Dear friends, family, users and investors, another week another Crysp-clear update as we continue to solve the biggest problem in consumer finance: retail investors subpar (dumb) decisions in the stock market.
With everyone spending $$$ on customers, early stage startups simply can’t afford to step into the CAC arena. From a sheer stock market valuation perspective Robinhood’s 15.9 million active accounts are now valued at less than $500 per customer. New players in the space can’t buy their way into product market fit, especially when the jury’s still out on these accounts’ LTV. We want to pick our battles, and a bidding war with Robinhood is not my ideal Friday afternoon. Hence, we go back to the good ol’ product led growth, in search of the mythical CAC-0 creatures that once roamed Silicon Valley.
“Innovation” was something else back in the day. It seemed like every successful startup was inventing a category, disrupting. At Crysp, we were lucky enough to launch something our customer base wanted early on. With above 50k daily organic impressions on our feature test page @furualert, and hundreds of retweets per month (after launching 8 weeks ago), we’re clearly on to something.The question we ask ourselves every day is - on to what? What part of what we built is life changing for our clients?
Testing, testing, testing has been our theme the past couple of weeks. Now that we have access to over 50,000 eyeballs of retail investors at no cost every day on our twitter page, we have the luxury of rapidly testing our assumptions. One angle that seems to have been gaining traction is the multiplayer approach. Money is inherently multi-player, but to date financial products have largely been single player.
Today we shared a new feature test that allows financial influencers to review their performance, backtest themselves, and benchmark their stock alert’s against others. With our average tweet engagement rate slightly above 2%, this one hit hard holding at above 30% engagement right off the bat. Within minutes influencers with hundreds of thousands of followers signed up to our website, claimed their account and backtested themselves.
Time will tell if this angle is strong enough to lead our go-to-market. But one thing is for sure: we will keep testing until, as J Lo put it, our clients “love don’t cost a thing”.