The Highest Value Traction

In the summer of 2021, the incubator wanted to build a sustainable marketing strategy to expand globally. They approached us and asked for an increase in the number and the quality of startup applications to their boot camp program.

The Challenge

CPA = £350

They were spending an average of £350 to get a founder to apply. This is considered very high spending, especially when applications are not qualified.

Dealflow

Most importantly for them, the quality of their dealflow, crucial in their business model, wasn’t satisfactory to their investor network.

The Approach

Our first step with Block Dojo involved a deep dive into their existing marketing strategies, funnels, and performance metrics. This comprehensive review allowed us to identify inefficiencies and areas for optimization.

We concluded that before engaging in performance marketing activities, we needed to decrease the friction in filling out a 34-question application form.

However, that risked having low-quality applications that don’t count as they miss crucial data to be assessed.

Community

To address this, we decided first to build a community of entrepreneurs at a minimal cost. We focus on nurturing this community: growing engagement and trust in Block Dojo. Then, we introduce them to a more streamlined application process.

Qualification

We introduced a preliminary qualification step, ensuring only serious candidates proceeded to the full application. This approach not only improved the user experience but also maintained the calibre of applicants. Additionally, we leveraged analytics to continuously refine the application process based on user feedback and conversion rates.

Personalisation

We combined the use of VideoAsk with personalized messaging on LinkedIn for all candidates. Engaging potential applicants through interactive, video-based conversations on VideoAsk, while simultaneously reaching out to them with tailored messages on LinkedIn. This approach allowed us to create a more dynamic and personalized experience, making each candidate feel uniquely valued.

Within 3 months

CPA = £7

At £7 per application, a significant drop from £350, we achieved all our objectives.

9x application numbers

With each subsequent cohort, there was an average increase of 125% in applications.

As a result, Block Dojo was able to select from a more diverse and robust set of applicants, enhancing the overall quality and potential of their incubator program.

Responsible for 24% of all blockchain investments in the UK

We have since kept the community engaged and doubled down on performance marketing.