Harry Goodman’s Post

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Marketing Executive at 9fin

How Monzo Bank turned banking hot coral… 🔥 The go-to-market story of one of the UK’s top challenger banks was aimed at doing one thing. Turning customers ➡️ brand advocates. The first step? 💳 Generate buzz within existing networks. Monzo kickstarted word-of-mouth referrals by distributing pre-paid cards to influencers and enthusiasts, leveraging their strong offering. Add referrals to build a community 🗣️ When users downloaded the app, they were added to a waiting list. The only way to move up the queue was to refer friends, adding fuel to their word-of-mouth strategy. Keep the buzz going once they're customers 🔑 Monzo then distributed “gold tickets” (inspired by Willy Wonka) to customers, allowing them to invite friends to skip the waitlist and gain instant access to Monzo. Today, around 80% of Monzo’s customer acquisitions come from their referral program, with the remainder driven by paid media. 💸 AJ Coyne recently said on the Uncensored CMO - Monzo customers are true advocates, being seven times more likely to use the word "love" when talking about Monzo compared to any other bank. #growthmarketing #fintech #brand

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Alexander Peschkoff

Founder & CEO - making it happen.

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