Search & Content Executive
Hot pink banking is here to stay.
I didn’t need a second bank account, but Monzo’s flashy app and hot coral card were too tempting. Brick and mortar premises are overrated anyway.
Then it got me thinking. Monzo has 3.7 million customers.
I had a look at the stats. Between July and September 2019, almost 23,000 people switched to Monzo. For every person who left, 18 joined.
That’s quite a lot of people.
It’s safe to say that everyone is talking about Monzo, but how do they actually feel about the bank? Do Monzo’s competitors offer anything different?
Let’s introduce social intelligence and dig into the details.
I compared Monzo to its two main neobank rivals, Revolut and Starling, throughout January.
Let’s look at the mention volume across publicly accessible platforms (i.e. ones that don’t have a paywall or need you to log in):
All three had some small peaks and dips but Monzo had a big spike on January 14th (more on that later). It’s important to check what causes spikes. If it’s positive, there’s an opportunity to capitalize on the momentum. And if it’s negative, you can do some quick damage control.
Much like mention volume, the share of voice was even:
The three banks got similar amounts of coverage and interaction. That’s not surprising in such a competitive marketplace.
But this took on a whole new meaning when we dug deeper and looked at sentiment.
The share of voice was even but it’s a completely different story when you look at the sentiment and see how the brands are perceived:
78% of the sentiment towards Monzo was either positive or neutral. Starling had the least negative sentiment.
But Revolut was a disaster with almost half of their sentiment negative and just 5.9% positive. Alarm bells should have been ringing.
Luckily social analytics allows us to drill down to specific themes, dates and locations to pinpoint what causes negative sentiment (account access issues in this case).
If we worked with Revolut we’d use this to create a strategy to do damage control on that negativity. At Monzo or Starling I’d see an opportunity to capitalize on that negative sentiment and boost our own share of voice.
Knowing what your audience is talking about is key to developing a good strategy.
It allows you to establish opportunities to take advantage of trends that people are talking about in real-time.
Remember that spike in Monzo’s mention volume on January 14th? That was the day they released their Year in Monzo feature which let customers look back at their spending habits in 2019. They used the hashtag #yearinmonzo on Twitter. These were the trending topics for the following three days:
Monzo knows how engaged its audience is. They saw an opportunity and posted a ‘best reactions to Year in Monzo’ blog on the 17th to capitalize on the trend while it was hot.
It’s important to know where your audience sees your content or interacts with your brand.
By far the largest audience for all three banks was on Twitter, although Monzo had the largest volume:
This means the three brands can tailor their strategies towards the platform that will bring about the most awareness and engagement.
In the age of niche audiences and microtargeting, social intelligence is the way forward.
What we’ve looked at in this blog is only a tiny sample of the social analysis we offer at Origin. The possibilities are almost endless.
Understanding the online conversation about your brand is key to staying ahead. Content spreads rapidly and having the ability to make data-driven decisions could be the difference between a good campaign and a great one.
Drop us a line to find out more.
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