Portfolio / Case Studies / FundedNext
Case Study · FundedNext
Signal in the
Noise
Four contributions across product design, retention, reactivation, and growth analytics at FundedNext, a global prop-trading platform.
RoleBusiness Intelligence
CompanyFundedNext
TimelineSep 2022 — Present
DomainProp Trading · Digital Platform
The Problem
Aggregate labels were flattening real variation — one retention %, one churn verdict, one FAQ page with no way to recognize intent.
The Solution
Lifecycle segmentation, return-cycle tracking, and an intent-based reward mechanic, shipped across four initiatives.
My Role
BI owner working directly with the Head of Business and Marketing on model design, segmentation, and feasibility testing.
The Impact
~$10.2M measured retention impact, $8.3M modeled churn opportunity, two flagship CFD products shipped.
Self-Assessment

How Far the Work
Moved Across Six Dimensions

These six areas capture the shape of the work across all four initiatives — from having no structured signal at all, to shipping segmentation, return-cycle tracking, and intent-based mechanics that teams act on today.

Retention Precision Churn Recovery Segmentation Coverage Targeting Accuracy Cross-team Adoption Product Line Breadth
When I joined
Today
Retention Precision
Before: 2 → After: 9
Churn Recovery Modeling
Before: 1 → After: 8
Segmentation Coverage
Before: 2 → After: 9
Targeting Accuracy
Before: 3 → After: 8
Cross-team Adoption
Before: 2 → After: 7
Product Line Breadth
Before: 3 → After: 8
Scores are an illustrative self-assessment of capability growth across this work, not an external benchmark or audited metric.
ShippedProduct Launch
Stellar 2-Step & Stellar 1-Step

From 900 Variations
To Two Flagship Models

Before
FundedNext's CFD product line ran on two models — Evaluation and Express. That was the entire lineup.
~900 candidate variations tested for feasibility
After
Stellar 2-Step and Stellar 1-Step — two new models added to the CFD lineup, still evolving through ongoing iteration.
Model Comparison — Live Specs
Stellar 2-Step
Two-phase evaluation · #1 revenue-generating model in the CFD line
Stellar 1-Step
Single-phase evaluation · among the most popular 1-step models in prop trading

When I joined FundedNext, the CFD product line had just two models on offer: Evaluation and Express. Shortly after, we started work on a New Model initiative within that product line. I worked directly alongside the Head of Business on model feasibility — stress-testing the variables that would define it: profit targets, drawdown limits, payout structure, pricing, and the trade-offs between them.

The original ambition was a fully dynamic system that adjusted itself per trader. That proved impractical to ship. Instead, we tested roughly 900 candidate variations of the model's parameters for feasibility and narrowed them down to two: Stellar 2-Step and Stellar 1-Step. Both have gone through many rounds of changes since first launch.

~900 Variations Feasibility Testing Stellar 2-Step Stellar 1-Step
#1revenue-generating product in FundedNext's CFD line — Stellar 2-Step
Topone of the most popular models in the CFD prop industry — Stellar 1-Step
~900candidate variations evaluated for feasibility
See the live products: Stellar 2-Step and Stellar 1-Step are both live on FundedNext today.
01
The Challenge

Three Signals
Hiding in Plain Sight

Three separate corners of FundedNext, three separate teams' worth of assumptions — and the same failure mode underneath each one: an aggregate number or a binary label was standing in for behavior that was actually far more varied underneath.

One Label, Ten Behaviors

An 87% retention figure treated a week-one stacker, a six-month-dormant trader, and a monthly regular as identical — because the system had no way to tell them apart.

Churn Treated as a Verdict

A drop-off was marked "churned" and written off, even though roughly a third of those customers were going to come back on their own — the model just wasn't built to expect it.

A Page That Only Answered

The FAQ page did exactly one job — answer questions — with no way to recognize or reward the readers who worked through it carefully enough to show real intent.

02
The Approach

Stop Trusting
the Average

The aggregate number is a summary, not a description. All three projects find what it's flattening out, then act on that instead.

Retention → Lifecycle Stage

Classify every purchase by where the trader actually is, not a single "retained" flag.

Churn → Return Cycle

Track every drop-off through its own cycle instead of writing it off at day 31.

FAQ → Read Depth

Treat "read to the end" as a real signal — no analytics event captured it before.

03
ShippedProject 01
Retention Intelligence

The Number That
Told Nothing

Before
One retention label for every repeat purchase. The same email to a week-one stacker, a six-month-dormant trader, and a monthly regular alike.
Ten-category lifecycle framework
After
Every purchase classified by where the trader actually is in their lifecycle — right message, right segment, every time.
Same 87% Label, Three Different Traders
Ahmed
5 challenge accounts in his first week — Acquisition Burst
Maria
Back after 6 months of silence — Reacquisition
Chen
A new account every month — Monthly Retention

The retention report read 87%. But it treated a week-one stacker, a six-month-dormant trader, and a monthly regular as identical — the system couldn't tell them apart.

"Ahmed bought 5 challenge accounts in his first week. Maria came back after 6 months of silence. Chen buys a new account every month like clockwork. How can I send them all the same email?"

Marketing Lead · Prop Trading Platform

Ten-Category Lifecycle Model

First Purchase Acquisition Burst Weekly → Annual Retention Late Retention Reacquisition

Not "did they buy again?" but "where are they right now?" — each purchase classified by timing and trading activity between purchases.

The critical distinction: two traders can show the same 180-day gap and look identical. Still trading during the gap? That's Late Retention — winning, not lost. No trading at all? That's Reacquisition — a genuine win-back. A blanket "90+ day" campaign would have hit hundreds of profitable traders who were never lost.
Late Retention
Still Winning
Long purchase gap · still actively trading

Already funded and trading profitably. The platform's best outcome — not a churn risk.

Do not disturb. This is success.
Reacquisition
Truly Gone. Now Back.
Long gap · no purchases and no trading activity

Completely disengaged, then something brought them back. Every one is a proof point for what triggered the return.

Study every one. Marketing gold.

What Changed When We Acted On It

ActionSegmentOutcome$ Impact
Switched new week-one stackers from a generic welcome to bundle-specific messaging on managing multiple accounts. Acquisition Burst +23% bundle uptake +$4.1M / yr
Launched a VIP tier — early access, premium support — for the most loyal 15–30 day return cycle. Monthly Retention +8% retention rate +$2.3M / yr
Stopped "we miss you" emails to traders who were still actively trading on funded accounts — they weren't lost. Late Retention −40% complaint rate $310K saved
Built a separate offer structure for Gulf traders, whose average order value ran 38% above the platform mean. Gulf Region +22% Gulf revenue +$1.6M / yr
Repositioned the cheaper challenge tier as the entry point for first-time buyers, with a natural path up. First Purchase Cohort +15% 1-Phase conversion +$1.9M / yr
Total Measured Impact
~$10.2M
Revenue uplift and cost savings from the existing user base. Illustrative reconstruction, not the actual disclosed value (confidential per employer policy).
New Acquisition Spend
$0
No new ad spend, no new channels — every result came from users already on the platform.
Actions Taken
5
One action per behavioral segment. No blanket campaigns.
04
ShippedProject 02
Project Boomerang

Churn Was
a One-Way Door

Drop → Return → Escape
Drop — 31+ inactive days Return — any activity after a Drop Escape — 365+ days, true churn
Before
A drop-off is marked "churned" and moved to a suppression list. Lost cause, campaign budget wasted chasing a ghost.
Drop + Return + Escape framework
After
A drop is a state, not a verdict. Every customer is tracked through up to 5 return cycles, with recovery timed to when they're actually likely to come back.

A customer goes silent for 45 days — old model: "churned," moved to suppression. But she came back two months later and started trading again. She wasn't gone, she was on a break.

1 in 3drop-offs return on their own
5return cycles tracked per customer
365dno-signal threshold for true churn
Drop, Return, Escape: a Drop is 31+ inactive days — a gap, not a verdict. A Return is any activity after a Drop, opening a new cycle. An Escape is 365+ days with no return signal — true churn, tracked separately so spend isn't wasted chasing it.

The Super Boomerang Insight

Most churn models assume the longer someone's gone, the less likely they return. The data said the opposite:

1st drop
~30%
2nd drop
~38%
3rd drop
45%+

Returning once makes a customer more likely to return again — compounding loyalty, not volatility.

The 45-day window: the biggest drop-cohort disengages before day 45 — they never fully onboarded. Interventions at day 14, 21, 30 target this before the drop happens.
Day 14 Day 21 Day 30 Day 35 win-back Day 60 Day 90

The Opportunity

ActionMechanismEst. Impact
Engagement prompts at Day 14, 21, and 30 Reach at-risk customers before the 31-day drop threshold $2.8M/yr retained
Targeted win-back campaigns at Day 35, 60, 90 Timing-based outreach segmented by drop bucket $3.1M/yr recovered
Multi-return loyalty program for 2+ cycle customers Recognize and reward Boomerang customers explicitly $1.6M/yr
Remove offer restrictions for returning customers 52–54% withdrawal stability held across all cycles $0.5M/yr
Super Boomerang VIP identification and treatment Dedicated program for 3+ cycle customers $0.3M/yr
Total Estimated Opportunity
$8.3M
Projected from behavioral modeling across 5 interventions — not measured actuals.
Revenue From Returnees
30–35%
Of total annual revenue — previously unattributed and unmeasured.
Natural Return Rate
~1 in 3
Drop-offs that return without any targeted campaign at all.
05
ShippedProject 03
FNHunt

A Reward Hidden
Where Intent Lives

FNHunt — How It Works
Trader reads FAQ Finds hidden code in an answer Redeems discount on next purchase
Before
The FAQ page answers questions and does nothing else. Readers who work through it carefully leave exactly as anonymous as readers who skim one line and bounce.
Hidden coupon inside the answers
After
A reader who actually finishes an answer finds a reward placed only there — reading closely becomes the qualifying signal, and the page converts without ever announcing that it does.

Most visitors skim a FAQ and leave. The ones who read it question-by-question are showing genuine intent — a signal no analytics event captures. FNHunt embedded a hidden discount code inside the answers: not bannered, just placed where only a careful reader would find it. Shipped with its own launch campaign — "The FAQ holds more than answers... now it holds rewards."

Contribution: FNHunt was conceived by Saidul as a standalone mechanic within a larger initiative led by another team member — originating the concept and shaping how it was implemented.
2-in-1page now answers and rewards
Qualitativeno lift % or $ claimed here
07
Reflection

What I'd Do
Differently

Both frameworks started as one-person analyses. The gap between "the segmentation is correct" and "the campaign team can run it daily" was wider than expected — a narrow single-segment pilot first would have proven the workflow faster than shipping the full category set upfront.

The aggregate number is never the whole story. The fastest way to find the real one is to go looking for the behavior the average is hiding.

The Thinking

How I Decided What
to Build and What to Skip

The outcome numbers are visible above. Here is what went into deciding each one.

How I found the signals

  • Started from where the aggregate number stopped making sense — an 87% retention figure that treated every repeat buyer identically
  • Broke each label down by timing and trading activity until distinct behavioral groups emerged
  • Validated groups against real support and marketing pain points before building anything

Why this order

  • Retention Intelligence first — it had the clearest existing data and the most immediate campaign use
  • Project Boomerang followed naturally: churn is the mirror image of retention, using the same lifecycle thinking
  • FNHunt came last — a smaller, faster mechanic once the segmentation groundwork was already proven

The hardest tradeoff

  • Late Retention and Reacquisition can look identical from the outside — same long gap, opposite meaning
  • Getting this distinction wrong would have meant "win-back" emails sent to traders who were never lost
  • Resolved by checking trading activity during the gap, not just the gap length itself

How success was measured

  • Measured impact (Retention Intelligence): tracked against actions already taken and their downstream $ effect
  • Modeled opportunity (Project Boomerang): projected from behavioral patterns, clearly labeled as not-yet-actuals
  • Qualitative (FNHunt): judged by mechanic adoption, not a claimed lift percentage