Mys Tyler is still such a small early-stage startup that we don’t have the brand awareness of larger established brands. We also have a small lean budget (and team), so we have to be efficient with every dollar we spend (as do all businesses but for a startup you have less room for error). Each decision is focused on adding value to our community. Value comes in a few forms - product enhancements and features to make our app better to use, more Contributors so women have more fashion content and matches, and more women so that our Contributors have more people engaging with their posts.
Recently we’ve been focused on making our acquisition more efficient. We spend most of our budget on Facebook and Instagram advertising (most of our community are active on one or another of these sites). Here’s some of the things we’re focused on.
The audience you are targeting. When we started, we used interests i.e. fashion, style and shopping and basic demographics i.e. women, aged 18+ and geography (note: we aren’t GDPR compliant so can’t yet target Europe). We’ve now shifted to “look a like audiences”. We know who engages with Mys Tyler, so Facebook allows us to target other women who are similar.
The creative you are using. The visuals and the copy. We’re constantly changing this up and running experiments.
App Store Optimization (ASO), the creative and the copy on Google Play and the App Store. When you land, how likely are you to download the app, this is the conversion rate.
The two main measurements are:
Cost Per Install (CPI)
Cost Per Registration (CPR) - women who create an account
Of these CPR is the most important metric.
This is all at the top of the funnel, and optimization is ongoing but once we get these to a point that we’re happy with, we’ll keep going deeper. Some of the metrics we’re measuring and about to start focusing on are:
Day 1 User
Retention Rate
We’ll share more about these in the future!