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

Key Takeaways

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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.

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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. 

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

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

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

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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).

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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.

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Mydoh aired five communication messages* accompanied by different visuals. 

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

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

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

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

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

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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.

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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.

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