Onboarding project | Cypherock

Hi there, we'll take this one step at a time!

If you struggle with a blank canvas, use this boilerplate to start. Remember, this is a flexible resource—tweak it as needed. Some sections might not apply to your product and you might come up with great ideas not listed here, don't let be restricted.

This is not the only format, we would love to see you scope out a great format for your product!

Go wild and dive deep—we love well-researched documents that cover all bases with depth and understanding.

Let's Begin!

Define the ideal customer profile (ICP)?

(Do user calls to understand the customer for your product and come up with at least two ICP's)

(There are separate tables for both B2C and B2B products, put down your your ICP’s in a Table Format, use this as a reference.
This table makes it super clear for anyone to understand who your users are and what differentiates them)

B2C Table

[Bold with (*) Questions are an addition to the ICP table from Acquisition project]

Criteria	User 1	User 2
Name	Alex	Manu
Age	Late 20s	Mid 30s
Income	~50k Pounds	1-1.5LPA
Location	Tier 1 City of the world i.e London, San Francisco, Miami etc	Tier 2 city in India like Jaipur, Indore etc
Job*	Tech Guy with high job title	Product Lead at a finance startup
Education Level*	Masters	Masters
Technical Sophistication*	High	High
Crypto Knowledge*	High	High
Desire: Aspirational or Reducing Risk*	Reducing Risk	Reducing Risk
Demographics
(refer the table below)
Need	A safe wallet	Want to gift crypto to loved ones or get them invested.
Pain Point	Low trust in Centralized exchanges, hot wallets & few cold wallets.	Loved ones cant understand risks of losing funds due to seedphrase mis-management
Solution	A distributed wallet with no single point of failure	A seedless wallet
Influencers & Blockers	Blockers: Inadequate product integrations with Dapps Influencer: Smooth product flows	Blockers: Family members who are supposed to receive the gifts. Influencers: Easy & simplistic flows
Behaviour
(refer the table below)
Perceived Value of Brand	Safest Wallet	Easy to use
Marketing Pitch	World's safest wallet with distributed keys	The easiest crypto wallet with just tap & pay
Goals	To have a stress free interaction with Web3 apps frequently.	Their family doesnt have to deal with the hassle of a seedphrase.
Frequency of use case	Daily	Once a month
Average Spend on the product	$150	$150
Value Accessibility to product	Safety: Which begins at the onboarding stage.	Convenience: Storing seedphrase in X1 cards
Value Experience of the product	User interacts with the Dapps/Web3 apps via the wallet.	Distributing cards at safe places
Social Media they use?	Twitter, LinkedIn, Github	LinkedIn, Youtube, Clickup,
Product(refer below)
What features do they value?*	Seedless: Being able to distribute their X1 Cards to make their crypto assets unhackable while being recoverable. Portfolio Management: Multiple Wallet management from a single platform. Dapp connectivity: Being able to connect wallet to Dapps for crypto interactions.	Easy crypto transactions at tap of a card.
Asset Managed with the wallet*	$5000+	>$1000
Time or Money*	Money Spent	Time Spent

Define user goals and JTBD

(Understand user goals and their JTBD on the platform. When looking at user goals, look at 4 themes, user goals will always be within one of the four)

User Goals: Who?

(Populating from the ICP Framework above)

	ICP 1	ICP 2
Age	18-35	25-35
Time vs Money	Money	Time
Spend Money on	Instagram, Twitter, Netflix, Youtube	Netflix, Youtube, LinkedIn
Features they value	Seedless: Being able to distribute their X1 Cards to make their crypto assets unhackable while being recoverable. Portfolio Management: Multiple Wallet management from a single platform. Dapp connectivity: Being able to connect wallet to Dapps for crypto interactions.	Being in control of his crypto assets for himself & his loved ones
Frequency of use	Daily	Once a month
Budget for crypto management	$300/year	$100/year

User Goals: What?

Customer Journey Map

ICP	Consideration	Exploration	Purchase	Habit Formed
ICP 1	Searches for best wallets for crypto	Tries ledger hardware wallet or some other wallet with seedphrase	Fears losing his seedphrase & all his crypto assets with it. Considers buying a wallet that is seedless & distributed for better safety stack equipment.	Since X1 is an expensive wallet & user cant spend on more wallets. User gets locked in
	Power user of Software wallets	Gets educated on risks associated with software wallets.	Looks for simple hardware wallets with high safety standards.	Realized interacting with Dapps on X1 is as easy as tap of a card.
ICP 2	Searches for easy & safe hardware wallet	Looks around youtube & reddit for UGC based recommendations	Buys Cypherock X1	One time purchase.

Job-To-Be-Done Framework

JTBD	ICP 1	ICP 2
Personal Goal	I want to manage my assets better.	-
Functional Goal	-	I want my loved ones to not lose their assets when they self custody them.
Social Goal	-	-
Financial Goal	-	-

Onboarding Teardown

https://www.figma.com/board/4jsz77CAumS6sviHzHVaiB/Untitled?node-id=4-857&t=JyyrPLMxpn27MfrK-1

Defining your Activation Metric

Step 1 → Hypothesize at least 5 activation metrics that could be there for your product. (More the better)
Hypothesis 1: <Enter your one/two lines>
Reasoning: In about 5-6 lines explain why this could be an activation metric

Step 2 → After this, mention in detail all the metrics you'd be tracking and why are you tracking them?

Aha Moment

Tapping of X1 cards on the X1 vault.

Give the sense of safety along with simplicity to use the product.

Activation Metrics

Metrics	Reasoning	Against
Funding the wallet within 1 month of receiving	Once the user funds the wallet with crypto, they are already locked in.
2 transactions in 1 week	A user once invests $100+ in a hardware wallet . They are likely to use the product for the lifetime. They just need to understand the working of the product & 2 transactions are to get accustomed.
3 Dapp interactions within 1 month	Users take time to get accustomed to the wallet & hence take longer to try out Dapp interactions	Too long a time to wait to track activation
Other Wallet import to X1	X1 can make other wallets seedless by importing their seedpharse to X1	Many users are apprehensive to import their wallets. There's no time limit to when user does this action

Metrics to track

Number of transactions in x amount of time [ Activation Metric]
This is the best activation metric to track as it covers the aha moment of the product and covers the complete overview of product usage.
Number of Dapp interactions in x amount of time
This is not the best metric to track as it can tell the frequency of usage but it is a sub-section of transactions happening from the wallet(as Dapp interactions are also a type of transactions)
D30 Retention
As hardware wallets are friction products hence their usage is not daily. So, we will track D30 retention to check how many users came back to use the product in a month.
Product Review
As a self custody product UGC is very important for new buyers to make their purchase decisions. Therefore, keeping an eye on reviews on Reddit, quora, Bitcointalk is extremely important to drive sales & track user's experience with the product.