How Cello helped Blockpit achieve a paid conversion rate of 73%

Blockpit, a trailblazer in the Fintech sector for cryptocurrency and tax reporting, achieved remarkable success by introducing Cello into their SaaS solution. As the first B2C customer to embrace Cello, Blockpit implemented the referral program to amplify its already strong userbase growth and eliminate tedious, defective manual tracking.

How did they succeed?

Simplicity in messaging & rewards

For Blockpit, the most critical aspect of introducing a new referral program was ease-of-use and simplicity in rewarding their users.

The referral program is embedded directly into their tool, allowing Blockpit users to access it anytime without leaving the platform. It is seamlessly integrated into the natural user flow.

Blockpit’s crypto tax reports are relevant for a broad end-user audience. It has a shareable nature as each user can share the product with multiple peers. Therefore, Blockpit decided to configure the referral with a strong focus on simplicity in messaging & rewards:

• Referrers are rewarded with a 20€ cash payout
• Referees receive 15% off their first license purchase

Initial success with G2M campaign

Blockpit ran an extensive G2M campaign to maximize program visibility and participation. They showcased the referral program on their website, LinkedIn, Twitter, and Facebook.

Moreover, a well-integrated in-app banner during the onboarding process for new users increased the initial discoverability rate.

Optimize performance with continuous experimentation

Based on the automatically generated recommendations in Cello’s portal after go-live, Blockpit experimented with different launch banners in various positions.

Instead of having just one custom launcher during the onboarding flow, banners were integrated at multiple touchpoints in the Blockpit portal (e.g. pricing, reports).

The introduction of different banners proved to be a catalyst for increased activation, highlighting the effectiveness of a data-driven approach in optimizing program performance (e.g. from 13% to 25% discoverability rate)

The result?

The overall results speak volumes about Blockpit's success with Cello. Week over week 25% of Blockpit’s users open the referral program thanks to the usage of banners at multiple locations. An impressive free-to-paid ratio of 73% and 8% monthly additional revenue growth via referrals underscores the program's value and conversion potential. All these performance metrics are easily tracked and monitored within Cello's portal, providing Blockpit with actionable insights for continuous improvement.