Never seen Monzo being advertised anywhere, will we start to see it soon ?
No. They want to rely on steady growth thru word of mouth not struggling to cope with the erratic peaks of ad campaigns.
Never say never but not right now, Monzo’s growth is pretty good at the moment without paying for new users. Simon touched on this recently here -
If you have to push your product into people’s faces when they haven’t asked anything then maybe your product sucks?
Monzo sells well on its own because it solves a legitimate problem and people want it, so why do they need obnoxious ads?
You must be sad to have to stop using Deliveroo after discovering it sucks so bad they had to advertise recently.
Didn’t monzo do those ads at Old Street tube station?
Yep, they didn’t work.
To be fair… It’s what brought me on to Monzo! Their Shoreditch Grind promotion!
It would be interesting to know if there was a spike in sign ups at all.
As @simonb said, it wasn’t a great use of money (cost to sign up ratio), but that doesn’t mean there wasn’t an increase in sign ups (I don’t know the answer here).
There really wasn’t, the graph remained quite constant from what I remember.
I think IRL adverts for banks are generally tuned out by the majority of people.
You need to give people compelling reasons to switch, and then they will - so that’s why something like “Monzo With Friends” and Golden Tickets drove insane growth for us. It’s all down to FOMO - if all your friends are using something, then you will too!
And you’ll hopefully be impressed enough with the service to then start recommending it to your friends.
That’s why we regularly see people tagging us on Instagram with photos like this one from yesterday
Money can’t buy that kind of personal recommendation to your peer group!
That looks like an advert for different levels of card security Whose the bravest of the bunch!?
But yeah, people do just love it!
If Monzo ever do make a TV advert I really hope the theme won’t be ‘Person looking at a smartphone’.
The other day I was watching TV (admittedly a sub-prime channel) and there were five adverts in a row of people looking at their smartphone.
Most people probably haven’t noticed this sudden deterioration in advertisers’ imaginations because they’re too busy looking at their smartphones when the ads are on
Maybe an Aardman Hot Chip doing something random?
Too cool for a website address?
The key benefit of having a user community is getting feedback - whether you like it or not
So my 2p worth is… How do you track the performance of this campaign without anything trackable in the ad? Whether it’s great or not, how will you measure it?
Vistaprint are extremely good with their marketing analytics. If you’ve ever ordered 1000 business cards (that you’ll never use) because there was some great offer to take advantage of, chances are you’ll have told them exactly where you were sold to because you entered “TV27” at the checkout to get 50% off the already-inflated-by-50% price, which tells them you decided to buy while watching Jeremy Kyle at 7am on a Monday.
They can compile all that data and decide what works the best and how to proceed from there.
Don’t get me wrong, this is a cool ad and it will generate signups, but without any journey tracking how will you measure the success?
I’m going to be super cynical… so… warning.
Will it massively increase sign ups?
It’s an advert. With no way of actually signing up. No call to action. In London. Which, I assume, is Monzo’s biggest market. Very few people I know haven’t at least heard of Monzo in London - it’s very common to have one.
I think it’s great that adverts are coming out, but would they be best served in areas less common to Monzo? At least a website!
I’d be interested to know what the thought is around marketing in London, or indeed what percentage of people that use a Monzo account, are already London based.
Living outside of London myself, without doing much research, it feels like most people haven’t even heard of Monzo, so I would have thought it would yield better results - That being said, in terms of reaching a load of people for the least cost/effort - The tube is probably up there as the best strategy.
As for the website thing… It wouldn’t hurt to have it, but everything is done through the app.
So making it obvious you need to download the app, and not go to a website to sign up (which most people would be used to with banking), makes sense to me.
We’re gonna be trialling a few things I believe. In and out of London.
(I’ve no idea on the measuring of metrics, not my area)
Either way, my earlier point was really grappling at the call to action needed. Whether that be website or app. Even “Search Monzo to sign up” would do.