⏱️ Engagement & Retention project | Gromo

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Engagement & Retention project | Gromo

Company Overview

Gromo is an Indian fintech startup that provides a platform to enable financial advisors and distributors called GP(Gromo Partners) to offer a variety of financial products to their customers. Founded in 2019 by Ankit Khandelwal and Darpan Khurana with the mission of democratizing access to financial services and creating 50 Lakh micro-entrepreneurs across India and increasing their income levels. It can be considered a platform solving for the distribution of financial products to the depth of the country. Gromo focuses on bridging the gap between financial institutions and end-users through its innovative digital platform.

Stage: Gromo has certainly hit PMF in early 2022, as user growth and revenue skyrocketed. Based on current revenue numbers it would be appropriate to say the company is currently in the "Early Scaling" phase.

Screenshot 2024-06-14 102624.png

Product Overview

The intuitive mobile app enables users called GP(Gromo Partners) to sell a wide variety of financial products such as savings accounts, credit cards, demat accounts, credit lines and insurance products. In order to increase financial literacy the platform also offers informative content and courses. It also has some helpful features such as Gromo diary, traffic challan checking, partner website, credit score checking, digital visiting cards and Gromo agency which allows partners to manage big teams.

Screenshot 2024-06-14 125421.png

CVP(Core Value Proposition): A platform enabling users to earn a stable income with the flexibility of work by selling financial products within their network.

How are users experiencing the core value?

Currently, users are experiencing the core value proposition by selling a financial product and receiving a payout in their bank account.

Natural frequency of product

Power: Selling more than 10 products/month
Core: Selling 5-10 products/month
Casual: Selling 1-5 products/month

Sub-Products

Credit Score Checker
GP Website
Digital Visiting Card
Learn(Blogs, Training Webinars and Courses)
Gromo Agency

Gromo Agency: It is the place for those GroMo Partners who manage big teams, teams with many individuals working to sell more financial products and more earnings.

Engagement Framework for Gromo

Breadth of Engagement/New Feature Engagement

Using broader categories of financial products such as fixed deposits, bond investment, crypto etc.

Depth of Engagement

Selling high-value products such as loans, insurance and credit cards. or we can say selling a high number of products of a particular category.

Selling high-value products>Higher depth of engagement

Frequency of Engagement

It is the number of products sold(any category) in a specific time period.

Best Suitable Framework

Frequency and Depth will be the best engagement framework for Gromo's core value proposition. Focusing on these will help in increasing the core value proposition for our users and help in improving the CAC/LTV metrics for the company.

Defining "Active User"

Actions that make someone an active user

Selling a financial product across any category and receiving a payout in the bank.
Learning through blogs, training webinars and courses on the platform.

Natural Frequency of an active user

Casual: 1-2 times a week
Core: 3-5 times a week
Power: More than 5 times a week

User Segmentation

We will be segmenting our users based on the frequency at which users interact with the product to experience the core value proposition i.e. based on the number of financial products sold of any category in a specific period.

User Segment	Natural Frequency
Power	Selling more than 10 products/month
Core	Selling more than 5-10 products/month
Casual	Selling more than 1-5 products/month

ICP Deep-dive

	ICP-1	ICP-2	ICP-3
Name	Akhil	Mohit	Sachin
Age	21-25	26-35	36-45
Goal	Get a part-time income to manage expenses	Get a side income other than there usual job	Want to make a different income stream with low efforts
Gender	Male	Male	Male
Location	Delhi	Noida	Haryana
Marital Status	Unmarried	Unmarried	Married
Where do they spend time?	Social Media, Dating Apps	Social Media	Social Media, News and Youtube
Pain Points	Not getting opportunities to work and earn. No, or meagre income(that too in the form of pocket money from parents) Lack of motivation and confidence regarding earning potential	Lack of knowledge of financial products. Time constraints and difficulty in managing time. Wants to have a side hustle to make some extra money	Sometimes, they face technological challenges towards newer tech. Wants to make some extra cash with less time commitment. Concerns regarding the stability of income.
Current Solutions	Freelance work, Part-time jobs Internships	Freelance Platforms	Some side hustle
Income	Rs 2500-5000/month	Rs 25000-40000/month	Rs 30000-60000/month
Most used apps	Instagram, Snapchat, Whatsapp, Swiggy, Myntra, Flipkart, Phonepe	Instagram, Facebook, LinkedIn , Youtube, Whatsapp	Instagram, Facebook, Youtube, Whatsapp
Profession	College Student	Working Professional	Self-Employed(Small business owner)
Most Used Features on the Gromo app	Products Page, Learn Page and Leads Page	Products Page, Leads Page and Credit Score Checker	Products Page, Leads Page, Share content and Credit Score Checker
Frequency of Use/Time Spent on the app	Open the app once every 2 days Creates 3 leads every week One successful sale every week	Open the app once every 3 days Creates 2-3 leads every week 1 or 2 successful sales every week	Open the app once or twice every 3 days Creates 3-4 leads every week 1 or 2 successful sales every week
User type based on freq of usage	Casual or Core	Power	Core
Most Relevant Product Based on the network type	Savings Account, Insurance and Credit Cards	Credit Cards, Insurance, Investment Products and Loans	Credit Cards, Insurance, Investment Products and Loans(Personal and business both)
Network Type	Family, friends and student groups	Friends, family, colleagues and activity groups(sports or fitness)	Friends, family, colleagues, business partners and related circle, society groups

ICP Based Segmentation

For this assignment, I would only consider ICP 1 - College students and ICP 2 - Working professionals, as the major chunk of revenue comes from ICP 1 and 2.

	ICP-1	ICP-2
Who are they?	College Student or Freshers	Working Professionals
Age	20-24	25-35
Location	Tier1&2	Tier1&2
Income	Rs2500-Rs5000	Rs 15000-35000
Value Time/Money	Money	Time
Most Used Feature	Sell& Earn, Learn	Sell& Earn, Learn, Product content, add customers and credit score checker
Natural Frequency	1-3 times/week	3-5 times/week
Power User	Selling around 5-10 products/month	Selling more than 10-15 products/month
Core User	Selling around 3-5 products/month	Selling around 5-10 products/month
Casual User	Selling around 1-3 products/month	Selling around 1-5 products/month
Revenue Generation Potential	Low to Medium	High
Engagement Framework	Frequency of Engagement	Depth of Engagement

Product Hook

Gamified Sales Challenges

Goal: Increase user engagement and sales volume by introducing a competitive, gamified element to the sales process.

Problem Statement: Many users struggle to stay motivated and consistently make sales, leading to reduced activity and potential churn.

User Segment: Core and Power Users – These users are already somewhat active but need additional motivation to increase their sales volume and frequency.

Current Alternatives

Basic commission-based incentives
Sales leaderboards without gamification elements
Occasional sales competitions without structured gamification

Possible Solutions with Detailed User Flow

Sign-Up: Users sign up for the monthly sales challenge via the Gromo app.
Onboarding: A tutorial explains the rules, rewards, and how to track progress.
Challenge Period: Users compete to achieve the highest sales numbers, with points awarded for each sale. Special challenges (e.g., double points for high-value sales) are introduced periodically.
Progress Tracking: A real-time intuitive leaderboard shows users their rank and progress, fostering a competitive environment.
Milestones and Rewards: Users receive badges and rewards at various milestones (e.g., first sale, highest weekly sales). Also gets rewarded for maintaining app opening and sales streaks.
Completion: At the end of the challenge, top performers receive significant rewards (cash bonuses, exclusive training, recognition).

Success Metrics

Participation Rate: Number of users joining the challenge.
Engagement Rate: Frequency of user interactions with the challenge elements (e.g., leaderboard checks, badge achievements).
Sales Volume: Total number of sales made during the challenge period.
Retention Rate: User retention rate during and after the challenge.
User Feedback: User satisfaction and feedback on the gamified elements.

Ramp up Milestones

Month 1: Launch the pilot challenge with a small group of users to gather initial feedback.
Month 2: Expand the challenge to all core and power users with improved features based on feedback.
Month 3: Introduce additional gamification elements (e.g., team challenges) and promote heavily across all channels.
Month 4: Analyze data, refine the challenge structure, and scale up with more frequent and varied challenges.

Engagement Campaigns

These are some engagement campaigns focused on creating more value for our prioritized ICP in terms of frequency and depth of usage of the product.

Campaign-1 "First Sale Frenzy"

User Segment	Casual User(ICP-1)
Goal	Allowing users to experience the CVP by encouraging first-time transactions.
Pitch	"Get started with your first sale! Make your first sale within 7 days and earn an additional ₹300 bonus."
Offer	₹300 bonus for making the first sale within 7 days.
Channel	Push, Email and WhatsApp
Frequency	One-time campaign for new users, with daily reminders during the first week.
Success Metrics	Number of first-time sales Average time to first sale Engagement rate within the first week
Ramp-up Milestone	Increasing user activation by increasing the number of first-sales
Rationale	This campaign creates an immediate incentive for new users to engage with the platform, driving early adoption and familiarity with Gromo's CVP. The additional bonus motivates action, increasing the likelihood of making the first sale quickly.

Campaign-2 "Weekend Warrior"

User Segment	Core and Power Users(ICP-1)
Goal	Boost sales frequency during weekends.
Pitch	"Increase your payouts this weekend! Earn 20% extra commission on all sales made from Friday evening to Sunday night."
Offer	Extra 20% commission on all sales made during the weekend.
Channel	Push, Email and WhatsApp
Frequency	Every weekend, from Friday evening to Sunday night i.e 3 times/week
Success Metrics	Weekend sales numbers User participation rate Average sales per user during the weekend
Ramp-up Milestone	Increasing sales frequency i.e number of sales
Rationale	Targeting weekends leverages the free time of users, particularly working professionals and students, to boost sales activity during these periods. The double commission serves as a powerful incentive to prioritize selling over the weekend.

Campaign-3 "Pro Seller League"

User Segment	Casual User(ICP-2)
Goal	Increase sales frequency through targeted, high-impact sales periods.
Pitch	"Join the Power Hour! Make any sale during our daily Power Hour (5-7 PM) and earn an additional ₹250.
Offer	₹250 bonus for any sale made during the designated Power Hour.
Channel	Push, email and WhatsApp
Frequency	Push(Daily, from 5-7 P.M), Email(Once a week), Whatsapp(Once a week)
Success Metrics	Sales frequency during power hour User participation rate Overall sales numbers
Ramp-up Milestone	Increasing sales frequency
Rationale	Creating a competitive environment with significant rewards for top sellers incentivizes users to focus on selling high-value products. The ongoing nature of the competition maintains sustained engagement and drives higher sales volume and value.

Campaign-4 "High Value Product Focus"

User Segment	Core and Power Users(ICP-2)
Goal	Increase the depth of sales by focusing on high-value financial products.
Pitch	"Earn higher commissions! Focus on selling high-value products like insurance and credit cards to earn higher rewards."
Offer	Higher commission rates for high-value product sales.
Channel	Push and Email
Frequency	2 times/week
Success Metrics	Number of high-value products sold Total payouts earned User engagement with high-value products
Ramp-up Milestone	Selling products with higher payouts
Rationale	By focusing on high-value products, users can significantly increase their earnings per sale, which is a strong motivator. Training and support ensure that users are well-equipped to sell these products, driving both frequency and depth in sales.

Campaign-5 "Loyalty Reward Program"

User Segment	Core and Power Users(ICP-2)
Goal	Increase both frequency and depth of sales by rewarding loyalty.
Pitch	"Join our Loyalty Rewards Program! Earn points for every sale and redeem them for exclusive rewards."
Offer	Points for every sale, redeemable for cash bonuses, discounts, and exclusive offers.
Channel	Push, email and WhatsApp
Frequency	Push(2 times/week), Email(Once a month) and Whatsapp(Once or twice a month)
Success Metrics	User retention rate Frequency of sales Total payout amount Program participation rate
Ramp-up Milestone	Increase both frequency and depth of sales
Rationale	A loyalty program encourages consistent engagement by rewarding users for their ongoing activity on the platform. The ability to earn and redeem points for desirable rewards drive both retention and continued sales activity, enhancing overall user satisfaction.

Retention

Retention Curve.jpg

This is what the current retention curve looks like for Gromo.

Note: These are not actual figures but hypothetical numbers based on the retention data from similar apps.

The curve flattens at around 20-25% after 90 days of experiencing the CVP of the product.

ICP which drives the best retention

ICP 2 - working professionals aged between 25-35 years of age are extremely tech-savvy and are somewhat self-motivated to make more money online with minimal effort through platforms like Gromo. Once they have adopted the product and experienced the CVP and understand the earning potential through the platform and do not go through any major pain points, they will stick to the product.

Acquisition channels that drive users that retain better

Organic(SEO and Refferals)
In-app and push notifications
Email Campaigns
Social Media Marketing(YouTube and Meta ads)
Google Ads

Features and Sub-Products that drive best retention

Free credit score check
Learn(Increasing knowledge of financial products through blogs, training webinars and courses)
Product Content(Sharing product content i.e visual graphics with users through WhatsApp)
Challan Check(Checking for online challans of users 2 & 4 wheelers)
Insurance Advice(Get free insurance advice from an Insurance expert)

Possible Reasons for Churn

Below are the possible reasons for users leaving the platform with the category of churn they fall into.

Not understanding the product or not understanding how to sell through the platform. (Voluntary Churn)
Lack of immediate success. People might feel demotivated if they are not getting quick results. (Voluntary Churn)
Not having sufficient knowledge of financial products. (Voluntary Churn)
Not able to find new customers. (Involuntary Churn)
Not able to find valuable customers i.e. customers with high earning potential. (Involuntary Churn)
Lost Lead, sometimes when the user drops in between the journey and due to some technical issue the lead might be lost and can not be tracked. (Involuntary Churn)
Payout not credited. There can be multiple reasons for this such as lost lead, fraud sales and self sales in some cases. It is one of the major reasons for people leaving the platform. (Involuntary Churn)
Expectation Mismatch. In most of our campaigns, we claim that our users can earn up to Rs 1 Lakh/month but only a small segment of GPs are able to pull these kinds of numbers and for others, it results in an expectation mismatch. (Voluntary Churn)

Negative Actions

Low NPS, An NPS score below 70 may indicate dissatisfaction.
Low CSAT score
High volume of support tickets in a certain category
Not creating fresh leads on the app i.e. not doing sales attempt
Not attending training webinars and not completing courses
Not adding new customers
Not sharing product content with users
Not participating in reward programs and challenges

By closely monitoring these negative actions, we can preemptively identify users at risk of churning and deploy targeted retention strategies to keep them engaged.

Resurrection Campaigns

Campaign-1 "Come Back Bonus"

User Segment	Users who have not logged in for over 30 days
Goal	To bring back users who are inactive for more than 30 days
Pitch	"We miss you! Reactivate your account and earn a ₹250 bonus on your next sale."
Offer	₹250 bonus on the first sale after reactivation.
Frequency	One-time campaign, with a reminder after 7 days.
Channel	Push, Email and WhatsApp
Success Metric	Reactivation rate Number of sales post-reactivation User engagement after reactivation.
Rationale	Offering a financial incentive directly tied to their core activity (selling) encourages users to return and re-engage with the platform.

Campaign-2 "Exclusive Training Access"

User Segment	Users who have attended less than 2 training sessions and have low sales activity.
Goal	Encouraging users to attend training webinars and courses to increase their knowledge of financial products and sales.
Pitch	"Unlock your potential! Join our exclusive training session and master the art of selling. Plus, earn ₹500 Gromo Coins and exclusive rewards for attending!"
Offer	₹500 Gromo Coins and exclusive rewards for attending
Frequency	Monthly exclusive training sessions, with a reminder email 3 days before the session.
Channel	Push, Email and WhatsApp
Success Metric	Training session attendance Number of sales post-training User engagement with other educational content
Rationale	Providing valuable training can boost users' confidence and skills, making them more likely to re-engage and succeed in selling.

Campaign-3 "Weekend Revival"

User Segment	Users who have reduced weekend activity.
Goal	Leveraging GP's free time on weekends to boost sales and payouts earned
Pitch	"Boost your earnings this weekend! Earn 20% extra commission on all sales made this Saturday and Sunday."
Offer	Earn 20% extra commission on all weekend sales.
Frequency	Every weekend, with notifications on Friday evening and Saturday morning.
Channel	In-app notifications, push and WhatsApp
Success Metric	Weekend sales numbers Re-engagement rate Average sales per user during the weekend
Rationale	Targeting weekends leverages users' free time and provides a significant financial incentive to re-engage during these periods.

Campaign-4 "Reconnect with Rewards"

User Segment	Users who have not added customers and created leads in the last 30 Days
Goal	Encouraging GPs to add more customers and leads to increase their chances of of a successful sale.
Pitch	"Add 5 customers and create 5 Leads within a week and earn Rs 100 bonus"
Offer	Earn Rs 100 for creating 5 leads and adding 5 customers
Frequency	One-time campaign, with a mid-week reminder.
Channel	In-app notifications, push and WhatsApp
Success Metric	Number of new customers added Number of new leads added Re-engagement rate Sales conversions
Rationale	Encouraging user interaction with leads can revive their interest in making sales and help them rediscover the potential for earnings on the platform.

Campaign-5 "Loyalty Points Revival"

User Segment	Core and Power Users
Goal	Encouraging long-term users with declined activity to reactivate and start earning.
Pitch	"We value your loyalty! Reactivate your account and earn 500 loyalty points instantly."
Offer	500 loyalty points for reactivating the account.
Frequency	One-time campaign, with a follow-up after 14 days.
Channel	Push, Email and WhatsApp
Success Metric	Reactivation rate Points redemption rate User engagement post-engagement
Rationale	Loyalty points provide a tangible incentive for users to return, while also encouraging continued engagement as they collect more points for future rewards.

Summary

In the assignment on building engagement, retention, and resurrection campaigns for Gromo, we focused on creating targeted strategies to enhance user interaction, sustain long-term user commitment, and re-engage inactive users. For engagement, campaigns like "First Sale Frenzy" and "Pro Seller League" incentivize early and high-value sales. Retention efforts, including personalized training and loyalty rewards, ensure continuous user satisfaction and loyalty. Resurrection campaigns like "Come Back Bonus" and "Weekend Revival" provide compelling incentives to bring back users who have churned. These initiatives, driven by user behaviour analysis and strategic incentives, aim to foster a dynamic, engaged, and loyal user base on the Gromo platform.