Payoff.com is a website aimed at helping individuals set and reach short term savings and debt payment goals. The website combines elements of social networks, gaming and goal setting in a simple tool which allows users to compile all of their accounts into one location. They aim to help users understand where they are spending money then educate and incentivize them into making intelligent saving and debt payment decisions.
I signed up for Payoff.com just today, so haven’t gotten a chance to go through their entire retention and referral lifecycle. But on initial glance at the website it is clear that they are running several tactics in both of these areas.
Retention: Payoff.com is attempting to retain users by incentivizing them with prizes for using the service frequently. Whenever a user completes a task such as defining a savings goal, they receive a badge. For every badge earned, users are entered into a drawing to win a “sur-prise” which is a cash prize from one of the Payoff.com sponsors. The more badges you earn the more chances you have to win every week.
Payoff.com also tries to retain customers by ensuring that they fully understand the value proposition and uses of Payoff. The front page of the website uses simple language to walk you through the process of what payoff does. In addition, the first e-mail that is sent states clearly at the top: “Have feedback or questions? You can reach us directly at support@payoff.com or ask us a question on our Facebook page!” followed by the questions “what should you do next”. This information helps users know where to go to ask questions and what they need to do in order to get started on the website.
Referral: Payoff appears to rely on social networks for referrals. After completing a task on payoff you are always given the option to share what you have completed on Facebook or twitter. In addition, they have a “refer a friend” tab in which you invite new users via your social networks. Upon referring friends you receive badges which will enter you in the weekly drawing.
