Engagement & Retention project | Appreciate

What is Appreciate?

Want to invest in the U.S. in dollars? What if I told you that you could start with just ₹1? Confused? With Appreciate, you can make this a reality while keeping fees to a minimum. Excited? That's right—this platform offers you the chance to step into global investing effortlessly and affordably.

What Does Appreciate Wealth Solve For?

Appreciate provides effortless and affordable opportunities for Indians who want to diversifying their investment portfolio even beyond the borders. It solves the problem of complex and expensive investing by offering easy access to a diverse range of financial products such as US equities, mutual funds, and ETF's at minimal costs, with tools for micro-investing, goal-based planning, and automated savings.

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How do users experience core value proposition:

Personalized Dashboard: A tailored dashboard that brings together investment recommendations across various financial products, customized to each user based on market conditions, their risk tolerance, performance history, and other relevant factors. It also features educational articles and news updates according to user's interest to keep them informed and empowered in their financial journey.

Transparent Fees: Users have a clear view of all fees, including those for trades, LRS (Liberalized Remittance Scheme), fund transfers, and withdrawals. This reinforces the product’s core value proposition of offering the lowest transaction charges, maintaining transparency, and building user trust.

Customized Goals & Tracking: Users can set personalized financial goals—whether saving for retirement, a major purchase, or building an emergency fund—and track their progress in real-time. Appreciate’s intuitive tracking feature offers ongoing updates and milestone celebrations to keep users motivated. 

How Yes Bank Experiences the Core Value Proposition:

Engagement Framework for Appreciate:

The ideal engagement framework for appreciate will be a mix of all breadth, depth and frequency.

• Portfolio Engagement ( Frequency of Investment Activity ): The more often users interact with their portfolios, the more likely they are to increase investments, leading to higher assets under management and greater engagement with platform thereby having a revenue impact.
• Diverse Content Consumption ( Breadth of investment activity ): 1. Exposure to various investment categories and financial product features can make users feel the platform is a comprehensive solution. The more features users explore, the more likely they are to remain engaged and less likely to seek other financial solutions and thereby increase retention.. 2. Educated users are more confident and proactive with investments, leading to deeper engagement and retention. Exposure to diverse financial knowledge areas for different financial products helps users become more informed, increases trust in the platform and give confidence to invest more and thereby diversify their portfolio which will further increase product usage and thereby retention.
• Breadth of investment activity: Users demonstrate high engagement in both frequency and breadth, suggesting that depth (i.e., large investments in multiple categories) is a function of high frequency and diversified product usage.

Sub-Products of Appreciate:

Currently, Appreciate offers an investment application as its primary product, providing users with an accessible and transparent platform for managing their investments. However, Appreciate is soon expanding its offerings to include credit and loan services. This addition will allow users to access personal and business loans directly through the platform, making Appreciate a more comprehensive financial ecosystem.

By diversifying its product suite to include credit and lending options, Appreciate aims to strengthen its role in users’ financial lives, fostering top-of-mind awareness and reinforcing its commitment to meeting a wider range of financial needs.

Natural Frequency of Appreciate:

Active User & Natural Frequency:

• A person who makes at completes at least 10 transactions involving financial products, such as trades, goals, or mutual funds within a month.
• Users typically engage with the product 5 times a week.

Engagement Metrics

These metrics are primarily tracked to measure engagement and retention, calculated on MTD (Month-to-Date), previous MTD, QTD (Quarter-to-Date), previous QTD, and YTD (Year-to-Date) bases to analyze customer patterns and trends.

Another critical metric is the onboarding conversion rate, which reflects the conversion through the onboarding funnel. The onboarding journey is one of the lengthiest processes within the application, and each stage of the funnel sees a significant drop-off. This drop-off occurs not only due to the extensive steps required but also due to external factors like KYC verification, account creation, and other dependencies. Therefore, tracking funnel conversion is essential for understanding user flow and optimizing the onboarding process.

RFM Advanced segmentation:

Ideal Customer Profiles Based:

Customer segmentation based on Casual, Core & Power for all the 3 ICP's:

Analysis for Gen Z, Female, 18-24 (Student):

Analysis for Millennial Dad (30-40, Male, Employed):

Analysis for Mr. Retired (55-70, Male, Retired)

Product Hook:

Goal: Increase conversion of users to add funds to their wallet after onboarding.

Success Metric: Increase in UPI and LRS transactions.

Problem Statement: There is a significant drop in users who abandon the platform before adding funds to their wallet or completing an LRS transaction to make their first investment, despite having completed the entire onboarding process.

Current Alternatives: After onboarding, users are directed to the dashboard, where they see a banner prompting them to add funds to their wallet in order to make their first investment.

Solution:
To improve conversion, users will be nudged immediately after completing the onboarding process to add funds to their wallet and complete LRS. A reward (cashback) will be offered for completing these actions on the same day, motivating users to finalize the process.

User Flow:

• After onboarding, a pop-up appears with the message: "Add funds to your wallet to make your first investment" along with the cashback reward offer for completing the action on the same day.
• When the user engages with the pop-up, they are directed to the "Add Funds" page to complete the transaction.

This approach streamlines the process and incentivizes users to take immediate action, improving conversion rates and reducing drop-off.

Engagement Campaigns:

#1 Market Mondays

Strategy Title

• Market Mondays

Goal

• Encourage users to invest consistently by giving them exclusive offers on Mondays - market open day.

Focused ICPs

• Focus on casual/core users of all the 3 ICP's.

User Behaviour

• Checks the app but hesitates to make investments
• Interested in news & market updates
• Prefers to make investments on specific days

Pitch/Content

• Start your week strong! Every Monday, invest and get exclusive perks.

Offer

• Invest on a Monday -> Get a discounted platform fee.

Channel

• Push notifications, In-app banners, Email

Frequency & Timing

• Every Monday during market hours.

Success Metrics to Track

• Increase in Monday investments, growth in weekly engagement. ( Net AUM )

Ramp-up Milestones

• 1000 Monday investors, 5000 Monday investors.

Reasons Why It Will Work

• Creates a pattern for users, establishing a weekly investment day.

#2 Invest & Win Streak

Strategy Title

• Invest & Grow Streak

Goal

• Encourage daily or weekly investments to build a habit of consistent investing.

Focused ICPs

• Focus on core users of all the 3 ICP's.

User Behaviour

• Makes small investments but sporadically
• Compares multiple platforms before investing
• Not really concerned or doesn't get time to invest every day.

Pitch/Content

• Keep your streak alive! Invest daily or weekly and unlock exclusive rewards.

Offer

• Stage 1: Invest for 5 days -> Get an educational resource free.
• Stage 2: Invest for 10 consecutive days -> Get a discount on brokerage fees.
• Stage 3: Maintain a 30-day streak -> Get a discount on platform fees.

Channel

• Push notifications, In-app notifications, Email

Frequency & Timing

• Daily reminders during market hours.
• In-app notifications after each investment.

Success Metrics to Track

• Increase in daily active users ( DAU ) , monthly active users ( MAU )

Ramp-up Milestones

• 5-day streak, 10-day streak, 30-day streak.

Reasons Why It Will Work

• Gamifies investing, creating excitement and a reason to invest regularly.

#03 Appreciate Investment Ladder

Strategy Title

• Investment Ladder

Goal

• Encourage users to invest in diversified asset classes progressively.

Focused ICPs

• Focus on casual/core users of all the 3 ICP's.

User Behaviour

• Invests but sticks to a single asset class
• Interested in diversification but unsure of the process
• Needs guidance for making diversified choices

Pitch/Content

• Climb the investment ladder with Appreciate! Start with one asset class and unlock rewards as you diversify.

Offer

• Step 1: Invest in Stocks -> Unlock insights on Mutual Funds.
• Step 2: Invest in both Stocks and MF's -> Get access to ETF's tips.
• Step 3: Invest in all three -> Unlock advanced investment guides and offers on platform fee across all the 3 products.

Channel

• In-app notifications, Push notifications, Email

Frequency & Timing

• When users invest in one asset class without diversification.

Success Metrics to Track

• Net product adoption rate.

Ramp-up Milestones

• 1000 users completing all three steps, 3000 users completing all three steps.

Reasons Why It Will Work

• Guides users into diversification with small, progressive steps, making the process approachable.

#04 Diwali Investment Spark

Strategy Title

• Diwali Investment Spark

Goal

• Encourage first time investments

Focused ICPs

• New Users -  focused on Gen Z Population & Mr. Retired

User Behavior

• New to investing or exploring investments for the first time
• Financially cautious, looking for secure options
• Seeks financial knowledge and guidance
• Looks for seasonal or festival offers

Pitch/Content

• Light up your financial future this Diwali! Start your investment journey with us

Offer

• Free consultation with financial advisors for new users who make their first investment during the Diwali season.

Channel

• In-app notifications, Push notifications, Email

Frequency & Timing

• Daily reminders and tips leading up to Diwali, with a special push on the day of the festival.

Success Metrics to Track

• Number of new accounts created and first time investments. Increased conversion rate during the period.

Ramp-up Milestones

• 1,000 new users investing in the first week
• 5,000 new accounts by Diwali day
• 15% conversion rate increase compared to previous month

Reasons Why It Will Work

• A festival themed campaign appeals to cultural sentiment and new financial goals. The exclusive advisor consultation adds value for first-time investors, addressing their need for guidance.

#05 Golden Harvest

Strategy Title

• Golden Harvest

Goal

• Encourage casual retired users to explore steady, low-risk investment options for sustained financial growth.

Focused ICPs

• Retired casual users (Mr. Retired)

User Behavior

• Interested in preserving and gradually growing their savings
• Prefers low-risk, reliable investment options
• Checks the app occasionally but does not engage actively
• Values stability over high returns
• Interested in financial planning for long-term security

Pitch/Content

• Secure your future while you enjoy the present. Discover low-risk investment options that grow at your pace.

Offer

• Free personalised portfolio review and recommendations for conservative investments, such as bonds, fixed deposits, and senior citizen schemes.

Channel

• In-app notifications, Push notifications, Email, SMS

Frequency & Timing

• Weekly reminders with featured conservative investment options
• Personalised suggestions based on user profile
• Notifications timed in the morning or early afternoon when engagement is highest for this demographic

Success Metrics

• Engagement rate on personalized investment recommendations
• Increase in investments in low-risk products by retired users

Ramp-up Milestones

• 500 portfolio reviews requested in the first week
• 2,000 low-risk investments within the first month
• 10,000 low-risk investments within the first quarter

Reasons Why It Will Work

• This campaign meets retired users' desire for financial security and simple, low-risk options. Personalised recommendations help build trust, while the offer of a portfolio review adds value.

#06 Daily Market Pulse

Campaign Title

• Daily Market Pulse

Goal

• Boost daily engagement by keeping users informed on significant news events and their potential impact on the markets.

Focused ICPs

• Core/Power traders interested in staying up-to-date with market trends.

Pitch/Content

• Today’s top news and what it means for your portfolio: Stay ahead with the latest insights!

Offer

• Daily push notifications and in-app articles summarizing key news stories, including analysis on how these events might impact the stock market.

Channel to Promote

• Push notifications, in-app content, email newsletters.

Frequency & Timing

• Daily at market opening, and closing, plus midday notifications for breaking news.

Example Content Themes

• Breaking News Alert: "Trump Wins! Here’s What Could Happen to US-India Trade Stocks Today"

Success Metrics to Track

• Daily app opens, click-through rates on notifications, engagement with in-app articles.

Ramp-up Milestones

• 10% increase in daily app opens in the first month.
• 15% increase in portfolio adjustment activities within two months.

Reasons Why It Will Work

• Investors are highly influenced by real-world events, and this campaign helps them feel prepared and informed, with tailored insights connecting news with actionable steps for their portfolios.

Proposed Flow

• Notification: "Breaking News! Trump’s Win Might Reshape Global Markets – See Key Sectors to Watch Today"
• In-App Engagement: Users tap notification -> Land on a detailed article analyzing potential impacts by sector -> Call-to-action to explore related stocks.
• Portfolio Suggestions: Tailored stock recommendations or alerts for users based on their current holdings.

#07 Market Mastery Daily

Campaign Title

• Market Mastery Daily

Goal

• Engage users with daily educational content, providing them with key principles and strategies to understand the market and enhance their investment skills.

Focused ICPs

• Casual/Core for all 3 ICP's looking to expand their knowledge with practical investment principles.

Pitch/Content

• Don’t miss today’s study guide! Get one step closer to mastering the markets with daily lessons tailored for you.

Offer

• Daily notifications with study guides, tips, and key concepts on market principles, investment strategies, and financial trends.

Channel to Promote

• Push notifications, in-app content, email.

Frequency & Timing

• Daily at 8 AM and 5 PM.

Example Content Themes

• Fundamental Analysis Monday: "Today’s Guide: How to Analyze a Stock’s Earnings Report – Key Indicators Explained!"

Success Metrics to Track

• Daily app opens, content completion rates, increased engagement in educational features.

Ramp-up Milestones

• 20% increase in daily app opens in the first two months.
• 15% of users completing at least three lessons per week within the first month.

Reasons Why It Will Work

• By offering accessible, daily educational content, users build a habit of learning with Groww, enhancing their market confidence and increasing platform trust as a go-to resource for market education.

Proposed Flow

• Notification: "Don’t Miss Out! Today’s Study Guide: How to Pick Stocks Like a Pro – See Today’s Lesson!"
• In-App Engagement: Users tap notification -> Directed to an in-app article or video on the topic
• Daily Progress Tracker: Users track their learning streaks and progress through different topics.

Retention Curve:

Retention Comparison: Other Competitors ( IndMoney, StockAl ) vs Appreciate

At this stage, comparing Appreciate with other competitors in the market may not be a fair assessment, as Appreciate is still in the early stages of scaling. However, if we evaluate retention across different segments, it could look like this:

• Customer Support: IndMoney or other competitors offers strong customer support which positively impacts user retention.
• Onboarding Process: Appreciate currently has a long onboarding process and challenges particularly with KYC verification, which create delays and make it harder for users to get started.
• Referral Programs: Competitors like IndMoney have more effective referral programs, offering better incentives for users to invite others. This boosts retention by leveraging network effects.
• Brand Loyalty: IndMoney and other competitors benefit from successful branding and higher market visibility, which leads to greater retention, as users tend to stick with platforms they trust.
• Product Offering: Appreciate’s retention rate is lower compared to its competitors, potentially due to factors like market reach, user experience, and the range of products offered.

Which acquisition channels drives users that retain better for appreciate:

• Appreciate’s referral program drives the most retained users.
• Paid advertising and optimizing play store listings also helps Appreciate attract users who retain.
• Social media & education resources is also one of the major channel that drives appreciate.

Which ICP drives better retention for Appreciate:

Considering the 3 ICP's, the order for retention rate would go like ICP 3 > ICP 2 > ICP 1.

1. Mr. Retired ( ICP 3 ):

• This group is often interested in low-risk investments, such as mutual funds, bonds. They may also seek investment advice or products that provide steady returns and are less volatile.

Retention Drivers:

• Mr. Retired prefers simple, well explained investment options.
• This group values stability and reliability over high returns.
• Does not prefers to shift platforms once they are well equipped to use it.
• Concerned about charges and low charge platforms attract them.

Retention Challenges:

• Once this group has invested, they may don't engage frequently with the platform unless they are alerted about changes in their investments or prompted to reallocate funds.
• They are not as likely to explore new or higher risk investment products, which could lead to lower engagement over time.

2. Millennial Fathers ( ICP 2 ):

Profile:

• This group is focused on securing their family's financial future, prioritising investment products but at the same time willing to take risks while making investments. They are more tech-savvy and comfortable with digital platforms but might seek expert advice for major decisions.

Retention Drivers:

• Millennial fathers are highly motivated by securing their family's future, which aligns with Appreciates offerings of mutual funds, and goal based investing also with the interest to take risk other financial assets will help them keep on the platform.
• Regular update on portfolio performance, market trends, or new product launches encourage frequent interaction with the platform.

Retention Challenges:

• Without personalised recommendations or easy tracking of their goals, they might disengage.
• With too many notifications/engagement, they might feel overwhelmed and prefer to disengage.
• Likely to switch between platforms whenever they will that there might be a better one.
• Prefers to get incentives often which can lead to disruption if not met.

3. Gen Z ( ICP 1 ):

Profile:

• Gen Z is highly mobile and tech-savvy, constantly seeking convenience, speed, and customization in everything they do. They are open to investing but might start with smaller amounts and explore high-risk, high-reward options.

Retention Drivers:

• Gen Z values intuitive and visually engaging interfaces.
• This ICP is influenced by trends and social media and If Appreciate can leverage influencer marketing, social media content, or community-driven features, it can increase their retention.
• Gen Z tends to start with small investments, so Appreciates Rs 1 investment structure appeal to them.

Retention Challenges:

• Gen Z has a shorter attention span and higher expectations for innovation.
• Gen Z might struggle with the long-term nature of investing, preferring quick, high-return investments.
• Fallout in the investments made can make them worried and drop usage.
• Gen Z could lose interest if the platform doesn’t offer smooth onboarding, customer support, enough dynamic content or community engagement features.

Features/ Sub Features driving Retention:

The key feature driving retention in Appreciate is US stocks, followed by Goals, and then Mutual Funds and ETFs.

Churn Reasons:

Resurrection Campaign:

#01 Your Portfolio is Waiting! Here's Your Personalised Re-Entry Plan

Goal:

• Bring back users who left after their investments underperformed

Target ICPs:

• Users who churned due to portfolio underperformance.

Pitch/Content:

• Your portfolio might need a little tweaking. Let’s fix it together with a personalised strategy designed just for you.

Offer:

• Free portfolio review and personalised recommendations from financial advisors.
• A session with a Appreciate advisor to discuss market conditions and get expert guidance.

Channel to Promote:

• Push notifications, email, in-app banners.

Frequency & Timing:

• 3-5 days after inactivity offer a free portfolio review and personalised recommendation..
• 2-3 days after the first reminder with an advanced offer emphasising on session with advisor.

Success Metrics:

• Number of re-engaged users who schedule advisory sessions.
• Number of users who take action on portfolio recommendations.

Ramp-up Milestones:

• 20% increase in user engagement through portfolio reviews.
• 10% increase in portfolio adjustments from churned users in the first month.

#02 Let's Get Back on Track Together!

Goal:

• To bring back users who dropped off during the onboarding session.

Target ICPs:

• Users who began onboarding but abandoned the process due to technical issues on VKYC, PAN or Aadhar verification or confusions regarding information asked .

Pitch/Content:

• Something went wrong during your onboarding, and we’re sorry for the inconvenience. We’ve fixed the issues and would love to get you back on track with personalised help.

Offer:

• Invite users to schedule a session with a Appreciate onboarding specialist to answer any questions they have and guide them through setting up their account.

Channel to Promote:

• Push notifications, email, call.

Frequency & Timing:

• 1-2 days after churn, offering to assist with personalised session for any onboarding issues they faced.
• 3 days later, offering a reminder of the personalised session.

Success Metrics:

• Number of users who return and complete the onboarding process.
• Time taken to complete onboarding after re-engagement.
• Increase in first investment post-onboarding.

Ramp-up Milestones:

• 20% of churned users returning to complete onboarding within the first 2 weeks.
• 10% increase in the number of users completing the first investment after re-engagement.

#03 We’re Sorry We Missed the Mark – Let’s Make It Right!

Goal:

• To win back users who churned due to poor customer service.

Target ICPs:

• Users who churned after experiencing bad customer service, including long wait times on Aadhar, PAN or KYC verifications, unhelpful support, or unresolved issues.

Pitch/Content:

• We understand that your experience wasn’t great, and we’re truly sorry. Let us try to make it right this time.

Offer:

• Offer a priority support badge for churned users, guaranteeing faster response times and dedicated support.
• Provide a one time offer such as a ₹200 cashback on their first transaction after reactivation.

Channel to Promote:

• Push notifications, email, and in-app messaging.

Frequency & Timing:

• 3 days after churn, offering an apology and highlighting improvements in customer service.
• 5-7 days later with a reminder of the personalised support offer and cash back offer and invitation to try the platform again.

Success Metrics:

• Increase in CSAT & NPS score following the re-engagement.
• Improvement in customer service response times and issue resolution.

Ramp-up Milestones:

• 10% of churned users re-engaging within the first 2 weeks.
• 5% improvement in CSAT & NPS score post-re-engagement.

#04 Your Stock, Your Way – We’ve Got What You’ve Been Looking For!

Goal:

• Re-engage users who churned because they couldn’t find a specific stock or investment option they were looking for previously.

Target ICPs:

• Users who left the platform after being unable to find a specific stock, or investment option they were interested in.

Pitch/Content:

• Remember that stock you were looking for? It’s finally here! We’ve listened to your feedback and added the stocks/products you wanted. Your perfect investment is just a click away!

Offer:

• Automatically configure notifications for the stock or product they were looking for earlier so they can receive updates when its availability is confirmed.
• Offer ₹150 cash back or a free trade for returning users who invest in the newly available stock/product within the next 7 days.

Channel to Promote:

• Push notifications, email.

Frequency & Timing:

• Immediately take into consideration the stock/investment option and integrate and notifying users that the stock they wanted is available.
• Continue to send notifications about any additional stocks or products that become available based on their preferences or previous searches

Success Metrics:

• Percentage of re-engaged users who make a purchase or investment in the newly available stock.

Ramp-up Milestones:

• Target to recover 20% of churned users who could not find their desired stocks previously.

#05 Your Investment, Your Savings – We Have the Lowest Charges!

Goal:

• To re-engage users who left the platform due to concerns about high charges and show them that the platform has some of the lowest charges in the industry.

Target ICPs:

• Users who churned citing high platform charges or fees as the primary reason for leaving.

Pitch/Content:

• We get it – you were concerned about charges. But here’s the truth: we offer the lowest fees in the industry. You can save more with us compared to the competition, and here’s how!

Offer:

• Provide a clear visual comparison between your platform’s charges and those of key competitors, highlighting the savings the user can make by returning.
• Send them a detailed breakdown of their past charges, comparing it to what they would have paid on competitors platforms.

Channel to Promote:

• Push notifications, email.

Frequency & Timing:

• Within 3-5 days after churn, highlighting your low charges.
• 7-10 days later, with a comparison chart and breakdown of the past charges comparing it with competitors.

Success Metrics:

• Percentage of churned users returning to the platform and making their investments post seeing the breakdown of charges.

Ramp-up Milestones:

• Aim to recover 15-20% of users who left due to perceived high charges.