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!