Balanced GTM project | INDmoney

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Balanced GTM project | INDmoney

Pre-GTM

Step 1: The problem & the context

Context - INDmoney is an all-in-one finance management tool offering users a wide range of financial services. It has a robust KYC process (17 steps) as a part of the onboarding journey for first-time users.

Problem statement - After completing the detailed KYC, only 30% of the first-time users get activated (complete at least one transaction in INDstocks).

It's the 4th of Oct, and as a Growth Manager, my OKR is to increase activated users' no.s by 500K this year. Out of which I've mapped that we need 36K activated users in Nov month. I forecast we'll reach 30K activated users with the current campaigns. There is a shortfall of 6K users.

Step 2: The goal

Goal - To get an additional 6K activated users in 30 days without additional acquisition spending.

Step 3: All the input levers to that goal

To get an additional 6K activated, there are two input levers -

# of users completing the KYC - since there is a budget constraint on acquisition, this no. is fixed.
% of users completing the first transaction within 30 days of KYC - I have to optimize the existing workflow enabling the users (who have completed KYC) to do their first transaction.

To increase the % of first-time transacting users, I identified the following levers -

In-app discovery - how to choose your first stock (based on user preference).
Education - off-product personalisation (WA and push notifications) - targeted messaging to enable first-time users to complete their transactions.

Step 4: The users

Here's the ICP we'll target -

Existing customers who have completed the KYC in the last 30 days
Users who open the app at least once a week
Users who have not made their first transaction yet

Step 5: User segmentation

The activation is classified into two categories -

M0 activation (complete their first transaction within 30 days of KYC completion) - 90% of the user base.
>=M1 activation - 10% of the users

Here, we are only concerned with M0 activation + first-time users who -

- open their demat account with INDmoney
- will invest in stocks for the first time in their lives

We are excluding users with existing demat accounts who transfer their external portfolio to the app.

Insight - Users seek recommendations to put their money in the first stock that aligns with their financial objectives, risk tolerance, and sector preferences.

	User Type
Usage Characteristics	first time user who completed the KYC but didn't transact yet
Recency of use case	one-time (activation)
Natural Frequency	monthly (investment in stocks)
Monetary/AOV/Revenue Generated	0.05% brokerage per transaction
Pain Points	user could not decide on the first stock to invest in
Valued Features	personalised stock recommendations aligning with the user preference
Core Value Proposition	Investment in stocks
(CVP) being utilised	First stock purchase to build the portfolio

Step 6: Channel and distribution documents

The current user journey flow inside the app is as follows -

KYC completion -----> Add money to the wallet ------> Invest in INDstocks ------> Explore Top gainers of today

Since we didn't capture the user preferences anywhere, the app suggests 'Top gainers of today' to all the users irrespective of their risk appetite, sector preference and financial objectives. This leads to the user drop-off while choosing their first stock.

Goal	To get 6K activated users in 30 days by fixing the stock recommendations
OKR alignment	To activate 500K users by the end of this year. Personalised stock recommendations to first-time users will contribute to 15%
ICPs	Existing customers who have completed the KYC in the last 30 days, are weekly active and haven't purchased any stock yet
Key messaging	Get personalised recommendations to invest in your first stock
User stories	As a first-time registered user, I want to be able to choose the stock of my preference so that I am satisfied with my investment.
Mockups	Add a modal to ask for user preferences - risk tolerance (high/med/low), financial objectives (long-term/short-term) and preferred sectors (technology, healthcare, finance, consumer goods) immediately after KYC completion.
Ramp-up milestones	Beta launch, full launch
Timelines	Beta launch in 12 days with the first set of 500 users, another 3 days to monitor the form completion rate, tweak the copy/design (if required), and then full launch.
Trust elements	Text - INDmoney provides personalised stock suggestions based on your risk tolerance, financial objectives, and preferences to ensure alignment with your investment strategy. Customer ratings - 4.8/5 (n customers trusted INDmoney with their first stock investment)
Channels	In-app, WA and push notifications

Step 7: Project planning

Launch date - 1st Nov

Duration - 30 days

Milestone	Owner	Description	Date
Design mockup	Head of Design	A modal to ask for user preferences just after the KYC completion. It includes - 1) risk tolerance (high/med/low) 2) financial objectives (long-term/mid-term/short-term) 3) preferred sectors (technology, healthcare, finance, consumer goods)	15th Oct
Update copy of WA and Push notifs (targeted messaging)	Product marketing manager	The copies should be customised to suggest the relevant stocks to the users. The segmentation is based on the following - 1) Risk Tolerance 2) Financial objectives 3) Preferred sectors	18th Oct
Update the user journey in WA and Push notifs	Product marketing manager	Customise the workflow (WA and push notifications) in Clevertap based on user preferences.	20th Oct
Map the stock recommendations w.r.t form responses (segmentation)	Head of Business	Mapping the stocks w.r.t. sectors and risk tolerance - to be suggested to the user. Stocks are to be categorised based on the user response.	21st Oct
Deployment for beta launch	Tech Lead	Modal deployment in the app after KYC completion workflow	22nd Oct
Beta Launch (with the modal only)	Product Lead (user onboarding)	Beta launch on the first set of 500 users to monitor the form fill rate (targeting >70%)	23-25th Oct
Deployment for full launch (sandbox environment)	Tech Lead	Personalised stock recommendations based on the form response	28th Oct
Testing	Tech lead	Complete testing with UAT	31st Oct
Full Launch (with personalised recommendations on the Invest Now page)	Product Lead (user onboarding)	Full launch where we'll suggest the stocks on the 'Invest Now' screen	1st Nov

Step 8: Cross-functional alignment

When and who to communicate with

When	Who
4th Oct - I saw a gap in the user activation no.s for Nov month	To my manager cc - my team
7th Oct - I identified the lack of personalisation as one of the reasons for inactivation after my analysis. We can solve this by asking about user preferences in advance and by targeted communication off-product.	To my manager cc - my team, Product Lead (user onboarding), Tech lead, Head of Design & Product marketing manager
9th Oct - I identified two input levers - 1) In-app discovery - how to choose your first stock (based on user preferences) 2) Education - off-product personalisation (WA and push notifications)	To cross-team peers cc - cross-team managers and my manager
11th Oct - After discussing the possible solutions and negotiations with all the stakeholders involved, we come to the following consensus (with timelines) - 1) Adding a modal to ask about user preference just after KYC completion. Suggest the first set of stocks based on the user response (replacing 'Top gainers' with 'Stock recommended by INDmoney' on the Invest Now page in the app. 2) Copy of WA and push notifications (should be personalised according to user preference)	To my team and cross-team peers cc - my manager

When

Who

4th Oct - I saw a gap in the user activation no.s for Nov month

To my manager

cc - my team

7th Oct - I identified the lack of personalisation as one of the reasons for inactivation after my analysis. We can solve this by asking about user preferences in advance and by targeted communication off-product.

To my manager

cc - my team, Product Lead (user onboarding), Tech lead, Head of Design & Product marketing manager

9th Oct - I identified two input levers -

1) In-app discovery - how to choose your first stock (based on user preferences)

2) Education - off-product personalisation (WA and push notifications)

To cross-team peers

cc - cross-team managers and my manager

11th Oct - After discussing the possible solutions and negotiations with all the stakeholders involved, we come to the following consensus (with timelines) -

1) Adding a modal to ask about user preference just after KYC completion. Suggest the first set of stocks based on the user response (replacing 'Top gainers' with 'Stock recommended by INDmoney' on the Invest Now page in the app.

2) Copy of WA and push notifications (should be personalised according to user preference)

To my team and cross-team peers

cc - my manager

During-GTM

Step 1: Set milestones

Metric

Current

Expected

Activation %

(out of KYC completed users)

30%

36%

S.No.	Milestone	Frequency
1.	At least 7K first-time users (70% of those who completed their KYC in the last 3 days) should fill in their preference (beta launch)	one time (25th Oct)
2.	At least 11.5K first-time users (50% of those who completed their KYC in the last 7 days) should fill in their preference	Twice a week (for 4 weeks)
3.	At least 4.6K first-time users who filled their preference in the last 7 days (40% of those who filled their preference) should complete their first transaction	Once a week (for 4 weeks)

S.No.

Milestone

Frequency

At least 7K first-time users (70% of those who completed their KYC in the last 3 days) should fill in their preference (beta launch)

one time

(25th Oct)

At least 11.5K first-time users (50% of those who completed their KYC in the last 7 days) should fill in their preference

Twice a week (for 4 weeks)

At least 4.6K first-time users who filled their preference in the last 7 days (40% of those who filled their preference) should complete their first transaction

Once a week

(for 4 weeks)

Step 2: Analyse & Communicate (to the stakeholders)

Hi team,

We've recently launched a new feature in the app which should improve our activation no.s. We are capturing user preference (risk tolerance, financial objective and sector preference) just after the KYC completion to provide personalised stock recommendations in and out of the app.

Current Metrics	Monthly	Daily
First-time users filling KYC form	100,000	3,333
Activated Users (30%)	30000	1000

Revised Metrics
First-time users filling KYC form	100,000	3,300
First-time users filling in their preference (70%)	70000	2310
Activated Users (50% of those who filled KYC)	36000	1200

Surplus activated users	6000	200