Peer-To-Peer Marketplace Paxful Increases Performance With Personalization
Peer-to-peer finance platform Paxful worked with Braze to educate the world on the liberating potential digital currencies represent for everybody, not just speculators.
Founded in 2015, leading peer-to-peer finance platform Paxful—named after the Latin word for “peace”—is on a mission to make digital currencies accessible to everyone, specifically the underbanked. The company is focused on empowering communities by educating them about the real-world use cases of cryptocurrencies.
Paxful’s creative team had developed a campaign called “Be The Change” which featured four videos of users speaking candidly about how cryptocurrency had changed their lives. In order to ensure the message connected with their more than seven million users, they turned to Braze.
A Human Behind Every Account
Personalization was key to Paxful’s “Be The Change” campaign, helping to produce more trades, ID verifications, and smart communications. Paxful’s users are at different stages of engagement in cryptocurrency, from curious signups looking to explore possibilities to business owners expanding how they can take and make payments. A one-size-fits-all marketing approach wouldn’t work to effectively engage the distinct segments.
To engage users at their specific stage, Paxful utilized Braze Canvas, our customer journey tool, to build different onboarding flows based on factors like a consumer’s previous engagement or country. The four “Be The Change” videos were distributed to users in relevant countries who hadn’t yet engaged deeply with the company, with the goal of forming new connections and increasing their engagement.
To ensure that customers get messaging in the language they prefer most, Paxful uses Liquid personalization. Within a user’s profile in Braze, they can get a better sense of what a user is comfortable with and what functions of the platform they have yet to explore. Braze has set the stage for Paxful to be more approachable and to build trust with users by proactively tackling the ambiguity that many feel around cryptocurrency with timely and personalized communication.
Paxful’s Results: A New Era Of Messaging
Braze Funnel Reports feature equipped the CRM team with conversion points, custom data points, and in-depth reporting that helped prove their impact. They were able to re-engage several thousand users who previously were on their sunsetted list. This campaign led 2.4% of campaign recipients to complete a trade and drove a 3,233% increase in views on their “Be the Change” video. Beyond that, they were able to understand how messages influence user behavior, setting up future campaigns for success.
“We are such a small team and never thought that two or three marketers could make such a big impact on their business, especially as most of our main Braze users have never used an ESP before," says Diana Nino, CRM Specialist at Paxful. "Braze has challenged us to think critically and creatively, while supporting our growth and vision."
Braze gave Paxful the flexibility to ensure that its stellar creative made it into the right hands, enabling its users to continue a customer journey that was tailored to its individual needs. As a mission-focused company, effective marketing communication is vital to pushing those goals forward, and Paxful is now able to build from this foundation.
To learn more ways data-driven segmentation can make messaging work for both your company and your users, read the Braze personalization guide.