supercharge activity at every level of the conversion funnel :slight_smile:


(Kenny Grant) #13

The list has grown to 60k precisely because of such an incentive scheme (with queue jump reward). I don’t mind what the reward is too much but do think they should keep the concept of a queue - it builds excitement, makes the product seem more valuable, and helps encourage spread by word of mouth.

I do agree with Rod growth is going to be really important for Freetrade to be sustainable, and after they hit say 1 million users (as Monzo has just done) they will have a lot more leverage, so anything they can do to turbocharge that is an important focus at this stage, including referral schemes.