Juno Engagement & Retention Project

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Juno Engagement & Retention Project

The easiest crypto onramp in the United States

Value prop of Juno

Juno allows users to instantly onramp to crypto and offramp from crypto using banking rails they're familiar with.

Users can buy and send crypto to their external wallet instantly (onramp)
Users can deposit crypto from their external wallet and sell it instantly (offramp)
Transfer money in and out of Juno using familiar methods
- ACH
- Wire
- Cash App
- Debit Card

Natural Frequency of Juno

Casual users: 1-2 times a month
Core users - 3-7 times a month
Power users - 8+ times a month

Sub-products

Apart from the instant onramp and offramp, Juno offers other sub-products

Paychecks
1. Some users get their paycheck on Juno to make onramping easier
2. Natural frequency - twice a month
Bill payments
1. Users set up bill payments from Juno to use the money that they offramp
2. Natural frequency - once a month
Juno debit card
1. Users use the Juno debit card to make daily purchases and earn 5% cashback on certain brands
2. Natural frquency - 7+ times a month
Interest on idle cash
1. Users earn up to 5.00% APY on their idle cash
2. Natural frequency - once a month

Engagement frameworks

Primary - Breadth/New Feature Engagement
1. Users derive more value from Juno the more sub-products they use on Juno. Juno becomes their complete bank replacement and crypto onramping and offramping becomes more valuable when you're doing it directly from your primary cash account
Secondary - Depth
1. As the transaction volume increases, the benefit of using Juno increases - more money movement between fiat and crypto

Who is an active user on Juno?

A user who does at least one onramp or offramp per month is an active user on Juno.

Why only 1? Some users look at crypto investing like an SIP for which the general frequency is once a month.

User segmentation

ICP based segmentation

	ICP 1	ICP 2	ICP 3
Name	Brian	Jane	Lucas
Age	40-55	25-35	25-35
Gender	Male	Any	Male
Location	Tier 2 and Tier 3 Cities	Tier 2 and Tier 3 Cities	Tier 1 Cities
Persona	Onchain OG	Opportunist	Offramper
Salary	$150k-$250k/year	$80k-$120k/year	$100k-$200k/year
Companies	Large tech companies	Tech Startups, Contract Agencies	Crypto, FinTech startups
To what do they give their attention?	Discord, Twitter, OTT, YouTube, Crypto Protocols, Sports	Discord, Telegram, Twitter, Instagram, Crypto Protocols, Reddit, Sports, Workout	Telegram, Reddit, Twitter, Farcaster, YouTube, Dating Apps, Crypto Protocols
Where do they spend their money?	Investments, new tech	Travel, investments, experiences, tech	Investments, experiences, learning
Marital Status	Married	Single	Single
Pain Points	Wants an easy way to go from cash to crypto and back	Wants to move fast between cash and crypto, make card purchases around the world	Gets paid in crypto and wants to cash it out to pay bills
Current Solution	Traditional bank and crypto exhange	Traditional bank + crypto exchange + forex card	Crypto exchange and traditional bank
Time vs Money	Time is more important to them as they want an easy and fast way to onramp/offramp crypto	Time is more important to them as they want an easy and fast way to onramp/offramp crypto	Time is more important to them as they want an easy and fast way to onramp/offramp crypto
Product Usage Frequency	6-8 times a month	10-15 times a month	2-4 times a month
Which features they use the most	ACH transfers, Wire transfers, crypto buy, crypto withdrawal, crypto deposit	Cash App transfers, ACH transfers, crypto buy, crypto withdrawal, crypto deposit	Crypto deposit, debit card, bill payments
How they describe Juno's value prop	2 in one account for banking and crypto	all in one crypto and bank account	Instant and easy offramp
Willingness to pay	High	Medium	High
What do they do with the crypto?	DeFi	DeFi, NFTs, Airdrops	DeFi, NFTs, Long term investment

Casual/Core/Power Based Segmentation

User Type	Casual	Core	Power
Frequency of use	1-2 times per month	3-7 times per month	8+ times per month
Volume transacted on Juno	$10-$300 per month	$301-$2,500 per month	$2,500+
Feature usage on Juno	Onramp/offramp only	Onramp/offramp, Juno debit card, earn small amount of interest on cash	Onramp/offramp, Juno debit card, large interests earned, paychecks, bill payments
Coin choices	One coiner: These users only use Juno to onramp and offramp one cryptocurrency	Hoppers: These users onramp/offramp cryptocurrencies on 2 networks via Juno	Explorers: These users onramp/offramp 3+ cryptocurrencies on 3+ networks via Juno
Brand relationship	Transactional relationship	Positive word of mouth	Positive word of mouth, referrals, Discord community engagement

Recency Frequency Monetary Segmentation

Champions - They are power users on Juno. They rank high on the recency, frequency, and monetary score which means they use Juno very frequently, very recently, and make high value transactions
Loyal Customers - They are Juno's core users. They use Juno frequently but haven't used it as recently as the Champions. Value of transactions is slightly lower than champions
Potential Loyalists - They are Juno's users who have used the platform recently but don't rank high on the frequency score. There is a potential to improve the frequency and monetary value of the transactions.

Engagement Campaigns

Below are 5 campaign ideas to increase engagement on Juno. Each campaign has a different pitch and a different offer. Based on the performance of campaign experiments, we will double down on one pitch and productize it.

Campaign 1 - Unleash your money's potential

Juno users can earn 5% APY just by keeping their cash on Juno. The money is liquid and can be used to buy crypto, pay bills, make card purchases, bank transfers, etc. 5% is one of the highest rates in the industry.

Target Segment	Casual
Goal	Convert casual users to core by making them experience the perks of earning interest on Juno, thereby building a habit
Pitch	Add $5,000 to Juno and earn 5.00% APY
Offer	Earn 6% APY for the first 3 months
Channels	Email, PN, In-app popup
Frequency & Timing	Twice a month - 3 days before each paycheck is due (paycheck cycle is biweekly in the US)
Success Metrics	Assets Under Management (AUM) increases goes up to $5,000 per user, Crypto Trading Volume increases by 20%, 6 month retention

Campaign 2 - Use crypto in the real world, pay your bills with crypto

Juno users can pay their credit card bills, phone and internet bills,, utility bills, mortgages, etc by setting up autopay via ACH or debit card transfers. This is a unique feature that Juno offers compared to crypto exchanges like Coinbase.

Target Segment	Casual and core
Goal	Convert casual and core users to power users by showing them how easy it is to set up bill payments via Juno
Pitch	Offramp crypto and set up your bill payments
Offer	Get 10% back on each bill you pay via Juno
Channels	Email, In-app popup
Frequency & Timing	Every 3rd crypto deposit into Juno, 25th of every month
Success Metrics	No. of bill payments via Juno, crypto offramp volume, volume of bill payments, 6 month bill payment retention

Campaign 3 - It pays to be loyal

Juno has a loyalty program called Juno Points. Users can redeem Juno Points for Gift Cards and Juno Points boosts. Incentivizing crypto trading volumes with Juno Points can help increase trading volumes

Target Segment	Casual and Core
Goal	Convert casual users and core users to power users by showing them how easy it is to onramp/offramp large volumes of crypto via Juno
Pitch	Buy or sell $3,000 worth of crypto and get rewarded
Offer	Get 30,000 Juno Points when you cross $3,000 for the month
Channels	Section inside the portfolio screen of the app, email, in-app
Frequency & Timing	Email when campaign is launched, email when they make their first transaction of the month, constant banner inside the app
Success Metrics	Crypto trading volume increases by 20%, crypto trading volume per user after 6 months, average revenue per user increases (Juno makes revenue from trading spreads)

Campaign 4 - More chains more rewards

Juno support multiple crypto currencies on multiple networks - Bitcoin, Ethereum, Solana, Litecoin, Optimism, and more.

In general, a crypto user spends some amount of time and money on different chains. For eg:

Bitcoin - Long term investing

Ethereum - NFTs

Solana, Optimism - DeFi

Litecoin - Gaming

Helping users onramp/offramp to different networks by incentivizing free crypto withdrawals, will help increase their commitment to the platform

Target Segment	One coiners
Goal	Convert one coiners to explorers
Pitch	Explore the ease of onramping to your favorite Layer 1s and Layer 2s
Offer	Get 10 free crypto withdrawals when you onramp to 3 chains
Channels	Email, in-app, push notification
Frequency & Timing	Email when campaign is launched, email when they make their first crypto withdrawal of the month, nudge next to the withdrawal fee item in app
Success Metrics	Crypto trading volume, No. of coins withdrawn/deposited per user, no. of wallet addresses per user

Campaign 5 - Real Life Real Cashback

Juno offers a virtual card as well as a physical metal card. Currently, Juno members earn 5% cashback on popular online brands like DoorDash, Netflix, Uber, etc.

Incentivizing them to spend using a physical card, in real life, can help build the habit of using the Juno card.

Target Segment	Feature Casual
Goal	Convert onrampers to card swipers
Pitch	Swipe or tap your Juno card IRL
Offer	Get 10% cashback on top stores - limited time only
Channels	Email, in-app, push notification
Frequency & Timing	Email when campaign is launched, email every week if they haven't made offline spends
Success Metrics	Card spend volume, Cashback received, physical card vs virtual card spends, Online vs in-store spends

Retention

Current retention curve for the last 12 months

Retention rate flattens out at Month 4 at ~41%

Which ICPs drive the best retention?

In our earlier defined user segments, the segment that drives most retention is the volume power user segment -> retention is ~72%

Which Sub Features drive best retention

The sub feature that drives the most retention is paychecks (direct deposits). Below is the comparison of retention by feature.

Which channels drive best retention

For the last 1.5 years, all of Juno's users have come either organically or via referrals. Surprisingly, referrals doesn't drive significantly more retention than organic users.

Churn

Below are the top reasons for churn, based on user calls, reviews, Discord conversations, and answers from the account closure form

Top Reasons for Churn

Account got locked/restricted by banking/crypto partner
No longer interested in crypto
Competitor offering better interest rates
Competitor offering better cashback
Customer support not up to the mark

Involuntary	Voluntary
Someone else opened their Juno account/account takeover	Customer Support not up to the mark
Account got locked by banking/crypto partners	Not interested in crypto
Juno stopped supporting crypto in New York and Hawaii	Competitor offering better interest rates
Lost too much money in crypto	Competitor offering better crypto prices
Got laid off	Check deposits not supported/Cash deposits not supported
	Competitor offering more rewards
	Tax forms not in order
	Lack of joint account support
	VPN issues with login
	Limits too low

Negative actions to look for

Below are some of the negative actions to look for to find at risk users at Juno

Negative review
Support tickets
CSAT
Discord community messages
Withdrawing significant amount of cash
Deleting saved crypto wallet addresses and not adding new ones
Blocking Juno debit card
Deleting cash beneficiaries
Removing direct deposit (paycheck) from Juno

Resurrection Campaigns

Below are 5 campaigns that could resurrect at risk/churned Juno users.

Campaign 1 - You've found a match

Juno can match the interest rate of competitors when a user shows proof of some deposits in that account.

Target Segment	At risk/churned interest users
Goal	Incentivize at risk/churned users to hold more money in their Juno cash account
Pitch	Deposit cash and Juno and earn a special APY
Offer	Match interest up to 6.5% APY
Channels	Email, PN
Frequency & Timing	When user triggers a negative interest rate action
Success Metrics	Assets Under Management (AUM), 6 month retention

Campaign 2 - Personalized debit card

Juno can offer a custom/personalized debit card with higher cashback for the first 3 months

Target Segment	At risk/churned card users
Goal	Incentivize at risk/churned users to use the Juno debit card more
Pitch	Order Juno's new custom debit card and get higher cashback
Offer	Custom debit card and 7% cashback for 3 months
Channels	Email, PN, In-app
Frequency & Timing	When user triggers a negative card action, Twice a month
Success Metrics	Card spend volume, new card orders, 6 month retention

Campaign 3 - Juno's own Priority Pass

Get priority support on chats as well as Discord direct messages

Target Segment	At risk users due to support
Goal	Offer better customer support to users to continue using Juno
Pitch	Continue using Juno and get priority support
Offer	Personal DMs on Discord plus priority support on in-app chat
Channels	Email, PN, support chat
Frequency & Timing	When user triggers a negative support action, once a month for limited at risk users
Success Metrics	Overall no. of transactions, volume of transactions, CSAT, NPS

Campaign 4 - Get paid, get rewards

Paychecks are the highest retention sub-feature on Juno

Target Segment	At risk/churned direct deposit users who have used Juno for more than 3 months
Goal	Retain more users by ensuring they get their paycheck on Juno
Pitch	Get rewarded on your next direct deposit
Offer	$50 bonus when your next paycheck hits
Channels	Email, PN, In-app
Frequency & Timing	When user triggers a negative support action, 4 days before each payment cycle
Success Metrics	Direct deposits received, 6 month retention, CSAT, NPS

Campaign 5 - We've upgraded your limits

Low limits are one of the top 5 voluntary reasons for people to churn from Juno

Target Segment	At risk users + users who transact up to their limits + churned user
Goal	Resurrect users who have churned or at risk because of lower limits
Pitch	Upgraded limits, a bigger better way to experience Juno
Offer	Increased limits on crypto and transactions
Channels	Email, PN
Frequency & Timing	When user triggers a negative limits action, once a month
Success Metrics	Crypto onramp/offramp volume, number of crypto transactions, NPS, CSAT