Challenges

• Regulatory Compliance: The introduction of SEBI's new guidelines in October 2023, which prohibited direct referral incentives, posed a significant challenge. Samco had to restructure their referral strategy to remain compliant with regulatory changes while maintaining user engagement.
• Operational Inefficiencies: Before adopting Xoxoday, Samco faced several operational issues, such as high voucher wastage (over 50%) and a lack of tracking mechanisms for voucher utilization. This led to unnecessary costs and operational inefficiencies.
• Fraudulent Activities: The absence of fraud detection systems allowed fake referrals to go unchecked, resulting in potential revenue leakage and eroding trust within the system.
• Customer Pain Points: Delays in reward claims and a lack of transparency in the referral program led to customer dissatisfaction, requiring Samco to resolve these issues manually, which was time-consuming.

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Solution

Samco partnered with Xoxoday Plum, a comprehensive rewards, incentives, and payouts automation platform, to reimagine their referral program. Key features and improvements included:

• Real-time Tracking: Enhanced tracking allowed Samco to monitor referral rewards in real-time and drastically reduced wastage.
• Fraud Detection: Xoxoday’s system helped detect and block fake referrals, preventing fraudulent activities.
• Automated Rollouts: Weekly voucher rollouts streamlined the process, ensuring compliance with SEBI guidelines and reducing operational costs.
• Cost and Budget Management: The system introduced efficient cost monitoring and helped reduce the cost per lead (CPL) by 51.3%.

The solution was implemented within one month, with strong collaboration from Samco’s growth, marketing, and MarTech teams.

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Outcomes

Average Revenue Per User (ARPU)

• Before: ₹40
• After: ₹83
• Change: +107.5%
  The average revenue per user more than doubled, showing a direct positive impact on Samco’s bottom line due to the revamped referral strategy.‍

‍Voucher Wastage:

• Before: 50%
• After: 0%
• Change: 100%
  Wastage was eliminated, ensuring that every voucher issued led to meaningful customer engagement and reduced unnecessary costs.

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Results

• Conversion Rate: Increased from 75% to 80% (+5% improvement)
• Cost Per Lead (CPL): Reduced by 51.3% (from ₹950 to ₹463)

Operational Efficiency:

• Voucher wastage reduced to zero.
• Technical issues were resolved within 24 hours, ensuring smoother user experience.
• Compliance: The system ensured full adherence to SEBI guidelines, allowing Samco to continue their referral program while avoiding potential legal risks.
• Customer Engagement: Post-implementation, referral activity doubled, with a more personalized approach increasing user engagement and satisfaction.

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Conclusion: A Partnership for Growth

Samco Securities’ collaboration with Xoxoday has proven to be a game-changer in the broking industry. The seamless integration of Xoxoday Plum enabled Samco to overcome regulatory challenges, enhance operational efficiency, and significantly improve customer satisfaction. By adopting innovative solutions, Samco not only optimized its referral strategy