This is number 7 of my 12 Businesses In 12 Months challenge and this time it’s about pocket money: My ex-colleague Josua had the idea for an app that teaches children a sustainable approach to spending/saving.

As usual, I will tell you

• what the idea was,
• the decisions we made
• and what I learned.

Get rewards for helping and saving

In essence, the idea was simple: At the start of the week, kids get their agreed upon amount of pocket money added inside of the app as a digital value. They can then get additional funds through desired activities and spend their coins for fun activities like watching those additional 30 minutes of TV. Then, at the end of the week, those virtual funds can be cashed out or saved for additional funds the next week.

The setup was, again, a simple landing page, this time asking the parents for a beta signup as a commitment.

Taschencoins Metrics

Again, we went for the usual:

• 40€ for ads
• down to one day duration again
• An ad creative showing a mockup of the app
• Targeting parents aged 30 to 50

Before I start interpreting the results let’s look at some metrics:

• 52 clicks on the landing page
• 1 beta signup
• 0.77€ CPC
• 6,414 impressions

After last time’s tough lesson on getting qualitative feedback, we made sure to implement session recordings for this experiment. And, of course, those proved to be the most interesting data points to make this at least a bit actionable.

While the results were meager, an unusual amount of people were intensely reading through the page, spending on average (!) about 40 seconds for that. What does that mean? It feels like the main value proposition resonates with the parents, but is not convincing enough. It could be that this is due to our texts being not clear enough or the app mockups not convincing. Maybe the proposed solution itself doesn’t really fit the actual need.

Anyways, this feels like a good situation for a follow-up experiment.

What’s next?

We will let this rest for now. We have had experiments that had much better initial results and yet, this feels like with a slightly different focus it could have potential. Anyways, I will move on to the next business idea for now and, as always, will keep you updated!