Customers experience the core value prop when they make a successful bill repayment.
Natural Frequency of Cheq
Engagement Framework: Depth
Define
Who is an Active User?
The natural frequency of an active user is 1-3 times a month, depending on the type of user.
Segmentation
Note: the below segmentation & corresponding ICPs are based on the survey conducted for the same product in the onboarding assignment. Click here to see the results of the survey.
Casual User (Abhishek):
Meet Abhishek, a 30+ unmarried working professional living in Bangalore with an annual salary above 20 lakhs. He discovered the product when it was first launched and downloaded it to see what the hype is all about.
Cards linked - 1
No. of repayments made - less than 5
Value of each repayment - less than 15k
Features used - credit card bill payment
Sub-products used: None
Natural frequency: Once a month
Core User (Ankit):
This is Ankit, a 30 year old finance professional, living alone in bangalore with an annual salary between 15-20 lakhs. He decided to use the product after he was attracted by their better reward scheme that he could redeem for purchases towards his favourite brands.
Cards linked - 3
No. of repayments made - 5
Value of each repayment - less than 20k
Features used - credit card bill payment, rent payment
Sub-products used: Rent-pay
Natural frequency: 1-3 times a month
Power User (Shreyansh):
This is Shreyansh, a 30 year old tech employee, living alone in bangalore with an annual salary above 20 lakhs. He uses the product for its simplification of his credit card bills & home loan EMI, and get a reward on every repayment. Since he has more than 3 repayments every month, he found cheq's reward system favourablely giving him a better ROI.
Cards linked - 2
No. of repayments made - 10
Value of each repayment - 20-25k
Features used - credit card bill payment, rent payment, Loan EMI repayment
Sub-products used: Rent-pay
Natural frequency: 3-5 times a month
💍 Engagement Campaigns
Campaign 1
Target user cohort: Casual Users
Campaign Goal: To reinforce the core value prop of cheq and have this set of users increase their natural frequency of using the product, i.e. more bill payments per month.
Offer:
The offer would be to give the user vouchers of their favorite brands if they make 2 credit card bill payments. The favorite brand would be determined on the basis of which brand/merchant they swipe their card the most at and if they are existing cheq rewards partners. This would give casual users a big incentive to link their second card and thus bring a larger chunk of their bill payment to Cheq and convert them to core users eventually.
Frequency & Timing: The frequency of this campaign would be every month to all casual users and upto 3 months for users who have availed the offer once. To solidify the behavior and make sure they don't go back to being casual users.
Success Metrics: The success metric to track would be:
user has linked 1 or more cards after the campaign
has made 2 bill payments in a single month
Campaign 2
Target user cohort: Casual Users
Campaign Goal: To expand the value prop for the user by making them aware of a new sub-product: Rent payment.
Offer:
Rent pay is a new feature launched by cheq, just this week (3rd week of Nov,2023). It is a brilliant opportunity to appeal to casual users and increase the products value prop for them. The idea is to have them pay rent from cheq every month in exchange of winning one grand prize every month. The grand prize is going to be a nice home electronics item that most Indian households aspire for. Cheq has rewards partnerships with a few electronics sellers and the biggest name is Reliance Digital. So we use their name in the pitch/content of the campaign to pique user interest even more.
Frequency & Timing: The frequency of this campaign would be twice per month, on the beginning of the month and towards the end of the month. The time would be on a Sunday morning to grab the most attention of users while they are relatively free than the rest of the week. This campaign would be run on the same set of users for about 3-6 months and every month the grand prize item would be a different aspirational home electronics item.
Success Metrics:
User has made their first rent payment
User has started to make a minimum of 2 payments per month
User has linked more cards to cheq
Campaign 3
Target user cohort: Core Users aged between 26-40 (who are primary or one of the main breadwinners of the family)
Campaign Goal: To go beyond the user's personal credit bills and show them a use case of looking at cheq to also track their entire family's credit bills
Offer:
The offer is to help the user understand that he/she can not just pay their own cards but also the cards of their family members. Each campaign has a different family member mentioned and the voucher brand is tuned accordingly. In this case, we use the father and accordingly put 1 MG as the brand because the father is mostly at an age where frequent medicine purchases or checkups are required, so mentioning that would emotionally & rationally appeal to the user. Cheq currently has a few rewards partnerships with brands like healthians, medibuddy, nutrabay & cultfit.
Frequency & Timing: The frequency of this campaign can be weekly and can cover one family member each week (father, mother, brother, sister) with the corresponding voucher brands mentioned. The same can be repeated every month for 3 months, but the voucher brands can keep changing to appeal to as wide a user base within our cohort as possible. The timing of such notifications are best when made right after the user makes an actual bill repayment of their own cards. That would be taking advantage of a positive action the user has just taken and riding on that to increase the scope of the product by paying family member bills.
Success Metrics:
user has linked 1 or more cards after the campaign
user has made more than 3 bill payments in the month
Campaign 4
Target user cohort: Core Users aged between 26-40 (who are primary or one of the main breadwinners of the family)
Campaign Goal: Remind core users that cheq is more than just a credit card repayment app. It also helps them track & pay their loan EMIs, so they never miss out.
Offer: The idea of this campaign is to remind the user that cheq is more than just a credit card repayment app and that they can pay EMIs of different kind of loans too. The offer is to provide a voucher on the linkage of their first loan to cheq and give them a voucher relevant to the specific type of loan being pitched. In this case, we took home loan therefore the voucher is from a home bedding brand like wakefit. The voucher category changes according to the type of loan being pitched to the user.
Frequency & timing: This type of campaign can be run once every 2 weeks on a Sunday or can be triggered every time the app tracks the EMI repayment intimation from the financial institution to the user.
Success Metrics: If the user enters loa details & successfully links it to cheq
Campaign 5
Target user cohort: Core Users aged between 26-40 (who are primary or one of the main breadwinners of the family)
Campaign Goal: Nudge core users to make their first loan EMI repayment from Cheq
Offer: The idea is to give a different type of offer/incentive to the user such that it brings some freshness in the pitch and also ensures a first EMI payment & second from the cheq app. Giving upto 5% is not impractical especially when it is being given instead of the usual vouchers and cheq chips (platform currency). This will ensure the user not only makes the first payment but also comes back next month for the second payment. This model of paying upto 5% less on EMIs can become a recurring thing to build a solid habit and ensure the user remains invested in the app for a long time.
Frequency & Timing: A campaign like this can be triggered 48-72 hours after they have linked their first loan to cheq and have not made a payment. This way it ensures the messaging and timing of it is very contextual to the user's own prior action on the platform.
Success Metrics:
User has made the first loan repayment by the due date
User makes a second repayment next month
Retention
Bird's Eye View
The retention rate for Cheq app flattens around the M6 mark. The assumption is based on the fact that the product is only 9 months old and most of its users that had to churn would have churned out around the 6-month mark (based on drwaing parallels from similar products) and stabilizes the industry standard for retention of fintech apps.
Microscopic View
Define
🎃 Reserruction Campaigns
Campaign 1
Target user cohort: Users churned due to service fee introduction
Campaign Goal: Introduce the offer of zero service when the repayment is made from a Visa debit card
Offer: The offer for this campaign is to make customers feel exclusive even though the platform made them upset by introducing a service fee, they can still be among the few who get to transact for free if they have a Visa debit card. And just to cause some urgency a one-time offer of 2x the rewards is being offered so that it catches the user's eye even more and makes it a no-brainer deal.
Frequency & Timing: A campaign like this can only be run when we catch the user has a new credit card statement generated and the due date for the same is just 2-3 days away. That would be the best time to drop this campaign and push users off the edge to come back to the platform and make a payment immediately.
Success Metric:
When a user makes a repayment before the due date after the campaign is run
Campaign 2
Target user cohort: Users who churned because they don't see enough value in comparison to the competitor
Campaign Goal: Communicate the plethora of real & tangible rewards users stand to win just be switching to Cheq
Offer: The idea here is to double down on the big core value prop of Cheq - its real & tangible rewards system. The users who left the platform thinking it did not offer enough value will be happy & excited to see relevant brands come into the "Rewards Universe" of Cheq. The Rewards Universe can be made an official thing which in itself communicates to users that it's an unlimited feature that will keep expanding and giving more benefits with time.
Frequency & Timing: This campaign could be run once every week with different types of brands mentioned in the header of the notification. The time for this notification should ideally be Thursday & Friday in the evening. The reason for this is that these days are the closest to the weekend and most people cannot wait for the weekend to come and procrastinate the most. The evenings are when they have enough time while traveling or finishing off work to plan exciting things for the weekend. When a notification like this with the mention of their favorite brands comes, they will be more likely to click on it and discover.
Success Metric:
When a user makes a successful bill repayment after clicking on any of the weekly notifications
Campaign 3
Target user cohort: At risk users who have unlinked one or more cards from cheq
Campaign Goal: Introduce a new sub-product/feature that expands the scope of the app for users and also helps keep the same natural frequency without using the credit card repayment feature.
Offer: The offer here is to give an exciting reward while introducing a new sub-product to an at-risk user. The reward chosen is travel since it is the complete opposite of staying at home or paying rent. So giving a hook of getting a travel voucher when they make a payment related to their home is an interesting mix that could make the user excited enough to try out this new use case for the cheq app and not get churned.
Frequency & Timing: This campaign could be sent a day or two after the user has unlinked their card from the cheq app. The best time for the same would be in the evening when they are free from work and most probably sitting in their homes.
Success Metric:
When the user makes their first rent payment after the campaign was launched
disappointed
Campaign 4
Target user cohort: At-risk users whose natural frequency is decreasing
Campaign Goal: To increase or bring the user back to their previous natural frequency
Offer - The offer is to update the famous 4:1 cheq chips to cash ratio for a user whose natural frequency is decreasing. Since active users are already aware of this, once they receive this offer after consistently decreasing their natural frequency over weeks/months, they will jump on this offer. It might come across as a one-time hack, but reviving these users in the short term combined with long term work on increasing experience or introducing newer features on the app will keep them loyal to the app.
Frequency & Timing: The best time to shoot a campaign like this would be after the user has displayed lower frequency for 2 consecutive months. This notification can be shot at the end of the second month when the user has paid their latest bill. This will prompt them to pay the rest of the bills through cheq due to the reward and bring their natural frequency back, perhaps even increase it for the month.
Success Metric:
when the user makes equal or more bill payments that they used to before the dip in natural frequency
Campaign 5
Target user cohort: At-risk users who have given a low in-app rating
Campaign Goal: To make users feel heard & not neglected after feeling disappointed with the app experience.
Offer: The offer here is hidden but just the fact that they are being invited to a session to speak with the company makes the user feel heard and appreciated. Once they do attend the session and voice their concerns, it would not matter how big or small the reward or voucher they got. The real reward in this case was getting the company to care when the user was not having a good experience. This should result in positive behavior and increased user trust. And if the user is offered more rewards for their next payment they would be more than happy to continue using the app and also recommend to more users.
Frequency & Timing: The only time such a campaign can be run is 24-48 hours after the user has given a low in-app rating. The best time would be mid-day since it is a call and the user is more likely to pick up calls from unknown numbers during that time (considering it to be a potential work call)
Success Metric:
If the user continues to make payments according to their natural frequency for the current month
If the user consumes the reward given to them at the end of the live session
if the user makes a successful referral
Brand focused courses
Great brands aren't built on clicks. They're built on trust.
Craft narratives that resonate, campaigns that stand out, and brands that last.
