Introduction

Choice Equity Broking Private Limited is a full-service brokerage. It provides traders with "one roof services," and has deep expertise in intensive analysis and accurate research reports, proving to be a reliable broking partner for both experienced and new-to-market traders. 

They are a member of BSE, NSE, MCX, MSEI, NCDEX, and a depository participant with CDSL.

Challenges

The shift from traditional financial services to a digital model required a larger workforce to boost conversions and maintain a consistent month-on-month growth rate.

• 90% Digital Mode

  The tremendous growth rate in the number of accounts being opened was the biggest transition from a traditional model to a digital business model. The improved account opening rate posed challenges for driving more activations and end-to-end completion of Demat account opening.

• Lack of Flexibility

  Being a high-growth company in the middle of a transition period required a workforce with greater flexibility to easily scale up or down campaigns as per requirements.

• Fixed Pricing Models

  Most organizations that provide outsourced calling services offer seat charges instead of a success-based pricing model regardless of connectivity and productivity.

Solution

Choice India and SquadStack's partnership helped accelerate digital transformation to drive rapid growth for the brokerage.

• Scaling up effectively

  Faster sales execution with a limited workforce was a challenge. SquadStack's flexibility in scaling up campaigns according to the requirements helped them explore and experiment with almost 5x the normal lead volume in a shorter period.

• Success-based Pricing

  Our services offer the complete package of sales training, sales operations, data science, and quality assurance on a success-based pricing model. This makes it a cost-effective and outcome-driven model.

• Tech Stack for Better Visibility

  Executing, managing, and monitoring any sales activity requires greater bandwidth and time consumption. SquadStack helped Choice with their fully managed sales services and provided an easy-to-use analytics dashboard to have complete control over each campaign but with lesser involvement.

We wanted a partner who's capable of handling large scale campaigns. And at the same time, the cost has to be justified. SquadStack is capable enough to handle the scale and achieve the ROI we planned.

Ronak Agrawal

Head of Marketing, Choice

Results

Choice partnered with SquadStack in August 2021 and noticed a rapid month-on-month improvement in conversion rates and a consistent decline in customer acquisition costs. 

After working with SquadStack, the month-on-month customer acquisition cost stood at less than Rs. 90 in March 2022.

The month-on-month conversion rate increased rapidly, and the overall lead level connectivity was at an average of 72% in Q1-2022.

One important process that has changed after SquadStack is proper allocation of the leads and calling them in a particular manner with greatly improved TAT. We have achieved a great scale by keeping the cost in control. That is a perfect combination that SquadStack has given us.

Ronak Agrawal

Head of Marketing, Choice