Understanding the product

Core Value Prop

Core Value Prop (CVP) for Mudrex users is convenience when investing.

They get to experience this via:

• Investing in a product (Coin Sets) that is essentially mutual funds/index funds for crypto. All they have to do is decide which one to put their money in and sit back and watch it grow.
• Investing in individual cryptocurrencies on a highly simplified platform.
• Automating their buys and sells via features that help them take advantage of every market opportunity and minimize their risk without having to constantly stare at charts.

Understanding The Competition

For Mudrex, the major competitors are CoinDCX, WazirX, and CoinSwitch Kuber.

• For the most part, all these platforms concentrate on providing trading features
• This essentially means that users, while getting more information, also do not have features that essentially allow them to sit back once they have made an investment
• And the pre-trading work that needs to be done is also high on these platforms, demanding a lot of the users' time

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How Do Users Experience Mudrex's Core Value Prop?

1. Regular portfolio rebalancing that allows them to have their portfolios updated according to market conditions without actually having to put in the time and effort that would otherwise be required
2. Automated investing features that ensure their investments are executed at the time and price point they'd pre-determined without again, having to put in the effort to stay up and stare at a chart

Who Is An Active User Of Mudrex?

An active user is one who makes one investment on Mudrex in 60 days.

What Is The Natural Frequency For Mudrex?

Mudrex is largely a monthly frequency product, where users keep adding to their investment portfolio each time.

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Engagement Framework

For Mudrex, depth is core for how the user experiences the core value prop of the product. And this happens in two ways:

1. The amount of time they spend on the app, exploring and learning
2. The period of time they stay invested in a product

Rationale behind choosing depth

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Sub Products On Mudrex

Coins - Individual cryptocurrencies that users can invest in. The frequency here is higher on average, since this is more trade-focused rather than investment, and usually, users use this feature weekly, maybe twice a week.

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Bit15 - A short-term options investment feature. This has more of a daily frequency since it is a 15-minute options investment.

Customer Segmentation

Power/Core/Casual

Casual Users

• Once in 1-2 months
• Makes one-time investments
• Prefer to invest and forget about it for a while
• Don't necessarily monitor their portfolio closely
• Likes that Mudrex is simple to use, allows payments via UPI, and that they can let the experts rebalance their portfolios regularly
• Repeats investments when they hear of good news in the market
• Cashes out profits regularly
• Has rotated their capital 1-2 times maximum (Rotating your capital- Essentially when a person has made back the money they've put in. So rotating capital twice on an investment of $100 would mean they've made back $200)

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Core Users

• 1-2 times a month
• Has set up automated recurring investments that trigger around salary day
• Occasionally checks the market to look for buying opportunities
• Places stop loss orders and modifies it regularly to reduce risk
• Likes the ease of use of the platform, ease of payment via UPI, loves the automation features that allow them to set their goals and sit back as purchases and sells are executed
• Does not intend to cash out in the near future
• Has rotated their capital 2-5 times

Power Users

• 1-2 times a week
• Has set up weekly automated recurring investments
• Places smart stop loss orders to minimize risk but also places large buy the dip orders to take advantage of every buying opportunity in the market when the price dips
• Loves the low fees on the platform, convenience of payment via UPI, and the features that allow them to manage risk while also taking advantage of market opportunities
• Does not intend to cash out for a long time, considers crypto retirement planning
• Has rotated their capital a minimum of 5 times

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ICP

1. Social media: Most used is Instagram and Youtube, followed by LinkedIn
2. City: Mostly from tier 1. Although tier 2 users seem to have higher conviction for the asset class and invest larger amounts in it on average. Tier 1 city users are more apprehensive about regulations and tax laws in crypto and invest smaller amounts while focusing on more mainstream asset classes.
3. Pain point: One common pain point when it comes to crypto investing for the serious investors is the time it takes for research. 80% of non-Mudrex users would like to have a product where they can invest and forget, while someone manages it for them. Peace of mind is more important to these users than paying a marginal amount in fees to have someone take care of the portfolio for them.
4. Who do they follow: Popular Desi meme pages, regional finfluencers
5. Age Group: 25-35
6. Employment: High-paying job or running their own business, have a good amount to allocate to crypto investments monthly

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Revenue Generated

Products/Features Used

Engagement Campaigns

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Retention

What Is Retention For Mudrex?

In the case of Mudrex, we define retention as having funds in their Wallet or remaining invested in any product on the platform.

Bird's Eye View

• Mudrex currently has close to 110k monthly active users
• Retention curve currently flatlines around the 30-day mark
• From user research, it was understood that users who uninstalled tend to do so within the first few days
• Resurrection rate of users has been about 17%

Current Retention Rate

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The retention curve flattens around day 30. The current retention rate of users on the platform is around 25% after 30 days. Essentially, only 25% of incoming users continue to hold funds or remain invested after 30 days.

Which ICPs drive the best retention?

Power users drive retention on Mudrex.

Power users

Power users make 4 or more transactions a month. Their average order value or AOV is $100 and their average monthly spend comes out to $450. They have automated their investments on Mudrex and also buy extra when the opportunity presents itself.

Core users

Core users make 1-2 transactions a month. And their AOV is $100 as well, with their average monthly spend coming out to $150. They set aside a portion of their salary for crypto investments and buy when a big opportunity presents itself- maybe a big price dip in a hugely popular coin.

Casual users

Casual users make a transaction once in a couple of months. Their AOV is about $70, and they aren't very regular or consistent with their invesments.

Which Acquisition Channels Drive The Best Retention?

Influencer Marketing (Paid Ads)

• In this channel, users come in after being directed to the app by a source they trust. Thus, they seem to have higher intent and drive the retention rate up.
• In fact, this cohort has some of the most active as well the higher MTUs as well.

Newsletter

• The weekly newsletter that we send out gives users actionable insights that they can then execute on the app. This newsletter talks about what the previous week's market highlights were, and what to expect in the upcoming week.
• It also contains well-placed CTAs that direct the user to relevant screens on the app

SEO

• We have strategically placed advertorials in partnership with respected publications like Economic Times and Forbes, listing the top crypto exchanges in India, with Mudrex being top.
• People who come in via these search results seem to drive retention as well since a good chunk of these are new to crypto and need a simple platform that's easy to navigate and makes crypto investing convenient.

Referral

• Users who are acquired via referral seem to drive retention since they are directly led to the platform by a person they know and trust.
• And the fact that the referrer gets a bonus out of keeping the referee invested seems to help as well.

Which Features/Sub-Products Drive The Best Retention?

Recurring Investments

Recurring investments essentially allows users to start SIPs in crypto. So the set amount is automatically invested from the user's wallet at the pre-defined time. Automating this process ensures human intervention isn't required for the user to remain active on the platform. User calling also revealed that this feature ensures users don't forget to set aside money for their crypto investments, since a big chunk are new users who are not used to investing in crypto regularly.

Buy The Dip

This feature helps users to define the price at which they wish to buy and set aside a certain amount from their wallet to this purchase. When a coin falls to that price point, this purchase is executed automatically. User calling also suggests this is a super useful feature that users love. They believe it helps them save a ton of effort and energy that they don't have.

Stop Loss/Take Profit

Another automation feature that allows users to set the price at which they wish to sell, either to cash in their profits or to avoid further losses.

User calling revealed that this feature also makes users prefer the platform over others where they might have to manually carry out these actions.

Reasons For Churn

Negative Actions

• Rising Support Tickets - If a particular kind of support tickets are on the rise or if a user who has never raised a ticket before raises one, this displays dissatisfaction with the product and is a strong indicator of churn about to take place.
• Low NPS/CSAT - A low NPS score essentially means there are more detractors than promoters, clearly showing a lack of customer satisfaction in the product and features.
• Decline In Recurring Investment - Users setting up recurring investments are high revenue and retention drivers for Mudrex, and a decline in the number of new recurring investments being made is a sureshot negative action.
• No Investments Made In >= 60 days - Even the most casual active Mudrex user transacts once in 60 days. If they have not made an investment in this period, this shows a high likelihood of churning.
• Cart abandonment - This might mean that users are losing interest at the final stage, probably because of comparisons with other apps in terms of fees.

Resurrection Campaign

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