The digital bank’s marketing boss says its first TV ads “show the power of traditional advertising”, although its community and organic word-of-mouth remain key.
Monzo is reaping the benefits of its first major TV ad campaign, seeing spikes in both brand awareness and app downloads that suggest more “traditional” advertising can pay off for the fintech challenger.
The campaign, which launched on TV towards the end of May, aimed to articulate Monzo’s brand voice and promise for the first time. It included four TV spots, one 60-second and three 30-second versions, that promoted the brand while also highlighting features such as money management and tackling perceived barriers to opening a digital bank account such as speed and ease.
The impact on sign-ups was immediate. June was “by far” Monzo’s biggest month for sign-ups, attracting more than 250,000 new customers, up from 150,000 a couple of months before. And prompted brand awareness increased 13 points from 35% to 48%.
Speaking exclusively to Marketing Week, Tristan Thomas, head of marketing and community at Monzo, explains: “Clearly we went into this looking to see a significant uplift in downloads and people creating Monzo accounts. It was pretty insane actually. We saw in June by far our biggest month of sign-ups ever…. And we are still seeing those impacts today.”
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