Nazza — Case Study — Sola Eludoyin
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Case study

Nazza

Building a more efficient acquisition and activation engine for a crypto trading platform.

Growth Marketing User Acquisition Activation Lifecycle Marketing Experimentation
Frequently traded coins by month, June through September
The challenge

Acquiring users wasn't the same as acquiring traders

Nazza is a crypto trading platform that lets users sell crypto for fiat, swap coins, and access everyday services like airtime purchases. When I joined, the company had acquired roughly 1,900 users over two years — primarily through influencer marketing, which had become expensive to sustain.

I was brought in to find a more cost-effective way to grow the user base. But as I dug into the data, acquisition turned out to be only part of the problem: we needed to not just acquire more users, but get more of them to become active traders.

What I did

Treated acquisition and activation as one problem

Instead of optimizing acquisition in isolation, I worked the full journey — acquire users more efficiently, then get more of them to their first trade.

Built a growth dashboard that told the truth

Worked with the data analyst to make active traders the primary growth metric, tracked alongside activation rate, trade frequency, ARPU, and company profit across the full journey: Acquisition → Signup → Activation → First Trade → Repeat Trading. This is what surfaced the core insight — acquiring a user wasn't the same as acquiring an active trader.

Found a message that could cut through

The first paid campaign, focused on generic "convert crypto to cash" messaging, failed in a crowded market. I refocused on a sharper concern — transparent rates, no hidden fees, reliability — instead of competing on the same message as every other crypto app.

Before
Generic ad creative: Convert Your Crypto to Naira Instantly!
"Convert Your Crypto to Naira Instantly!" — same message every competitor was already running.
After
Refined ad creative: Losing 20 cents on a trade feels small, until it's $20,000 over time
"Losing 20 cents on a trade feels small… until it's $20,000 over time." — the fee-transparency angle that cut through.

Redesigned the acquisition flow

Replaced a direct Ad → App Store journey with Ad → Landing Page → Registration → App Download, giving users context before asking for a download and creating a measurable step in between.

Built a multi-touch calling system from scratch

Nazza had no formal calling process for new users. I designed a four-touchpoint system and expanded the team from one person to three, once it was clear trust — not awareness — was the real activation barrier.

Rebuilt onboarding email from the ground up

Moved from generic onboarding emails to personalized, sequenced messaging with a CEO welcome note for credibility, then A/B tested subject lines, value propositions, CTA placement, and timing.

How I approached it

The growth loop, not a single campaign

The growth loop 1 Acquire users Efficient paid + organic 2 Track & find friction Full-funnel visibility 3 Talk to users Why they stall 4 Design & test Calls, email, flow changes 5 Measure activation Trade frequency, ARPU 6 Feed it back Sharper acquisition & onboarding

Calls and email weren't side experiments — they were how findings made their way back into targeting and messaging, on repeat.

Execution

Where the strategy became real work

The receipts — the specific campaigns, tests, and operational builds behind the loop above.

Tools: Mixpanel · Looker Studio · SendPulse · Meta, Google & X Ads · Google Sheets · Pixel Helpers & Conversion APIs

Campaign

Paid acquisition on X and Meta

Google rejected our ads and other platforms restricted crypto advertising, so X became the test bed. The first campaign, generic "convert crypto to cash" messaging, underperformed in a crowded field. The rebuilt version led with a sharper line — "Why are you letting other apps cheat you?" — built around transparent rates, no hidden fees, and reliability.

X Ads dashboard for the original 'Crypto to cash 1' campaign, paused
"Crypto to cash 1" — paused after underperforming: 457K impressions, $167 spend, 1.55% click rate.
X Ads dashboard for the rebuilt 'Best rates campaign', active
"Best rates campaign" — active, with the standout single ad pulling 232K impressions for $63 spend.
Meta Ads Manager showing parallel Nazza campaigns
Ran in parallel on Meta — reward, retargeting, founder's video, and affiliate campaigns — once the message was validated on X.
Product

Landing-page-first acquisition flow

Replaced the direct Ad → App Store → Download → Open → Register path with Ad → Landing Page → Registration → App Download. The added context and measurable step contributed to a 26.32% increase in acquisition within one month.

Nazza landing page hero: Why trade with platforms that cheat you with high rates?
The landing page built for this flow — leading with the same fee-transparency angle as the ads.
Nazza landing page section on transparent rates and zero hidden fees
Best Rates, No Hidden Fees, Secure & Trusted, Fast & Reliable — the four pillars the whole flow was built to prove.
Ops

Four-touchpoint calling system

Built from a single support rep into a three-person team (Growth + Support) once customer conversations showed trust — not awareness — was the real blocker. Users who eventually activated were often the ones contacted 3–4 times, not once. The calling system contributed roughly 1% activation on its own.

Experiment

Rebuilt onboarding email sequence

Introduced personalization, a CEO welcome email for credibility, and structured sequencing — with a 50/50 subject-line split test running underneath — in place of isolated blasts. A/B tested subject lines, value propositions, CTA placement, and timing across four motivations: speed, trust, rates, and reliability. The rebuilt sequence contributed roughly 1.2% activation, helping maintain an overall activation rate around 3%.

Before
Original SendPulse onboarding flow, paused, low volume
Original flow — paused, 360 completed sends, 1,397 messages total.
After
Rebuilt SendPulse onboarding flow, active, scaled volume with conversions
Rebuilt flow — active, 1,187 completed flows, 18,673 messages sent, 10 conversions now directly trackable.
Results

What the work actually moved

$3M
revenue
+26.32%
user acquisition growth in one month
5,000+
users scaled to
90%
CPA reduction
~3%
overall activation rate maintained
Key learnings

What this project taught me

"Acquisition and activation cannot be treated separately."

A cheaper acquisition channel isn't necessarily better if the users it brings in don't reach the product's core value.

"Sometimes the biggest growth lever is the journey."

The acquisition campaign improved when I changed not only the message, but what happened after the click.

"Trust can be an activation problem."

For financial products, users may need human reassurance before they're willing to take a high-intent action — no email sequence replaces that.

"Experimentation beats assumptions."

The original assumptions about channels, messaging, and activation were repeatedly challenged by user behaviour. The fastest way to the answer was to test, measure, and iterate.

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