Is there going to be any ongoing advertising, getting the name out there further? Judging by the case study when Monzo last advertised there was an increase in accounts opened.
Keen to know your thoughts.
Olly
Their last campaign was too successful and they became overwhelmed, customer support in particular. They were trying to get back on top of it all before the pandemic started which shifted things yet again
I don’t think now would be the right time to start another expensive campaign. They need to conserve until things start getting back to normal and customer spending increases again.
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I am not sure how burning money on yet another campaign while they aren’t even profitable with the current customers (and don’t have the resources to support them, see the recent changes to chat) is going to help things.
In a strange way, I suspect Monzo would get far more bang for it’s advertising buck now, particularly if it focused on online/TV/radio and not outdoor advertising. Consumers are probably more likely to try new apps when stuck at home day after day.
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I think it’s not going to be until the economy gets going again.
Monzo don’t need to advertise, Monzo Plus was trending on twitter with 0 advertising outside the forum or app. It’s a massive money saver and allows them to work on the app rather than blow money on tube adverts.
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