How Mydoh Invested $22K to Get 75K App Installs in Four Months

November 30, 2021
Financial Services

Key Takeaways

Mydoh is a Canadian family banking app promising to help parents raise “money smart” kids.

  • Budget Allocation — Mydoh started to actively advertise its services in July 2021: Since then, the brand has allocated $22K to run digital ads. 99% of total ad spend was invested into Facebook, with the rest being equally split between mobile display and paid search. 
  • Messaging — All Mydoh ads target teenagers’ parents: The company invested 50% of its total ad budget into a Facebook ad promising to teach kids the value of money and take responsibility for their spending. Mydoh frequently uses the “money-smart kids” term in their Facebook and paid search ads. All mobile display ads called parents to download the app from Google Play.
  • App Usage — Mydoh has seen a steady app install and MAU growth: Starting July 2021, the Mydoh app was downloaded 75K in Canada and as of October 5.3K users were actively using the app.

Mydoh saw a significant increase in traffic in Q3 2021 when its web visits grew from an average of 6K visits in Q2 to 22K in Q3. 

~83% of the total traffic comes from mobile devices.

Looking into the traffic channels, search (both organic + paid), direct and social account for 90% of total visits. 

Mydoh first started running digital ads in July 2021 and since then invested $22K to promote its services online.

Spend is a directional approximation and does not include retargeting, or behavioural targeting and paid search.

Mydoh invested 99% ($21.3K) of its digital ad budget to run ads on Facebook and divided the rest between paid search ($274) and mobile display ($274).

Spend is a directional approximation and does not include retargeting, or behavioural targeting and paid search.

The fintech brand primarily targets Android users (80%) living in metropolitan Canadian cities (Toronto — 24%). When it comes to ad gender distribution, Mydoh runs ads equally targeted at females and males.

Mydoh aired five communication messages* accompanied by different visuals. 

$5K worth of digital ads cannot be associated with specific creatives.

The message communicating the benefits of kids learning the value of money received 50% of the total digital spend. 

Ad Post #1 | Ad Post #2 | Ad Post #3

The second most leveraged message promoted the blog post helping parents to engage their kids in household chores.

In another ad backed by a moderate $1K investment, Mydoh promises to help teach kids the money basics with parents’ oversight.

Two other ads that received less than $1K each appealed to the notion of raising money-smart kids.

Mydoh spent $274 to run two variants on paid ads, which in return brought 872 visits to its website between July 2021 — October 2021. 

Desktop only data.

Mydoh invested the same moderate amount of money ($274) in mobile display ads calling to download its app on Google Play, which brought 135 website visits. | | | |

Mydoh has seen its app downloads steadily rising month over month and hitting 31K install in October alone. In total, the app has been installed 75K since the July 2021.

Following the downloads, the number of monthly active users has also been steadily growing.

Android only data.

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