What is Luno?
Luno is a digital currency exchange facility that offers clients a technology platform to buy, sell, store and trade digital currencies as well as pay for products and services using a cryptocurrency wallet. The company boasts over 8 million customers in over 40 countries and its vision is to upgrade the world to a better financial system.
The Luno Challenge
As the head of a large and diverse function comprising performance marketing, CRM, Marketing Analytics, ASO/SEO and growth related product delivery, Luno’s Head of Growth, Devon King’s average day is data-filled. He needs to keep his finger on the pulse of how each channel is performing, and then be able to optimize key performance indicators with his teammates.
For the Luno team, user acquisition and retention are primary KPIs. “Day-to-day we are primarily focused on how to drive growth for the business, so we try to attract as many users as possible and retain them for the long run across different markets.” By focusing on active transacting users, the team mainly focuses on cost per install, but with a view to looking at the average lifetime revenue value of each user over 6 months to ensure that they hit marketing payback periods.
“We were primarily trying to solve an attribution problem. We’re spending a lot on global marketing and we are trying to tie ad spend to user performance across mobile applications on iOS and Android.”
For Luno, the primary objective is to understand the nuances between many different key markets, understand what drives crypto-currency adoption, and then reach the right people at the right time with the right message to bring them into the product and then retain them.
Attract as many users as possible and retain them for the long run across different markets
Tie ad spend to user performance across mobile applications on iOS and Android
Understand the nuances between many different key markets
When looking for a vendor to support their attribution needs, the Luno team began asking trusted industry professionals. After receiving positive references, they did the necessary due diligence and came to decide that Singular would best fit their needs.
The Singular Solution
After 3.5 years of using Singular, Devon says, “On the day-to-day, Singular facilitates all of our reporting and measurement. It’s largely used to track aggregated spend and install data and then we have the ETL solution firing into Looker so that we can collate this to our backend events as well. We also experiment with a lot of new channels regularly, as crypto-currency has been banned by Google for 2 years. Having the ability to integrate into new platforms very easily is also a huge time saver.”
In addition, Singular’s powerful linking toolset has been critical for Luno, particularly for the regional marketing teams. “They set up a lot of ad hoc campaigns and come to the global performance marketing teams to ask to set up deep links or view throughs on specific campaigns that they need. Because there are many, varied campaigns that are often quick and dirty, it’s important to have the ability to quickly build out deep links and tracking links that we know are measurable and provide seamless user experiences.”
The Luno team also values Singular’s dedication to innovation. “The Singular teams, particularly engineering and support, are proactive in everything they do. When something like iOS14.5 comes out, they have always empowered us with the right information and tools ahead of time so that we feel prepared.”
Luno + Singular = Success
The Luno team credits Singular as a facilitator of their growth and enjoys the sense of comfort and ease that they have with the platform, allowing them to have saved what Devon estimates to have been close to 100 hours of inefficient, manual work. “Let’s work it out. Over 2 years we’ve tried over 30 experimental channels. What takes 10 minutes with Singular would take at least an hour alone, which comes to a saving of at least 15 hours of pure integration time. This is not counting any additional development time that would be needed. I estimate that we have saved close to 100 hours thanks to Singular.”
The ETL has also allowed them to democratize marketing data and align their teams with a single source of truth for marketing performance.