How Stratzy won back 342 lost users with 1 email campaign using Mailmodo

Outline

The Company:

Stratzy, an Investment-focussed, FinTech platform helps retail investors invest like the ultra-rich do with research-backed investing best-practices.

The Problem:

The company was facing churn due to app uninstalls. A section of uninstalls was accidental or due to lack of awareness on how to navigate the platform.

The Approach:

• The team first set up the Mailmodo-CleverTap integration to trigger a winback email automatically when a user uninstalled the Stratzy app.
• The winback email nudged the user to reinstall the app if it was uninstalled accidentally or it asked the user for feedback on the app.
• If the user reinstalled the app, it was recorded on CleverTap and the Mailmodo dashboard under “Goals Met” giving end-to-end metrics on the winback campaign.
• If the user filled up the feedback form, the responses were posted on Stratzy’s Slack channel through the Mailmodo-Zapier-Slack integration. The responses served as valuable product feedback and led to the launch of a new feature.

The Outcome(s):

• Their winback campaign led to 3% of lost users reinstalling the app.
• They received 50% higher feedback responses from this campaign compared to traditional efforts.
• Creation of “Stratzy Learn” stories, similar to Insta stories, to educate the audience and widen product usage. “Stratzy Learn” is a direct brainchild of feedback received from the winback campaign.

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The Company

Stratzy, a Fin-Tech platform, started using Mailmodo in October of 2021. They are on a mission to help retail investors invest like the ultra-rich do with research-backed investing best-practices. The user can simply buy the ideas on Stratzy in a swipe and enjoy the benefits of direct investing.

The Problem

In December 2021, Stratzy was looking for ways to reduce churn due to app uninstallations. On deep-diving into the problem, they found that a section of uninstalls was accidental or due to lack of awareness.

The Approach

They found that email was their best best and a direct channel to the lost app users. So, with Mailmodo and its out of the box integrations with CleverTap and Zapier , they set up an end-to-end flow which enabled them to not just resurrect their users but also to collect insightful product feedback.

Winback campaign to drive reinstalls:

• The team first set up the Mailmodo and CleverTap integration (an omnichannel customer engagement platform). Every time a user uninstalled the app, the behaviour was recorded with CleverTap.
• On Mailmodo, they created a winback email with the aim to get users to reinstall the app. The Winback email was triggered automatically from Mailmodo every time an uninstall was recorded on CleverTap.
• The Winback email asked the user a fundamental question - did you happen to accidentally and unintentionally uninstall the app? If yes, it showed a CTA to download the app back again.

• Users who clicked on the CTA “download now” were directed to the app store/play store to reinstall the app. The re-install was recorded on Clevertap as a result of unique app ids and user ids.
• Every Time this happened, the reinstall behavior is recorded on CleverTap increasing the counter of “goals met”. This gave a very holistic view of the conversion rate of the re-engagement campaign.

Winback campaign for obtaining product feedback

• On the same winback campaign, an AMP feedback form was also inserted which asked the user to elaborate on the technical issues that caused them to uninstall the app. Being an AMP form, the user can fill up the form right inside the inbox.
• When a user fills up this feedback form on the email, the form submission data is posted on the Stratzy Slack channel through a Mailmodo-Zapier-Slack integration. Submission data from the Mailmodo feedback form was shared in real time with the product and customer success team on Slack as a result of this integration. It enabled the product and customer success team to gain insightful customer feedback.

With Mailmodo, we were not just able to get a feedback submission rate of 4-6% and open rates of 10-15%, but also the Zapier integration enabled us to connect to Slack. Every time a user fills up the feedback form, the responses are directly posted on our Slack channel which greatly benefits our team to understand customer feedback in real time and take appropriate action in a short span of time.
- Pranav Goyal, Growth Lead, Stratzy

The Outcome(s)

Winback rate:

Out of the 12,000 users who uninstalled the Stratzy app, 342 users reinstalled the app as a direct result of this winback campaign achieving a 2.8% winback rate.

As a company, it's very important to understand user feedback and improve the product according to users requirements. Even a number like 1% is very important at scale, so in our case it's been 2.8% which is a significant number in the long run.
- Pranav Goyal, Growth Lead, Stratzy

Product Feedback:

The team got 50% higher feedback responses compared to traditional feedback collection methods with people easily filling up the form inside the email.

A key takeaway from this feedback was that many users were unaware of existing features. So the team created “Stratzy Learn” stories, similar to Insta stories, to educate the audience and widen product usage. “Stratzy Learn” is a direct brainchild of feedback received from the winback campaign.

Outcomes with other campaigns:

As the Stratzy team leveraged Mailmodo for other campaigns, it witnessed a jump in open rates from 10-12% to 21%. The team attributed this to subject line optimisation and increased email deliverability.

With a warm audience campaign sent to event attendees, they saw an open rate of 53% and a click rate of 31%. As they experimented with AMP widgets in their emails, the number of submissions also went up by 4 - 5x of their earlier campaign click rates. The team noticed a pattern of rating scales achieving a higher submission rate than open-ended surveys, which informed their future campaigns.

The Way Forward:

With these resurrected users who’ve been brought back to the Stratzy funnel, the team is aiming to create segments and explore email automation to send them relevant educational emails to widen product usage.