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Growth Experiments

1. Referral Program

1.1. Hypothesis
Users are more likely to try First Dollar if referred by someone they trust. Implementing a referral program can lead to increased user acquisition.
1.2. Experiment Details
Design: Offer current users an incentive (e.g., a month of premium features for free) for every new user they refer who signs up and uses the platform.
Duration: 3 months
Target Audience: Existing active users of First Dollar.
1.3. Metrics to Track
Number of referrals made.
Conversion rate of referred users (how many actually sign up and use the platform).
Retention rate of referred users after a specific period (e.g., 3 months).
1.4. Analysis & Iteration
If the referral program sees high engagement and conversion, consider enhancing the incentives or promoting the program more aggressively.
If the conversion rate is low, gather feedback to understand potential barriers and iterate on the referral offer or process.

2. Limited-Time Promotions

2.1. Hypothesis
Offering limited-time promotions can create a sense of urgency and drive increased sign-ups or engagement with the platform.
2.2. Experiment Details
Design: Offer a 20% discount on premium features or a special bundle for new users who sign up within a specific period (e.g., a week).
Duration: 1 week
Target Audience: Potential users who have visited the website or engaged with First Dollar's content but haven't signed up.
2.3. Metrics to Track
Increase in sign-ups during the promotional period compared to a regular week.
Engagement levels of users who signed up during the promotion.
Retention rate of these users after the promotion ends.
2.4. Analysis & Iteration
If the promotion sees a significant spike in sign-ups, consider running similar promotions periodically.
If users acquired during the promotion have a lower retention rate, it might indicate they're more price-sensitive. Strategies to enhance their long-term value can be explored, such as introducing loyalty programs or additional incentives for prolonged usage.
Post-Experiment Steps for Both Experiments:
Review & Analyze: At the end of the experiment duration, gather all data and analyze the results against the initial hypothesis.
Learn & Iterate: Based on the results, determine what worked and what didn't. Use these insights to refine the strategy and design new experiments.
Scale or Pivot: If the experiment is successful, consider scaling it to a broader audience. If it doesn't yield the desired results, pivot and try a different approach or experiment.
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