We are all familiar with:

Every time!

🏦 The traditional banking system has always been characterized by bureaucratic processes, cumbersome paperwork, and inefficiencies, leading to a disjointed user experience.

Customers often have to jump multiple counters, endure lengthy procedures, and grapple with extensive verifications, even for straightforward services like online banking enrollment or applying for a debit card. This not only compromises user convenience but also impedes the seamless integration of banking into daily life.

Being a professional, it becomes so hard to keep a track of all your expenses!! You can't keep up excel sheets forever!!

What if there was a streamlined, user-centric solution, 100% digital, that overcomes these barriers and brings banking into the digital age? What if there was an app where I could do all money-related activities?

The Product

We bring you the Jupiter Money app - 1 App for Everything Money!

Save, Invest, Pay, and Track from one application!

With Jupiter, you can create an online savings account within minutes - no paperwork needed at all!

Jupiter’s main value proposition is divided into three categories:

→ 🧾 Payments: Use Jupiter to pay to shop, friend, etc, and get exciting rewards - a seamless transaction experience.

→ 💰 Money Management: Track all your monthly expenses and get insights

→ 💸 Investment: Invest in mutual funds, SIPs, FDs, and Gold from the application - check your networth instantly.

It provides users a single platform to carry on all money-related to pay activities.

ICPs

Based on user interviews →

Summary:

💻 Structured Rhea:

• Uses Jupiter for payments and investments
• Uses different payments apps based on the offers provided
• • Jupiter for low value transactions (groceries/ cab rides)
• Likes no fees for investing in mutual funds on Jupiter
• Loved jewels and can refer if the perks are improved

🧭 Explorer Archit:

• Uses Jupiter for all payments
• Likes to track expenses at the end of the month
• Need to build more trust in order to start investing
• Need more benefits on the application to switch from a competitor

🧐 Picky Abhishek:

• New to the app - still exploring features
• Likes to research well and understand before using the features
• Has specific applications for investments, tracking, and payments.
• Is not motivated by jewels

🧭 Explorer Apoorv:

• New to the app - has explored payment features
• Might invest once trust is build through one offering (payments)
• Has alternative apps for all use cases provided for Jupiter
• Can switch if knows the core feature

🥱 Lazy Anushka:

• Driven by peers and friends
• Haven’t explored features yet
• Once uninstalled Jupiter to make free space in phone
• Need offerings and rewards for every payment

🧠 Pro Vedant:

• Value focused and loves to explore different apps
• Paid user of Jupiter
• Have been using the application since 2020
• An active users and have used all features

🎯 Applying ICP Prioritisation Framework:

Prioritising: Pro Vedant (P1) and Structured Rhea (P2)

Jupiter Money with it’s multiple offerings might overwhelm new users like Pro Abhishek who like to use different applications for different utilities/ features and research well on the offerings. While Pro Apoorv might become an active user if trust is built with one feature initially i.e, payments. On the other hand, Lazy Anushka is clearly driven by her peers and doesn’t use an app without her friends recommending her.

Thus, Pro Vedant and Structured Rhea are ideal personas who are currently active users and with better tailored offerings - will use the application more and spread a good WOM.

Also, audience demographics on the current website tell us that people who fall in the age category of 18-35 cover more than 50% of traffic.

📈 Market (TAM/ SAM/ SOM)

The market for neo-banks is growing tremendously in India. According to Source the market will reach $180 billion by 2030!

Market research + Top down approach:

TAM:

SAM:

Assuming with Jupiter’s reach and services - it can reach 50% of the TAM we calculated so →

SOM:

Jupiter already has 2.2 million users, If Jupiter's market strategies are aggressive and the competition is not overly intense, they might aim to capture a significant portion of the SAM over the next few years. Let's say they target a 25% share of the SAM as their SOM.

🏃🏼 Acquisition Channel Selection:

Based on the current stats and research on Jupiter, it’s in mature scaling stage.

→ Multiple channel partners

→ Referral

→ Organic channel

Applying Channel Selection Framework:

Diving deep into each channel:

• ❌ Organic: The current efforts of Jupiter has helped to get 76.02% traffic on Jupiter.money through organic searches. But it’s only helping to fulfill and not creating an intent to use the application. It’s creating a lot of Push and not pull. Thus, i am not preferring organic. However content marketing efforts have produced 40-42 percent of its new customers. Especially efforts in Social media content.
• • 
  • Branded keywords: The volume is low. (Exception Jupiter Planet)
  • 
  • Non branded keywords:
  • Community feature: I pretty much like the community feature - where users can post about feedback and get involved with other users. Users like Pro Abhishek and Pro Apoorv who are very particular about finance platforms can be encouraged to check out the community forum for useful information and build trust.

• ✅ Referrals: Only 2/6 ICPs had downloaded the app after someone referred. But I still feel optimising this channel will give a leverage to Jupiter in getting more users. Restructuring the incentive program and giving better rewards will push people to refer to their friends. Talking with Pro Vedant who has referred to 2 people told that the referral wasn’t visible much.

• • Saw on the community posts too →

• ✅ Paid Ads: Out of 3/6 ICPs discovered the application through Ads and specifically Instagram ads. They were able to connect well with the application that pushed them to use Jupiter. Although the costs are high but I strongly feel it will help to convey about Jupiter well and acquire new users to the application. Once delighted - it gives a good chance for them to refer further to their friends.

• ❌ Product Integrations: Partnering up with more banks will give users more options to track and invest money. Currently, Jupiter has currently partnered with →

Though, product integrations will help to build more trust but the scale is not that much. Thus, I won’t prefer product integrations as a priority channel.

🤑 Diving deep into Paid Ads!

Currently, the Instagram page with over 30k followers →

• UGC is not actively posted
• • Tho, they have recently started talking to users on street in the occassion of Halloween (which is a very popular way of getting views these days)
• Mostly feature promotions but synced with target audience

And YouTube channel with over 40k subscribers→

• Not active lately
• The last series of videos were posted a long time ago

Surely, they are missing out an opportunity when it comes to YouTube. Finance is one of the hot topics currently and Jupiter can create really good content around there core features that help people better manage their money.

I saw some of the Fintech influencers like Finance with Sharan posted about Jupiter. Similar efforts can result can help in acquiring new users.

LinkedIn has over 70k followers.

• Posts related to company culture and
• It’s good to have a strong presence on LinkedIn as most professionals (urban 18-35) use LinkedIn every day.
• Good for posting announcements related to products easily
• But the reach has not been good for individual posts
• • LinkedIn keeps on experimenting with algorithms

Twitter has the highest following of 117.6k followers.

• Audience is targeted well
• But one mis aligned post on Twitter might trigger a lot of people
• Tweets are related to current happenings and product related posts

Channel Selection Framework:

Based on the interviews with customers,

✅ Instagram has been one of the platforms that has worked well to discover about Jupiter Money app. Targeting the right audience with a good campaign can help people know about an app like Jupiter. Instagram can also work on medium budget ad and refine based on the target audience.

❌ YouTube Ads might be costly compared to the competitiveness and requires more budget for producing a high quality content. However organic efforts like starting a podcast and posting YouTube shorts consistently can help to gain new eye balls/ acquire new customers.

❌ Google Ads for a space like Neo Banking is still pretty new. Based on the research on keywords, mostly branded keywords have worked well for us. For keywords like “Investing”, “Saving”, “Money tracker” the Cost per click is usually super high.

✅ LinkedIn Ads might work well as based on the prioritised ICPs, they are active on LinkedIn. LinkedIn ads don’t require much efforts cause all formats work well.

❌ Twitter Ads are quite expensive and might not appeal to many people. In general, audience on Twitter likes to critique and seeing an ad on Twitter feed won’t give a good impression for an app like Jupiter that has to build trust with the user. Organic growth will be highly preferred on Twitter.

Calculating CAC: LTV

Looking into different ways, Jupiter makes money:

• Subscriptions
• • Pro (Rs 15,000/ year)
  • Alary (Rs 45,000/ year)
• Commissions
• • When a customer uses a debit card, takes out a loan, or buys an insurance policy through its platform.

For LTV, looked at total revenue for a year and divided by the data on customers ~ 2,000,000

Using, CAC = $6 (Rs 640) [Source](https://www.moneymanagementindia.net/jupiter/#:~:text=He stated that Jupiter's CAC,for the survival of neobanks.)

LTV= ARPU × GrossMargin × Retention x Frequency

CAC:LTV = 640:3420 = 1:5.5

Thus, it’s alright to go for paid channels and acquire customers through Ads.

Ad Objective:

Focused on people like Pro Vedant - who are actively looking at options to manage their money.

• Primary Objective: Encourage downloads and active use of the Jupiter Money app by highlighting its money management features, such as budget tracking, saving goals, and spending analytics.
• Secondary Objective: Increase brand awareness and position Jupiter Money as a go-to app for financial literacy and independence within the young adult demographic.

Campaign Title: "Master Your Money with Jupiter Money"

Target Audience:

• Age Group: 20-25
• Interests: Personal finance, money management, saving, budgeting
• Lifestyle: Young professionals, early-career individuals, tech-savvy and active on social media, possibly new to financial independence.

Creative Strategy:

1. Visuals: Here is a sample creative-

• Additionally →
• • Create carousel ads that walk through the money management process with the app.
  • Include user interface snippets that highlight how easy it is to set up and use the app’s budgeting and saving features.

2. Copy:
3. • Conversational and motivating text that speaks directly to the aspirations of young adults wanting to take control of their finances.
   • Phrases like “Take charge of your cash”, “Budget like a boss”, or “Save for what matters” can resonate with the target demographic.
   • A clear call to action, such as “Get Started”, “Download Now”, or “Take Control Today”.
4. Hashtags:
5. • Utilize popular finance-related hashtags and create a campaign-specific hashtag like #MoneyMastered or #JupiterMoneyMagic.
6. Incentives:
7. • Offer an exclusive feature unlock or a promotional offer for users who download the app through the Instagram campaign.
8. Influencer Partnership:
9. • Collaborate with influencers like Finance with Sharan, Ankur Warikoo who are known for smart money habits or financial advice to leverage their trust with the audience.

Ad Placement:

• Use Instagram Stories with interactive features like polls asking about money habits, with a “Swipe Up to Manage Better” CTA.
• Feed ads for broader reach, with a focus on showcasing the app’s features.

Measurement & Optimization:

• Utilize Instagram’s ad performance metrics to measure app installs, engagement, and interaction with the app’s features prompted by the ads.
• Regularly refine targeting based on engagement patterns and feedback received in comments and direct messages.

Budget Considerations:

• Initial Testing Phase: Allocate a small portion of the budget to test different ad creatives and messaging. This could be around 10-20% of the total budget.
• Scaling Phase: Once the most effective ads are identified, scale up by allocating the majority of the budget to the highest performing ads.
• Continuous Optimization: Reserve a portion of the budget for ongoing optimization, A/B testing, and refining the campaign based on analytics and performance data.

Sample Budget Breakdown:

• Testing Budget: $1,000 - $2,000
• Main Campaign Budget: $8,000 - $18,000
• Optimization and Retargeting Budget: $1,000 - $2,000
• Total Budget: $10,000 - $22,000

🗣️ Diving deep into Referral Design!

Brag worthy factor is how you can track your expenses and at the same time see your networth.

Tell your friends about different Pots to invest in to grow your money and get Jewels for inviting your friend on the application.

• Get rewards for improving your financial habits
• Auto categorisation of expenses

Prioritising Pro Vedant and Structured Rhea →

The platform currency is Jewels!

• Users get jewels for every successful referral.
• The value of 5 Jewels = INR 1
• • Earlier it was 1 Jewel = INR 1
  • • This has upset early users like Pro Vedant and Structured Rhea, who enjoyed getting good cashback and suddenly faced a reduction in rewards that pushed them to slow down the activity on Jupiter.
• Cashbacks/ rewards are in the form of Jewels
• • Earn up to 6,000 Jewels using Jupiter's debit card
  • Upto 100 Jewels while paying through Jupiter Money app
  • Pro members earn more Jewels compared to a normal user

Prioritising 2 user stories:

1. Pro Vedant who uses it for investing and expense tracker
2. Structured Rhea who uses it for payments

Here is the current referral flow for Jupiter:

Step 1:

• A user can scroll down on the homepage
• • Sees a banner to refer and earn
• A user can click on rewards on the top navigation bar to see refer option
• • Sees a button and a banner to refer

Step 2:

Once a user clicks on “Refer” banner/ button →

• Redirected to a new screen
• Refer and win
• • Can see all the offers
  • Invite through “Whatsapp” or copy the link of the invite code
  • Can also sync contacts to send invite link

Step 3:

After pressing “Invite via WhatsApp” button →

• User can modify the message
• And send their contacts on WhatsApp

Step 4:

Post sending the invites:

• Track individual referral and the progress they have made in the application
• Remind them

✅ What's right:

• Placement of referrals
• • In the form of a banner at the end of the homepage
  • Inside Rewards
• Tracker of users who have been invited
• Users who refer to more than 3 people can get a luxury travel membership worth Rs 50,000

💡 What can be improved:

• Better rewards on successful referral
• Better tracker for people to track invites
• • A progress bar would really look good for people to encourage them to refer more people
• Invite message
• • It can be shortened to something more catchy and with an appealing graphic

• For users like Pro Vedant who use Pots and love it - asking for a referral post-investing will work really well!
• For users like Structured Rhea who are on Jupiter for payments - more rewards should be pushed after a successful payment - in the form of platform currency to motivate them about referring.
• • Currently, 5Jewels = Rs 1 which can be made more competitive to showcase better rewards to encourage people promote the application and use

Modified referral tracker might look like this:

Updated the tracker for people like Pro Vedant - who want more visuals to track and see how many people need to be invited.

Changes:

• Made the next reward more visible based on the existing referrals
• Added a tracker on the right that shows how many referrals are left to unlock the travel membership
• And shifted the invite tracker below

by Devjeet Choudhury