£10 when you open an account!

Hmm I don’t know if this would be true. Imagine if they froze signups for 3 months. Would 300,000 people sign up when they ‘switched on’ the growth again? If you ask me Starling and Revolut would just have 300,000 more customers and Monzo would have lost out.

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@Recchan Everyone likes rewards no matter what product or service you have :+1:

Monzo have a per customer acquisition budget of around £10. How that gets spent seems pretty irrelevant, all I care about is that they spend that £10 on what works. I’d much rather they gave it to people rather than spent it on gimmicky adverts.

Agreed that lots of people might just join up for the reward but the only way to find out if that’s the case is for Monzo to try it out and see what happens. The barrier to adoption of Monzo is getting the app on people’s phone and their account signed up. If people want to keep using their legacy bank after using Monzo a bit then there’s not a lot of hope for them anyway.

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Are they required to use Monzo a bit (do a few transactions) before they get the reward though?
Or can you just apply for an account, receive your card and do nothing and still get the £10.

I hope it’s the former.

For the previous new customer offer, you’d get it after you make your first card transaction :+1:

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It doesn’t matter, your making a big issue out of nothing really, I only made a comment, no need to get into a debate about it

@Recchan No worries it’s fine :smiley: maybe wires were crossed LOL no biggy

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image

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well I read it as if you’re invited to Monzo by a Monzo user - so no - you couldn’t :slight_smile:

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This got mentioned on
https://old.reddit.com/r/FreebiesUK/

Would be interesting to see the demographic that sees it from that subreddit and if it is any different to existing channels.

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Dont like this at all :grimacing:

Has to be a better way to try and get customers that will stay instead of inflating the membership numbers this way.

Hmm, I don’t know. There’s potential for it being effective in two or three different ways and, if it works, why not? Without trying it, how do you find out if it works?

We’re still in the experimental phase at the minute anyway so I sort of expect something different to pop up like this every couple of weeks.

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I can see why people find the timing of these sorts of growth plans frustrating. Surely it could lead to a dramatic increase in users at a time where Monzo is struggling to service its current user base.

IMO this should have been launched for January when everyone is skint after Christmas! Would have allowed a bit more time for Monzo to finish training the new team members.

Just my personal opinion.

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That’s a slightly different potential issue I think, but I see how it could be a problem.

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Have we had any feedback from the various advertising campaigns/promos they’ve been running?

I think I saw on twitter that the sign up rate was still roughly the same as it’s always been (which would lead you to believe the marketing isn’t working).

Would love to see the stats if anyone has seen any?

The public stats show a definite increase and to does their twitter

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https://publicstats.itxdev.uk/d/000000001/monzo-current-acc?orgId=1&refresh=5m

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and here

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That tweet was in response to Monzo specifically asking for people to retweet and see how many accounts they could get open in a single day.

Nothing to do with the marketing campaigns they have had running (at least, the tweet isn’t acknowledging the marketing).

As for the stats, I can’t see them/understand them fully on my phone, but it looks like it’s pretty steady growth - Perhaps a bit more “solid” in the past week or so, but haven’t they always been around the 3,000 accounts per day number?

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