Onboarding Teardown

Smallcase - Onboarding.pdf

Onboarding teardown - smallcase (1).pdf

Project 1

What is Smallcase?

A smallcase is a basket or a portfolio of stocks or ETFs, that tracks a theme, strategy or objective. These modern investment products, that are created by professionals, help users build a low-cost, long-term & diversified portfolio easily.

• Simple to understand 🔖
  smallcases are modern investing products based on simple ideas users can understand.
• Curated by India's top investment managers 🧑‍🎓
  smallcases are created & managed by leading professionals who are SEBI registered research analysts and investment advisors
• Designed for users 🙍‍♀️
  smallcases are fully customisable. Users can edit their smallcase constituents any time or create their own smallcase.

What does smallcase offer its users?

• Buy multiple stocks in 1 click
  Place orders for up to 50 stocks in 1 click as a smallcase and save time
• Track smallcases anytime, anywhere
  Track & manage seamlessly with a real time index value, inclusive of corp. actions & dividends
• Invest regularly with SIPs
  Invest in a disciplined manner by starting a SIP on your smallcase for every week, month or quarter
• Create your own smallcase
  Be your own fund manager & invest in your ideas by creating a smallcase of up to 50 stocks

Who are the Users?

Following 2 are the ICPs:

1. The Busy Investor 👨‍💼🧳⌚
   This cohort of users wants to invest regularly and keep a track on their investment portfolio, but they are too busy and often forget about keeping a tab. They find investing into multiple stocks regularly mentally draining and time consuming. Does not have enough to see the stocks performing well or doing bad and hence doesn’t end up rebalancing the portfolio whenever needed. These users have good investment intent and high appetite to pay. They need convenient solutions for this problem.
   
2. The Novice Investor 🧑 👩
   This cohort of users are beginner investors who have a will to invest but lack the knowledge and expertise. This group lacks time for research or monitoring of portfolio. They need a professional advice to plan their investments well, at the same time want flexible and high yielding investment instruments.

ICPs

What are Users goals? (Jobs To Be Done)

Following are the Jobs To Be Done for our ICPs:

Are User goals validated?

👨‍💼 Busy Investor
The busy investor’s need of wanting to diversify their portfolio without having to give a lot of time, is being solved by smallcase. The product offering helps him achieve his goal by adding convenience to his financial goals. Smallcase offers Single Click Rebalance Option driven by expert advice.
So, yes user goals are validated for the Busy Investor.

🙍 Novice Investor

The novice investor’s goal is to invest wisely by seeking professional help without having to research on their own. This requirement is met by smallcase as it offers theme based basket of stocks curated by professionals with proven track record.

So, yes user goals are validated for the Novice Investor.

Onboarding Teardown

Smallcase - Onboarding.pdf

Activation Metrics

Here are a few Hypothesis for Activation Metrics:

Hypothesis 1: Connecting their demat/broker account in first 3 days

Reasoning: Connecting an account could be a big step because that shows trust in the platform and a will to do some action after connecting the account. This shows a high will to buy and alter smallcases in the future, and hence is a first sign of being retained on platform.

Hypothesis 2: Investing in 1 smallcase in 1st week of signup

Reasoning: The moment a user lands on the homescreen, they are shown “Ideal to get started” smallcases with the number of people buying them in this week. Users are also given “All Weather Investing” as a starter for new users. So researching and investing in the first smallcase should not be that tough given the nudges being done to new user. If the user invests in their first transaction as early as possible, he/she will go through the entire experience once and will understand the entire flow and features and will gain trust, which is the most important thing.

Hypothesis 3: Start an SIP in first month

Reasoning: If a user starts an SIP on the platform then they are highly likely to retain on the platform since SIPs are generally done over long term and most often auto-debit feature is on which ensures long term association with platform.

Hypothesis 4: Making a demat/broker account with smallcase in first 7 days

Reasoning: A user who doesn’t have any existing broker account and wants to create an account with smallcase shows high trust and high will to invest in smallcase. Having a broker account with smallcase (that too first) is a strong signal that they will buy atleast 1 smallcase and be a retained user on the platform.

Hypothesis 5: Diversify in 2 smallcases in 1 month

Reasoning: A user who has already invested in 1 smallcase which might be a small ticket size investment considering the “getting-started” smallcases have a low minimum amount of ~ Rs. 300. This user upon seeing the performance of first smallcase and scrolling on the app gets to know other similar smallcases with low minimum amount, can start investing in second smallcase. This shows that the user is engaged and trusts the brand by investing in different types of smallcases for diversification, and hence will be retained on the platform.

Hypothesis 6: Create your own smallcase in 1st month

Reasoning: When a user has put in efforts to create their own smallcase, which enabled them to create a personalised investment tool, they are much likely to be engaged and retained on the platform since they’ve created this smallcase by their research and they trust their judgement. Like the ikea effect. They needed a place to strategise and plan their investment systematically and crating your own smallcase lets you do that. So these users are utilizing the features well, putting their efforts and are trusting their judgement, hence they’ll retain with the platform in the longer run.

Hypothesis 7: Taking Top-ups on smallcase within 1st month

Reasoning: If a user who has already invested in a smallcase, wants to top-up their smallcase by putting more money, this shows that the user has found the platform useful and trustworthy to invest larger sum. This validates the user’s stickiness and the potential of them becoming a power user on the platform.

Hypothesis 8: Adding smallcases to watchlist in the first 2 days

Reasoning: Since smallcase is a relatively new form of investment, many people might not be aware of the functioning of this investment instrument. And when such a user comes to the platform and is made aware of the different types of smallcases available, it can be a little confusing for them to choose their first smallcase. In such a time when the user spends time on the platform and watchlist their most liked smallcases, this shows their engagement on the platform and are likely to convert that watchlist to investment. This is not a strong factor but could be tracked since they put in time to research.

Metrics to track

Quantitative Metrics

• D0 metrics - users who invested in a smallcase the same day they signed up. This metric clearly translates into intent and action of the user and their clarity of the platform + ability to be sticky users. Conversions can significantly improve, and onboarded users can now become activated users
• D7 & D30 metrics - tracking the cohort that converted on D0, and comparing them with a control group based on their investment habits and what %age is coming back to transact through SIPs, on 7th or 30th day.

Qualitative Metrics

Project 2

About smallcase

smallcases are created & managed by leading professionals who are SEBI registered research analysts and investment advisors

What are the value props of smallcase?

Ideal Customer Profile (ICPs)

Upon talking to multiple active customers of smallcase, we can divide them into below 2 ICPs based on their goals or JTBD.

ICP 1 want to invest in liquid assests and wants to get good returns in short term due to certain life event like going for masters or marriage.

ICP2 wants to diversify in different assest classes and streamline their investment strategy.

Now let's see how the ICPs look like-

Jobs to be done (JTBDs)

JTBDs for Harry:

1. Financial Goal- Invest in short term liquid accessible investment options.
2. Personal Goal - Have enough liquidity to support my upcoming life event
3. Functional Goal- Find a platform which offers combination of stocks which be used without much research

JTBDs for Bob:

1. Financial Goal- Streamline my investment strategy and diversify my investments across asset classes
2. Functional Goal- Find a platform which shows clear ROI or differentiation for the investments

Insights from User Interviews

Below questions were asked to ICPs to validate the JTBDs

Q - How do you define your investment goals for next 12 months?

ICP 1 (Harry)

ICP 2 (Bob)

Q - How do you choose the platform to invest your money and how did you choose smallcase?

ICP 1 (Harry)

ICP 2 (Bob)

Onboarding Teardown

here is onboarding teardown (the fun part) -

Onboarding teardown - smallcase (1).pdf

Metrics to track

Qualitative

Activation Metrics

Hypothesis : Users who connect broker account within 1 day of sign up are more likely invest than those who don't.

Reasoning: smallcase is not the first investment app for our ICPs so they have broker account when they sign up on smallcase. If they connect the broker account within 1 day after signup, it means they are serious about using the paltform and they want to see all their investments at one place. It means that they are more likely to use the app and thus more likely to invest in smallcase.

Hypothesis: Users Watched all the smallcase tutorials and viewed 1 smallcase in 7 days of signup have an understanding of the product

Reasoning: Once user completed all the tutorial videos on smallcases, they have the required education to take an informed decision on if they want to invest in smallcases or not. After this, if they are exploring the smallcases by viewing 3 smallcases in 7 days, it shows strong intent of the user to use the platform. smallcase is highly likely to convert such customers into paid users.

Hypothesis: Users who have subscribed to a paid plan are more likely to invest in that smallcase or other smallcases.

Reasoning: Some smallcases require users to subscribe before they can invest in them. If a user is paying the subcription fee to view the smallcase, it means they are pretty determined to invest in that smallcase. These type of users are the top customers or cash cows for smallcase.

Hypothesis: Users who setup SIP in 1 smallcase are likely to become a power user.

Reasoning: Investing in SIP on smallcase or any platform shows trust of the customer on the platform to deduct money from their bank account. So users setting 1 SIP within a month are less likely to switch their investement platform. Here 1 month is taken because it can take some time for a user to build trust for SIP.

Hypothesis: Users who invest at least once in first 7 days of signup are more likely to become a repeat customer.

Reasoning: Users who invest at least once in first 7 days after signup are more likely to have experienced an aha moment. They are less likely to churn and they will be interested to invest more.

Quantitative metrics

1. DAU/WAU/MAU/Quarterly Active User (because our ICPs use once in 3 months on average)
2. App reviews
3. Average time from signup to the first investment
4. No. of Investment across all themes of smallcases
5. Average investment amount across all smallcases
6. Avg SIP amount in the investments
7. No of subscribers (paid users)
8. no of app dowloads/no of website visitors
9. no of signups/ no of app downloads
10. no of users with 1 or more investment / no of signups
11. NPS score