New adverts - Success or not?

[jackbailley (Jack B)]

Curious to know have the new adverts that we have seen around the country been a success in generating new users?

[42644]

Each advertising campaign has a defined goal, although the ultimate goal of advertising is to drive more revenue, there can be different approaches per campaign. I think it is likely that the goal of this campaign was brand awareness rather than the direct generation of new sign ups and the success will be measured through brand awareness rather than accounts opened.

Most consumers are loyal to their bank, switching your bank account is not a process taken lightly, it requires a lot of trust in the bank they’re switching to and trust is – in part – based on awareness. The more trust you have, the more open you are to becoming a customer.

The Monzo adverts lack a specific call to action[1] which is what you would expect from a campaign intended to directly generate new sign ups, if you look at campaigns from more established banks you’ll see their advertising is typically focused around encouraging the consumer to open an account (often with a reward). Additionally, if we look at the format of the advertisements – many different adverts focusing on individual features – it’s likely intended to help build and solidify that awareness of Monzo and the features available.

[1] As there’s no direct way to measure how someone signed up, often you’ll see advert specific discounts (e.g: “use code tube for x reward”) that are used for tracking. The less of that you see the more likely the campaign is for brand awareness.

[awjdean]

Looking at the number of new sign ups per day since the campaign started, I’d say the new adverts have almost certainly increased the number of sign ups.

https://bankstats.joecarter.xyz/d/000000001/monzo-current-acc?refresh=5m&orgId=1

NB: the new ads started appearing the last bank holiday weekend (20th to 22nd April)

Overall, Monzo will have a a “number of customers per week” target for the campaign which will decide the campaign’s level of success in their eyes. Honestly, at this point it’s probably too early in the campaign’s lifetime to tell.