Well this makes this place feel like the height of cynicism:
Monzo used relationship marketing to take advantage of low customer satisfaction, connect with their target audience, and turn their customers into loyal followers.
Relationship marketing is a strategy that keys in on customer emotions to build relationships, foster customer loyalty, and increase customer engagement to lead to customer advocacy. Relationship marketing tactics include community building, branding, and referral programs, among others.
And look, we’re a marketing tactic… (emphases mine)
Monzo’s main relationship marketing tactic early on was to build a brand community. This brand community fostered customer loyalty and engagement, gave their customers a sense of belonging, and humanized their brand by bringing themselves seemingly closer to their clients.
Emphasis mine. Wow. Community only really works when it’s a genuine endeavour, not something else wrapped to up “seem” genuine.
They Built Trust Through Radical Transparency
… They started moving toward radical transparency by building a transparency roadmap. They also built a transparency dashboard…
Neither of these things (the roadmap or dashboard) exist any more.
They Provided Proactive Customer Support
No comment, except to note the tense.
Monzo Used Relationship Marketing to Kickstart and Sustain Growth—You Can, Too
Right, where to start with this abomination?
Don’t cynically exploit your community. They will turn on you.
Providing a set of examples of really good stuff that a community-centric organisation used to do, but doesn’t any longer, is not a good look.
Trying to sell this as a case study without really understanding how community fits into the wider (for want of a better phrase) digital disruption ecosystem is a fail.
Seeing community as part of marketing is a fail. (I know Monzo does/did do this. But that doesn’t make it right and is a debate for another time…)
This is also a bit sad given that community seems (to me at least) to be a bit of a legacy hangover. It was a reminder of some of the excellent initial work, whereas we’re now in a situation where Corporate Monzo takes away things like the customer counter, depriving the Community of a little bit of joy and a bit of countdown fever to the next milestone (not to mention the buzz and free publicity). When you lose this form of engagement you’ll never get it back…