Elevator Pitch

Do you think ‘Money attracts money' should work for you? Then Upstox is a one stop solution for your money to work for you. Is an investment app for the people in India who have some money and look out for opportunities to earn more money. Its major product offering includes Mutual Funds, Equity, Future and Options. Other products include Insurance, Fixed Income Bonds and Sovereign Gold Bonds. It also provides educational courses for investors and traders through UpLearn webinars and courses.

​

Understand your Product

Upstox is an Indian discount broking firm that offers trading services for equities, mutual funds, commodities, futures, and options, IPOs, Insurance & Sovereign Gold Brands. The company was founded with the goal of increasing financial inclusion in India through equity participation. Upstox is known for its use of technology to disrupt the digital brokerage space. 

It offers 2 modes in the app.

One mode is for beginners who want to invest in Stocks, Mutul Funds and IPO.

​

Second Mode is Traders who look out for the fast data of F&O, advance chart , Option chain and risk management features that help them to reduce risk of making losses.

Upstox is the 1st broker in India who adopted TBT charts in the app which gives the fastest data so users do not miss out their Target / Stop Loss.

Option Chain, Easy to use Charts, Ready Made Option Strategy, GTT & TSL are some of the advanced as well as loved features by users.

​

Upstox is also instrumental in educating Indian customers who are looking to learn investing. It has a separate UpLearn section which has courses as well as webinars (paid / free) for anyone and everyone.

​

​

Core Product benefit:

What is the fundamental need or want that the product is solving for?

The core product benefit of Upstox is that it offers an online platform for investing and tracking the portfolio.

It solves the problem for the people who have more money after meeting expenses of their core needs and want to build wealth which will help them to achieve their future goals.

Expected Product:

​What are the basic features and functionalities that the product provides?

Upstox is a mobile app that allows individuals to invest in various financial instruments like MF, Equity, F&O, Fixed Income Bonds, Sovereign Bonds, IPOs and Insurance.

It offers easy to use, fast and reliable investing platform for everyone who wants have all their investing options on their finger tips. People who want to have freedom of investing as per their budget, time and choice of instruments.

Features:

Easy to use: Straight forward platform where all services can be found easily one doesn't have to waste time keep searching.

Fast : Fast in providing information / data for quick decision making and Fast execution of the orders as main offerings are related to the stock market.

Reliable platform: 100% uptime so that users can book their profit and loss on time.​

​

​

​

Understanding Core Value Proposition

(Build your core value proposition by exact what your product does and what problem are you solving)

Upstox empowers new as well as experienced investors with a cutting-edge, cost-effective, easy-to-use trading platform with low brokerage, advanced tools, fastest data, efficient insights that helps users to make confident investing decisions with zero downtime.

​

Step 2: Ask your best customers about the Customer Benefits (link for customer feedback)

Why did you choose us over our competition?

Customers prefer Upstox over other apps because its easy to use and simple to understand. Customers find all the features at one place and extremely useful. The execution time for orders and rate of orders getting executed is faster than other apps

​Why do you keep doing business with us?

Upstox customers like the clean interface, advanced features, simple navigation and low charges which encourages them to continue with Upstox.

What words would you use to describe our company?

Upstox is beginner friendly but also for experienced traders due to advance features.

If you were referring a friend to our business, what would you tell them about us?

If someone wants to start investing they should start with Upstox. Its for beginners as well as experienced traders.

​

Step 3: Gather all the insights

Now you should have all you need. Sit down and remove all bias and actually understand what is your business doing actually?

• Offers easy to use app for beginners as well as advanced traders
• Option Chain, Simple Charts, GTT, trailing stop loss are simple to understand on Upstox app
• Faster in execution of orders compared to other app
• Offers charges at par with other discount brokers
• It has less (zero) downtime compared to other apps

​

​

Understanding the Users

(Go and speak to different users of the product and the people in the chain: households buying the product, shopkeeper selling the product, churned users, users using competitors products. In case of B2B products identify the decision makers, the influencer, blocker and the end user)

Customer Research -

https://www.notion.so/Acquisition-Project-User-Research-3e2e03265b9d467ea9ffb99b5fd7bb15

​

Understanding your ICP

(There are separate tables for both B2C and B2B products, put down your your ICP’s in a Table Format, use this as a reference.
This table makes it super clear for anyone to understand who your users are and what differentiates them)​

​

B2C Table

​

Upstox has multiple users of a product and not all of them can be our ICP for whom we make our strategies, we need to prioritize.
(use this ICP prioritization table)

Based on the ICP Prioritization matrix ICP1, ICP2 &3, ICP 4 are the customers we need to target that means we need to target the customers from 18 to 45 age group.

• 18-25 are majorly early adopters, higher TAM so with their Low to Medium appetite will have can bring high impact
• 26-45 Age group is the cohort which has apatite to pay, take risk and look out for opportunities for second income source
• 46-55 are Calculated risk takers and late adopters so. Will have money but would take less risk.
• 56 - 65 are low in risk, high on time and money but may not be really interested in trying something new.

SO ICP to focus on are 18 to 45

Understand Market

(begin by doing a basic competitor analysis)

(then try to understand the market at a macro level and evaluate the trends and tailwinds/headwinds.)

Now it’s time for some math, calculate the size of your market. ​

​

TAM = Total no. of potential customers x Average Revenue Per Customer (ARPU)

Total Polpulation in India is 145Crores

For the stock brokers all people in India who have Mobile Phone & bank accounts too which is 50 Crores

Minimum a use will have to put 2 orders (1 buy and 1 sell) so considering 40 rupees as minimum ARPU

= 50crX40= 2000 Cr

SAM = TAM x Target Market Segment (percentage of the total market)

16.2Cr People have Demat accounts in India and the bifurcation of the same is as below (the numbers are different on different sites)

​

​

SOM = SAM x Market Penetration/Share

Currently the addressable market can focus on Maharashtra, Uttar Pradesh, Rajasthan & Gujrath

This accounts for 38% of above market and 7Cr+ people

​

Designing Acquisition Channel

(keep in mind the stage of your company before choosing your channels for acquisition.)

​

​

Detailing your Acquisition Channel

​

Upstox requires a improvement in the Organic Channel and a referral channel which has not been leveraged much in Upstox hence picking these channels and plus will be doing some part of Paid Campaigns also.

Product Integration as a channel will require lot of efforts plus too many roadblocks as per the guidelines hence not picking up that.

Organic Channel - SEO

(Understand the existing organic channel strategy for your product and highlight the success and failure thereon.
Provide your suggestions and devise new strategies.)

1. Website

Step 1 → Conduct keyword research on Google, Amazon, Youtube, Quora etc.
Step 2 → Collate all your insights from all your searches.

Keyword research-

1. Current top ranking keywords are as per the brand on the website but not as per the search keywords by potential customers
2. Major focus of Upstox is on branded keyword Like Upstox, How to open demat account on Upstox? etc

​

Current organic channel search volumes are low as compared to other sources:

​

Comparison with competitors : Upstox stands the lowest in the country and industry ranks

​

In broeking industry maximum searched keywords are directly from brand like Upstox/ Zerodha / Groww hence any other industry keywords rank really less as compared to brand keywords

​

​

Content Loop

(Keep it simple and get the basics right)​

​

Paid Ads

(Understand what is already being done, what is working out well and what needs to be stopped)

Target ICP: We will be focusing on 3 ICP which is between 18 to 45 age group.

Why this ICP?

As per NSE data nearly 70% of the total registered investor base is now under 40 years of age. This surge in younger investors has been consistent over the past seven years. In contrast, the proportion of older investors has diminished by approximately 5% during the same period.

With the average investor age now at 32, the market is set to reflect the ambitions, risk appetite, and innovative approaches of a new generation. ​

Step 1 →Define the CAC: LTV ratio.

CAC is around 450 and LTV is around 900 hence it is 1:2.

The bench mark of the CAC " LTV ratio is 1:3 but since this industry has huge potential to grow and more and more young investors are entering the market, It is worth to take the risk where the LTV is double than the CAC which means we are making profit but there is a scope for improvement of CAC.

It will help to create

• Profitability & Growth: Investing in paid ads can amplify this profitability by driving more customers and increasing overall revenue.
• Awareness: Paid ads can significantly boost your brand’s visibility and recognition which is extremely important amongst the new age customers / looking for one stop app to start investment
• Market Penetration: Paid ads enable you to target specific customer segments and geographic locations, allowing for more precise market penetration. This targeted approach can help you find and attract high-value customers, optimizing your CAC and enhancing your return on investment.

Step 2 → What digital channels will you work with?

• Google Ads (Search Results, YouTube)
• Instagram
• LinkedIn

​Step 3 → What will be your audience selection & creative strategy? (What you build in ideal customer profile should reflect here)

Channels, Age Group and Content Approach / focus

Step 4→ Design the Ad Campaign

​

​

​

Referral Program/Partner Program

Bragworthy thing about Upstox:

One of the easiest platform for all your investment needs. Be it Mutual Funds, Stocks, Future and Options, FD, Gold Bonds and Insurance or even learning about the investment...you get everything on this app. No worries if you are a beginner or matured investor...this platform is made for all.

​

Upstox has 2 referral programs currently:

1. Associate Partners: A registered person with Upstox and exchange who can create awareness about Upstox and onboard customers. They earn account opening incentive and brokerage sharing benefit.
2. Referral: Existing Upstox customer who can refer Upstox to their family and friends. They get account opening incentive only for 10 referrals monthly.

​

Please note: For current project lets focus on only referral program which has potential to optimise.

​

Current referral program:

• Account opening incentive from 100 to 200 for 10 accounts opened every month

​

​

What is the roadblock in growing referral program right now?

• Discoverability: Currently, referral section can be discovered after going to Profile section only which is not easy to find
• Limited Scope of referral: Currently any customer can refer only 10 customers a month which for some is a obstacle
• Dashboard: There is no status update page to understand the referee's account opening status
• It doesn't target happy customers or Aha moments on the app

Research observations

• Most of the users refer a look alike user so instead keeping it open for all the user only people who are monthly active / at least placed one order in a month will be able to refer other people
• From the conversation with some of the customers we got to know that one of the crucial reason for people to refer any app to another person is the benefit that they will be getting by referring another person. So there is a need of complete refresh of the referral program.

​

Who will refer the Upstox to their friends and family?

• Customers who are making profit and happy with Upstox and its features

What is the new referral offer?

• ​Progressive referral program: As a referee crosses each milestones during the referral program the benefit of the referral program will be bigger than the earlier milestones.
• • 1 to 5 referral in a month with successful creation of account - 100 rupees each
  • 6 to 15 referral in a month with successful creation of account - 200 rupees each
  • Anything above 15 will get 300 per successful creation of account

So when a customers gives 20 referrals who open account successfully in July the calculation for the pay-out will be for 20 only.

• • 5X100 = 500
  • 10x200 = 2000
  • 5x300= 1500

So XYZ will get 4000 rupees for July.

In the month of August the calculation will start from 1st referral again

Outcome expected:

- This will increase average monthly referrals from Upstox users

- Referee will also encourage their referrals to complete account opening process early

- Because of selective cohort there are less chances of getting junk users who will just open account but not take any action such as placing order

What we will need in the app?

• Referral offer visibility at the Aha moments on the app
• Dedicated referral page which will give complete information about the referral program
• Dashboard which will show
• • History of month on month referral earning
  • Interface where a customer can track the progress of each referee
  • Quick WA message button so they can contact referee to complete process
  • Customised message for each steps (Downloaded app but not started process, Started process but dropped at Digi locker / Selfie etc)

AHA points where Referral touch points can be created on App

Referrals on milestones:

1. Order Milestones: 1st, 25th, 50th, 100th order placed on Upstox app
2. Profit streak: Making profit in 5 orders in line

New referral screen

​

New Referral Touch points on app:

1. Watchlist: When a person adds a new script to the watchlist that indicates that user will continue using the app.

2. Uplearn screen: when the user comes 3rd time to consume the content

​

2. Positions & Holding Screen where user can see profit that they have made

​

WA Messages to users ​

Example 1: 🎉 Congratulations on taking the first step in your investing journey! 🌟 Investing is always more fun with friends and family. Why not invite them to join you and share the excitement? Let's grow together! 🚀

CTA : Referral page

Example 2: 🎉 Congratulations on placing your 25th order with Upstox! 🎉 Your investing journey is off to an impressive start. If you’re enjoying the experience, why not spread the word and invite your friends and family to join in? Let’s make investing a shared adventure! 🚀📈

CTA : Referral page

​

Messages which user can send:

Example 1:

Hey Nisha,

I’ve found a great app for growing your wealth that I think you'll love—Upstox! It’s trusted by over 1 crore Indians, and it’s super easy to use.

Why don't you sign up today and explore

• 🛒 Simple stock trading, just like shopping
• 💸 Access to top funds and insurance
• 📰 Latest news and expert insights
• 📈 Pro Mode for advanced trading

Here is he link https://link.upstox.com/oNwV

Give it a try and let me know how it goes!

Best, Krisha

Example 2:

Hi Nisha,

Ready to build your wealth with just one app? Open your account and enjoy:

🛒 Easy stock trading
💸 Access to top funds and insurance
📰 Latest news and expert insights
📈 Pro Mode for advanced trading

And remember Upstox is trusted choice of over 1 crore Indians. Here is the link.

Best, Krisha

​

Thank you very much for reading!

​

​

​

​