Launched in March 2023, Cheq has over 600K customers (70% andorid; 30% iOS)
They have over 5 lakhs+ downloads on their android app with a 4.2 rating (29k reviews)
They have processed 7 Million + transactions till date with a payout success rate of 99.96%
Gross Transaction Value processed is above $1 Billion - fastest by any indian product till date.
50 Million+ Rewards disbursed in the form of Cheq Chips (that can be easily converted into shopping vouchers)
Core Value Proposition of Cheq
ICP - Ideal Customer Profile
1️⃣ Shreyansh Singh - Value Seeker
30-year-old tech startup employee, living alone in Bangalore with an annual salary above 20 lakhs
He mainly spends his time & money on travel, health & wellness and personal well-being
He is an avid Reddit user and is always up to date with the latest happenings around the world through various reddit threads.
Owns brands like Louis Phillipe, Levi's & Apple
He values his time more than money
Problem Statement
Has been using CRED for a long time and was not satisfied with their rewards system. Wants more and relevant rewards that he can make the most of.
JTBD
(Primary) Financial Goals: Wants to get the most out of the rewards he gets so he can get more discounts on his favorite shopping platforms.
(Secondary) Functional Goals: Wants the convenience of being able to manage all payments from one place without missing a deadline and incurring extra costs.
Personal Goals - Not Applicable
Social Goals - Not Applicable
2️⃣ Aditya - The Optimizer
30-year-old tech startup employee, living alone in Bangalore with an annual salary above 20 lakhs
He mainly spends his time & money on entertainment, going out socially, and fashion & beauty.
He mainly gets all his news from Instagram, and is always excited to try out the latest things in the market
Owns brands like Kia, Apple & Samsung and is fond of the finer things in life
He values his time more than money
Problem Statement
Owns multiple cards with varying due dates and needs a platform that will track all the due dates and allow him to make payments as conveniently as possible, hopefully in one go.
JTBD
(Primary) Functional Goals: Wants the convenience of being able to manage payments of multiple cards with different deadlines in one platform with reminders.
(Secondary) Personal Goals: Wants to compare products in a category that matters and see which of them best satisfies the primary goal.
Financial Goals - Not Applicable
Social Goals - Not Applicable
👨🏻 ICP Summary
A survey of 4 people was carried out to understand the ideal ICPs for Cheq. It's worth mentioning that finding users for this app was extremely difficult even being surrounded by the most tech savvy people. Safe to say the product has a long way to go before it finds a stable footing.
Summarizing the 3 stages of the Cheq Onboarding below:
🕵🏻♂️ Activation Metrics
Hypothesis 1 - Adding Card Details/Linking Card to Cheq
Reason: This is the simplest and most straightforward thing the user can do irrespective of whether they have a bill due or not. Doing this would allow them to make a small investment into the app (card details) and make a mini transaction (for linking) which will help gain their trust & bring them back when they have to make an actual repayment.
Hypothesis 2 - First Credit Card Bill Repayment
Reason: This is the core functionality of the app and if the user comes in and does this activity within the first few hours to 3 days it can be the most accurate activation metric. Making the first bill repayment allows the user to experience the core functionality of the app and once done successfully it will be a major contributor in having the user come back for more payments, linking other cards and credit products, etc. This could also lead to the user giving a review or referring the app to their friends.
Hypothesis 3 - Adding a new Credit Card/Product
Reason: Adding a new credit card or loan is a big indicator that the user has A - not minded that the app has not fetched some of their products automatically and B - wants to use the Cheq app for its core use-case of managing and repaying multiple credit bills from one place. This would also be a big indicator of a high-intent user and once the new products have been added there is a high chance they will make a bill payment immediately or within the next week.
Hypothesis 4 - First voucher/cash withdrawal
Reason: This is a post bill payment activity and even if the user has done one repayment and has either converted cheq chips to cash or redeemed a voucher, it is a big signal that they will come back. Since the user has just experienced one full cycle of Cheq. Once they experience real rewards, they will be hooked on getting real value for their rewards and will be less impressed by lakhs of coins sitting in the wallets of other apps.
Metrics to Track
Time taken from dashboard land to first bill repayment
Time is taken from dashboard land to adding card/loan details of 1 credit product
Average no. of credit products found and displayed per user
Average no. of credit product linked to Cheq
Average bill repayment amount
Type of bill repayments (card or loan)
Retention Rate - D7, D30, D60, D90
Average no. of repayments done per user
No. of vouchers redeemed per user
No. of times cheq chips were converted to cash per user
Cheq chips conversion ratio (cash : vouchers)
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.
