(2019) “Rise of the digital banks: Monzo and Revolut on track to treble customer numbers”, [online] Available at:Coulter, M. (2019) “Monzo, Starling and Revolut hunt for older, more diverse, customers”, [online] Available at:Fleming, M. (2018) “How Monzo’s ‘radical transparency’ approach is disrupting banking”, [online] Available at:Monzo (2016) “Mondo is now Monzo”, [online] Available at:Monzo (2019) “Annual Report 2019”, [online] Available at:Patel, N. (2019a) “Hashtags Aren’t Gimmicks: How Buffer’s Twitter Chat Reached 49,993,695 People in One Year”, [online] Available at:Patel, N. (2019b) “How to Use Contests and Giveaways to Get User-Generated Content”, [online] Available at:Safanta, A., Shihab, M., Budi, N., Hastiadi, F. and Budi, I. Second, its lower servicing costs and partnerships with money transfer and insurance services providers make it lucrative for the persons interested in costs optimisation (Weiss, 2019). This way, it can appeal to both earlier identified customer segments more effectively (Kennada, 2019).Finally, the company needs to organise several live events in each of the three targeted cities to promote its products, increase its market exposure, and build customer trust through direct communication and experiential marketing (Kennada, 2019). This effect can be achieved by building trust via social media engagement, live events, and various contests and campaigns (Kennada, 2019). Annual Report 2019 From generation to generation. Monzo has a full banking licence but currently only offers a free pre-paid card service to customers.The company says in its report that it loses £50 per year per pre-paid customer and has just hit 240,000 active customers. The SOSTAC framework successfully addresses most of these elements by providing a solid foundation for building a comprehensive marketing strategy progressing from situation appraisals to implementation tactics and monitoring measures (Chaffey and Smith, 2017). If it had had 240,000 customers all year, that would have been £12 million in losses.Customer numbers are growing at around 5% per week and CEO Tom Blomfield writes in the report: "If we continue to grow at this rate, we will hit somewhere between 500,000 and 800,000 accounts by the end of the year. This approach may be seen as a unique and highly provocative one in the traditional banking industry relying on separation from the users and the image based on concealment of problems.
Additionally, the company should monitor consumer proactivity, namely the intention to proactively establish communication on social media to learn more about the offered products and services. Monzo wins most new current accounts ahead of biggest switching month since 2016 30th April 2020 | Oliver Smith Large fintechs recruit scores of staff remotely during lockdown The bold and straightforward positioning of Monzo should be retained in the US market as one of the key differentiating elements of its brand identity.It can be suggested that the online value proposition of Monzo should emphasise such qualities as functionality, cost advantages, security, and overall transparency (Ryan, 2016). This will allow the bank to fully utilise the visual appeal of this platform and lead consumers into adding #Monzo tags to their personal publications to increase the overall marketing reach (Patel, 2019a).The previous recommendation should lead to several online contests based on both hashtagged visual content and textual ideas (Patel, 2019b). GS1 2015-2016 Annual Report Cover design for Bailey Brand Consulting. "Blomfield writes: "Around 40% of the per-customer loss is due to international ATM usage outside the UK or EU, with a small minority of our user-base driving the majority of this cost. Afterwards, the marketer develops specific strategies, tactics, and actions necessary to achieve these goals. In terms of positioning, Monzo removes the psychological borderlines between its customers and the brand by maintaining full transparency in the discussion of its own flaws (Carey, 2018). It offers a comprehensive solution starting with a situation analysis to identify where the company is right now followed by the development of objectives outlining where it seeks to get to. If you continue to use this site we will assume that you are happy with it. In the case of social media marketing, Monzo needs to track several performance indicators, namely the number of likes and reposts, the number of comments, the number of brand references, and the number of leads produced by individual campaign activities (Ryan, 2016). View our Annual Report 2016/17. In combination with the digital competencies, this creates valuable internal capabilities providing for a high degree of compliance with state regulations, which may be beneficial for the stricter US market (Fleming, 2018). 2017-07-05T07:27:35Z Select a contact option below and we will get back to you for free.The market situation in the modern environment is changing quickly due to disruptive innovation trends, the entry of new market players, and the development of new communication technologies, which forces most companies to revise their marketing plans more often than before (Bolton et al., 2019).