Onboarding project | StockEdge

📄

Onboarding project | StockEdge

About StockEdge

StockEdge is a Stock research and Analysis tool. Its web app is Web.stockedge.com, and the application is available on Android as well as the Apple Play store. It is a Freemium product where Much of the market data and a small portion of Stock analytics are free and Advanced level analytics is behind a paywall.

There has been significant growth in retail investors in India and it will continue to grow. However, there has been limited awareness among retail investors on how to make right investment decisions. A lot of retail investors especially beginners fall into traps of so called "Stock tips givers" and end up losing money

StockEdge's mission is to empower these retail investors with sufficient data and analytics so that they do not depend on Stock Tips from unreliable sources. StockEdge calls is being #SelfSmart

Product Websites and Apps

The Product has a rating of 4.5+ with +1Lac reviews on Play store. The product is Post PMF and is in Scaling Stage

With every year, more and more users are participating in Stock Markets, India has a huge growth opportunity in this space and onboarding and activation as levers become the key to Growth

In this assignment, StockEdge's Onboarding is evaluated below which might be impacting user activation and hence acting as potential limitation to its growth potential.

Onboarding as a Concept

Onboarding is not new to India. " Atithi Devo Bhava" means "Guest is God" and giving her/him special treatment to make them feel special has been in Indian Culture for ages.

The only difference probably in the product onboarding is that we want our users to "Stay" and get retained and not be like temporary guests :-)

Acquisition Onboarding Activation

Growth

StockEdge I Ideal Customer Profile

StockEdge mission is to empower retail Investors and It serves both, Someone who is just stepping into the Stock Market and also to those who have experience in market.

Ideal customers for StockEdge are users who are willing to invest his/her time and learn about stock market and improve skills or already have some skills.

Users who just are not willing to invest their time in improving their skills and only interested in stock tips are not ideal customers for StockEdge

While there are multiple subdivisions in ICPs based on Age, Gender, Risk appetite, Income, Skill Set, Willingness to pay; three broad level ICPs are as below

	Beginner in Market	Advance Investor	Advance Trader
Representative ICP
Age	24-45	35+	35+
Location	Tier-1, Tier -2 Cities	Tier-1, Tier -2 Cities	Tier-1, Tier -2 Cities
Gender	Mostly Male ( only 5-10% of market participants are female )	Mostly Male ( only 5-10% of market participants are female )	Mostly Male ( only 5-10% of market participants are female )
Education Level	Graduate+	Graduate+	Graduate+
Income	>3L	>20L	>20L
Married/Single	Both	Married	Married
Where do they Spend time	You tube Twitter Instagram Google Telegram	Business news Channels Company Websites Stock Analytics Tools - Example StockEdge, Money control, Trendlyne, Screener Google	Youtube Twitter Stock Analytics Tools - Example StockEdge, Trendlyne, Chartink, TradingView
What are they Looking for	Learning, Some readymade simplified output and recommendation	Data, Information, and Customizable analytical tools. Company Information	Timely News Advanced Charts Customizable options
Pain Points	Information clutter Reliability of Information not known	For Quality data, they have to search a variety of information. Sometime not available as well	Market Fluctuations, Sentiment can impact trades
Goals	Money, Want to show they are smarter than peers	Long Term Wealth Creation	Identify opportunities that can gave good results in short term
How do they make decision to Invest	Mostly Impulsive and based on emotions	Well-researched process and on the Company's potential to grow	Self-analysis on Platforms like Trading View and other competition Products, Use News Channels Broker Platform recommendations
Risk Appetite	individual to Individual ( some play too safe, while some tend to gamble	Mostly High as short-term ups and downs do not bother	High , Patience varies from Individual to Individual
Influencers	Youtube, friends, family	Self Discipline, Success stories of long-term Investors,	Self Discipline, Patience Success stories of Traders
Blockers	Lack of Skill, Time commitment, Pricing	Unfavorable economic factors, Product not meeting all customization requirements that long-term investors want in product	The Volatile market
Current Solutions	Tips from Friends, Broker recommendations Telegram, Twitter Posts	Screener, Stock Advisors, Portfolio Services Broker recommendations, Business news, and conviction in some companies.	Self-Analysis on Platforms like Trading View, Other competition Products, Use News Channels Broker Platform recommendations
Why do They qualify as ICP	StockEdge has always worked towards empowering retail investors. The Product has a good amount of learning content, and users can benefit from it, Founder Vivek Bajaj himself posts content on YouTube to educate beginners. There is a good amount of readymade output that Beginners Value and appreciate	Long Term Investors value financial data and analytics which is available in StockEdge. They particularly value Fundamental Scans, Results analytics and Investment ideas for Investment,	Traders Value StockEdge and brag about it regarding Swing Trading Strategies, Chart patterns, Technical scans, Combination screeners, Heatmaps. There have been number of positive reviews around these.
Jobs to be Done
Functional Goals	Want Simplified Financial Learning Reduces my risk in investing or Trading	Get Financial Data organized in one place Save time in Searching for data Need Quality Data Keeps me Informed on important updates	Saves time Keeps me informed as early as possible
Personal	Become better in Trading or Investing	Have a robust process in selecting investments	Improve the probability of success in trades
Social	Want to Outsmart friends and family	Want Wealthy Status	Enjoy luxuries Be Wealthy Be Rich
Financial	Highest returns, Alternate source of Income	Make better decisions with Higher conviction in Investments	Balance Risk to Reward ratio Highest Returns on Trades,
JTBD Statement	When - I use any Stock Market Tool I want to be able to - get simplified analytics and recommendations So - that I can generate wealth, make money	When - I use any Stock Market Tool I want to be able to - Discover good stocks which have the potential to grow in the long term So - that I can multiply my money and be/continue to generate wealth in the long term	When - I use any Stock Market Tool I want to be able to - Capture short term price trends in stocks so for entry and exit So - that I can make money in quick time frame

Customer Journey MAP

Below Customer Journey is an entire journey on how someone becomes aware about market , how they start evaluating options to the stage where they may have setbacks and success and eventually how consistency and discipline with use right available of tools make them Pro

StockEdge can be their go to partner at based on at what stage the ICP is.

Beginner to Pro	Step-1 Recognizing the Problem	Step-2 Searching for Potential Solutions	Step-3 Gain Some Experience, Some Success, Some Setbacks	Step-4 Get More Success with Experience, Build a Process	Step-5 Become a Pro
What are they doing Activities	Become aware of smaller returns with traditional saving instruments Read about success stories of Warren Buffet, Rakesh Jhunjhunwala Learn about some others who are making money from the market and made money/wealth - as the market is growing FOMO became aware of How some stocks/ Mutual funds gave exceptional returns	Watching YouTube Videos to Learn Taking some courses to learn Investing or Trading Asking someone experienced in the market for what to buy Search for some options/products available which helps to start the process Open a Demat account/ buy first stock or MF on some initial information Aware of basic Instruments - Stocks, MFs, Options	Buying or Selling Stocks, MFs on the basic Skill set acquired Buying and selling based on emotions/impulse rather than logic Try out / Compare different Analytics Products	Making entries and exits in stocks and mutual funds more on logic and comparatively less on emotions in the process of developing a discipline and routine in analysis	Making few Investments or Trades based on a process Spending more time in research
Goal	Consume as much information/confirmation bias as possible to motivate oneself to participate in the market	Take the First Step in Learning and action Buy First stock/ MF	Get Initial Validation	More Conviction in process what strategy may work and what may not	A well-established process which works most of the times
Touch Points	Friends News Motivational Movies about Stock market success	Social Media Websites / Apps WhatsApp University "That Stock market Friend"	Broker Apps Portfolio Apps Stock Market Communities on WhatsApp/ Telegram etc. Stock Analysis tools - like StockEdge, Screener, Trading View etc.	Broker Apps Business News Channels Stock Analysis tools Excel Sheets Company Websites	Broker Apps Business News Channels Stock Analysis tools , Self research tools Excel Sheets Company Websites
Delighters	Stories of successful individuals motivating the person " I can also be the same" Knowing that even basic investing in some instruments can give a higher returns- better than FD	Oh, there is so much available I can learn from I bought my first stock; MF and I am sure it will grow	Great, I bought the right stock and its already growing	Oh this seems to work, Wish I had known earlier Lets explore this as well	Making money in the market becomes easy
Doubts	Will I be able to get the success How do I do that Is Stock Market for me	Did I buy at the right price? What if it makes losses? Will I be able to learn? Which source I rely Which stock or MF is good - how do i know	I guess I took entry in the stock at higher Price ( or ) I sold too early - It further went up? How do I get Success every time? Should I buy this stock, MF or not How do I validate? Should I do Trading or should I do Investing? Why one market tool does not have everything	Now its working, hopefully will continue to work Where do I get all the information I need	Why people struggle in markets :)
Frustrations	I am not Lucky (past failures) I don't have basic money to start I can't take risk	I can't understand stock market terms There is so much information load	Oh, I made losses. Market is not for me perhaps. The advice I got was wrong There is so much mess around stock market I don't have time for market thing	I want this data, I want this information. Why I can't get this easily.	There is so much of misguidance in the market - poor beginners
Dominating Emotion

StockEdge Product Offerings for ICPs

A) Beginner tools

For beginner ICPs StockEdge offers a combination of learning tools and simplified analytics on Stocks

a) Learn Section for Trading , Investing

also within every Investing and Trading feature there is a help menu , where users can learn about feature and its significance. b) Readymade output of analytics which help market participants to low risk beginning.

For a user to get activated - It is important that users is able to discover these. At present discovery itself may be an issue.

B) Advanced Investor or Advanced Traders

Advanced Investors want to analyze companies with strong fundamentals, their financial ratios and long term growth prospects , macro-economic factors such as government policies that may benefit a sector , company. they study wide variety of data

For Investors StockEdge offers Financial Data, Downloading options as advanced users want options where they can put their own process on top of served analytics.

Advanced Traders who want to capture short term opportunities look for how market may move in near future, which stocks may gain or decline in smaller time frames from 1-90 days , by analyzing market sentiment, trending sectors or stocks having promising technical indicators.

Similarly for Traders StockEdge offers convenience through some analytics tools where short term price opportunity exist and users need not spend lot of time in doing self research and losing the opportunity itslef.

For all ICPs : For all set of Users there is personalized dashboard and If users get activated in those features they have better retention. IKEA effect

Customer Journey Backward Mapping to Identify Activation Metrics ( based on created data and not actual data )

Step-1 : To Identify Activation Metrices - App Launched behavior is plotted for Cohort which signed up 90 days before. The retention curve highlights that about 30% users stay active on D90.

Step-2 : The Users who were active on D90 - Click behavior is plotted as pareto to identify most used features by this segment.

From the Above Pareto - It was Identified that Investor Segments most value feature-1,2,3,6

Goal of Onboarding

The goal of Onboarding is to activate the user in the System. In the process

A) Users should be able to have confidence that StockEdge is the right product for their JTBDs

B) There should be minimal friction in value discovery whether the user is a beginner / Advanced Trader or Investor

C) See Consistent Communication at each stage of Onboarding which helps her/him activate

Ideal Scenario : D1 retention to be > 80% and D30 retention to be 50%

Current State [ Actual Numbers not shown here ]

ICP	D1	D7	D30
Beginner	60%	40%	25%
Advanced Investor	60%	45%	35%
Advanced Trader	60%	50%	45%

Considering There is 20-35% Gap in D1 Activation Metric Teardown is being done to identify gaps and opportunities

Onboarding Teardown

Teardown is being done on Onboarding steps - Starting from Play-store search to the user getting activated into core features. For this purpose ICP- Investor is considered in scope. Signup is also evaluated for Onboarding. Google signup is not considered as it is fairly simple and the opportunity of improvement lies in the email signup journey. A teardown summary is also added at the end.

Link to Onboarding Teardown - > View Teardown

Onboarding Teardown.pdf

Activation Metrics

StockEdge is a freemium product and offered value proposition is layered between free and paid plans. In addition there are certain features where user can have an IKEA effect in the product through either creating her/his portfolio, watchlists or using some features where they can build custom strategy.

All this should ideally lead to more users becoming active on D1 and till Day 90.

Also how a free user's journey is optimized to make sure that some pay intent is captured , will also be part of activation in paid features.

Hypothesis	Why this is potential Activation Metric	Does it Impact Retention	Does it increase LTV	Does it Impact referral, WOM
User searches/views > 3x Stocks pages on D0	For any Stock market participant, this is the first step. If a user sees just one stock and leaves - it may mean curiosity is unsatisfied. If it is > 3 - it would mean the user has seen some value in Stock data	Yes	No	Yes
User Creates Adds portfolio in first 7 days	Portfolio addition means user is ready to trust Application	Yes	Yes	Yes
User Creates watchlist in first 7 days	Watchlist addition means user is looking to analyze some stocks and track regularly with this app	Yes	No	No
Free User ( Investor ): User accesses F1 and F2 >2times within 15 days of App download	Here F1, F2 are features that h	Yes	No	Yes
Free User: The user shows interest in a paid feature by clicking - View Plan with in 15 days of App download	Clicking on View Plan means - User has seen some value in features behind paywall and is considering purchase	No	Yes	No
Paid User : User creates personal F3 ( customizable feature) with in 7 days of making a purchase	Considering F3 has IKEA effect and has high utility, this has impact all levers	Yes	Yes	Yes

Metrics to be tracked

If above activations are achieved - we should see positive impact on KPIs such as daily engagement, reviews, and subscription to retention rate. For StockEdge following Metrics make sense ( Numbers are different from actuals )

Metrics	Why to Track	When KPI is Red	When KPI is Green
D1	D1 is an Important metric as many users just create account on first day. D1 will help understand how many users could actually find what they were looking for	< 60 %	>60%
W1 retention	Considering the natural frequency of ICPs is 1 week to 15 days, it will help understand, if a user is returning for some benefits and if yes- which one	< 50 %	>50%
W4 Retention		<50%	>50%
W12 retention	W12 retained user is most likely to continue	<50%	>50%
% Active users using Core features	Considering these features have high retention, impact on LTV, it will help prioritization and marketing campaigns or PIVOT if required	<50%	>40%
NPS	NPS score and feedback analysis will help identify gaps that need to be addressed to address passives and detractors' concerns and understand what is liked by promotors and why	< 70	>70
Retention Rate	% Renewal and Upgrade in Plans will help in understanding whether users see value regularly	<65%	>65%
DAU/WAU/MAU	Overall engagement on Product	<500k/900k/2M	>500k/900k/2M

Summary

StockEdge's Ideal customers are

a) beginners who are willing to invest their time and money in learning about the process of thoughtful investing and trading

b) Advanced Traders and Investors who already have good experience in the market and their ask is convenience and customization

The Customer journey varies from ICPs to ICPs, however key "Jobs to be done" for all ICPs is to make money from the market.

In the Current Onboarding flow of StockEdge -

Opportunities exist in

a) Onboarding Flow: especially in the registration process

b) Value discovery and communication : The current home screen in not very intuitive in nature and the user may get lost due to multiple options

c) Hidden activation points ( Key data points that could have helped users to get activated or try out new features

Activation :

Based on natural frequencies and needs of ICPs - Activation hypothesis were defined covering

a) features usage in a given time b) Creation of portfolio or watchlists by user which have IKEA effect in given time c) Interest of free users via plan clicks in a time

As part of Metrics : D1, W1, W4, W12, NPS and Retention rate are identified as core Metrics to track.