What caused the 30% drop in new user signups for BlockFi Interest Accounts last month?

Introduction

A 30% drop in new user signups for BlockFi Interest Accounts is a significant issue that demands immediate attention and thorough analysis. As we delve into this problem, we'll employ a systematic approach to identify the root cause, validate our hypotheses, and develop both short-term and long-term solutions.

I'll begin by gathering essential context, then methodically break down the problem, analyze potential causes, and propose a strategic plan to address the issue. Throughout this process, we'll consider various factors that could impact user acquisition and engagement for BlockFi's Interest Accounts.

Step 1

Clarifying Questions (3 minutes)

To gain a comprehensive understanding of the situation, I'd like to ask the following questions:

• What's the typical monthly growth rate for new user signups, and how does this 30% drop compare to historical fluctuations?

• Has there been any recent change in marketing spend or strategy that might explain the decrease?

• Are there any specific user segments (e.g., geographic regions, age groups) that show a more pronounced drop in signups?

• Have there been any recent regulatory changes or announcements that could affect user perception of crypto interest accounts?

Why this matters: Understanding the context and scale of the problem helps us determine if this is an anomaly or part of a larger trend. Hypothetical answer: New user signups typically grow by 5-10% month-over-month, making this 30% drop highly unusual. Impact on approach: If this is an unprecedented drop, we'll need to investigate recent changes or external factors more aggressively.

• Have there been any significant changes to the onboarding process or account opening requirements in the last month?

• Are there any known technical issues or increased error rates during the signup process?

Why this matters: Changes in the user experience or technical problems could directly impact signup completion rates. Hypothetical answer: A new KYC verification step was added to the signup process two weeks ago. Impact on approach: We'd need to closely examine the impact of this change on conversion rates at each step of the signup funnel.