Discussion comments in the Reddit advert

(Marc Laurens) #1

People here who are redditors may like to take a look and maybe participate?

(Rika Raybould) #2

The title on that promoted link hit way off the mark. I’d really prefer if Monzo stayed far away from making claims against other banks like that, especially while current accounts are not publicly offered and we’re still using the prepaid product.

I do love the salt against the use of the word beta though. While in general I’d agree that beta is an overused term (especially in games), Monzo is a case where the beta tag is legitimate.

( related to Monzo CEO, Investor in Monzo ) #3

“your bank sucks ours is awesome” - as a promoted “topic”

this isn’t how Monzo should be promoting itself @tristan @tom @bailey @jonas using this sort of language in @monzo name, and Monzos investors names -

they don’t need to insult other banks, they should also be too professional for these types of silly antics

(Alex Sherwood) #4

I’ve never spent much time on Reddit & I get that this is a target demographic but I’m struggling to see how this campaign & interaction was beneficial for :mondo:, unless it was very cheap. The majority of posts are just uninformed users tearing Monzo apart & although the tone of Monzo’s replies is good, I’m not sure that’s going to outweigh the criticism of peers & persuade many new users to sign up :grimacing:

(Ben Green) #5

There’s a heavy amount of hostility from a guy who openly admitted to working for First Direct customer support, although not sure of validity in that (it’s reddit afterall). The advert itself is a low blow insult to other banks though, so maybe it’s true.

I like their support. It’s good but not great. As for the bank itself they really should be worried about competing with Monzo once the full bank is launched.

I prefer dealing with support queries by chat and escalate to a phone call if necessary. With Monzo, chat support usually gets a response within a few hours for me. If chat support is to continue being the only support option available then it should be answered within minutes not hours. If there is a phone number then it should be callable with a link from the app and automatically passes the account number after the call connects. Before launching the full bank, can we expect more support agents to be available in order meet these expectations?

(Marc Laurens) #6

I guess no one can really know how an ad will be received. Reddit is technically , very suited to indepth discussion if you like that sort of thing. Maybe mondo ads would be better suited targeted towards specific bunch of subreddits if that level of granularity is available.

(Ben Green) #7

Could this possibly be a saboteur stunt from Starling. Would they stoop that low?

(Saveen) #8

Have to say, I’m not keen on the tone of the title either.

Sounds unnecessarily contentious and infantile :confused:

( related to Monzo CEO, Investor in Monzo ) #9

one of the linked members of staff in my post will obviously know if Monzo are doing this or not,

another bank - who knows, hopefully not.

as I said I don’t think Monzo needs to go down the path of using language like that as an advert to encourage Monzo use and haven’t so far as far as Im aware. The Bank is good enough as far as I am concerned without resorting to this kind of inflammatory language, which will never result in any kind of serious discussion of the benefits of Monzo

( related to Monzo CEO, Investor in Monzo ) #10

OH dear - “sad investor face emoji”

[–]monzobank[S] 1 point 9 hours ago
Hey! This is completely fair enough. It’s a good lesson for us to learn, and ‘sucks’ and ‘awesome’ = too peppy (we get it now!).
My name is Bailey and I work at Monzo on our marketing and community. We don’t employ PR agencies or contractors to speak on our behalf on Reddit (I don’t reckon that’d be a good plan!).
As you might have seen, we tested a couple of different ad types and copy here on Reddit, thinking we’d just test it and see if we could get people’s attention - and I suppose we could!
We honestly appreciate all of this type of feedback - it’s good to learn what people are interested in, what their nervousness is about, as well as what attracts attention.
PS - sorry if you feel it’s ‘overhype and broken promises’… we love what we do, 'tis all :blush:

(Marc Laurens) #11

Pretty well handled . They responded to a lot of question and concerns quite well with a bit of humour and humility . That title was probably 4d level chess :smile_cat:

(Alex Sherwood) #12

To be fair, this should type of language from :mondo: shouldn’t come as a massive shock, Tom doesn’t exactly hold back when he talks about how rubbish other banks are

if you look at most of the recent press about fintech companies, it’s all founders talking about how the banks days are numbered, this is what gets attention.

(Bailey Kursar) #13

Hey everyone! Just a quick note - first time Reddit advert, completely missed the right tone - lesson learned!

I’ve removed any promotion of the thread and have done my best to go back to every comment in a way that’s humble.

I would really like to explore how we can do this better, for instance by promoting a post about an upcoming Reddit AMA with @tom or @jonas - what does everyone think?

Something like ‘We’re building a bank from scratch - join our CTO for an AMA this Friday’?

Obviously not for this week though!

As long as we get the tone right, I think this could work…?

PS - really appreciate everyone’s feedback, would never want anyone to think we were disregarding it. In terms of marketing, we need to try different things to get the right balance between attention and tone of voice.

I hope you understand :slight_smile:

(Bailey Kursar) #14

How about ‘We’re a tech company, building a bank from scratch - join our CTO for an AMA this Friday’?

We can post next week?

Please tell me if this is a terrible idea btw!

(Josh Bray) #15

"Let’s build a bank together - come join in our ama… Yada yada yada. "

(Rika Raybould) #16

AMAs are good if you can either find the right subreddit, use r/AMA or get the mods of the much larger r/IAmA to schedule you in. I’ve seen similar promotions for other AMAs along the lines of what you’ve suggested and it’s a very tasteful way of almost indirectly promoting Monzo in a way that fits in with content on Reddit (the AMA).

As for @alexs’ comment on this tone not being surprising, I’ve seen the headlines Tom’s interviews generate and while I might agree with the sentiment, that should not be the marketing tone used with customers. Tell me what’s good here, not what’s bad elsewhere!

(Apologies to @bailey for another thread on marketing tone! :see_no_evil:)

(Ben Green) #17

Maybe something along the lines of…

Not a smart bank. The first genius bank built by you.
Join our AMA… … …

(Thomas Welton) #18

The reddit thread proved to be quite a difficult read.
Shame to see so many people slating the product because of the way it was represented.

I’d don’t think you should be advertising yourselves as a bank yet. It’ll only confuse people. A bank gives you an account number and a current account. When you were advertising using messages like “We’re building a bank” the type of users that signed up were the exact type of user you need during the beta testing phase and were engaged.

My existing bank might suck, but at least I can get my salary paid into it.

(james_e_bell) #19

To be fair, this should type of language from :mondo: shouldn’t come as a massive shock, Tom doesn’t exactly hold back when he talks about how rubbish other banks are

I agree with this point - though I am generally of the opinion that you should sell through your benefits rather than someone elses weaknesses, it is a way of grabbing attention.

I think it could have been used in reddit and it wasnt necessarily tone, however if you do use this tone, you have to be able to stand behind it - this exchange is a bit dissapointing:

[–]bubaganuush 7 points 1 day ago
Why does my bank suck?

[–]monzobank[S] 1 point 10 hours ago
Most people we know don’t like their bank much. But maybe we’re just hanging out with the wrong people!

If you are going to go with a confrontational approach, you have to be able to back it up with reasoning why you believe it - the replies didnt really give any detail on Monzo’s value proposition or differentiators vs traditional banks

Maybe this isnt just limited to approach though? I didnt really see much in there at all explaining Monzo’s value prop or changing peoples minds

(Ben Green) #20

If you do use a tone that’s negative towards other banks, it should be accompanied with facts right there in the same statement. Otherwise it has the same sound of opinion, rather than fact, of “my phone is better than yours”, “my car is better than yours” or “my dad could beat up your dad”.

All that aside though, I would much rather be attracted by benefits of the new than scared away from the current or old thing by its disadvantages.

I don’t want @bailey to feel as though this whole topic is a public tearing apart of the ad, just some constructive criticism for all of :monzo: to review and take notice of for future reference.