Onboarding project

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Onboarding project

Ideal Customer Profile

ICPs - B2C

Criteria	First time solo-prenuer Never used an accounting platform	Intermediate sole trader e.g. HRNY user for 2 years	Experienced sole-trader- Xero user 5 years
Name	Nick	Jack	Rahul
Age	21	32	45
Need	Ease of understanding Fin Admin Mobile App Intuitive UI/UX Accessible Customer support Person (Human) Tax return assistance Low pricing	Save Time Low Tech complexity Avoid dependency on Tax agents Hassle-free tax and BAS submissions Easy integration between all financial tools. One place for all. Quick and efficient customer support Platform reliability	Save time Reliable accountant less integrations Hassle-free tax and BAS submissions Direct customer support for complex issues. Platform reliability easy learning curve. Easy and quick transfer from Xero to Thriday. Quick setup.
Pain Point	Poor Education in Accounting and Tax Need an easy onboarding and setup to start my business. Need assurity that tax works well.	Can't manage complex systems. Need accountant. Do not trust myself with a digital tool to manage my tax.	Don't have time for mundane tasks. Integrations, multiple apps to manage tax, makes is tedious. Hesitant to create a new bank account, considering half my reports will be with Xero. Transferring between apps is tedious. Don't want to learn a new platform from scratch, i so used to and comforatble with Xero.
Solution	5 value metrics: Guide through basic tasks such and inv, reciepts. Explain how bookeeping works and the benefits of automated transaction reconciliation Show Customer support and help info easy access Preset allocations for them Show them e2e functionality of tax submition. Navigate them to the search feature to find more info on the application, including Tips and tricks.	Value metrics: Display automation feature using reciept functionality Highlight banking benefits for one-app-for-all. Ensure app performance is reliable and trustable Book a call with a team member to show we value them. Highlight transfer of account from HNRY Highlight Time saved at everypoint in the application.	Value Metrics: Onboarding tour would show the ease of use of the app. Focus on unfolding features valuable experienced users such as easy BAS and Tax. Focus on setting them up in the onboarding process itself. Highlight platform reliability and performance, by actually pointing out reciept upload -> reconciliation was less than 1 min. and compare it to the average time taken on Xero. Personalised Customer support for premium user.
Behavior	LinkedIn, Youtube, Instagram Spend money on other apps, AI tools, courses	LinkedIn, Google Spend on Tools to be efficient, invest my money in high interests savings. Value Time over money	Google, Business Forums, LinkedIn Value time over money search for Tax saving hacks
Perceived Value of Brand	Highly heard of, good reviews and referred my friends.	Reviews were great. Impessed Thriday plans to take over Xero. Webpage was insight ful	Reviews were great. Time saving and ease of use were well heard of. Unique feature of banking stood out.
Goals	Undertand basic tasks and usage needed for running a business. Need insights on tax implications and forecast cash. Easy app to perform tasks Access to info and guidance.	Easy transfer of apps cash flow and tax data visibility manage all my documents and finance in one place. Accounting and Tax submission should be much easier and faster.	Easy transfer of apps ease of customising taging my transactions Accounting and Tax submission should be much easier and faster. Cash and finance visibiliyt and forecast for better planning.
Frequency of use case	Everyday	Every few days	Every few days
Average Spend on the product	Monthly	Monthly	Yearly Subscription
JTBD	Financial Benefit	Functional Benefit	Functional Benefit

ICP Prioritization

Criteria	Adoption Rate	Appetite to Pay	Frequency of Use Case	Distribution Potential	TAM ( users/currency)
ICP 1	HIGH	Low	HIGH	HIGH	79k user
ICP 2	HIGH	HIGH	HIGH	HIGH	99k users
ICP 3	Low	HIGH	HIGH	Moderate	110k users

Lets Focus on ICP 2, since adoption, paying appetite, Usage, and distribution potential is high. TAM is reletively high as well
ICP 1 is second best option, since they are more likely to adopt Thriday in the long run as compared to ICP 3.

JTBD and validation

Goal Priority	Goal Type	JTBD	Validation approach	Validation
Primary	Functional	Creating an application, they reduces complex and time consuming financial admin for small business owners.	User interviews	"The all in one platforms, makes it easy to manage admin, lesser apps to integrate with. Automated features saves me a lot of time and headspace."
Secondary	Financial	Creating an application, having a low or progressive fee structure. Help with good visibility and forecast of finances to monitor business stratergy.	User interviews	"As a someone just starting a business, I want to ensure that the operational cost is managable. Additionally, the app gives me insights of my financial position which I can monitor."

Onboarding Teardown

Well: Thriday Value proposition clearly stated in one line

Not well: The one liners under How is works and How it compares are not very insightful

Suggestions: The one liners could be short and more impactful. e.g. How it works; simplifies financial admin using automation.
Have Sign up as an option line.

Well: Highlighting review, glimpse of app, and key features in one image. Solo business owners ICP, clearly displayed.

Not Well: Demo Thriday is a very good feature but hidden at the bottom. Too much going on in one image. cramped and small.

Suggestions: Social sign in icons being visible without hover, could enhance sign ups. Choose top 3 value props/differentiators to show in the image. 1. Banking/Auto reconciliation 2. Reciept/cashflow 3. In house tax agent

Well: 2 Minutes shows low effort. Minimal feilds and review on left encourages

Suggestions: Hide the fields in an accordian to help or encourage user to use social sign on. Easier for user and Thriday (no junk data).

Cognitive bias: Low effort, 2 min and social sign on. 5 star excites user to find the aha moment/value

Well: Love the personlisation of the CTA, identifying gmail using my emailID

Suggestions: An OTP creates a sense of urgency. Or let them login without verification and

Cognitive bias: May complete setup later since they need to navigate away

Well:

Not well: Another form to complete. Why is the lady taking real estate of this screen. I already saw her 3 times.

Suggestion: Provide a temperory password in the email instead of the link. Let them explore the platform and later they can update their password when prompted. Change the image and reviews on the left.

Cognitive bais: Setting up another password, with tons of password criterias and criteria is cognitive load. Show the validations upfront or provide a phrase as an example to help the user.

Well: Good to see all the features explained

Not well: Overwhelmed with these features. "You're all set?" well the next page asks me to set up my bank acccount (Huh? moment instead of Aha!)

Suggestion: Ask me intent. For each of these allow me to star. E.g. What are your top 3 features you are excited or most likely to use. This way Thriday can do some personalised onboarding. Plus it would encourage them to read through them.

Well: Good to know more about the bank account and interest rates. Keen to sign up.

Cognitive bais: "You're all set?" well the next page asks me to set up my bank acccount (Huh? moment instead of Aha!)
Also, (*) and superscript makes me think ok what is the catch and TnCs? Small font at the bottom makes me think twice before making this action

Not well: I see an upsell, before reaching aha moment.

Suggestion: In the beginning you mentioned 2 min sign up. You can highlight here that you actually completed the sign up in 2 minutes.
Display why they need to open a bank account with Thriday. e.g. Without the inhouse bank account users will not experience automation or aha moment.
Also, prime them for a whole application flow

Well: Happy to be guided to explore the platform

Not well: Both these pop ups opened at the same time causing overwhelm. I could not even see how the dashboard looks. Should I do the get started steps first or apply now?

Suggestions: Show a personalisation form. E.g. on the previous page we ask them which features you'd like to use.
- You can also ask the user their goal. If its to explore, get started with assets, start moving from Xero etc.
- Then customise or reorder the steps to target their aha moment based on their goal.
- The dashboard has 'apply now' several. Prime them through these steps to open the account. Give a time to complete setup e.g. 10 mins

Cognitive Bais: Why do I need to do all these steps? There is no priming. This is not a 2 mins sign up. This pops up on everypage even if I have closed it. Do I have to do all these to just play around. Unnecessary push and nudge. Leave me alone.

Suggestion: If I have minimised it for now, just show me popup saying why should do it now. To help me get to my goal

Well: showing the steps on the top gives me understanding of the process.

Cognitive bais: Too many steps to get through, Ill do this later. Information overload about the banking benefits

Suggestion: This should be a similar experience (like the 2 mins sign-up).
1. Do not show all the steps on the benefits page. Let them consume the benefits. Once they understand all the benefits, On the next step you can show all steps.
2. This is the page where you want to sell all the benefits quickly. So instead of the carousel, just highlight the automation benefits. Then inside each progressive page show these benefits along with the form fields. This will reduct information overload.

Get started Steps 1-8:

Step 1: Video is great. You could personalise the actions through the video to get the user to their goal(aha moment) activation metric.

Step 2: Invoice setup. This is just a setup page. Ask them to send a sample invoice to themselves, to see the experience.

Step 3: Reciept flow is great. Although I need to search for a reciept. It would be great if you provided an option to download a sample reciept which I can upload/email. At the end of the flow while reconciling, you can upsell apply for account.

Step 4: Setup bank account is still a maybe for me. Can you show me a page to show which features need a account and what are the benefits of those features (e.g. allocations).

Step 5: Asset and liabilities may not be for everyone. ( personalisation )

Step 6: Ok

Step 7: Community sign up navigates user away from your core platform. You have the users info. Automatically set them up with the same email and password

Step 8: Ok. Additonally, you can ask the user to interact with the chat support to highlight support features.

Step: 7

Well: Personalisation

Not well: I don't know where to start? Where channel should I comment in. I think I need an onboarding for the community page

Suggestion: Make the user do an action, e.g Introduct yourself to the Thriday fam. Provide them with a simple template to make it easy for them to post. Its important users recieive responses or engagement with others. They might gain many aha moments from the community. Maybe this is thier aha moment!

Cognitive bais: Posting on any social platform make users concious of what others will think of them. If the user is a beginner, they your hesitate to add to discussions.

Suggestions: Only give them 2-3 channels access where they can learn, get comfortable talking to the right people etc.

Activation metrics

Activation metrics.

Product reviews

Based on the customer reviews for Thriday, here are the key points that customers have praised:

1. Time-saving automation: Customers appreciate how Thriday automates financial admin tasks, reducing the time spent on bookkeeping from hours to just 30 minutes per week1 3. The app automatically categorizes expenses, calculates taxes, and reconciles accounts1 7.
2. All-in-one platform: Users love that Thriday combines banking, accounting, and tax functions in a single platform, eliminating the need for multiple software subscriptions1 4.
3. Cost-effectiveness: Many reviewers mention that Thriday is significantly cheaper than other accounting software like Xero, while offering comparable or better features2 4.
4. User-friendly interface: The app is praised for its intuitive design and ease of use, even for those without extensive accounting knowledge2 7.
5. Real-time financial insights: Customers value the ability to see their tax position, profit and loss, and other financial data updated in real-time1 2.
6. Invoicing features: The app's professional invoicing system, which allows for customization and automated payment reminders, is highly regarded2.
7. Receipt management: Users appreciate the ability to scan, send, and save receipts on the go, with AI-powered matching to transactions1 2.
8. Tax compliance: The automatic tax calculations and the ability to lodge BAS directly through the app are seen as major benefits1 2.
9. Customer support: Many reviews highlight the responsive and helpful customer support team4 7.
10. Integration with banking: The built-in banking feature is praised for enabling seamless automation and real-time updates1.

Overall, customers describe Thriday as a "game-changer" that simplifies financial management for small business owners, freelancers, and independent consultants2 7 8.

Citations:

Analysing reviews to find the Key metrics

Automation Features using banking - These are realised only once the user applies for an account or subscribes to a paid plan
All in one platform - indicates the users have tried all features, meaning they have subscribed
Praise of features such as Invoicing, reciepts and financial insights - indicate that they have felt aha moment after using the feature
Tax Compliance - this benefit is realised only once they lodge BAS.
Customer support is good - They feel heard and comfort that there is help.

Hypothesis 1: Apply for a bank account and send an invoice/upload reciept within the first 5 days.

Reason: We have observed that real value is felt once they experience automation of their transactions. Transactions happen primarily by using the invoicing feature.

Hypothesis 2: Users who have moved from competitors shoud complete their transfer within the first 5 days.

Reason: If a XERO user wants to move the Thriday, they would want to actually use the Platform using their data. Tranferring the exisitng data will help them view the financial position and forecast. The Thriday experience is only felt after.

Hypothesis 3: User completes the 8 Get started tasks on the same day as sign-up and give a 4+ NPS score on the pop up.

Reason: By completing the 8 action steps, they experience user experience, UI, ease of using, functionality and capabilites. Here they experience the 'Time saved' while reconciling a recipt.

Hypothesis	Commitment	Value	Conversion	Retention	Referral	LTV increase
Apply for a bank account and send an invoice/upload reciept within the first 5 days	Medium commitment	High value	High	High	High	High
Users who have moved from competitors shoud complete their transfer within the first 5 days.	High Commitment	high Value	High	Higher retention since data infrastructure setup in Thriday.	High - only if transfer was smooth. Human involment also needs to be great.	High
User completes the 8 Get started tasks on the same day as sign-up and give a 4+ NPS score on the pop up.	Low commitment	High Value for users	Medium	Medium	Medium	Medium

Parameters to track your activation metrics:

D1, D7, and D30 retention - Early user engagement and retention can help identify onboarding success.
Subscription rate vs retention - This is important to track, since Subscription may not always mean activation. If they have not experienced the value, churn may still happen.
User Cohorts - Its important to track which cohort of users are retaining. If only one cohort (ICP 1) is activating, and ICP 2 and 3 are not, then we need to personalise the onboarding to suit all.
Acquisition source - This will be interesting data to capture. If customers are happy, then most people signing up will select I heard about Thriday from a friend/referral. If the referrals are high, it means onboard and activation is working.