This is a story narrated by our customer in her own words. We are sure you will also like it and get inspired.
We started our business with a known set of customers, a small base, like any other. When we started making efforts to grow further, it was not easy. Though we started with a plan, a lot course corrections happened. And here we are at a respectable AUM of 300 Cr in a short span of time. So, what did we do? What worked and what did not? This is the story of our flight from 0 to 300Cr with ArnBooster. – CEO thegainers.in
Every business starts acquiring its initial customers from familiar faces, and that is what we did. We started with our known set of customers. With them, we could gather a decent AUM up to 10 Cr. The real issue started then. How to grow beyond this? And the real test of our knowledge started. We had the required knowledge and expertise about investments but that was not enough.
We slowly understood that we need to present our knowledge in much different way so that customers can easily understand it. A right kind of tool to present the data was required. We realized that, if this is not done, your initial customers also will start gradually getting away from you.
We started searching for the right tool, a software which can help us not only manage the customer transactions but also help us present their data in a better way. This was very crucial to retain and grow our customers. So, we started with lot of enthusiasm, but the search was futile.
Some of the existing ARN were making their platform available only when you register yourself as sub-ARN under them. In this way, your business becomes theirs. This is not what we wanted. Secondly, the software platforms are designed from the perspective of end customers and not for an ARN like us. Bottom-line, we were not happy!
What we observed that most of the software vendors do not understand the needs of an ARN to the extent required. At the most, they will be able to help you display the data which is available in certain formats. However, they cannot help you grow to the next level.
Now we started researching on ARNs who were using some or the other software. And, we noticed some enlightening facts. Though some ARNs have acquired a software, they are finding themselves constrained for growth. Though they are putting a lot of efforts, they are not growing beyond 40 to 50 Cr. And this phenomenon was seen in many ARNs. This was very discouraging and look like a stalemate for us. But, we did not lose heart and we took a bold decision.
Decided to go with ARNBooster software platform. And believe it or not, we started growing since then. Now we reached a respectable AUM of 300 Cr. This was possible only because we were able to show what our customers wanted and help them grow.
Let me share our realization after working with many of our customers. When customers approach you to invest in some mutual fund, they are not coming to you just for doing that transaction. They expect more. You need to show them comparison of performance of selected mutual funds, risk profiling, various reports, your recommendation with justification etc.
Though every customer starts with a small transaction in mutual fund, over the period of time he/she starts asking you about other avenues. He/She will expect your help in managing multiple instruments like insurance, fixed deposits, bonds, equity etc. And you start changing your orbit to Managing a portfolio.
Can you trade Mutual Funds like stocks across all your customer portfolios, in just a single click? Want to know how?
At this stage, there is high chance that you may get overwhelmed with such requests, lose your focus and deviate from growth. This is exactly what happened with us. But, we could easily handle the growing demand with our software. Our software platform was capable enough so that we could not only manage the transactions but could show the customers how to strategize and grow. That is what made us really successful.
In part 2, we will delve into what other services from ARNBooster.com helped us to take the next leap. Click here for part 2
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