E&R Strategy | Credlix
Understand the Product
- About Credlix:
- Credlix is a fintech that operates in the space of Digital Trade Finance, providing financing solutions to businesses in India & Mexico.
- Products Offered by Credlix:
- Major Products in Exports Business
- Exports Financing Solutions
- Invoice Discounting
- Purchase Order Finance
- Core Value Prop of the Product
- Immediate Working Capital within 48 hours
- Collateral-free Financing Solutions
- Digital Underwriting model based on Buyer’s creditworthiness
- Non-recourse basis
- Protection against Buyer bankruptcy
- Digital Platform to upload invoices & avail financing.
- How do users currently experience the Core Value Prop of the product repeatedly?
- The users repeatedly experience the core value prop whenever they get financed from Credlix of up to 90% of their Invoice Value within the promised 2-3 days.
- Who are the users (ICPs)?
- Enterprises (Annual Turnover > 1500 Cr)
- Mid Market (Annual Turnover 250-1500 Cr)
- MSMEs( Annual Turnover < 250 Cr)
- What is the Natural Frequency of the Product?
- Casual Users: 1-4 disbursements in a month
- Core Users: 4-7 disbursements a month
- Power Users: Greater than 7 disbursements in a month
- What is the best engagement framework for the product? (Depth, frequency, or breadth)
- Depth is the core E&R metric for Credlix. The more the Frequency & the higher the disbursement values, the more the revenue Credlix earns. The goal is to engage the Exporter to utilize the approved Credit Limit at any given time fully.
- Depth = (#Disbursements * Disbursement Value)
Define Active Users
Active Users are the ones who have successfully disbursed at least once in the past month.
Segmentation
1. Power/Core/Casual
| Power | Core | Casual |
|---|---|---|---|
Frequency | Monthly Disbursement: >7 times | Monthly Disbursement: 4-7 times | Monthly Disbursement: 1-4 times |
Credit Utilization % | 100% | 50-100% | Up to 50% |
Disbursement Value | > $200k | $ 50k - $200k | Up to $ 50k |
AUM with Credlix | > $ 2MM | $200k - $ 2MM | < $200K |
Vintage with Credlix | > 1 year | 0-1 year | 0-1 year |
2. ICP Based
| ICP 1 - MSME | ICP 2 - Mid-Market Business | ICP3 - Enterprises |
|---|---|---|---|
Who are they | Owner | CFO | Director - Finance |
Age | 30-40 | 40-50 | 30-40 |
Location | Tier 2/3 | Tier 1/2 | Tier 1 |
Annual Turnover | Up to 150 Cr | 150-1500 Cr | > 1500 Cr |
Rate of Interest (%) | (12-15) % | (10-12) % | (9-10) % |
Current Problem | Looking to scale their export business by relying on affordable short-term financing. | Looking to: 1. Increase Revenue by short-term financing 2. Get immediate Working Capital against a long credit period with Global buyers. | Looking to have better Cash Flow & Risk Management |
Challenges | 1. No working capital to expand globally 2. Bank Financing requires Collateral | 1. Banks Limit are exhausted 2. Immediate Working capital is required for Scaling up. | 1. Bank Limits are exhausted 2. Working capital required for better risk management |
LTV | Medium | High | High |
JTBD with Credlix | - Scale by getting financed quickly - Increase the Business Revenue | - New Credit Line for financing - Get Financed within 2 days | - New Credit Line for financing - Get Financed quickly & have better cash flow by financing |
3. Advance Segmentation
| New Customers | Champions | Loyalist | Hibernating | In Danger |
|---|---|---|---|---|---|
Defn. | Users who have been onboarded with Credlix in the last 30 days | Users who have been regularly disbursing 40-70% of the approved credit limits | Users who have been regularly disbursing 70% to 100% of the approved credit limits | Users who were Champions or Loyalists in the past but now have limited their usages. | Users who were either Champions or Loyalists in the past but now have limited their usages to only up to 20% of the assigned limits. |
Revenue contribution | Low | High | High | Medium | Low |
Engagement Campaigns
Customer Segments | Goal | Pitch | Offer | Frequency | Success Metric |
|---|---|---|---|---|---|
Casual | Casual to Core | Unsure how to make the best out of Credlix?Dive into our quick tutorials and be on top of your financing game! 💰💰 | Free tutorial videos on how much it could benefit you by consuming 100% of your Credit limit. | Email/WhatsApp Notifications are to be triggered on the last Tuesday of a month at 9 AM if the User has been a casual one for the past 3 months. | -Watched the tutorial (fully/partially) -Increase in #Invoices - Increase in AUM |
Casual | Casual to Core | Navigate Credlix like a pro! 🚀Book your FREE training session with our financing expert and master your trade game. 📦 | Free 30-minute training session with an expert where he/she will explain the lost opportunity bc of the high unutilized limits. | -Email - 1 campaign a week -Whatsapp - 1 campaign a week -In-app Web Notification: Popup after successful invoice upload. | -Booked the Slot (fully/partially) -Increase in #Invoices - Increase in AUM |
Core to Power | Crush your competition by optimizing your disbursal dates 💸 Dive into our quick tutorials to check how. | Free 30-minute training session with an expert where he/she will explain when to plan the Invoice Disbursals | -Email - 1 campaign a month -Whatsapp - 1 campaign a month | - Change in the Invoice Creation Dates - Increase in the Disbursed Amount - Increase in Invoices | |
Upsell | Increase your Revenue by Opting for PO Finance 💸 💸 Click on the link to check the benefits. | Details about Purchase Order Finance & the benefits it offers. | -Email - 1 campaign a month -Whatsapp - 1 campaign a month | -Opted in & reached out to KAM for availing PO Finance -Starts PO Based Finance - Increase in AUM | |
Power | Upsell | Increase your Revenue by Opting for PO Finance 💸 💸 Click on the link to check the benefits. | Details about Purchase Order Finance & the benefits it offers. | -Email - 1 campaign a month -Whatsapp - 1 campaign a month | -Opted in & reached out to KAM for availing PO Finance -Starts PO Based Finance - Increase in AUM |
Understand Retention
Bird’s Eye View
Casual: Retention curve flattens out after 6-7 months
Core: Retention curve flattens out after 6 months
Power: Retention curve flattens out after 1 month
Microscopic View
| MSME | Mid-Market Business | Enterprises |
|---|---|---|---|
Retention | Low | Mid - High | High |
Price Sensitive | Yes | Yes | Yes |
ICP Needs | Looking to scale their export business by relying on affordable short-term financing. | Looking to:1. Increase Revenue by short-term financing2. Get immediate Working Capital against a long credit period with Global buyers. | Looking to have better Cash Flow & Risk Management |
Channels for Retention | Email + Whatsapp + Retargeting Ads | Email + Whatsapp + F2F/Virtual meetings | F2F/Virtual meetings |
Features for Retention | -Lower the Rate of Interest -Increase the Limit - Get Limit for Other Buyers | -Lower the Rate of Interest -Incentivise for Vintage (Increase the limit) - Get a Limit for Other Buyers | - Improve the Support - Improve the Disbursement TAT |
👥 Defining Churn
Churn is a user who has not uploaded any new invoices in the past month for financing. (No activity in the last 30 days)
Top reasons why users churn:
Voluntary Reasons | Involuntary Reasons |
|---|---|
False Commitments - In many cases, sales had committed for the financing of up to 90% of the invoice value, but after underwriting the Discount % was reduced to 70-80% for up to 3 realisations. | Financing is provided by Competitors even for Uninsured Buyers. The Supplier churns & joins the competitor to get engaged with only one factor company. |
Delay in Processing of Balance Payments (10-20% Supplier’s held balance) | No Credit Limit Available for all other buyers |
Buyer Addendums take lots of time, making the experience very poor | Credit Limit not getting increased. No Incentives for Vintage. |
Poor KAM Support | |
Better Pricing from Competitors |
Negative Actions:
- Reduced number of monthly disbursements (# or volume)
- Reduced no of Invoice Uploads
- Increase in the Unutilized Credit Limit (%).
- Increase in Support Tickets
- Low NPS Score
- Low CSAT Score
🎯 Resurrection Campaigns
Resurrection campaign for negative actions:
Action | Pitch | Offer | Channel | Frequency | Success Metrics |
|---|---|---|---|---|---|
Reduced #Monthly Disbursements | 🚀 Upload Invoices on Credlix & get discounts. Click here to boost your savings today! 🤑 | Bank Charges to be Waived Off for the next 3 transactions | Email + WhatsApp + Notifications | Triggered at 9 AM on the first Monday of a month if negative action has been observed in the past month | - Open Rate - CTR - #Monthly Disbursements |
Discontinued PO Finance | Don’t limit your business growth. Start getting back the Purchase Order Financing of up to 40%. 🎁 To upload the PO, Click Here! | Increase in the PO Finance % from 30 to 40% of the PO Value. | Email + WhatsApp + Notifications | 1 campaign a month to non-PO users. | - Open Rate - CTR - PO Uploads on the portal |
Resurrection campaign for churned users:
Segment | Reason for Churn | Pitch | Offer | Channel | Frequency |
|---|---|---|---|---|---|
Casual | Better pricing from competitors | Welcome Back Special! 🌟 We've noticed you've been exploring alternatives, but we've dropped our interest rates just for you! 🔥 Claim Now 🎁 | - Reduction in Interest Rates - Waive off the Bank Charges | F2F Meeting + Email + WhatsApp + Retargeting | Triggered after 30 days of inactivity |
Core | Bad customer support from KAM | A sincere apology for any past inconvenience you may have experienced. Customer satisfaction is our top priority, and we're committed to making things right! Click here for a special surprise! 🎁 | - A promise of improved customer experience - Cashbacks for the next 5 orders as a token of apology | F2F Meeting + Email + WhatsApp | Triggered after 30 days of inactivity |
Core | High TATs in Buyer Addendums | Welcome Back 🌟 We've digitized our Buyer addendum process just for you! Rediscover a better experience with Credlix! Claim your offer now. 🚀 | - Glimpse of the Digitized Addendum Journey - Cashback | F2F Meeting + Email + WhatsApp | Whenever this happens |
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