Engagement & Retention project | IndMoney

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Engagement & Retention project | IndMoney

Index

Problem Statement
Understanding IndMoney
User Segmentation
EnR Campaigns
Retention and Resurrection

1. Problem Statement

Understand Indmoney, it's users and their behaviours on the app to come up with strategies to increase engagement & retention of different segments of users. Also devise plan for resurrecting churned users.

2. Understanding IndMoney

INDmoney - Your Family's Super Money App

INDmoney is a mobile app that enables consumers to invest, save & plan for their financial future. The application is popularly known for allowing investing in US Stocks & its digital banking feature, the Super Saver account.

🔈Elevator Pitch -

INDmoney brings you the solution to all your financial woes. With a user-friendly app that combines savings, investments, insurance planning, and tracking your wealth, it's designed for everyone, regardless of your financial background or goals.
Whether you're looking to grow your wealth through investments, plan for your children's education, or secure your future with the right insurance, INDmoney has you covered. It offers personalized investment recommendations, tracks your expenses, and helps you save smarter.
INDmoney also boasts a community of over 10Mn+ active users. The community offers access to financial experts, investment tips, challenges, and market insights.

🎯Core Value Prop of the Indmoney app -

Core value proposition is the consolidated family office/net worth aggregation of all assets/liabilities of an individual – delivered via a seamless product.

One-Stop-Shop: 360-degree birds-eye view of all the financials
Budgeting and Expense Tracking: Helps users track their spending, set budgets, and save more.
Access to a multitude of investment instruments such as Mutual Funds, US and Indian stocks, ETF & Fixed Deposits on $0 commission
Credit Score Monitoring: Monitors users' credit scores and provides tips for improvement
Mini Save: Enabling spare changes to be saved so that the user can invest it further
Investment Planning: A feed of all the investment and financial-related news and analysis
Insurance & loan Management: Helps users compare and buy insurance policies and loans that meet their needsSub-products.

📱Product Offerings -

Screenshot 2023-11-03 at 3.20.44 PM.png

How do users experience the core value prop of the product?

Improved Financial Awareness: By using the app regularly, customers can gain a better understanding of their financial situation and make informed decisions about their finances.
New Feed Items: The app provides a convenient and accessible way for customers to manage their finances daily.
Personalised Dashboard to access investment tools: Customers can easily track their spending and monitor their budgets, which can help them stay on top of their finances.
Personalised Net worth page: To showcase and provide deep analysis of individual financial life.
Checking balance & profits for Mini Save: Enabling spare changes to invest in US stocks.
Marketing tactics: Personalised Weekly portfolio analysis and reports sent via WhatsApp message and emails with best performing and poor performing stock analysis.
INDPrime: Users with large fund size and interest are likely to subscribe to INDPrime to get personal investment advisor and fund manager and convert to Power users. This feature is currently paused.
IndLearn : Users who wish to make themselves more educated on topic of personal finance tend to complete short (~5mins) courses on various courses like “what are mutual funds”, “what are ETFs”, etc.

Different sub-products like Mini Save, Invest in FD, US Stocks, Mutual funds are bound to be user specific and hence, they would see different natural frequency.

Most users would check in on the value of their holdings at-least once a month. Power users are likely to do this 5-7 times a week. Let’s segment them for better understand -

Casual Users: 6-10 times a month

Core Users: 11 -16 times a month

Power Users: Daily / 5 times a week

3. User Segmentation

Active User -

Any users that perform 2 or more of the following actions is an active user:

Made at least 1 investment in stocks (either in MF, Indian, US ) or uses any other saving feature
Checks net-worth/dashboard at least 2 times a month
Links more than 1 investment/credit card made outside app to Indmoney

Natural frequency of the user -

Once a month

User Segmentation -

ICP (Ideal Customer Profile)

	ICP 1 - Early Adopter with FOMO	ICP 2 - Diversified Investor	ICP 3 - Conservative Investor
Name	Rohini 💃🏻	Gayatri 🧘🏻‍♀️	Ashok 🕺
Age	25	55	33
Marital status	Unmarried	Married	Married
Financial knowledge	Less	High	Medium
Interests	Dancing, Sports, Stand-up	Yoga, Reading, Movies	Cycling, Movies, Cooking
Lives with	Friends	Husband & 3 kids	Wife & 1 kid
Occupation	UI Designer	CFO
Goals	Wants to get rich and make it big in life. Does not want to fall behind or lose out on opportunities.	Revolve around the family and primary objectives are closely associated with them.	Wants to secure higher returns on his money and is continuously looking for investment avenues that strike the right balance between risk and returns
Hurdles	Lack discipline to make consistent investments and find it hard to select the correct investment.	Lack of diversification. Wants to understand the risk well before investing since they have multiple liabilities & responsibilities.	Has invested in a lot of financial instruments and struggles to keep a tab on them
Use-case for IndMoney	Wants to build a strong portfolio and learn about portfolio management. Wants to venture into high risk-reward category.	Wants to diversify further and continue to invest in medium risk-reward category.	Wants to track his investments and their performance in a single place so that he can strategically plan ahead.
Category	Casual user	Power user	Core User
Risk appetite	Low	High	Medium
ESOP	No	Yes	No
Decision maker	Self	Self + family	Self
Tech expertise	Tech Savvy	Tech Savvy	Tech Savvy
Investment preference	Stock, MF	Gold, Stock, MF, Crypto	Real estate, Gold, MF, FD, Govt Bonds

Basis the above ICPs and user interviews conducted, we can categrize IndMoney users as -

Casual, Core & Power users based on frequency & depth of use

	Casual Users	Core Users	Power Users
Frequency of activity	Active occasionally. Not yet linked their financial details to the app.	Active Monthly to check updates on financial status. They might not have linked their financial details to the app.	Routinely check updates to net-worth. Also likely to trigger other actions on app such as investments due to frequent use case.
Size of transactions	Low-mid level transactions	Mid-high level of transactions	High level of transactions
Invites/ referrals	0-2	1-3	3+
Integrations in account	<2	2-4	2+
Features used
(US stock/SIP/Mini Save/FD/Auto tracking investments /IndLearn)	1-2	2-5	2+
Tracking pattern (Trading/Savings/Net worth)	Once in 1-3 months	Monthly	Weekly

4. EnR Campaigns

Current Engagement & Retention

INDmoney currently grants every new user who has signed up with certain amount of US stocks. It then notifies the user to redeem and withdraw the rewards/interest earned on those stocks.

Rewards of INDMoney are designed so that they fall under the AARRR Funnel:

○ A — Acquisition Action: Creating US Stocks Trading account Reward: Netflix Stock

○ A — Activation Action: Purchase 1st US Stock Reward: Wallmart's Stocks

○ R — Retention Action: Purchase your 5th and 10th Stock Reward: Apple and Paypal Stock

○ R — Referral Action: Invite a Friend Reward: Wallmart Stock

○ R — Revenue Action: Become a Prime Member (currently paused) Reward: Netflix Stock

Understanding Engagement Frameworks -

Frequency - # times user interacts with the product

Depth - freq * time spent on each session

Breath - # features/offering that the user interacts

Engagement Framework	Key Tracking Metric	Selected	Rationale
Frequency	Number of times the user opens the app	Primary	This will tell us how often do users check the app for updated net-worth and status of investments. The more the users interact, the more will be the probability of them increasing their fund size and subscribing to premium features. This isn’t selected as the only factor since the user might just be logging in to check credit score or any early investment but not interacting actively.
Depth	Number of investment profiles created on the app & amount of money invested through IND money	Secondary	This will tell us the number of users making investments through the app and the size of the investments made by the user. This will clearly hint towards the engagement of the user since the user will most likely only spend time and money if they feel the app is adding value to them.
Breadth	Number of different features used	N/A	Users may find value in different features. Eg - Some users may only want to save money and engage with Mini save on a regular basis or engage with products like IndLearn - to educate themselves in various financial topics

EnR Campaigns -

1. IndQuiz

Notifications & Rewards for the Quiz feature to improve engagement of the user

Campaign Metrics	Campaign Details
Goal of the Campaign	Get casual/core users hooked to the Quiz feature and move them to power users who have a very chance of investing with the app.
Target Users	Core users --> Power users
Pitch / Content	"Win exciting rewards by answering these simple questions on Personal Finance"
Offer	User can win coupons of affiliate brand and stock rewards by playing and winning quizzes
Frequency / Timing	Thrice a week - Tuesday, Thursday (10 PM) and Sunday(at 2PM)
Channel	In app banners, Push Notification and Whatsapp messages
Success Metrics	# users playing quizzes daily/weekly or monthly # users claiming rewards won from the quizzes # users searching for quiz in the home page search bar

2. IndMoney Exclusive member only Webinars

Host Exclusive webinars once a week for members to help them on their investment journey

Campaign Metrics	Campaign Details
Goal of the Campaign	Get more users educated and engaged with the app by offering exclusive live webinars on learning to manage your own finance
Target Users	Casual users --> Core users
Pitch / Content	"Learn & Grow with INDmoney. Attend the workshop on calculating your taxes and filing ITR in our exclusive member only 2 hour webinar"
Offer	User can attend these sessions completely free of cost and gain valuable knowledge that they can boast to their friends or office colleagues ( indirectly working as Word of mouth publicity for IndMoeny )
Frequency / Timing	Every Saturday at 11AM
Channel	In app banners, Email and Push Notification and Whatsapp messages
Success Metrics	CSAT scores after the webinar # users attending these webinars # users who after completion have increased their key action frequency

3. Mini Save

Get users to use the IndMoney Mini Save Feature to solve the cold start problem

Campaign Metrics	Campaign Details
Goal of the Campaign	Introduce the user to Mini Save, make them aware about this feature, so that users eventually end up using the app for other use cases as well
Target Users	Core users --> Power users
Pitch / Content	"Here’s your personal piggy bank, let’s build good habits! Lucky savers will have a chance to win a rewards worth ₹1,00,000!”"
Offer	Get’s to know how else they can use the app, helps in increasing the frequency of transactions and time spent on the app. Helps build wealth and savings for the customer.
Frequency / Timing	On special occasions, can be recurring if the user grants permission. In this case “Remind me to invent in February” after they complete the task.
Channel	In app banners, Push Notifications
Success Metrics	Increase the investment made in the Mini Save increase in the frequency of interaction with the mini save feature and time spent on the app Increased breadth (number of features interacted with) by x times compared to last month.

4. IndMoney Newsletter

Run a dedicate weekly newsletter for IndMoney users to educate them about their investments

Campaign Metrics	Campaign Details
Goal of the Campaign	Get people to subscribe to IndModeny newsletter where we deliver interesting business news from around the world providing them with valuable financial insights, updates and exclusive offers. We can subtly inject product hooks for people to experience the various product offerings on the IndMoney app.
Target Users	Casual users --> Core users
Pitch / Content	- "Unlock Exclusive Insights": Offer subscribers access to exclusive financial tips, market insights, and investment opportunities delivered straight to their inbox. - "Be the First to Know": Promise early access to app updates, new features, and special promotions for newsletter subscribers.
Offer	Get’s to know how else they can use the app, helps in increasing the frequency of transactions and time spent on the app. Helps build wealth and savings for the customer.
Frequency / Timing	Launch an initial sign-up campaign with a limited-time offer or incentive to create urgency. - Follow up with regular reminders and promotions to encourage ongoing sign-ups, perhaps once every month.
Channel	Email and WhatsApp messages
Success Metrics	- Increase in the number of newsletter subscribers over the campaign period. - Growth in the open and click-through rates of newsletter emails. - Higher engagement and retention rates among newsletter subscribers compared to non-subscribers.

5. IndMoney Family View

Let users add their family members to a single account on IndMoney for a holistic picture of their family 's financial well being

Campaign Metrics	Campaign Details
Goal of the Campaign	Get user to add their family members to the IndMoney app for a more holistic and comprehensive view of their family's finances ultimately fostering stronger engagement and retention on the IndMoney app.
Target Users	Core users --> Power users
Pitch / Content	"Empower Your Family's Financial Future with IndMoney! Connect, Collaborate, and Plan Together – Add Your Family Members Now!”
Offer	Exclusive access to advanced financial planning tools and features designed for family use, such as shared budgeting, goal tracking, and investment portfolios. Special rewards or incentives for users who successfully add their family members to the app, such as bonus points, discounts, or premium content.
Frequency / Timing	Launch an initial awareness campaign highlighting the benefits of family-based financial planning, followed by targeted reminders and promotions to encourage action. Consider timing the campaign around significant family-oriented events or seasons, such as holidays or the start of a new year.
Channel	In-app notifications and banners promoting the advantages of adding family members to the app for enhanced financial planning. Email campaigns targeting users with personalized messages about the importance of family financial wellness and the ease of adding family members to the app. Social media posts showcasing success stories and testimonials from users who have benefited from family-based financial planning with IndMoney.
Success Metrics	- Increase in the number of users adding family members to the app and actively engaging in family financial planning activities. - Growth in user satisfaction scores and positive feedback regarding the app's family-oriented features. - Improved retention rates among users who have added family members to their accounts compared to those who have not.

5. Retention and Resurrection

Let’s understand Retention : Bird's-eye view

Current retention rate in term of revenue: Can vary depending on the investment option and the user goals. Here’s how retention rates can vary -

For Stock Broking in particular it is ~60-70%

For F&O users it is ~40% while

For Mutual Fund Products it can go as high as 88%.

To determine the current retention rate in terms of users, we will examine:

Cohorts of DAU/MAU based on 3m, 6m, 9m
The time period in which the retention curve flattens (The average time taken by the curve to flatten is around 90 days)
Microscopic View

ICPs which drive the best retention:

The best retention is fostered by the "money growers" who have good knowledge of the financial markets and have developed confidence in investing money.

The reason for the retention:

This is due to the fact that they invested their money with a strong intent to multiply it. They exploit most features of the platform to plan and monitor their net-worth and ROI.

Sub-features or sub-products that drive the best retention

○ Customers who use the US Stock Investment feature

○ Customers who invest regularly using Mini Save feature

○ Customers who upload other investment data or link cards on Indmoney (by linking to email)

○ Customers using the SIP investment feature

○ Customers using the IPO investment feature

○ Customers using the Free Demat & Mutual Fund feature

○ Customers who are using the family linking product feature

These cohorts are likely to be high retention customers for Indmoney

In order to define Retention, let’s understand Churn

Voluntary	Involuntary
Complex & daunting investment flow	Liquidity crunch
Not having enough time or knowledge	Recession, instability in market
Loss of motivation	Bear market
Lack of social proof and support	Death or disease
Unclear or high withdrawal charges	No PAN card/ bank account
Better user experience from competitors

Negative actions that INDmoney should keep an eye on

○ Deletion of profile

○ Funds withdrawal

○ SIP cancellation

○ Unlinking the bank account

○ Transferring holdings to another brokerage firm

○ Unlinking e-mail tracking

○ Drop in frequency of interaction

○ Increased support tickets

Resurrection Campaigns -

1. Improve user’s financial knowledge and confidence

Segment: For users lacking motivation, knowledge, confidence & resources.

Pitch:

○ Don’t understand the market? Don’t worry! We’ll teach you how with 0 money involved

○ All you need to grow is a little confidence. We’ll help you get there and no! you don’t need to be Sharma Ji ka beta for this

○ Today’s special on “What the education system should have taught us”. Understand how you can grow by investing INDmoney coins. Yup, that’s right 0 money involved!

○ Investments - #1 on the list of things that seem like rocket science but really aren’t. Join INDmoney on its venture of making India financially confident today!

○ Find out why Rachana Ranade {or any of their other fin-influencers} is investing in these bonds!

Offer:
The offers need be educational and rewarding. Let’s focus on building trust and confidence in the user and motivate them to share the experience with their social circle.

○ Start your learning of the market using free INDmoney coins, you can begin real investment as soon as you feel confident

○ Attend our workshops on market’s hottest topics and compete in fun quizzes with your friends to avails rewards

○ Share your INDmoney coins with your social circle to avail discount vouchers every time your friends make profit on the received coins

Frequency & timing:

Frequency - daily (if the user grants permission) Timing - during market hours

Success metrics:

○ Opening rate of notification/email hyperlink

○ Time spend on the simulator

○ Increasing volume of stock transactions

○ Start of investment in stocks/SIP/MF/Mini Save etc.

○ Setting autopay on INDmoney coin for the simulator

○ Growth of INDmoney coins in wallet

○ Frequency of sharing INDmoney coins with friends

○ Engagement on learning resources/INDmoney coins

2. Retain users who withdraw the only investment they have made

Segment: For users who tried but got cold feet

Goal: Remind the user of the money lost if they withdraw and give better options if the current one does not fit them.

Pitch:

○ Pop-up - “Hey, if you keep your money invested it could grow it by ₹XYZ amount with a% growth”

○ Hyperlink - “Have concerns? looks at some plans tailor-made for your needs”

Frequency & Timing: When a user clicks on the withdraw button for any feature

Success metrics:

○ Users who cancel the withdrawal : # Users who go ahead with withdrawal cancellation

○ Users who end up exploring other options by clicking on hyperlink and invest in them

3. Reach out to users cancelling their SIP

Segment: For users who cancelled their SIP subscriptions

Goal: To understand the intent of the users who are cancelling their SIPs on the IndMoney App.

Pitch:

“Hey, we saw you recently cancelled your SIP, let us let you out here, give us a call for 1:1 consultation session with our experts.”

Frequency & Timing: When a user has cancelled their SIP on the app

Success metrics:

○ # Users who cancel the SIP : # Users who re invested back on the app

○ # users saw an increase in engagement with the app post 1:! consultation