ELG Assignment: Abound

About Abound

Abound is a financial super app that helps NRI’s in US live their most rewarding lives by providing -

• Stress free money transfers to India with 0 transfer fees
• Secure, easy and quick way of money transfer
• Competitive exchange rates
• Cashback rewards on various brand spends through your linked bank accounts
• Offers spanning across groceries, entertainment, shopping and travel
• Impeccable customer support

Core Value Propositions

Abound helps NRIs in US

1. Save money on remittances and through cashbacks
2. Send money to your family back in India

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Abound Event Leg Growth Strategy

Litmus test to ELG

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Abound has achieved PMF

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For higher engagement among NRIs, Abound needs to

• promote itself as an Indian brand
• discourage non NRIs in joining the app
• associate itself with specifically NRIs or at max other South Asian communities like, Pakistanis, Nepalese, etc.

What sort of event should it be?

Ideal Attendee Profile

Riya – 21 to 26 years

Early adopter, very new to the concept of banking, recently got her SSN and hence not good credit history and ineligible for different financial products.

• Always on the look-out for deals/offers and loves to receive rewards in the form of cashbacks.
• Always tend to be broke by the end of the month, so wish her salary could arrive one week early and the vicious circle continues.
• Shops every possible thing online - food, grocery, movie/event tickets, clothing.
• Seeks financial literacy tips from Finance Influencers
• Fairly comfortable and trusts the digital first offerings.

Rahul – 26 to 40 years

Not a recent immigrant. Aspirational with long term and short-term goals. He likes to spend some time with his friends at the bar/home to chill once or twice a week.

• He has beginner level knowledge about investing and he has just started to use apps for investing.
• He prefers affordability over convenience and tries to avoid unnecessary expenses. He is very careful about every penny spent.
• He has a low-moderate risk appetite and typically balances his investments across safe bets and reliable investments.
• He is the only breadwinner for the family and sends money regularly back to his family in India.
• Fairly comfortable and trusts the digital first offerings.

Maaz – 30 to 55 years

Been in the US for longer time. He already has 3 to 4 traditional bank accounts and also actively invest in mutual funds and stocks.

• He is tired of the tedious banking process for the traditional banks even for a minor task.
• Seeking a mature digital ecosystem - where he has access to all service and customer support virtually and he can also view all his financial dealing in one dashboard.
• He appreciates value added services (features/services which he never knew, he needed).
• He is skeptical of privacy issues.
• He lives with family and views money as a tool to buy time.

JTBD of IAPs

Event Planning

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Event Format

It will be a “ABOUND FEST - Enjoy Aboundantly!”

In-line with the Indian festivities that begin around Navratra season - it will be a 3 day Diwali mela/Carnival - planned for Dallas, Texas (since max Indian population is there).

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• Chance to engage NRIs - both existing users and prospects
• Non-NRI audience will be eliminated
• Invite all alliance brands that provide cashback through our app to set up stalls/kiosks/carts
• Existing users will get the chance to spend and gain cashback (instant AHA)
• Prospects will also experience Abound and their experience at the fest (Endowment effect)

Structure and Day wise Plan

Duration - 3 days | Fri - Sun | 4-8 pm

Place - Dallas Southfork Ranch

• 1st hour will be dedicated for Shopping
• 2nd and 3rd hour - Activities
• 4th hour - Closing act

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Pre Event Engagement/Promotions

Marketing Plan

Create hashtag for your event for attendees to use and influencers to use

Post-event Engagement

• 2 days post event -
• • Send out emails to new users who joined on the day of FEST sharing event highlights - pictures and short video content
  • Send out event highlights to existing users as well
  • Start posting event highlights on IG/FB own handles for next 3 days
• 5 days post event -
• • Send emails to existing users with details of their savings through the cashbacks they earned on the FEST day alone and the option to share this on their social handles
  • Send emails to new users informing the total amount of cashbacks that Abound helped its existing users earned on the FEST day alone

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Measuring Event KPIs - Metrics to Track

• No. of attendees
• IG/FB post reach and traffic - for both pre event & post event content
• Engagement generated on FB/IG through event
• Sales generated per user on the day of FEST for alliance brands | Average Cashbacks generated per user
• Feature usage post day of FEST
• • remittance feature
  • cashback feature
• Increase in user signups
• • on the day of FEST
  • post FEST
• %age of users signing in engaging on the app within a week
• % of Churned users
• Increase in app referrals

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