Launched in December 2019, BukuKas is an SME digitization startup aiding small companies with money administration and different key areas of their each day life. Based by Lorenzo Peracchione and Krishnan Menon, the corporate goals to assist thousands and thousands of Indonesian small and micro-businesses run their corporations higher and develop by utilizing easy software program options.
Table of Contents
- How BukuKas Improved New User Activation by 60% Using Funnels
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Their main product, the BukuKas app, is a digital ledger that replaces the bodily books that greater than 90% of small companies sometimes use to trace gross sales, bills, and credit. Over time, the app has grown to help retailers in stock administration and analytics as effectively. The corporate is planning to broaden the vary of providers provided to their retailers to embody digital cost and social commerce enablement, with the imaginative and prescient to create an end-to-end software program stack for small retailers. As of January 2020, BukuKas serves near 2 million month-to-month lively customers (MAUs) and has raised a complete of $22 million thus far.
Decreasing the Whole Price of Possession (TCO)
As an early-stage startup, it was important for BukuKas to have an built-in answer that mixed product analytics, A/B testing, and CRM in a single platform. This is able to save each money and time integrating and sustaining separate level options.
Automating Buyer Engagement
Creating trigger-based journeys and figuring out consumer actions that contribute to elevated engagement is one other important problem. To create personalised engagement campaigns for customers all through the client journey, the workforce wanted an automatic communication technique.
Educating Customers About Product Options
Since BukuKas customers are primarily retailers who beforehand relied on bodily ledgers for bookkeeping, educating customers on how the app differs from — and is superior to — their earlier technique is important to driving adoption. Simply as vital is rising the usage of present options and selling new options in order that customers perceive the worth of every function. This reduces friction and helps improve app stickiness over time.
BukuKas wanted a whole engagement toolkit that supplied real-time analytics together with automated, predictive segmentation. They selected CleverTap over different engagement options as a result of it supplies all of those options in a single platform.
Retention and app stickiness are important metrics for BukuKas. The workforce displays retention at a really granular degree throughout totally different levels of the client lifecycle. Within the preliminary levels, the retention funnel is about having a easy onboarding expertise and minimal friction. Because the retailers turn into extra aware of the app, it shifts in direction of delivering incremental worth when it comes to options and options.
An indicator of whether or not the app is including worth to customers’ lives is how regularly they use the app. Those that use the app each day or weekly are clearly their most engaged customers with the very best retention charges. In relation to development, the workforce analyzes how their retained consumer base grows over time and the extent of engagement inside every cohort. This lets them be proactive if a specific cohort’s engagement seems to be waning.
Funnels to Perceive Person Navigation
The corporate breaks the consumer circulation and the product into totally different conversion funnels based mostly on totally different levels of the client lifecycle. For instance, an onboarding funnel focuses on customers from their first app launch till they full their first few transactions.
They’ve additionally created funnels which can be particular to particular person product options. For example, they’ve funnels for customers to create their first SKUs and replace product portions. Every function has its personal funnel the place conversion and stickiness get measured at a granular degree.
At a broader degree, funnels are used to observe the final well being of consumer flows and perceive if their product and advertising and marketing initiatives affect funnel conversions.
Product Experiences to Optimize the App Expertise
With product experiences, the workforce can simply A/B take a look at UI/UX variations to enhance the consumer expertise. Moreover, function flags allow them to construct and iterate on merchandise quicker and launch new options with out having to do full-fledged app releases. This will increase the prospect of success for a brand new function by testing it with a restricted set of customers, modifying it based mostly on suggestions, and ultimately rolling it out to all customers.
Cohort Evaluation to Evaluate Totally different Person Teams
Retention is a vital indicator of whether or not they’re attracting the correct customers and delivering worth. Utilizing cohort evaluation at a excessive degree, they monitor buyer acquisition throughout time durations and channels. This helps gauge if a channel is helpful in buying high quality prospects.
Moreover, cohort evaluation helps them perceive if sure options launched to particular audiences drive higher outcomes. Cohort evaluation can be used to check long-term hypotheses on consumer retention. It helps separate development metrics from engagement metrics in an effort to acquire a complete snapshot of consumer exercise.
Recency, Frequency, and Financial Evaluation (RFM) to Monitor Well being of the Person Base
RFM evaluation helps the workforce establish at-risk, hibernating, and about-to-churn segments, in addition to acquire insights into why customers churn. For instance, many customers uninstalled as a result of they ran stock on one other app. This data prompted BukuKas to develop stock options, facilitating reactivation of churned customers.
Analyzing segments additionally helps the workforce assess the place their customers stand within the buyer lifecycle after which goal these customers with related, personalised communications.
The BukuKas app is programmed so it doesn’t seem the identical for each consumer. Sure options are progressively revealed because the consumer matures and turns into extra aware of the functionalities of the app. Analyzing varied segments of customers helps them decide which options are most related to disclose — and to which customers.
CleverTap’s engagement options have helped BukuKas enhance each its onboarding funnel and preliminary retention charges. It does this by serving to customers discover ways to use the app’s most dear options and likewise uncover unused ones. The onboarding funnel helped them enhance conversion charges by 60% over 6 months.