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
Future of Marketing Briefing: The case for and against the death of the big brand ad
Marketing has a new favorite argument: is it still smarter to talk to a million people at once, or to find the thousand people they already trust?
Lifestyle brand Stanley 1913 uses AI behind the scenes — but execs claim it won’t touch ad creative
Not every brand is racing to let AI anywhere near its ads. Stanley draws the line there on purpose.
TikTok’s Kat Marquez unpacks NBA and WNBA creator deal
TikTok’s latest move to secure its share of the leagues’ growing audiences sees it play gatekeeper between creators and rights holders.