The Company is a full-service brokerage house based in India, specializing in brokerage, advisory, and investment banking. The company provides a comprehensive range of financial products and services, including equity, derivatives, commodity trading, and wealth management. The Company was facing low user engagement on its trading platform resulting in declining revenue, necessitating a strategy to enhance utilization and drive growth.
The Company wished to enhance its revenue from 2 of business lines, as follows:
- Its online trading platform for retail traders: The Company had perpetually low login to trade ratio, number of trades per client, and number of days traded for the client
- Its B2B platform or Franchisee business line: The customer journey for the B2B business was broken, leading to low customer satisfaction
Our Approach
Primus’s approach involved an amalgation of frameworks around funnel analysis, communication mix and journey analysis on the online trading platforms for both Retail & B2B businesses.
Retail Business:
- Primus undertook a funnel analysis to arrive at major drop-off points and assess customer behviour at those points. Various idea customer journeys were also drawn in parallel to understand reasons of drop off
- Reccomendations were made on communication channels, content, frequency and other operational areas to improve user engagement on the trading platform
- A/B testing to used to understand if reccomendations improved user engagement
- Innovative reccomendations revolving around how the user experiences on the platform maybe overhauled completely were made, comparing ‘Netflix’ like engagement as alternate models
B2B Business:
- Primus undertook a segmentation of franchisees, conducted interviews and identified issues towards inactivation. Based on this, provided issue wise recommendations for implementing
- Mystery shopping was undertaken to benchmark with other similar platforms in the industry.
- Areas such as onboarding, communcation, automation, and servicing were identified as pain points
- Reccomendations were made around categorization of Franchisee’s, Onboarding process and technology integration in critical areas
The Benefits
- The Company experienced increased user engagement on the app, with increase in login to account opening and login to trade ratios by ~5-8% for their retail trading platform
- The Company saw improved feedback and comments from the sub-brokers after journey enhancement were made for the B2B business
- Internally, the teams were provided feedback on operational parameters which helped improve internal communication and turnaround times.
