Quiklyz- Product

Background

Quiklyz is a car subscription & leasing platform launched by Mahindra finance in 2021. Mahindra finance is one of the leading NBFC which is a part of renowned Mahindra group.

Website : https://www.quiklyz.com/

In India primary there are two popular ways to own a car:

1. Outright purchase- This involves paying the full amount upfront to own the car outright
2. Car loan- Many banks and financial institutions offers car loans, allowing you to pay for the car loan in a monthly installments over a specified period of time and interest rate.

And there is a third option available which is very popular in USA and European market and kind of picking in India which is leasing.

What is car leasing ?

Leasing involves paying a monthly fee to to use a car for a predetermined period, typically 1-5 years, after which you can choose to buy the car or lease a new one.

What Quiklyz solve for ?

Quiklyz eliminates the hassels and hidden cost of car ownership and replaces it with single monthly subscription fee. This subscription fee includes a brand new car registered on your name ,maintenance, insurance and a flexibility to upgrade or replace a car.

What is the core value proposition?

• Wide range of cars and variant to select from : Audi, BMW, Mercedes, Jaguar TATA MG Mahindra and many more
• Zero down payment : All you need is to pay your first subscription fee in advance
• All inclusive: Everything like registration, insurance, maintenance is included in the subscription
• A smooth digital journey: You can book a car digitally in <7 min, this includes registration car selection, income verification KYC, delivery schedule
• 24X7 road side assistance
• Tax benefit: For working professional they can get tax benefit under CTC claim.

What are some product insight ?

After going through journey multiple times and talking to both dropped and happy customers here are some of the insight

1. Complicated product journey- Quiklyz was designed as a product where an user can book a car delivery digitally with the help of website/App but right now its broken at some places. There are 16 steps in journey which is very long it can be done in 10 steps.
2. Not so good mobile experience- Although 80% of the traffic is on mobile the whole development was web focused so far. A good mobile application can not just increase acquisition but also increase retention.
3. Missing awareness- Leasing in B2C is a very new category and it require a lot of awareness. People confuse subscription with rental & they are not aware of benefit of leasing/subscription.
4. Low effort on content- The content available on website/App needs improvement, buying a car is a big decision for anyone and people do a lot of research before finalising one. The product available require a lot of content not just as a sales pitch but also educating people about subscription.

The User

ICP

ICP Prioritisation

Market - Car Subscription B2C

Although we don't have a report available on India's car subscription market, but there are news articles and the information give below is based on that

Total car sold in India 2023 is 4 Million. according to industry experts & reports in next couple of years 10% of these cars will be subscribed

TAM- 10% of 40,00,000 = 400,000

Taking an average ticket size of $12000

TAM - 400000 X $12000= $4.95 Billion approx.

SAM - 50% market share of 4,00,00,00,00,000 = $2.5 Billion

SOM- $1 Billion (in next 3 years)

Channel Selection

Channel Prioritisation framework for Quiklyz

Quiklyz is a product which is in to early scaling stage and there are couple of channels which is working well for us. Here I will be covering three experiment where we have some whitespaces available for experiment

Experiment 1 - Organic

SEO

Here domain authority score is not a big problem but organic traffic and backlinks are:

After running site audit for Quiklyz.com realised problems like

1. 16 pages have too large HTML size
2. 13 pages have slow speed
3. 9 issues with duplicate title tags
4. 7 pages couldn't be crawled
5. 6 pages have duplicate content issues
6. 4 pages have duplicate content issues

Solution

1. Solving for slow page speed - After going through google page speed insight realised the main reason for slow speed is heavy image/video and unused java script which can be solved by reducing images and video of low size or hosting video on CDN rather that YouTube iframe
2. The duplicate title tag can be checked and solved by renaming title tags and removing the duplicates if it exists
3. The pages that are not crawling can be renamed and resubmitted in search console for crwaling
4. Removing duplicate content from website to solve for duplicate content

Keyword research for Quiklyz

Observation and Findings

1. Being a new brand in the market Quiklyz doesn't have a lot of SEO presence, It's ranking well for 1 Keyword which is car subscription.
2. Car subscription is a new category and it doesn't have a lot of search volume directly

Improvements

1. Increasing effort on SEO for direct and indirect keyword in Car subscription
2. Creating informational/educational content related to car ownership and subscription
3. Using content pillar cluster model to create thought leadership in car subscription space similar to what Shopify and amazon had done for E-commerce

• Our primary pillar content, "Car Subscription 101," will serve as the cornerstone of our content strategy..
• • This comprehensive guide will cover all aspects of car subscriptions, making it an authoritative resource for our audience.
  • Pillar Content Components: Car Subscription 101" will comprise multiple interconnected sections:

• Cluster Content: Cluster content will revolve around the "Car Subscription 101" pillar, delving deeper into each section.
• • Examples include blog posts, infographics, videos, and case studies.

• Interlinking: Interlinking connects pillar and cluster content, enhancing user navigation and SEO.
• • It guides users from specific cluster content to the comprehensive pillar page.

• Updating and Maintaining: Types of Car Subscriptions: Exploring different subscription models, such as monthly, yearly, and flexible plans.
• • Advantages of Car Subscriptions: Highlighting the benefits, including cost savings, flexibility, and convenience.
  • How Car Subscription Works: A step-by-step guide, from selecting a vehicle to making payments.

Experiment 2- Referral Program

Current Referral Program

Based on user calls the brag worthy thing about QUiklyz is flexibility of owning a brand new car any model any variant with a 100% digital journey.

Quiklyz has one referral program available for existing customers.

Current design of referral program

The referral program is design to provide amazon voucher reward worth 10000 for each successful referral. This is a program for existing customers who have subscribed for Quiklyz car subscription.

What is missing here:

1. Awareness- This referral option is available in a list of 6 other tabs which is not an ideal place to ask for referral. Based on user feedback they were not aware of this referral program

2. Missing platform currency- Although 10k amazon gift voucher looks like a big number for an e-commerce product its not a very big motivation for users to refer someone
3. Not targeted referral- This referral was designed for exiting customers but right now anyone can refer to anyone even if they are not a customer
4. Missing tracking- The option to track and send remainder for referrals are missing. It creates a problem with trust within users.

New revamp referral design

For existing users For new users

1. A new revamp referral page design providing all the necessary information required to convince a happy customer to refer someone
2. New platform currency , the current motivation for referral is not very attractive by giving them 10k amazon gift voucher we are making them go away from Quiklyz. To solve this we will have a new platform currency that also on a milestone basis
3. 1. On 1 successful referral you will get a Cashback of 8K added to your Quiklyz account
   2. On 3 successful referral you you will get Cashback of 30K
   3. On 5 successful referral you will get a cashback of 55K
   4. On 10 Successful referral you will get 1.5 Lakh

3. A better tracking and notification mechanism
4. Clear communication- Communication is the key for this and we will be creating clear an attractive communication for both existing and new users

Message sample for new users

Hey [Recipient's Name],

Exciting news! 🌟 [

Your friend X, has extended an exclusive invitation for you to experience the sheer elegance and power of the BMW X1 with a test drive. 🏎️✨

Are you ready to elevate your driving experience to a whole new level?

🚀 Accept the invite, buckle up, and let the adventure begin! 🌐🎉

Tap into luxury, tap into thrill! 🌟🚗

Cheers,
Mr X 🚀🌟

Benefit of this new referral program

1. Create awareness about Quiklyz and its referral program
2. New currency bring user back in the platform
3. The milestone based referral incentive push users to refer more and redeem that to subscription money
4. New tracking and notification will create trust in both exiting and new users
5. The acquired users will be high quality users on a low CAC , also creating a network led growth

Experiment 3 - Product Integration

ICP - Salaried Young It Professionals

Age - 28-23 years

Location - Mostly Tier 1

A user looking for a new car goes through many websites and apps to check about the car it's specifications, variant on road price etc. Here I have taken a case where an user has an intent to buy a car and he is doing his research to buy a car on loan. We will be integrating with such platform to give them an option to subscribe.

Quiklyz integration with Carwale

1. These websites can help users to explore subscription as a model of car ownership while they are checking about loan options
2. Additionally these websites can help targeted users to explore Quiklyz benefits

Flow of working

1. Discovery

• • While searching for a car carwale can suggest its users about subscription as an option to own a car

2. Event Ads

• • Users sees a CTA for Get subscription on car selected

3. Seamless transition

• • When user click on get subscription offer it will seamless redirect them on Quiklyz PDP page of selected car

4. Car detail and eligibility check

• • User check about subscription offer on PDP page by selecting tenure variant etc
  • User can check his/her eligibility for selected car

5. Login/Signup

• • To check eligibility user can login or signup on Quiklyz
  • On login they can complete eligibility check and income verification journey
  • On completion of journey they can book the car they have selected

Post Booking interaction

1. User receive a booking confirmation on email and WhatsApp

Quiklyz flow from Carwale