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Let’s begin

What is share.market ?

A discount-broking platform to give users access to wealth-creation opportunities in the securities markets. It has been launched in 2023 by PhonePe as part of its foray into the wealth-tech space, in addition to the Mutual Funds offerings it make on the native app.

Where is it available ?

Available as an app on both Play Store & App Stores, also as a website. Currently, operates only in India and open to only Indian Residents.

Current Status

share.market has 1.55 mn customers, 1.4 Mn monthly active SIP transactions, with a DAU of 75k (1.5 L Demat Accounts). It is pitched directly against Zerodha, Groww, Upstox, AngelOne as well as legacy brokerage firms. Hence, it is differentiating itself by offering an intelligence-layer along with intuitive UX and smooth execution abilities, which are essentially table-stakes in the industry (switching costs for users are negligible).

Elevator Pitch

Want to invest in the markets but not knowing where to start ? Or you are already trading but have to navigate multiple platforms to decide what trades to take ?

share(dot)market is here - Make your investment & trading journey easier by combining research & convenience via an intuitive platform. We take the pain out by presenting you with well-researched baskets for wealth-creation, updated information on equity market movements easing your stock selection and detailed research on any instrument of your choice.

Stock Markets participants (novices to experts) are surrounded with information, news, data and noise. This make is quite difficult to arrive at buying & selling decisions. That's where Wealth-Baskets (right on below) come in - created by research houses for beginners, taking painstaking analysis & decision fatigue out of the way. For Equity Traders, who rely on multiple parameters, Factor Analysis (left on below) makes it easier by providing info in a visual format

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Understand your Product

share.market offers multiple market related instruments to invest or trade in - Stocks, Curated Wealthbaskets, Equity Trading, Derivatives (F&O trading)

1. Buy Stocks & Curated WealthBaskets ; Do trading (Intra Day, Futures, Options)
2. Advanced Research Tools for both Equity & Derivatives segments
3. Pre-created collection for Equities using multiple criteria

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Understanding Core Value Proposition

Empowers users with Curated Opportunities across segments coupled with Intuitive Insights and smooth execution capabilities, effectively easing out the decision-making for market participants

a. Pre-created wealth baskets help make the decision-making process easier for Investors

of users, with intuitive in-app flows.

b. Pre-created collections of equities based on trends make stock selection criteria easy for equity participants

c. Video Learning Material for users on different aspects of the market educate new investors

Understanding the Users

1. Beginners find to difficult to start investing due to multitude of choices, inability to do own research and unable to drill down onto instruments that are fit for them at that stage of life. They learn from videos on YouTube, following influencers on Twitter and certain telegram groups for ideas. But a steep learning curve hinders their participation in the securities markets from the time they have intent.
2. Experienced participants have pre-defined criteria to choose equities for purposes of both investments and trading. Equity Trading comes in multiple formats (intraday, swing and positional). They typically do their research on platforms other than discount broking platforms. Their research is based on various factors (fundamentals, momentum, market cap, sectoral, etc). They spend maximum amount of time on research platforms to arrive at buy/sell decisions. The discount broking platforms are simply a way of executing said decision in a seamless fashion.
3. 'Ease of Use' has been ranked as one of the highest factors by users in choosing a platform. This means presenting relevant information in an intuitive format without confusion to users.

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Understanding your ICP

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We have multiple users of a product and not all of them can be our ICP for whom we make our strategies, we need to prioritize.

Based on above Table, I will Prioritize for ICP 3 & ICP 4.

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Understand Market

(then try to understand the market at a macro level and evaluate the trends and tailwinds/headwinds.)

Now it’s time for some math, calculate the size of your market.

TAM = Total no. of potential customers + Total no. of Existing Customers (80 Mn)​

From above funnel, we can see a 25 Mn population which can invest, but is not doing so currently.
At present, India has 50 Mn retail investors spread across various platforms.

TAM = 70 Mn + 50 Mn = 120 Mn

SAM = TAM x Target Market Segment (percentage of the total market)

​ Target Market : ICP-3 (10%) + ICP-4 (10%) of 120 Mn = 25 Mn

SOM = SAM x Market Penetration/Share

= 25 Mn x 35% = 8.75 Mn

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Designing Acquisition Channel

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Detailing your Acquisition Channel

Organic Channel

Existing Search Channels

1. SEO - A search for ‘share.market’ results in redirection to the webpage, which nudges users to download the App
2. SEO - A search for simply ‘share market’ results in a ton of other results showing up, share.market comes us only as a sponsored result, with redirection to play store
3. SEO - A search for ‘share market phonepe’ appears to be the most optimized search showing up the first 3 results related to the app & website
4. SEO - A search for ‘share market apps’ results in showing competitors in top 3, while share.market comes up as a link to the website & app (in order)
5. ASO Brand Search - Brand Search (share.market) App shows up as 1st search result
6. 1. Generic Search Term (share market) - Shows up as paid listings, ranks 4-5 in non-paid listing
7. ASO on Play Store - Category Search -
8. 1. share market app - Shows up as paid listings, ranks 4-5 in non-paid listing
   2. Mutual Funds - Does not appear in top 15 results also
   3. Wealthbasket - Shows up in Paid Listings, Number 16 in non-paid listing

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Optimize share.market for keyword search of 'how to start investing in mutual funds'.

One way to do this is fix backlinks on share.market page explaining the complexities of investing in mutual funds and providing WealthBaskets as an easier alternative.

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Paid Ads

LTV Calculations :

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LTV : CAC = 13,200/4047.6 = 3.26

In theory, Paid Ads on YouTube towards quality users (ICPs 3 & 4) can give a favorable LTV:CAC ratio (> 3), hence this channel can be pursued for user acquisition.

Matching Channel with the ICP : (our chosen ICPs hang out on YouTube !!!)

1. ICP-3 spends time on YouTube for purposes of following videos for trade ideas
2. ICP-4 spends time on YouTube to learn about investing, how to assess investment vehicles, etc.

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Product Integration

(Understand, where does organic intent for your product begin?)

1. PhonePe has 480 million users on its payments app. It is nudging its (selective) user base using in-app banners towards exploring share.market app. However, the success rate of this campaign has been limited as a mere 2% of such user base has made any active transactions on the app.
2. The ICP-3 typically spend their time on multiple platforms offering research capabilities. Choosing just any of them at this stage is difficult before understanding quality of users.

Hence, I am holding on product integrations for now as an acquisition channel.

Referral Program/Partner Program

During the UX Research, it was revealed that new investors feel empowered when they have made their first investment on the platform. The trigger is low amount decision-making involved and the smooth execution process. Since a new investor will not be making another investment for quite some time, we can use this trigger to help acquire new users through referral.

The Incentive : The platform currency can be money directly deposited into users' PhonePe account (since it is a PhonePe product). However, this reduces the engagement that might have otherwise come by offering free brokerage upto 400/-. Hence, choosing 'free brokerage' as the reward for referrals.

Suggested Referral Flow​

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In Summary

If I were to acquire new users to the share.market platform

1. I would lay focus on New Investors & Equity Traders. Contrasting ICPs, I know. But New Investors graduate to traders eventually some faster than others. Equity Traders - by virtue of market opportunities and trading activity generate revenue along with engagement & retention. They are also likely to spread Word-of-Mouth in their circles, if they get higher perceived value from share.market.
2. As to Channels, I would prioritize
   a. Optimizing share.market for SEO with keywords "how to start investing in mutual funds"
   b. Creating YouTube ads as both ICPs spend their time on YouTube, albeit for slightly different purposes
   c. Referral program by new investors, who feel happy by the action of making their very first investment

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