Obviously with the ads not on anymore hopefully this will be temporary
It’s been approx 60K per week since the start of June, with a positive blip during 7th-13th June. That’s a considerable rate to maintain and represents 3.12M a year
Should hit 2.5 million in the next day or so
Before the TV ads growth was about 7k/day and post-ads it’s about 8.5k/day (during the ads it was about 9.5k/day).
Interesting that growth is still accelerating (on a medium/long term trend) and that the TV ads didn’t seem to actually bring that many new users per day but does seem to have accelerated the trajectory. I guess you could argue that not that many people signed up because of the TV ads but it has created a new level of awareness that has eroded some scepticism and has made it easier to recruit through other means.
Would imagine there was a drop off at the same time last year? Who signs up to a new bank during holiday season??
What figures are you referring to?
They have been hitting 9k a day average over the last few days… which is high?
Throughout their growth story you’ve been able to multiply their current user number by 0.003 (ie. 0.3% a day) to get a pretty accurate daily user growth estimate for their next day. This is what I think of as the ‘word of mouth coefficient’. 2.5m x 0.003 = 7500 a day so they’ve been trading above it since the ad campaign ended and I reckon tommy’s post above has a lot of truth to it for the reason why.
It’s also interesting that they said they were by far the fastest growing bank back when they were doing 3k new accounts a day. Now that they’re doing 9k a day we’re saying they’re slowing down.
They’ll be well into 10k a day territory once they hit 3.5m users.
Is there a tracker somewhere? Sorry if it’s obvious and I’ve missed it!
(Use a pinch of salt when viewing moving average charts as they include today. Eg. The 7 day moving average chart always tanks at the beginning of the day and peaks at end of day because it’s using a partial and growing day as one of those 7 days).