Now, Breaking down the customer Journey map of one of the ICPs for Zerodha in the 3 stages of :

• Exploration
• Consideration 
• Conversion. 

Digging deeper into the reason for hiring Kite by Zerodha by different personas helped identify the primary and secondary JTBD :

• Functional - Primary Goal
• Financial - Secondary Goal

Kite By Zerodha - Onboarding Teardown for GrowthX by S Vivek (1).pdf

To design hypothesis for the Activation metrics we first will have to understand that similar to RazorpayX, the barrier to entry for a new user is high. This is because of a number of regulations from authorities and complexity of the industry and the risks associated with the platform. Hence, the activation journey even though much complex than a typical platform still is sustainable because of the high rate of retention.

Hypothesis 1:

Investments in any 2 Asset groups (Stocks, IPOs, Commodities, F&O) within 30 days of Account Creation

Rationale :

• One of the core value proposition of Kite is the ability to easily manage your portfolio within similar asset groups and also multiple asset groups. Any user who has made two or more than 2 investments across multiple asset groups will have a very low probability of churn since because of the native behaviour of the product and the industry. For example If you have purchased 1 Stock of Zomato and 1 HDFC Bank Mutual fund, the most efficient way to see the cumulative value of the portfolio would be via Kite building dependency on the user to monitor the growth of his savings and also to take actions on the investments.

Hypothesis 2: First Fund deposit and investment in 14 days of account activation

Rationale :

• First deposit by a user is an indication that they were able to complete the onboarding journey and completed the task they hired the tool for, i.e. achieving the JTBD. Depositing funds into the account indicates that the platform was able to build trust with the user and secure the authenticity of the platform. Being able to make the first transaction after the funds deposits is a sign that user is now confident about navigating the tool and starting to explore more features around it.
  
  Also, Early trading activity suggests the user sees value in the platform and is likely to continue engaging with it.
  Why one 1st investment? Because of the barrier to entry, unlike ecomm or utility platforms an account creation on Zerodha is technically creating a new Demat trading account which is a tedious and document heavy process, so once a user completes the entire process and starts using the tool for investment, the likely hood of retention increases just after the first transaction or investment/ similar to the RazorpayX Case for Current Accounts.

Validating this without data by trying to answer:
1.) Does this metric demonstrate user commitment? - Yes this metric shows that the user was able to complete the tedious onboarding journey and now has trusted the platform by adding funds to make the first investment.

2.) Does the user realise value from the product? - Yes the user was able to complete the JTBD by making his first investment using the platform.

3.) Does this metric impact conversion? - Yes the user has made his first transaction on the platform completing his onboarding and verification process.

Some of the Key Metrics to track for the platform overall would be:

1. D1 Retention, D30 Retention, D90 Retention
2. Daily Active Users/ Weekly Active Users/ Monthly Active Users
3. No of Investments per month
4. Monthly Churn Rate
5. Funnel drop offs
6. KYC to Deposit rates
7. Add Funds Success Rates
8. User Account Approval Time
9. Time taken from App Install to First Deposit

Project 2

Elevator Pitch

Hello everyone, it's time to take control of your trading journey!

With Zerodha Kite, you can:

• Access real-time market data and charts
• Place orders with ease and track their execution.
• Analyse market trends and identify trading opportunities.
• Manage your portfolio effectively and monitor your performance.

Zerodha Kite is also:

• Secure: Your data is protected with industry-leading security measures.
• Reliable: The platform is built on robust infrastructure to ensure seamless trading experiences.
• Cost-effective: Zerodha Kite offers competitive pricing plans to suit your trading needs.

Join the millions of traders who trust Zerodha Kite to power their trading journeys. Take control of your trading destiny and start investing in your financial future today!

Zerodha Kite Core Product Features

User Research snapshot ->

I performed user survey of 20 existing users through google forms survey and user calls to validate goals.

Demographics of the customer →

Work ->

Stock Markets Exposure & Knowledge ->

Zerodha Kite ->

Why did you choose Zerodha?

How long did you take to invest in your first stock after creating an account on Zerodha Kite?

What factors influenced you to make your first investment?

What features of Zerodha Kite did you find most valuable?

How frequently do you use Zerodha Kite?

👥 Ideal Customer Profile:

Ramesh the Wealth Builder - ICP 1

• Ramesh is a 32-Year-old living in Bengaluru, Married with Kids, works in a Mature-stage Start-up as a Senior Product Manager and earns Rs. 40 Lacs in annual Salary.
• He uses social media platforms like Twitter & LinkedIn, orders from Amazon, Flipkart, Myntra, Swiggy & pays via Credit Cards.
• He commutes via his own car and uses Uber/ Ola occasionally basis the need.
• He likes spending time travelling and watching shows on Netflix & Amazon prime other OTT platforms.
• Ramesh prioritises convenience and time.

Problem Statement for Ramesh:

• Ramesh wants to build wealth for himself and his family. He wants to invest up-to 30-40% of wealth in stock markets and earn double-digit returns.
• Ramesh is looking for a platform which would allow him to invest in Indian Stocks via a platform with simple UI and super intuitive charts for technical analysis of stocks.

JTBD for Ramesh:

1. Financial Goal- Build wealth and get double-digit returns.
2. Personal Goal- Secure my kid's future.
3. Functional Goal - Single platform to manage and track all Stocks in one place.
4. Social Goal- Brag about how much money have made from the stock market.

Mounika the Beginner - ICP 2

• Mounika is a 24-Year-old living in Bangalore, works in a tech firm as a Full-stack Developer and earns Rs. 17 Lacs in annual Salary.
• This is Mounika’s first job after graduation, and she stays away from her family.
• She uses social media platforms like Instagram, YouTube, & Twitter, orders from Nykaa, Meesho, Myntra, and Zomato & pays via UPI apps.
• She commutes via office and public transport and uses Uber/ Ola as per need.
• She likes solo travelling and explore backpacker's hostels. Spends time watching Korean shows on OTT, she shares subscriptions with her flatmates.
• Mounika prioritizes both time and money and looks for value.
• She follows a lot of financial influencers on YouTube on financial planning and where to invest.

Problem Statement for Mounika:

• Mounika doesn't understand personal finance and stock markets in depth, and till now, her friends/family has been advising to invest and fin-influencers had a great impact on her decision making.
• She wants to be financially independent by gaining good knowledge and expertise on stock markets but doesn't know where to start. She would prefer a platform where she can get some knowledge about the world of stock markets.

JTBD for Mounika:

1. Financial Goal - To start savings and earn more than FD.
2. Personal Goal - To learn about investing and do it yourself rather than on advice of someone.
3. Functional Goal - simple platform with great UI/UX for DIY investments
4. Social Goal - Brag about financial knowledge and financial security.

👥 Ideal Customer Profile Summary:

🔎 JTBD Summary:

✅ Let’s start the Onboarding Teardown

1. Discovery

🔎 Google Search:

Keyword: Invest in stock market India

1- ❌ Zerodha Kite is not ranking #1 for the keywords - Invest in stock/share market in India and is not even available in top 20 search results. For someone who does not scroll beyond the 1st link, Zerodha Kite will not be discovered. (Default Bias)

2- ❌ Keyword “Invest in stock/share market in India” is not targeted for and it’s a huge opportunity loss for Zerodha.

3- ❌ For the keyword Zerodha Kite, again, the 1st result has no description which conveys the primary purpose and value propositions of the product.

4- ❌ The description in the organic result is also not user centric, sounds like Tech feature info. Tech jargon like HTML5 is super confusing and creates an impression Kite is a platform for Tech - Savy investors.

5- ❌ Value prop needs to be personalised for each user's needs which completely missing in description copies of Zerodha.

✅ Suggestions

1. Better description copies, inclusion of keywords (“Invest in stock/share market in India”) in the text to help rank in the 1st or 2nd result.
2. Core Value prop personalisation for the use case i.e. For Kite (Stocks), it should be, zero brokerage, One Click to Buy & Sell Futures & Options, equity and commodity trading.

🔦 Cognitive Bias

1. Default Bias

📱App Store Search

1 - ❌ Zerodha Kite is completely missing in App store search results for its key use case, i.e.,

a. Invest in stock/share markets in India and

b. buy stocks.

Huge opportunity loss for Zerodha.

2 - ❌ A 3.4-star rating creates a huge crisis and anti-trust factor amongst a potential user who may be thinking of investing his/her hard earn money via Zerodha Kite.

✅ Suggestions

1. Better description copies, inclusion of keywords (“Invest in stock/share market in India”) in the text to help rank in the App store search results.

🔦 Cognitive Bias

1. Social Proof
2. Default Bias

📱 App Store Reviews and Ratings

1 - ❌ 1.5K+ and 3.4 rating ratings creates huge crisis and anti-trust factor amongst potential users about Zerodha’s credibility and overall user experience.

2 - ❌ As we scroll and read, it’s filled with bad ratings reviews clearly user outlining range of problems with app which will make the user to form an opinion before even checking out the product.

3 - ❌ User reviews have reservoir of problems with Kite app which needs to fix.

4 - ❌ App description says Zerodha flagship trading platform kite web is now available as an IOS app! - This is completely out of context to the current state and clearly conveys that app description is not changed recently after the initial launch of the app.

5 - ❌ Feature details outlined on the app description is super jargonish and completely missing the core-value proposition making first glimpse of new user with limited exposure to stock markets extremely difficult to understand.

5 - ✅ #13 in top free app in finance somewhat adds to Zerodha’s credibility.

🔦 Cognitive Biases

1. Social Proof

✅ Suggestions

1. Zerodha should fix all user problems(functional/UI/UX) on high priority as the negative app ratings and reviews are creating an existential crisis for the Kite app.
2. App description should be completely revamped with story-telling approach making the copy relatable to most of the users.

App store Images

1- ✅ Clear value proposition conveyed- Helps the user get their Job Done (ICP-1)

(Although quantification will make it more lucrative for the user, e.g: Invest in stocks with zero commission).

2- ✅ Clear product features & integrations communicated- Helps the user understand the wide range of options available get their Job Done for both (ICP-1 & ICP - 2).

3 - ❌ Even though images are clearly highlighting product proposition but coming to the element of learning about investments and stock markets, Zerodha Varsity a great value potential is missing to get their Job Done for ICP - 2.

🔦 Cognitive Biases

1. Skeuomorphism

Opening the App - Onboarding Teardown

Onboarding Tear down - Zerodha Kite (1).pdf

Summary: On-Boarding Experience

The journey wasn’t smooth from start to finish, and ease of account opening process is difficult given the mobile web journey and no proper hand-off to the app after user completes the journey on web. It took a couple of hours to complete the account opening process.

1. The user has only one goal, i.e. to invest his/her money; our goal is to communicate to the user how quickly can he/she reach the goal of investing. This was missing in the entire user journey.
2. The user had no clue how many authorizations needed and KYC steps/documents to be completed to open an account with Kite.
3. Irrelevant information such as Add a Nominee in the middle of the KYC process added to the frustration.
4. There are barely Aha moments in the user journey except at the completion step which is also a basic illustration.

However, in conclusion, Kite's onboarding was frustrating to me as a user as there is no clarity on what steps are needed to open an account and how many user steps are still pending to complete the goal of opening the account and begin investing.

Activation Metrics to track:

1- Hypothesis 1: successful stock buys within in the first 2 weeks

➡️ Reason: If the user buys any stock fund Kite platform within a few days of account opening, the user would have experienced the product, which would be a good activation metric.

2- Hypothesis 2: Number of users who invested in at least 3 different stocks in first month of onboarding

➡️ Reason: Zerodha has two types of users: active traders and long-term investors.

Active traders join to buy and sell frequently, while long-term investors aim to build wealth over time, occasionally setting short-term goals or taking risks.

These users go through long activation forms and waiting periods with the intention of making a purchase. Thus, whether they plan to buy and quickly sell or keep items in their portfolio, buying at least three stocks will provide them with initial buying experience, understanding of the platform, and habit formation.

3- Hypothesis 3: Adding Funds to Zerodha Wallet

➡️ Reason: When a user adds money to their wallet, it signifies their intent to transfer funds from their bank account to the Kite Platform, indicating a decision to invest in stocks. This engagement allows the user to experience the product, serving as a beneficial activation metric.

4- Hypothesis 4: Sign-up rate: The number of new accounts created as a percentage of total website visitors.

➡️ Reason: Total number of accounts created in a given period. This metric over time helps to gauge user acquisition.

Quantitative Metrics

1. Account Opening Rate
2. DAU/MAU users.
3. App store downloads.
4. Average wallet top-up amount
5. Average time from account creation to the first investment
6. Number of users who bought at least 3 different stocks in first month.
7. Average TAT for users after their first transaction.
8. Number of users creating their own watchlist.
9. % of growth in amount invested by each user MOM.
10. D1/D7/D30 retention.

Qualitative Metrics

1. NPS
2. App store reviews/ratings
3. Social media sentiment