Positioning itself as the safest cryptocurrency exchange in India, CoinDCX is India's first cryptocurrency startup. Its massive liquidity, powerful wallet, and impenetrable security make the trading experience fast, reliable, and effortless.
The crypto unicorn also offers spot, margin, futures, and fiat-to-crypto trading, making it an inclusive ecosystem for all types of traders.
While Minal believes there is no single strategy for growth, was based on Peter Thiel's description of the life cycle of a startup, where the zero-to-one stage was about breaking the adjustment of the product market.
Stage one to ten was the time to step on the accelerator on growth, and stage 10 to 100 focused on revenue and profitability.
"Depending on what stage you are in, the growth strategy you apply to scale, your business would differ a lot," he said.
โIf you are in your zero-to-one phase, you will want to focus on building your product as quickly as possible and getting it to a niche customer base as soon as possible, get their feedback, reiterate, build fast, get back to customers and keep that continuous cycle until I really achieve a fit between the product and the market โ, he added.
Speaking of growth, once a significant customer base is achieved, he said, "Once the customer experience, which you can measure with metrics like NPS, etc., is in good shape, that's when you essentially start thinking about building your 10 to 100 trip. "
"Now it's essentially about focusing a little bit more on NLP because at the end of the day, we're all running businesses, but we're also here to build profitable businesses," he added.
Non-negotiable on a growth journey
Minal mentioned seven non-negotiable things for a great growth journey, including: having an original idea, a great team, time and faith, a business model, ruthless execution, distribution channels, and last but not least, think big.
"Be ruthless with your execution," he advises.
"In the startup world, what compilation of today can also be copied really fast, right?" he asked, citing the example of how Snapchat introduced stories, but Facebook and Instagram embraced the feature across their ecosystems.
Growth is fundamentally a change in mindset
"I think growth happens when you put the entire lifecycle of a user together in one view." said Minal, speaking about changing users' mindsets from knowledge to acquisition, activation, retention and revenue in a single funnel or lifecycle approach.
โIf you traditionally think of marketing teams, they would typically focus on acquiring users, subscriptions, and downloads, while product teams would primarily focus on getting users to experience value activation or making sure they can retain those users. However, when product growth and marketing are sitting in these silos, it becomes difficult for all of them, or all efforts that they are putting into some kind of convergence and ultimately helping us achieve the kind of growth path or growth metric you want, โhe added.
Growth Lessons on Building Coin DCX
In March 2020, the Supreme Court lifted the ban on cryptocurrency exchanges, and just 3.5 years after its launch, CoinDCX became the first cryptocurrency startup to enter the unicorn club.
With over 3.5 million users, his goal is to make crypto more accessible in India and accelerate his efforts to bring 50 million Indians into the world of crypto.
Before deciding on the right strategy for CoinDCX and strengthening your retention strategy, Minal presented a product market suitability survey for CoinDCX customers to understand what percentage of users would be disappointed if they could no longer use the product. Anything over 40 percent meant they were good at driving growth. And encouragingly, CoinDCX hit a healthy 65 percent, while retention numbers were in the 40 percent range.
Knowing that the strategy was on the right track, Minal talked about how CoinDXC doubled down on its growth strategy.
"We were relentlessly aggressive, we continued to experiment and made sure that our marketing, product, growth analysis and customer experience came together to drive business growth," he said. It added all the mentioned CoinDCX teams that possessed key KPIs throughout the user lifecycle.
Learning from your abandonment users
Minal also spoke about how former clients represented a great opportunity to enhance business growth.
โReducing turnover is an enormously important task for most of us. But no matter how hard you work at it, you will continue to lose some customers. And if you want to be successful, you must learn to take advantage of that turnover to improve your business, "he said.
โUnderstand why people get agitated. Talk to them, so you can fill in those gaps as you continue to move your product or product growth into the future and potentially not lose those customers in the future, โhe advised.
โIf you can retain your customers, make sure you can optimize your revenue. When you optimize, you are charging your users for the value of the delivery and will remain competitive, โhe added.
"All the effort that you've put in from acquiring a user to activating them to retain them, earn income from them, and ultimately provide a very good experience, can help you turn your product into an acquisition engine," he said.
โWe have acquired millions of users, millions of wallets, which was our Northstar overall for the last few years. We have obtained brilliant volumes and closed close to $ 10 billion in transaction volume during the last quarter, which is a main indicator of a successful growth strategy, โhe said in saying goodbye.
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