The main channel working for our organization is SEO on Google search.

KeywordCompetitor research:

All the data was surfed online via Semrush and Ubersuggests.

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Keywords Competitor Analysis

Competitor website page: Here

Targeted Keywords for ranking

• Bank account verification: 5
• Reverse Penny drop: 6
• Verification: 21

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SEO Analysis:

ICP directly searches for our product or brand as it is a product served to a very niche customer base. Regulatory requirements also add up in this scenario.

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• There is no mention of Reverse penny drop on the website.
• We can add other features as well like success rates and minimal drop-offs, while backing it up by case studies with our customers. Also, add reports and analytics.
• For Reverse Penny Drop API, we should mention the CVP of the product backed up by numbers and case studies by existing customers. 

Narration: (WebPage)

Reverse Penny Drop

The customer transacts INR 1 payment payment to a specific VPA registered for your organization via any UPI app, generated by the business which is refunded within 24-48 hours. 

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Request:

INR 1 transaction (Refunded within 24-48 hours)

Response:

• Full name (up to 200 characters)
• Account number
• Account type
• Payer VPA
• Complete IFSC details
  

Features:

• Best industry uptimes: 2 partner banks in the back end, redundancy at all times.
• Detailed and clean API documentation: Here
• Unlimited Sandbox access: Get started here
• Analytics for conversions: Access analytics specific to a user’s verification status.
  
  FAQs on the page:
  
  1. What are the details I get in response?
• Bank account details, IFSC details, Complete Account holder name along with Payer VPA.
  
  2. Reverse penny drop verification vs Pennydrop verification
• The reverse penny drop involves sending a nominal amount (1 rupee) from the account holder to the verifying entity. This is verified through UPI rails. In penny drop verification, Setu deposits INR 1 to the account details (Account number and IFSC details). If the transaction goes through, this is a valid account.
  

CTA’s on the page: 

1. Contact Us - (Auto mail triggered)
2. Check API docs - (Detailed and clear documentation) - Landing page
3. Explore Sandbox - (Have complete access to unlimited SB, no need to contact anyone from the organization.) - Landing page
   business.
   

Additional details on the page

Figma flow of the User journey. (As shown to the customer)

Below is the Narration of the Figma flow:

Image ALT text: Reverse Penny drop flow

Referral Program

Why? - We get 65% of our customers through Word of mouth. We currently do not have a referral program for our customers and I propose to boost this through a referral program for our Happy customers.

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AHA moment of the product:

The user experience. Unlike other methods, the customer does not have to enter any bank account details like Account number or IFSC code. A simple INR 1 transaction serves for the verification.

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Platform Currency:

Setu charges for every successful verification, so the platform currency will be free verification or less charge per verification.

Who will I ask for a referral?

You can check out the flow here:

How will the user discover the referral program?

The user will discover this via Bridge (our self-serve portal), where he/she checks the reports and analytics frequently.

The referral program will be open to customers only after they have pushed more than 80% of their volumes (ideally a minimum of 25,000 transactions monthly) on the Setu stack and we have checked their NPS and CSAT scores.

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Where will they discover?

Text displayed: Refer a Business

Communications: Through Bridge and via Email.

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Template for communication via Email:

Subject: You are eligible to gain a 10% discount

Hi (Name),

Hope all is well!

We are happy to announce that you are eligible to avail a 10% discount on your current RPD pricing with us. Your continuous trust and growth have impacted our business revenue immensely and we have designed a referral program for you.

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How to avail of the discount?

Login to Bridge -> In the home section select "Refer a Business" -> Enter the mail address of the POC/friend and our Sales team will reach out to them immediately.

You will be able to view the progress on your referral via Bridge and will be able to send reminders for the same in case we see this not moving.

Terms and conditions:

The referral should be live and transact a minimum of 5000 verifications via Setu stack. The referral should have a 1-year agreement with Setu. 

CTA:

Avail Discount: Invite via Bridge

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Template for the business that has been referred​

Subject: (name of the person who referred) Wants you to reduce drop-offs in your onboarding journey

Hi (Name), 

Sorry to come unannounced to your inbox. We heard from (Name) that your customers drop off at the Bank account verification step during the onboarding journey. We believe the main reason is that the customer does not want to make an effort to enter their account number and IFSC details. 

What if I told you your customers can skip that step and verify their bank accounts with just an INR 1 transaction through any UPI app, which is refunded within 24-48 hours? Additionally, you get the Complete account holder name and IFSC details as well. 

Check out the flow for Reverse Penny drop here. (Figma Flow attached). 

CTA: Reply to this e-mail to start seeing minimal drop-offs in your user journey.

Milestone on the referral program

1. Refer one business -> they have done 5000 verifications -> avail 10% discount
2. Refer to three businesses -> all three are live and transacting. A total of 15000 verifications achieved -> 1,00,000 free verifications
3. Refer to ten businesses -> All ten are live and transacting a total of 80,000 verifications -> 5,00,000 of free verifications.

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Tracking of the user journey:

Stages:

• Add an email to refer a friend
• Email sent 
• Sales Connect
• Business proposal made
• Evaluation of the proposal
• Testing the product
• Agreements vetting stage
• Agreements signed
• Product integration stage
• Live Stage 
  
  Nudge - Reminder to complete the stage they are at.
  

Dashboard on the referral page for the customer referred who is live

Side note:

I enjoyed designing the referral program the most. I will surely go back and ask the relevant people in my organization of why we do not have a referral program and explain to them why I think we should implement one!

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