Engagement & Retention project | Zolve

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Engagement & Retention project | Zolve

Goals of the Product :

[ Building in India for Indians / International on Foreign Lands ]

Leverage credit card history across geographies and zero fees to claim a credit card. [ CVP of Product ]
Offer financial products
- Bank account creation from anywhere in the world
- Cross-border money transfers
- Insurance - Health, Auto, Pet etc.
- Loans - Education, Auto

Driving Features of the product:

0% APR ( Annual Percentage Rate ): For the first 15 months, after which it's approximately 14.99%
No foreign transaction fees: Can be used globally
No annual fees

CVP Experience in the current scenario :

As one of the priority ICP is the folks planning to relocate for studies from India to US/UK and other international countries, and not aware about the rules & regulations around the working of credit cards, insurance that happens on foreign land.
Acquiring the folks in India and retaining them on fqoreign lands by offering a plethora of services/products eventually so as to build a strong LTV community.

Frequency actions defining the Breadth for Zolve :

Credits, Banking and Lending related topics are the top audience search, so the users credit score is the main metric to be tracked.
Insurance is one of the segments that will help retain the users almost for the lifetime, with a condition that interest rates do not change. As the Health / Life insurance once taken at early age helps keeping the premium low and majority users are of age group 25 - 34.
Below are the snippets from similarweb.com

Engagement Framework	Key Tracking Metric	Selected	Rationale
Frequency	Number of times the Credit Card is used.	Primary	Evidence on search criteria : As per similarweb.com, credit and lending related topics have the highest rated keyword search. This well help define the understanding of user about the credit score that plays a key role to push the users for exploring the breadth of financial services and Reward architecture.
Depth	-	-	-
Breadth	Other financial services ( Loans, Insurance, US checking account ) Rewards architecture, offers on multiple brands	Secondary

E&R Metrics :

Active User :

Using Credit Card / Checking Account / Money transfers services :
When the customer is acquired as a student then free credit card helps to access different services. Also, taking educational loan through Zolve binds the user to the application and the evolution in the services as and when it happens.
Financial products :
As the user transfers to a job or have an income source then Credit Card along with different insurances, loans and other financial services makes the user continue the journey.

Natural Frequency :

Credit Card swipes per month : 5 swipes per month
Rewards point growth rate - Tracking the rewards metric as the point grows only if bought via Zolve link, so that can also help in understand the frequency usage of the product.

Subproduct Natural Frequency :

Loan

Education Loan : Once in a lifetime
Auto Loan : Twice in a lifetime

Insurance

Health : Once for individual and then upgrade to family in few years.
Auto : Taken for every new vehicle purchased - 3-4 times in life
Pet : Once or twice in a lifetime
Renters : 3-4 times in life

Customer Segmentation

	Casual Users	Core Users	Power Users
Frequency	2 - 4 times per month	10 - 15 times per month	10 - 12 times per week
More Valued Features	Credit card Checking Account / Money transfers	Credit card Health Insurance Offers in Rewards Checking Account / Money transfers	Credit card Auto Loan Health Insurance Checking Account / Money transfers Offers in Rewards
ICP/Persona	Relocated for Studies	Relocated for Studies / Job	Relocated for Job
Natural Frequency	3 swipes per month	12 swipes per month	30 swipes per month
Revenue Generated	4M $ Charging interchange (2%) on credit card transactions and through interest paid by the user	8M $ Charging interchange (2%) on credit card transactions and through interest paid by the user	2M $ Charging interchange (2%) on credit card transactions and through interest paid by the user
Products / Feature used	Credit card Educational Loan SIM Health Insurance Checking Account / Money transfers	Credit card Educational Loan SIM Health Insurance Offers in Rewards Checking Account / Money transfers	Credit card Auto Loan Health Insurance Auto Insurance Checking Account / Money transfers Offers in Rewards

Engagement Campaigns :

First Campaign

User Segmentation	Casual	Core	Power
Goal	Double the Natural frequency of Credit Card usage - From 3 times a month to 6 times a month	Increase Credit Card Natural frequency usage from 12 swipes to 20 swipes per month	Retain the Natural Freq of Credit card usage of 30 Swipes per month
Pitch	Get 50% of amount spend as cahback in wallet upto 10$ on completion of 6 swipes.	Get 50% of amount spend as cahback in wallet upto 15$ on completion of 10 swipes and then another 10$ cashback on completion of two sets of 5 swipes.	Get 50% of amount spend as cahback in wallet upto 25$ on completion of 60 swipes including the last month swipe counts.
Channel	Notification	Notification	Notification
Offer	10 $ Cashback	25 $ Cashback	25 $ Cashback
Frequency	After every swipe and alternate days.	After every swipe and 2 times a week.	Thrice a week.
Timing	After every Swipe, During Lunch / Dinner	After every Swipe, During Lunch / Dinner	During Lunch / Dinner
Metrics	D20 swipe count is greater than 3	D15 swipe count is greater than 12	D10 swipe count is greater than 15

Second Campaign:

User Segmentation	Casual	Core	Power
Goal	Buy Health Insurance and increased awareness of the same in International ecosystem.	Buy Health Insurance, Auto Insurance, Renter Insurance and increase of the same in international ecosytem.	Buy Health Insurance for family, Renter Insurance, Auto Loan, Auto Insurance
Pitch	Present current healthcare cost number in the market as compared to domestic land prices. Present the examples like of Arun : " Survived tooth pain for 737 days to save 1500$"	Present current healthcare cost number in the market as compared to domestic land prices. Present the examples like of Arun : " Survived tooth pain for 737 days to save 1500$". Present examples of importance of Auto insurance and renter insurance.	Present current healthcare cost number in the market as compared to domestic land prices, comparing the individual and family insurance plans. Present the examples like of Arun : " Survived tooth pain for 737 days to save 1500$". Present examples of importance of Auto insurance and renter insurance.
Channel	Push Notification, Mail notification, WhatsApp notifications and Call.	Push Notification, Mail notification, WhatsApp notifications and Call.	Push Notification, Mail notification, WhatsApp notifications and Call.
Offer	9.5% off on Health Insurance on first premium and 4.25% off for the 2nd premium, offer valid till the end of month.	12.5% off on Health Insurance, Auto Insurance, Renter Insurance for the first premium and 6.25% off on 2nd premium, offer valid till the end of month.	14.5% off on Individual Health Insurance, Auto Insurance, Renter Insurance for the first premium and 7.25% off on 2nd premium, offer valid till the end of month. Reach out to the team for better deals of Family Insurance offers than individual insurance.
Frequency	Twice a week	Twice a week	Once a week
Timing	Notifications around the mid day. Call around 6 pm and then confirm the next availability if not successful call.	Notifications around the mid day. Call around 6 pm and then confirm the next availability if not successful call.	Notifications around the mid day. Call around 6 pm and then confirm the next availability if not a successful call.
Metrics	Record the user response over call. D15 status of the pitch	Record the user response over call. D15 status of the pitch	Record the user response over call. D15 status of the pitch

Third Campaign

User Segmentation	Casual	Core	Power
Goal	Increase customer base	Increase customer base	Increase customer base
Pitch	Exclusive merchandise in the next meetup	Exclusive merchandise in the next meetup Exclusive merchandise delivered to the doorstep. [ For Job folks ]	Exclusive merchandise delivered to the doorstep. [ For the working professionals ]
Channel	Pushing it in the Slack/Discord servers.	Pushing it in the Slack/Discord servers. WhatsApp and Mail notifications	WhatsApp and Mail notifications.
Offer	Refer 5 friends, get them onboarded and get 200$ worth exclusive merchandise in the next meetup.	Refer 5 friends, get them onboarded and get 200$ worth exclusive merchandise in the next meetup. Refer 5 friends, get them onboarded and get 200$ worth exclusive merchandise delivered to doorstep. [ For working professionals ]	Refer 5 friends, get them onboarded and get 300$ worth exclusive merchandise delivered to doorstep.
Frequency	Twice a week	Twice a week	Twice a week
Timing	After 1 hour when the user swiped the card.	After 1 hour when the user swiped the card.	After 3 hours when the user swiped the card.
Metrics	D15 referred and onboarded user count > 2	D15 referred and onboarded user count > 3	D10 referred and onboarded user count > 3

Fourth Campaign

User Segmentation	Casual	Core	Power
Goal	Increase Referral / Reward offers usage	Increase Referral / Reward offers usage	Increase Referral / Reward offers usage
Pitch	Highest wallet points to be rewarded flight ticket.	Highest wallet points to be rewarded flight ticket. Highest wallet points of the month will be rewarded. in the wallet. [ For working professionals ]	Highest wallet points of the month will be rewarded.
Channel	LinkedIn post, WhatsApp communication, Mail communication	LinkedIn post, WhatsApp communication, Mail Communication	LinkedIn post, WhatsApp communication, Mail communication
Offer	Highest wallet points of the month gained by ordering via Referral / Zolve offers will be rewarded flight tickets to the destinations revealing in next meetup.	Highest wallet points of the month gained by ordering via Referral / Zolve offers will be rewarded flight tickets to the destinations revealing in next meetup. Highest wallet points of the month will be rewarded 2000$ in the wallet. [ For working professionals ]	Highest wallet points of the month will be rewarded 2000$ in the wallet. [ For working professionals ]
Frequency	Thrice a week	Thrice a week	Thrice a week
Timing	Just after the card swipe.	Just after the card swipe.	Just after the card swipe.
Metrics	D7, D15 wallet points	D7, D15 wallet points	D7, D15 wallet points

Fifth Campaign

User Segmentation	Casual	Core	Power
Goal	Increase the understanding of other financial products eventually retaining for future.	Increase the understanding of other financial products eventually retaining for future.	Provide the advise on current portfolio of financial services and increase the understanding, eventually building trust and retain them.
Pitch	Get personalized consultation on financial products to understand about the transition from Study to Job.	Get personalized consultation on financial products to understand about the transition from Study to Job. Get personalized consultation on financial products.	Get personalized consultation on the current portfolio financial risk management.
Channel	Call, WhatsApp and Mail communication	Call, WhatsApp and Mail communication	Call, WhatsApp and Mail communication
Offer	Get a free consultation of 1 hr to understand the financial products.	Get a free consultation of 1 hr to understand the financial products.	Get 2 free consultation of 1 hr to understand the current portfolio health and financial products available to make it more robust.
Frequency	Once a week	Once a week	Once a week
Timing	As soon as the communication is read, call them to remind booking the consultation call.	As soon as the communication is read, call them to remind booking the consultation call.	As soon as the communication is read, call them to remind booking the consultation call.
Metrics	Track D4, D7 timelines of booking the consultation call.	Track D4, D7 timelines of booking the consultation call.	Track D7, D15 timelines of booking the consultation call.

Retention Design

Understanding the 3 months data of this year ( starting from Jan-Feb ) :

Analyzing the below graphs :

In the Below charts we can see the rise in Jan and then dropping in Feb through Mar to a normal curve.
So the initial uptick is due to the Spring Admits acquired in India ( picking the top 2 geography ) and will be retained in the US

Desktop / Mobile Web distribution of the users :

Total Visits

Unique Visits

Retention Curve flattening Analysis :

Guesstimate :

The Below chart is drawn considering out of 0.35 M total visits, assuming 0.15 M are the new users and the old users. As can be seen in the March month by above when the new user activity is low as per application cycles idle time so the visit is close to 0.1 M, guesstimating that to be the unique users.

So the M12 in our case will be the time again when the new user activity will be low and some churned out users bringing the monthly visit unique number close to 0.12 M.

Active Users - Retention Analysis.png

So every M3 during the 10 month long application cycle is where we can see the flattening due to new users low activity until the land the international land

Reasons of Churn :

Voluntary Churn	Involuntary Churn
Once the Credit history is built for foreign lands people will lookout for more breadth focused services / products in the market. Travel segment not focused much, so after studies people start using the travel suited lending products. Better credit card offerings by other company and allowing for higher reward offers. Actual Scenario : At the moment Credit Card issue has a waitlist so the user onboarding wasted for the CVP, might return back but the user couldn't experience the "Aha Moment" when it matters most. Rewards architecture included less attractive offers and moved to the better alternative. Customer Support Delays - One of the key levers in promoting the product and retaining users. Engagement campaigns offers not working properly but still the notifications are higher for those services and offers.	Loans / Insurance like products got covered by employer - Avoiding the extra expense and overhead. Returned back to Domestic land and the CVP is no more of any use, eventually using the other companies credit cards.

Voluntary Churn

Involuntary Churn

Once the Credit history is built for foreign lands people will lookout for more breadth focused services / products in the market.
Travel segment not focused much, so after studies people start using the travel suited lending products.
Better credit card offerings by other company and allowing for higher reward offers.
Actual Scenario : At the moment Credit Card issue has a waitlist so the user onboarding wasted for the CVP, might return back but the user couldn't experience the "Aha Moment" when it matters most.
Rewards architecture included less attractive offers and moved to the better alternative.
Customer Support Delays - One of the key levers in promoting the product and retaining users.
Engagement campaigns offers not working properly but still the notifications are higher for those services and offers.

Loans / Insurance like products got covered by employer - Avoiding the extra expense and overhead.
Returned back to Domestic land and the CVP is no more of any use, eventually using the other companies credit cards.

Negative Actions :

TAT Customer Support tickets.
Number of swipes going down as compared to last 3 - 4 months data.
Number of Customer support / issues raised during Ongoing maintenance - Highlighting that warn notification is not playing the role it should.
App not working properly while using different financial services, by tracking "Frequency" of these issues :
- Technical features like uploading files while claiming insurance or other financial services not working eventually hindering user to get to the next step.
- Already completed steps asking to reiterate and redo.
Actual onboarding ETA for different financial services >>>>>>>>> Promised /Expected ETA
Lower engagement with customers so as to build a higher recall brand - CSAT /feedback scores.

Resurrection Campaigns

First Campaign

	Casual	Core	Power

Pitch/Content	Credit card score is as important as the GPA.	Credit card score is as important as the GPA. For working professionals : Credit Card score is as important as your growing investments.	Credit Card score is as important as your growing investments.
Offer	By the End of Week, swipe twice and get 8 $ in the wallet.	By the End of Week, swipe twice and get 10 $ in the wallet.	By the End of Week, swipe thrice and get 15 $ in the wallet.
Frequency/Timing	Alternate days.	Alternate days.	Alternate days.
Success metrics	Credit card spend is closer to last 1 month average spend.	Credit card spend is closer to last 1 month average spend.	Credit card spend is closer to last 1 month top spend.

Second Campaign

	Casual	Core	Power

Pitch/Content	Just finished your exams, time to relax and swipe the card at nearest stores.	Just finished your exams, time to relax and swipe the card at nearest stores. Just finished the hectic week, now swipe on the nearest stores and relax over the weekend.	Just finished the hectic week, now swipe on the nearest stores and relax over the weekend.
Offer	Swipe twice and get access to 30 mins free health insurance financial consultation.	Swipe twice and get access to 30 mins free health insurance financial consultation.	Swipes twice and get access to 60 mins free financial consultation.
Frequency/Timing	Twice a week	Twice a week and one should be spot on Friday night	Twice a week one should be spot on Friday night
Success metrics	D15, Number of swipes are back to average swipes in last 2-3 months	D15, Number of swipes are back to half of average swipes in last 2-3 months	D15, Number of swipes are back to half of average swipes in 2-3 last months

Third Campaign

	Casual	Core	Power

Pitch/Content	Our ETA's are way better than Uber	Our ETA's are way better than Uber	Our ETA's are way better than Uber
Offer	Send 10 successful referrals* in next one week and win a trip to Thailand.	Send 10 successful referrals* in next one week and win a trip to Thailand.	Send 20 successful referrals in next one week and win a family trip to Thailand.
Frequency/Timing	Twice a week	Twice a week	Twice a week
Success metrics	New users are more than 500 in next one week and swiping credit card.	New users are more than 500 in next one week and swiping credit card.	New users are more than 1000 in next one week and swiping credit card.

Fourth Campaign

	Casual	Core	Power

Pitch/Content	Waitlist is no more a problem	Waitlist is no more a problem	Waitlist is no more a problem
Offer	Reach the all time high usage of credit card swipe and explore the other services, get 10$ in the wallet.	Reach the all time high usage of credit card swipe and explore the other services, get 20$ in the wallet.	Reach the all time high usage of credit card swipe and explore the other services, get 25$ in the wallet.
Frequency/Timing	Thrice a week.	Thrice a week.	Thrice a week.
Success metrics	Number of swipes are back to normal of last 3 months. The CSAT score is increased.	Number of swipes are back to normal of last 3 months. The CSAT score is increased.	Number of swipes are back to normal of last 3 months. The CSAT score is increased.

Fifth Campaign

	Casual	Core	Power

Pitch/Content	Trips segment to backup your long pending one stop solution.	Trips segment to backup your long pending one stop solution.	Trips segment to backup your long pending one stop solution.
Offer	Complete trip using Zolve credit card and get great deals on stays for the next trip.	Complete trip using Zolve credit card and get great deals on stays for the next trip.	Complete trip using Zolve credit card and get great deals on stays for the next trip.
Frequency/Timing	Twice a week	Twice a week	Twice a week
Success metrics	D60, D90, M6, Trip completion	D60, D90, M6, Trip completion	D60, D90, M6, Trip completion