The leak is almost never in the traffic: it sits between registration and the first investment. That is where we work.
Traffic is almost never the problem
When a tokenisation platform asks us for more investors, the first thing we look at isn’t the ad spend: it’s how many people registered last month and how many went on to invest. In nearly every case the gap between those two numbers is enormous, and that is where the money is — not at the top of the funnel.
Spending more on acquisition while the step from registration to first investment is broken is the most expensive way not to grow. It multiplies the cost per investor and burns the audience that was converting best.
Where people drop out
Illustrative: what matters is the shape of the funnel and where it narrows, not the figures.
Identity verification. The step that loses the most users and gets measured the least. The order of the steps matters, when each document is asked for matters, and so does what you tell someone who is halfway through.
The doubt about getting out. “What if I want my money back?” If that question has no visible answer before registration, the traditional investor doesn’t move. It isn’t a copy objection: it’s a product decision that has to be explained properly.
The first ticket. The entry minimum decides who tries and who doesn’t. You can measure what happens when you move it, and almost nobody does.
The silence afterwards. Days or weeks pass between someone registering and investing. What happens in that gap — or doesn’t — drives a good share of the result.
The second investment. A repeat investor is worth several times a one-off. It’s worked with the same methods, and it’s always the thing that gets forgotten.
Two separate lists
We work volume acquisition and concentrated capital separately, because they have nothing in common. The first is campaigns, content and community, with qualification before anyone speaks to a person. The second is funds, family offices and private investors: a short list, a long cycle, and a sale won with documentation, track record and references, not with ads.
Mixing them is the usual mistake. The same message that persuades someone to try the minimum makes anyone writing a serious cheque suspicious.
What we measure
Cost per investor who completes a first transaction, not per registration. Pass-through from registration to verification and from verification to investment. Average entry amount. Capital still on the platform at ninety days. And the share of capital from each channel, not the share of users.
Those numbers require tracking to be in place before anything launches. If it isn’t, that’s where we start: measuring badly for three months costs more than waiting two weeks.
What we don’t do
We don’t promise guaranteed acquisition or returns, and we don’t write anything that implies a secured yield. In the European Union, MiCA has regulated crypto-asset service providers since late 2024: it conditions what can be claimed, who a campaign can target and what warnings must appear. It isn’t a formality at the end — it defines the campaign from day one.
We also don’t work with two platforms competing for the same asset class in the same market.
