Monzo in random Ads

ah sorry mate, didn’t realise, thought you were taking offence of the Revolut snapshot of their claim - I was just agreeing with your initial post that fintech firms are giving the myth of marketing cost being zero :slight_smile:

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I saw through your baiting :wink: Nice try but better luck next time. Unlike some in this forum, my feelings don’t get hurt when when someone makes a valid/relevant point about a brand/company.
Your article is a very good example. This isn’t a Monzo v Revolut topic, it applies to all fintech who make the claim. Bravo!

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I think it’s clear that these companies are talking about “advertising spend”, rather than marketing spend.

The claims they’re making seem to be that they’re not putting ads in peoples faces and getting people downloading their apps that way. Rather they have refined the signup flow, adding features with a network effect & made a compelling product that gets people talking.

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I agree, I thought you wanted to discuss zero marketing claims by fintech companies which was what your article was about ? - I would say every interview Tom or other CEOs do is marketing, the office costs are partly attributed to marketing , are they a zero cost to the company no of course they aren’t so any claim of zero marketing costs is BS

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Whilst I also agree with this, then why don’t they all just say “we have no advertising spend”?

They all seem to be fixated on calling it no marketing spend.

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Monzo clearly do :slight_smile: so they shouldn’t be advancing the myth of zero marketing spend - whether their marketing spend is average , below average , above average would need a bit more investigation :slight_smile:

Monzo%20sales

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They are random ads.

We don’t facilitate this sort of thing. In fact we requested the last company we saw doing this to stop.

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Was this because you weren’t happy with that particular company?

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https://community.monzo.com/t/instagram-advert/30344

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Might look like they’re endorsing something they don’t feel confortable with

Thanks for actually answering my question; it’s become somewhat rare recently so much appreciated. :clap:

Do you have any comment on the “no marketing spend” debate?

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That’s a quality find :eye: Total Sales and Marketing > 0

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Sure.

Obviously we have a marketing spend in the sense that we have a marketing team and I am fairly certain that they get paid :joy:

What we don’t do at the moment, is run specific paid campaigns to either advertise the product or for the sole purpose of customer acquisition / growth. Actually, we have deliberately not focused on growth for a while now in order to address economics and per user costs.

So really the term is referring to the fact that all of our growth is organic and through word of mouth. It isn’t a direct result of money spent in a certain way or place.

So whilst I agree that, in isolation, “no marketing spend” is a misnomer, it must be looked at in the context of the dialog and circumstances it’s referring to.

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Love it :fire: Hands down complete response. No further questions your honour.:man_judge:

@v18n you as the author of the “no marketing spend” rebuttal article may well be interested in this response smile

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Can’t tell if this is an old Monzo on my uni’s Dubai campus website?
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ING Bank has bright orange cards. Could be one of those.

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A recent random appearance of Monzo card with MSE:

Man, did that article upset some people on Twitter. :man_facepalming:

I think we are reaching a point where startups can’t claim “we have zero marketing spend” with a straight face. Hopefully the various people from community members to journalists will challenge that statement whenever they hear it. I find @anon95680666’s post a particularly fun example.

@simonb’s answer is awesome as usual. You can only optimise “economics and per user costs” if you do have “economics and per user costs”. As an investor and customer, that’s good to hear. :heart::monzo:

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Just spotted Monzo in another ad. Video towards the bottom of this page.

image

Link to video:

https://images-na.ssl-images-amazon.com/images/I/C1pVGAETw+S.mp4