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
Omnicom is consolidating B2B shop Doremus+Co with Merkley and Partners
The move is part of ongoing consolidation throughout agencies and holding companies as holding companies look for ways to drive efficiencies and boost revenue.
After keeping them at arm’s length, sports brands are opening the door to creators
The PGA and soccer club Juventus are taking a more progressive approach to creator-based marketing.
Car brands from BMW to Volkswagen lean into in-car gaming
The long-term potential for in-car gaming extends far beyond the relatively brief moments in which drivers are charging or filling their cars. As more vehicles become fully autonomous, drivers’ eyeballs no longer have to be focused on the road, turning them into a potential target for advertisers.