Buried beneath a mountain of complicated paperwork and cumbersome compliance requirements is not the place you want to find your financial advisors. They should be at the summit, helping you reach your goals with the highest levels of client service and customized financial solutions.
Oranj’s platform offers financial advisors a way to streamline portfolio management and client services, empowering them to build and scale their businesses instead of spending hours on cumbersome manual tasks.
It’s Lauri Hofherr, Oranj’s head of product, and product designer Marco Fabrega’s job to make using the platform as simple and intuitive as possible. They were using a stack of technologies to track product usage and provide in-app onboarding and guidance. It was getting the job done, but the pair wanted more precision.
Pendo offered that deeper level of detail—and it replaced the entire stack.
Fabrega has been using Pendo consistently over the past year to track usage and make user experience refinements to the platform, but the real eye-opener came when he was introduced to Pendo’s Product Benchmarks, an interactive tool that lets product managers compare their product’s KPIs to benchmarks drawn from over 1,000 digital products. He zeroed in on the app retention metric and set out to improve Oranj’s performance in that area.
Pendo’s user analytics quickly revealed users’ activity in their first week of using the software was directly correlated to their long-term engagement. Fabrega wanted to better understand why.
The usage data was precise enough to pinpoint exactly where users would drop off during that onboarding process. Specifically, about half of all users were skipping an important welcome modal that offered a guided startup walkthrough. Only a quarter of users actually made it all the way through the onboarding process.
Fabrega used Pendo guides to build a welcome modal, then refined it on the fly to encourage users to engage with it.
Usage data from two distinct groups—power users and users who churned—revealed interesting trends. “We wanted to see what the power users were doing and see what ultimately led to their success, then reverse-engineer to potentially see the gaps between them and the churning users,” Fabrega says.
Pendo allowed Fabrega to see what users did and didn’t do and their retention over time. Digging into that data, Fabrega noticed that the power users visited the platform very often and completed onboarding. Spending more time on the app and using it as intended also made those users more likely to discover its most powerful features. “They were getting that moment of delight again and again and again, and seeing the value sooner,” he says.
It was also bringing them into closer contact with the Oranj team, who could then offer more detailed solutions and shine light on even more of the platform’s powerful features.
Users who churned often fell into the bucket of those who skipped the modal and didn’t make the connections with the team.
Based on those insights, small strategic tweaks to the welcome modal, like making the option to dismiss it less noticeable, are nudging all users down the same pathways that power users follow. And messaging on the modal now focuses less on use cases and more on what final outcomes users want to see from the platform, and guiding them toward those.
The modifications have lifted engagement and completion rates for the modal, he says. They’ve also created a second guide for users who still pass it over to connect them with the advisor services team.
Next, the Oranj team looked for other places to increase retention. In particular, Fabrega wanted to design more personalized in-app guidance to ensure users were getting the most out of their experience. “The platform is simple, but there’s a lot of bumpers that you need to put in place to offer support, too,” Fabrega says.
Now, guides walk users through various set-up tasks, like creating or uploading contact lists or executing trades. The data from Pendo also indicated that users would benefit from more guidance when first entering data or populating fields in one of the platform’s features, which led Fabrega to embed GIFs in guides to point users to the features they needed to get started.
And, Oranj’s marketing team is currently working to build out educational video resources, which Fabrega says will be used in conjunction with a Pendo Resource Center to offer users even more self-service capabilities. “We want to not just serve them up for everyone who comes in. We want to give them a specific video to the specific thing they want to achieve,” he says.