Acquisition project | Fibe.India (Formerly EarlySalary)

Pretext:

1. Journey on multiple platforms seems identical & allows for similar experience.
2. Experience on the other hand, as an overall entity, is definitely a mixed bag. There are some harsh reviews as well around, multiple platforms (Google, youtube, mouthshut, etc). Whereas, there are a lot of overwhelmingly happy reviews as well! (Quora especially showed that people find us a one of the best in the industry.)
3. Consumers of financial tools are not quite up to date with industry practises which also leads to confusion >> Bad reviews

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Growing Acquisition @ Fibe

To get started, we can chart out two ICPs to get a grasp of what customers are we to cater to & how are we to acquire them for our current offering.

ICPs:

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// Unsecured personal loans jumped 4-fold to Rs 13.3 lakh cr from FY17 to FY23 - ET Money //

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Keeping that growth in mind, the total addressable market in FY25 would be ₹20 Lakh Crores - From there, let's assume 5% market share as Serviceable Addressable Market (SAM) & 10% of the SAM as Serviceable Obtainable Market. Mentioning the same below in the form of a table:

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While going through our top competitors, MoneyView, Cashe, & KreditBee, the keywords that popped up often were:

Easy Loans, Quick Loans, Personal Loan, Amounts/values, Instant Loans, Loans, Free Credit Score, Online Loan, Credit Line, Fast Loans

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This gives us an idea of what our customers are getting attracted to. To summarise, they key pitch is around:

1. Speed
2. Value delivered
3. Ease of transaction

Sub text can also be designed to ensure our communication is aligned to the ICPs drawn:

1. Cheaper than market - Lesser burden
2. Building trust by honest communication - Fear of being tricked
3. Flexibility - Amount, Payments, Foreclosure, etc

To further understand the customer better, let's define the jobs that the customer needs to do with us and the goals he/she is trying to achieve through it. When it is about Fibe, consumers focus on two major jobs, as mentioned below:

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This leads to us defining the core value proposition of the organisation: Providing Instant Loans @ Affordable rates​

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Keeping in mind that Fibe is @ a mature scaling stage as an organisation, let's chart out the channel priority matrix:

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With that, we can conclude that the two winners are Performance & Referral as a channel -

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Performance Marketing: Google Ad - Since customers who are in distress generally search about solutions

First Campaign

1. ICP Chosen: 1st Profile (Harsh)
2. Customer looking for a personal loan to solve their current trouble of money crunch
3. Marketing Pitch: Quick & Easy Loans - No Hidden/Extra Charges

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Second Campaign

1. ICP Chosen: 2nd Profile (Ajay)
2. Customer looking for EMI options for their upskilling fee (Eg: Upgrad course)
3. Marketing Pitch: Upskill @ Zero Cost EMI - No Hidden/Extra Charges

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Referral Program:

1. Brag Worthy: Quick Access to money as and when needed - Allows customer to feel more secured in terms of financial needs - an extra line of credit
2. Platform Currency: Money & Access
3. 1. Money: It can be further divided into Fibe Coins (That allow users to get discounts on our offerings, Money vouchers of other brands, etc) & actual Money in a form of cashback
   2. Access: Fibe has Vikrant Massey, Indian actor, as its brand ambassador. He has a following of 2.5Mil on Instagram. Access to VMs signed items as collectibles can be a higher level goal for each customer who is actively referring more than others
4. Based on analysis: Younger users (aged between 25-30), who use credit lines more than usual customers (Called Thick CC) are more inclined towards referring others than older customers. There are no geographic implications. As per happy flow, they are more willing to refer right after their disbursal has been a success - Money has been credited to their account
   That is when the core value prop has been felt by the customer - Product has successfully delivered what it promised - Money into customer's account
5. Discovery of the program needs to be done through various touch points. The first major touch point to be when the customer successfully disburses the amount & provides us with a NPS score. Post this there can be other touch points created as well through other products, home dashboard & Nurturing activities through various communication channels like: SMS, Whatsapp, Emails, etc
   
   Mentioning a table below to map out how we will reach out to customers and get them to refer

Screenshot of high level wireframes to get a grasp of the program:

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5. To share the referral link, the customer would have to find the contact and send a customised referral message for the referee. This would be a 1-1 Whatsapp message with an image that shows a voucher of ₹300 - Message to say:
   "Hey Aditya, here's ₹300 off with Fibe from me whenever you use their credit line next! Just use my link & code to register yourself on the Fibe App. Code: UMANGY Link: www.fibe.in/app"
6. To track their referrals, the referrer would have to click on claim bonus and see where their friend has reached in the referral journey - referrer could remind the referee if they haven't taken desired action to get the referral bonus for referrer
   What are the bonuses and checkpoints:
   1. Sign up: Referrer gets FibeCoins
   2. Approval of limit: Referrer get's Money which needs to be claimed by taking action - Either cash or select brands vouchers of more value than cash benefit
   3. Disbursal: Referee get's ₹300 off from processing fee
7. To ensure that the referrer continues to refer - we use the following:
8. 1. Calculate your earnings with Fibe: Get to know potential and see what you have earned
   2. Claim bonus success: Nudge the customer to get higher value by referring more on success of claiming existing bonus
   3. Favourites: Showcasing favourite contacts of the customer and nudging them to invite them on app (Making it easy to invite select friends)
   4. Milestones: Having a larger milestone that if chased, referrer gets a larger reward

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