Published on June, 20 2023
When it comes to mobile monetization, finding an effective way to increase user engagement, and with it, the respective retention and revenue, generally presents the main goal of any publisher and/or developer. In this instance, focusing strictly on offerwalls, special promotions are one of the best ways of boosting those numbers.
In this blog post, we will explore the concept of virtual currency sales, their benefits, as well as how to run a successful promotion. Additionally, we will provide some insights and tips into the improvement of the effectiveness of those offers.
Offerwall special or multiple credit promotions, also known as offerwall currency sales (hereon “promotions” or “virtual currency sales”), are time-limited promotions that offer users a credit multiplier for completing activities on the offerwall. These multipliers are entirely up to the publisher but usually range from 1.5x up to 10x bonuses, based on the promotion in question. Their main objective, however, is to encourage users to remain active on the offerwall and benefit from extra rewards, thereby increasing engagement, retention, and, of course, revenue.
Promotions like these are ordinarily scheduled around holidays or specific in-app events, as they coincide with the increase in user activity. When running these sales, it is always an excellent approach to also have them properly advertised and running about twice each month.
Looking at the time off from work, they may differ depending on the region, but global holidays are commonly the best bet. During these periods, users often have more free time and spend it within the apps, meaning it’s the optimal time to capitalize on the festivities and the celebratory spirit. Targeting holidays like Christmas, New Year’s or state holidays means users will have more time on their hands. However, holidays such as Valentine’s Day, April Fools’, and Mother’s Day, or yearly occasions, like the beginning of the seasons, can also be a great chance for festive events.
It should also be mentioned that the boost resulting from these promotions also occurs with both the amount of bonuses offered in the event and the effort dedicated to presenting those currency sales. When it comes to currency rewards, higher amounts most often lead to better user numbers and earnings.
As for the specific steps to improve promotions, here are some possible options…
As we mentioned above, the quality and results of any currency sale rely on their execution. These guidelines could help with the desired outcome:
Modifying the appearance of your offerwall placement to clearly indicate the promotion is a great way to draw more attention to the event. This can be done through changes in design elements, such as icons, colors, or fonts. Using compelling visuals and clear messaging to communicate the benefits of the promotion, like higher currency rewards for a limited time. It is important for the design to stand out and have a distinctive placement to attract more user attention.
Make sure that the promotion is easily accessible to users. Highlighting and complementing them with pop-up ads within the app. If possible, pushing notifications outside the app could also help direct users to the current virtual currency sale. Consider adding additional entry points to the offerwall, such as on the home screen, to increase visibility and engagement.
Regarding ease of use, in accordance with the target group, a promotion should be tailored to both experienced and beginner users. For the former, integrate promotions seamlessly into gameplay through native billboards or interactive screens. Alternatively, for the latter, you can incorporate the already mentioned more straightforward placements such as pop-up ads to guarantee visibility and engagement. In case the app is made mainly for one of the two groups, you can also choose to limit the variations to pertain to the selected audience.
Data plays a major part in creating a good promotion. Tracking the numbers of user engagement, completions, as well as the revenue generated both during and after the time-limited offers greatly affect the results of any future events. When looking at the numbers after the duration of the currency sale, it should always be taken into account as to what kind of event it was. This is because the complexity of the tasks and their difficulty determine the necessary length of observation – the more difficult the task – the longer it’ll take for measuring the actual impact of the sale. A successful monitoring of these numbers will in turn indicate whether the next promotion should be pushed more prominently or if the rewards need to be additionally increased.
Regular communication with the users is a key factor in achieving a sense of scarcity and FOMO (fear of missing out), as well as excitement when promotions are concerned. Providing constant updates of the remaining time and highlighting the additional rewards and bonuses both informs the new users and reminds and motivates the already active users to participate in the event. After all, encouraging users to act quickly and take advantage of the promotion result in a more engaged user base.
We may have already touched on several possible upsides of currency sales, but let’s take a closer look at some of those segments:
Promotions offer benefits not only to users but also to our publisher associates, who utilize them to enhance key performance metrics. Engagement rates as well as ARPDAU (Average Revenue Per Daily Active User) see a considerable boost in numbers, occasionally followed by the increase in eCPM (Effective Cost Per Mille). Research data reveals that doubling rewards during promotions can result in significant growth of revenue compared to a regular weekend.
Furthermore, alongside the revenue impact, engagement rates also experience a notable increase during currency sales and are similarly affected by the amount of bonus currency rewarded during the event.
Virtual currency sales also have a positive impact on the long-term retention and acquisition of paying users. Given the fact that the engagement numbers are bolstered during every promotion, having regular events over the span of a year leads to more long-term engagement among the users, motivating them to maintain their interaction throughout the months.
Moreover, by providing users with a higher amount of in-app currency that enables them to progress further in the game, these promotions effectively offer a glimpse into the potential benefits of IAPs (in-app purchases), often resulting in new paying users.
In terms of digital advertising, the impact of a promotional campaign goes beyond the initial sale. Users frequently find themselves attracted to offers that demand more time to complete, including tasks that require up to a month to finish, almost ensuring user engagement even after the initial period of the event is over.
This approach not only introduces offerwall ads to new users but also reignites the interest of previous ones by providing them with more appealing offers, resulting in a larger number of returning users engaging with the app.
Virtual currency sales offer an ideal way to improve offerwall’s revenue as well as user retention. Alongside this, promotions also substantially impact the acquisition of new users, together with the engagement and re-engagement of the existing ones.
To achieve this, promotions should be actively and consistently run throughout the year, during every major holiday and specific in-app event. Additional attention should also be focused on the manner in which these promotions are done: picking a notable placement for your offerwall, making the access to the promotion more user-friendly, and following the data of each of your promotions for future improvements and optimizations.
If you’re looking to start your virtual currency sales or create entirely new offers – Monlix is here to help you with all the necessary details and assistance to grow your app’s revenue.