Onboarding project | Smallcase by Brijesh Bollar

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Onboarding project | Smallcase by Brijesh Bollar

Ideal customer profile (ICP) for smallcase app

Criteria	First Time Investor (Beginner)	Tech Savvy Professional
Name	Shilpa Kotian	Arvind Krishnamoorthy
Age	28 years	39 years
Demographics	Female, Marketing Professional, Single, Planning to get married soon, Lives in Mumbai (Tier 1 City), Earns approximately INR 9 Lakhs per annum.	Male, Senior Software Engineer, Married with kids, Lives in Chennai (Tier 1 city), Earns approx. INR 22 Lakhs per annum.
Need	Desire to build wealth and secure financial future. Interest in learning about investing without overwhelming complexity.	Desire for advanced investment tools that allow for customization and deeper analysis.
Pain Point	Lack of knowledge about stock market investing. Fear of making poor investment decisions leading to financial loss.	Frustration with traditional investment platforms that lack flexibility and transparency.
Solution	Smallcase provides curated portfolios that simplify investment choices and reduce the risk of individual stock selection	Smallcase offers customizable portfolios that allow tech-savvy investors to tailor their investments according to their strategies and insights.
Behaviour	Engages with financial content on social media and blogs. Prefers mobile apps for managing finances and investments.	Regularly engages with financial news and analysis platforms. Utilizes multiple investment apps and tools for portfolio management.
Perceived Value of Brand	Trustworthy source of information and investment guidance. Appeals to their desire for simplicity and effectiveness in investing.	Recognized as an innovative platform that empowers investors through technology.
Marketing Pitch	Start your investment journey with confidence! Smallcase makes it easy for you to invest in curated portfolios tailored to your interests and goals.	Take control of your investments! With Smallcase, customize your portfolio with curated themes that reflect your vision and expertise.
Goals	Make enough money to buy own house Gain knowledge about investing over time.	Optimize investment returns through informed decision-making. Stay ahead of market trends by leveraging technology.
Frequency of use case	Engaging with the app for a few times in a month for checking performance as well as exploring other smallcases.	Weekly engagement with the platform on desktop and mobile for actively monitoring market conditions and adjusting portfolios as necessary. Exploring other smallcases.
Average Spend on the product	Initial investments ranging from INR 500o to INR 20,000, with potential for monthly contributions through SIPs.	Initial investments typically between INR 100,000 to INR 10,00,000, with ongoing contributions based on market performance.
Value Accessibility to product	Accessible via a user-friendly mobile app; minimal barriers to entry make it easy for beginners.	Easily accessible via desktop and mobile platforms; integrates well with existing brokerage accounts.
Value Experience of the product	Positive experience due to ease of use, educational resources, and supportive community.	Highly positive experience due to advanced features, real-time data access, and community insights.

ICP Prioritisation

Criteria	ICP 1 - First Time Investor	ICP 2 - Tech Savvy Professional
Adoption Curve	Medium	High
Appetite to Pay	Low	High
Frequency of Use Case	Medium	High
Distribution Potential	High	Low

User goals and JTBD

User goals for Shilpa Kotian, First Time Investor (Beginner)

Learning the basics of investing such as understanding what is equity, risks associated with equity, portfolio diversifications, liquidity, volatility, types of equity etc.
Setting up Financial goals such as saving for retirement, purchasing a home, or funding education, that can help her with the investment decisions and strategies
Learning about Risk Tolerance as a new investor so as to understand how much volatility she can handle
Benefits of starting early and learning about how compounding can help her grow her assets over a long time period
Building a diversified portfolio using systematic investment plan
Seeking professional guidance from SEBI registered financial advisors at an affordable cost
Automating investments

User goals for Arvind Krishnamoorthy, Tech Savvy Professional

Access to curated investment portfolios such as professionally curated smallcases based on specific themes or sectors
Automation of investing linked to their professional demat accounts on Zerodha and others. User do not have to individually buy or sell the stocks it would be automated using smallcase.com
Smallcase offers data transparency and clear visibility into the underlying assets, allowing professionals to make informed decisions based on detailed performance data
Cost efficiency by paying lower fees compared to traditional mutual funds, Smallcase allows tech-savvy investors to maximize their returns without incurring high management costs.

JTBD for Smallcase.com

Shilpa Kotian would hire smallcase.com for the following:

I'd hire Smallcase.com for simplified investment options so that I can start investing confidently without needing extensive stock market knowledge.
I'd hire Smallcase.com for diversified portfolios so that I can reduce risk and gain exposure to various sectors with minimal effort.
I'd hire Smallcase.com for automated portfolio management so that I can focus on my financial goals without getting bogged down by tracking and rebalancing.
I'd hire Smallcase.com for accessible educational resources so that I can grow my investment knowledge and make informed decisions over time.
I'd hire Smallcase.com for flexible investment options so that I can easily adjust my investments without worrying about long-term commitments.

Arvind Krishnamoorthy would hire smallcase.com for the following:

I'd hire Smallcase.com for streamlined investment management tools so that I can monitor my portfolio effectively with automated rebalancing and clear performance metrics.
I'd hire Smallcase.com for diversified thematic investments so that I can achieve sector-wide exposure without managing multiple individual stocks.
I'd hire Smallcase.com for timely updates and notifications so that I can stay informed about market changes and adapt my strategy based on real-time information.
I'd hire Smallcase.com for cost-effective investing so that I can minimize fees and maximize returns compared to traditional mutual funds.
I'd hire Smallcase.com for advanced strategy support so that I can implement smart beta or asset allocation strategies with guidance from SEBI-registered professionals.
I'd hire Smallcase.com for flexible investment management so that I can adjust or partially exit investments anytime, responding quickly to financial or market shifts.

Validate the goals above

Goal validation for First Time Investors:

Goal Priority	Goal Type	JTBD	Validation Approach	Validation
Primary	Personal -> Financial ->	I'd hire Smallcase.com for accessible educational resources so that I can grow my investment knowledge and make informed decisions over time. I'd hire Smallcase.com for simplified investment options so that I can start investing confidently without needing extensive stock market knowledge.	User Interviews	"I don't have much time to learn about investing and stock market. But I want to have some understanding about what is stock market." "I do not want to restrict my investments to fixed deposits or buying gold. I also want to invest in stock market and mutual funds."
Secondary	Financial ->	I'd hire Smallcase.com for diversified portfolios so that I can reduce risk and gain exposure to various sectors with minimal effort.	User Interviews	"I don't want to lose my money in stock market. But I want more returns as compared to fixed deposit."
Tertiary	Functional ->	I'd hire Smallcase.com for automated portfolio management so that I can focus on my financial goals without getting bogged down by tracking and rebalancing.	User Interviews	"I do not really have time to read economic times or other finance websites daily. Are there people who can offer regular advice on investments"
Least priority	Functional ->	I'd hire Smallcase.com for flexible investment options so that I can easily adjust my investments without worrying about long-term commitments.	User Interviews	"I do not want my investment to be locked in for 5-6 years. I want some kind of liquidity for emergency expenses."

Goal validation for Tech Savvy Investment Professionals

Goal Priority	Goal Type	JTBD	Validation Approach	Validation
Primary	Functional -> Financial ->	I'd hire Smallcase.com for streamlined investment management tools so that I can monitor my portfolio effectively with automated rebalancing and clear performance metrics. I'd hire Smallcase.com for diversified thematic investments so that I can achieve sector-wide exposure without managing multiple individual stocks.	User Interviews	"I am looking at automating my investments rather than buying and selling single stock at at time" "I also need insights on which sectors are performing better or are expected to grow in the future"
Secondary	Financial -> Personal ->	I'd hire Smallcase.com for cost-effective investing so that I can minimize fees and maximize returns compared to traditional mutual funds. I'd hire Smallcase.com for timely updates and notifications so that I can stay informed about market changes and adapt my strategy based on real-time information.	User Interviews	"Mutual funds are expensive. They charge a lot of fees on exit and entry" "Sometimes I get really busy with my work that I hardly get time to check at my portfolio. I do not want to miss out on investment opportunities due to volatility in the market"
Tertiary	Functional ->	I'd hire Smallcase.com for advanced strategy support so that I can implement smart beta or asset allocation strategies with guidance from SEBI-registered professionals.	User Interviews	"I should be able to automate my own strategy that I have been following for so many years" "And also maybe I am looking at selling my own strategy"
Least priority	Functional ->	I'd hire Smallcase.com for flexible investment management so that I can adjust or partially exit investments anytime, responding quickly to financial or market shifts.	User Interviews	"I need flexibility"

Access permission:

Observations and Insights

By asking for permissions on launch, smallcase can risk losing these access permissions permanently
It would be advisable to ask for permissions only when required, such as when the user signs up for a smallcase. So that he is more likely to give access to stay current with his investments

Priming before onboarding start

Observations and Insights

Priming on things such as Managed by Professionals and Used by 1 Crore users helps in building trust with this app
Priming on investment on ideas, tracking investments and getting cash against investments talks about the USP of this app encouraging first time users to continue with the registration
Although some users might get confused about this onboarding as an demat account opening or bank account opening process. So users need to be primed about
- linking their existing demat account to access full features of the app
- copying investment ideas to automated their investments in their demat account without launching their demat account

Mobile Phone Registration

Observations and Insights

Onboarding is very easy with just mobile number and OTP sign up
Email onboarding or Social Sign up is missing
- For users who are not comfortable sharing their mobile numbers, this could lead to drop off
- Providing email signup or social sign up can reduce drop off related to onboarding users

Home Screen insights

Observations and Insights for First time users

Users are encouraged to Login with broker account.
- This could overwhelm first time users who do not yet have a demat account opened with any broker
After signup they have some tutorial on what is smallcase as well as recommendations for getting started on small case along with information such as minimum investment amount, volatility indicator as well as social proof such as 4K users bought this in the last 30 days. This social proof can give encourage to first time users to proceed with the smallcase.
- For a first time investor who is not well versed in financial concepts or even English for that matter terms like Volatility, 4Y CAGR would make no sense. User friendly terminology to be used to make it easier for first time users.
- A link for explaining financial terms or jargons should be provided on the home page.
Users are taken straight to the homepage without any walkthrough.
- For the first time user the home page section could be a bit overwhelming, so having a walkthrough can definitely help

Demat Account Linking

Observations and Insights for First time users

On clicking add broker account the user would see a notification to link zerodha account and then it shows list of all the brokers it can connect to. This seems like a bug which needs to be fixed. Otherwise it can confused users.
Once the user selects Groww.in the rest of the process to connect groww.in with smallcase app is pretty seamless and quick
A lot of integrations are required such as connecting bank account, demat account and mutual fund account. User is expected to set aside a day to make this app fully functional. This can be a bit overwhelming and can delay the onboarding process

Activating smallcase

Observations and Insights for First time users

The process of selecting the smallcase for investing, adding funds, making payments to orders getting filled takes place in 6-7 steps which is pretty good
User can add funds directly from their UPI which seems like ordering food on swiggy
After successful payment the orders are both filled and placed on behalf of the users.
User can go back to their groww account and confirm the stocks in their account

Hypothesis: Place first smallcase order within 24 hours of account sign up.

Reasoning: For smallcase.com, not only getting users to complete account setup quickly is important but also making them place their first smallcase order is important in realising the core value prop of the app as well as experiencing their aha moment of automating the entire process of buying / selling stocks based on an idea in an automated manner rather than placing orders one by one through their demat account. If users complete their first order within 24 hours, it implies that the onboarding process is smooth, secure, and easy to navigate. A high completion rate within this timeframe can improve user trust and confidence, increasing the likelihood of long-term engagement. If setup takes longer, it could indicate that users are facing unnecessary steps or unclear instructions, signalling an opportunity to streamline the process.

Metrics for tracking:

Onboarding Completion Rate:
Measuring the percentage of users who complete their first order within the targeted time frame of 24 hours.
Time Taken to Place First Smallcase order:
After onboarding is complete, how long does it take for the user to link their demat account and place their first smallcase order. Tracking the average time taken by users to complete their first smallcase order can help identify if users are consistently finishing within the desired time or if any improvements are needed.
Drop-off Points:
Analysing where users are dropping off during their order placement process can help us identify those areas that need improvement.
Help and Support Tickets:
Tracking the number of help requests or support tickets generated during onboarding can help in decoding the struggles with certain aspects of the process.
User Feedback and CSAT Scores:
Collecting feedback from users about their onboarding experience through surveys can help in understanding their satisfaction levels and can also provide insights into areas for improvement.