How UK challenger bank Monzo turned its customers into a loyal community
While some financial institutions invest in their relationships with customers, U.K. challenger bank Monzo focuses on hooking customers with community building efforts.
“[The goal] is broadly to get to a stage where customers are referring their friends because they love the product and feel like they’re a part of the mission — you need to take customers away from being ‘standard customers’ to being advocates feeling like they’re part of it,” said Tristan Thomas, Monzo’s head of marketing and community.
The company’s biggest growth driver is loyalty, with word-of-mouth referrals being the source of 80 percent of new customer growth, according to the company. The remaining 20 percent is based on a limited amount of sponsored ads on Facebook and Twitter. Monzo’s approach is based on the principle that customers will stay loyal and will refer others if they’ve got some kind of stake in the business.
More in Marketing
Digiday+ Research: Marketers’ AI use rises, but tech skills stall
Marketers’ adoption of AI technology has risen significantly in recent years, but training employees on using these tools lags behind overall adoption.
Possible expands to Lisbon in 2027, keeping its focus on marketing, tech, culture and creativity
Digiday caught up with Carolina Cespedes of GoGo Squeez, Remy Stiles of agency Kepler and Oz Etzioni of Clinch, as well as Possible’s co-founder and owner.
How Ace Hardware built its employee AI assistant
Ace Hardware executives took a careful approach in designing and implementing its new AI assistant to work throughout the chain.