Onboarding project | Gromo

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Onboarding project | Gromo

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.

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Product

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.

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ICP's

	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
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

JTBD

Goal Priority	Tags	Akhil	Mohit	Sachin
Primary	Financial Goal	Earning some income to support expenses	Earning an additional income	Earning a relatively stable part-time income to support family and personal expenses
Secondary	Financial Goal	Reducing reliance on family for expenses	Achieving financial freedom with a focus on saving and investing	Achieving financial freedom with a focus on safer investing options(FD's & Bonds etc)
Secondary	Personal Goal	Improve financial knowledge	Learning personal finance, purchasing cars, bikes or planning for trips	Renovating or purchasing a new home, planning family vacations
Secondary	Social Goal	To feel more independent and less dependent on family	Travel with friends, explore new things and live the best life possible	To feel more secure financially and to be admired by relatives and friends

The primary job to be done for which the user is hiring Gromo is to enable them to make more money and sort their finances!

User Research

User Goals & Behaviour

Finding ways to earn money online
Increasing knowledge of financial products
Creating a relatively stable part-time income for themselves
Exploring new apps for discounts and earning money
They are not hesitant to try new apps and can easily be manipulated

User Insights

YouTube is a significant source of awareness for GroMo, with three out of four users mentioning it.
The onboarding process is generally perceived as easy and good, indicating that the initial setup and introduction to the app are effective.
Difficulty in identifying whom to sell the products to. They need guidance in finding suitable customers.
Unsure about both what to sell and whom to sell to, indicating a need for clearer product information and target audience guidance.

Customer Journey

"Aha" Moments

In the core user journey, there are two touchpoints when the user feels an Aha moment. The first one is when a lead is created and the second one is when the payout gets credited to the user's bank account.

Onboarding Teardown

User Activation

Insights on Actions Performed by Users

Explored the variety of products they can sell through the platform and understanding the earning potential through the app.
Explored credit cards page(as it shows the highest earning potential).
Checked credit score through the app.
Joined a live class or course in the learning section to learn more about the products and how they can earn through Gromo.
Share product content with their customers.
Creates a lead of simpler products such as savings or demat accounts (shows commitment).
First successful sale and withdrawal of the payout in the bank(Aha moment).

Possible Activation Metrics

Based on my hypothesis and the insights on actions performed by top customers and looking at the customer journey below mentioned are the possible activation metrics for Gromo.

1) Users who create 2 leads in 7 days

Rationale: Creating a lead is the first action that is performed in the direction of core JTBD for which a user has hired Gromo. Generating leads within the first week demonstrates the user's commitment and proactive use of the app’s features. This early activity is a critical indicator of the user's intent to utilize the platform for sales and sets the foundation for future sales opportunities.

2) Users who do 1 successful sale in 15 days

Rationale: The main purpose of the app is to enable GPs to make more money and it can only be done through successful sales(a successful sale refers to the lead that the companies have marked as authentic and after successful account creation the payout has been credited to GP's wallet). Securing a sale within the first 15 days provides a tangible reward for the user's efforts, boosting confidence and validating the platform's effectiveness. This early success is crucial for user retention, as it highlights the app's potential to generate income.

3) Users who add 5 customers in 15 days

Rationale: Adding customers is another important feature of the app as it not only stores the data of the customer but analyzes it to give insights to GP regarding the best products to sell to a particular customer and the earning potential. Adding multiple customers quickly shows the user's ability to attract and retain clients, a key factor for long-term success on the platform. This metric indicates the user's initial outreach efforts and effectiveness in converting contacts into customers.

4) Users who take 2 classes in 7 days

Rationale: Enabling users to increase their financial knowledge is another important goal of the app which can be done by taking classes or courses on the learn section of the app. Engaging with educational resources early on ensures that the user is well-informed about the products and sales techniques. Completing classes in the first week demonstrates a commitment to learning and increasing proficiency, which is essential for building confidence and competence in sales activities.

5) Users who do 1 successful insurance sale in 180 days

Rationale: Insurance is another important product category that Gromo wants its GPs to explore as it has very attractive payouts. But it becomes difficult as in order to sell insurance the GP firstly has to become a POS(Point-of-sale) agent and has to clear an exam. Thus completing an insurance sale within six months indicates sustained engagement with the app and an understanding of more complex financial products. Insurance products often have higher commissions, and selling them requires deeper knowledge, demonstrating the user's growth and commitment.

Out of the discussed activation metrics prioritizing a single metric based on the current stage of the company is important. "Users who do 1 successful sale in 15 days" should be our P1 metric as it fulfils all the relevant criteria such as impacting the retention curve, improving LTV and increasing a positive WOM of the product.

Metrics To Track

1) Time to first lead

Rationale: Tracking how quickly users create their first lead helps gauge their initial engagement with the app. A shorter time to first lead creation suggests that the onboarding process is effective in motivating users to take action quickly.

2) Time to first sale

Rationale: This metric measures the duration between user registration and their first sales attempt. It helps identify how quickly users transition from learning to applying their knowledge, which is crucial for early activation.

3) Training module completion rate

Rationale: Monitoring the completion rate of initial training modules reveals how well users are engaging with the educational resources provided. High completion rates indicate that users are taking steps to equip themselves with the knowledge needed to succeed on the platform.

4) Customer acquisition rate

Rationale: This metric measures how many customers users add within the first few weeks (e.g., 5 customers in the first 2 weeks). It reflects the user's ability to attract and convert clients, which is vital for sustained success and relatively stable earnings every month.

5) Engagement with product/marketing tools

Rationale: Tracking the use of product tools(challan check and credit score check) and marketing tools ( creating digital visiting cards, sharing the GP website, sharing product content and sharing links) helps assess how well users are leveraging the app's features to drive sales. High engagement indicates effective use of resources to generate leads and sales.

6) NPS

Rationale: NPS measures user satisfaction and loyalty by asking how likely they are to recommend the app to others. A high NPS indicates that users find value in the app, are satisfied with their experience, and are likely to promote it within their network. This metric helps gauge overall user sentiment and identify promoters and detractors, which can provide insights into areas that need improvement.

7) Product Reviews

Rationale: Product reviews provide qualitative feedback on specific aspects of the app, such as ease of use, feature effectiveness, and overall experience. Analyzing product reviews helps identify common pain points and areas where users are particularly satisfied. This feedback is invaluable for making targeted improvements and understanding the real-world impact of the app’s features on user engagement and activation.

8) D1/D7 Retention

Rationale: Day 1 and Day 7 retention rates measure the percentage of users who return to the app on the first and seventh day after registration. High retention rates indicate that users find the app engaging and see enough value to return shortly after their initial use. These metrics are crucial for understanding the effectiveness of the onboarding process and early user engagement strategies. A drop-off in retention can highlight issues in the onboarding experience or the need for better user engagement tactics early in the user journey.

Conclusion/Summary

The onboarding and activation project for Gromo has identified key metrics and strategies to enhance user activation and success on the platform. By focusing on metrics such as profile completion, lead creation, training module completion, first sales attempts, and customer acquisition, we can ensure a comprehensive understanding of the user journey from initial registration to active participation. Additionally, incorporating NPS, product reviews, and Day 1/Day 7 retention provides valuable insights into user satisfaction and early engagement. These metrics will enable us to refine the onboarding process, address user pain points, and ultimately drive higher activation rates and long-term success for Gromo users.