How Monzo Uses Social Media to Build a Brand People Love
At SocialDay, Richard Cook, the social media lead at Monzo, delivered an insightful session on how Monzo has built a brand that people genuinely love through social media. In an industry as regulated and traditionally conservative as banking, Monzo has managed to carve out a unique space where creativity thrives, and customers feel valued. Here’s how they did it.
Transforming Compliance into Creativity
Navigating the complexities of the financial sector is no easy task, especially when it comes to social media. "The most important word in banking is risk," Richard noted during his session. "The second is probably trust." These two pillars are foundational in finance, yet they can often seem at odds with the creativity needed to engage an audience on social media.
However, Monzo has embraced this challenge head-on. Rather than seeing regulations as a hindrance, they view them as an opportunity to innovate. "You can be compliant and create social content that people love," Richard emphasised. This mindset has allowed Monzo to produce content that is not only engaging but also adheres to the strict guidelines set by regulators.
Creating an Authentic Tone of Voice
One of the first steps Monzo took in building its brand was to establish a tone of voice that is clear, human, and relatable. "For so long, banks have gotten away with speaking not like humans speak—like robots," Richard explained. This robotic tone allowed traditional banks to distance themselves from accountability, but Monzo wanted to do the opposite.
Monzo's tone of voice is designed to reflect the brand's values of simplicity and transparency. By using plain language and avoiding corporate jargon, Monzo ensures that its communications are accessible to all. "We speak clearly. We speak actively. We use human words," Richard said, highlighting the importance of being direct and understandable.
Engaging Through Community Interaction
Monzo’s approach to social media goes beyond merely posting content; it’s about fostering a community. Richard pointed out that Monzo's customers often act as brand advocates, sharing their love for the bank with friends and on social media. "Historically, most of our customer growth has come just from word of mouth," he shared.
Monzo actively encourages this by engaging directly with users, responding to comments, and even incorporating customer feedback into their content. "Our customers are 100 times funnier than we will ever be," Richard joked, illustrating how Monzo leverages user-generated content to build a stronger connection with its audience.
Turning Financial Education into Engaging Content
Banking isn’t usually seen as an exciting topic, but Monzo has a knack for making even the most mundane financial topics interesting.
"There are no boring topics, only boring content,"
Richard asserted. Monzo uses social listening to pick up on what their customers are talking about and then reflects that back in their content.
A great example of this is how Monzo handles financial education. By tapping into popular trends and using humor, they make content that is both informative and entertaining. Richard mentioned the "1p savings challenge" as a case in point—what started as a simple financial tip turned into a viral Tiktok video with over 15 million views.
Relatability Over Hard Selling
Monzo’s social media strategy isn’t focused solely on promoting products. In fact, much of their content is about engaging with customers on a personal level. "It's not all about you," Richard advised. Instead of constant product promotion, Monzo often posts content that is simply relatable—whether it’s office humor or lifestyle content that resonates with their audience.
This approach has proven to be incredibly effective. Monzo’s posts that aren’t directly related to their products often outperform more traditional marketing content. "We’re designed for you and your life," Richard explained, underscoring the brand’s commitment to being relatable and relevant to its customers.
Case Study: "Year in Monzo" Campaign
One of Monzo’s most successful social media campaigns is the annual "Year in Monzo" wrap-up, which provides customers with a summary of their spending over the year. Inspired by similar campaigns in the music industry, Monzo’s version taps into the cultural zeitgeist, turning what could be a dry data report into something customers eagerly anticipate.
Richard described how Monzo kept the conversation going with their audience throughout the campaign, even using humor to play on the idea that customers both love and dread seeing their financial summary. "We tapped into the joke of people don’t want to see it, but they want to see it," he said, highlighting the campaign’s success in generating buzz and engagement.
Final Thoughts
Monzo’s social media strategy is a masterclass in how to build a brand that people love, even in a highly regulated industry. By focusing on customer engagement, embracing creativity within compliance, and consistently delivering relatable content, Monzo has set itself apart as a bank that truly understands and connects with its customers.
For brands looking to replicate this success, the key takeaways are clear: be authentic, engage with your audience, and don’t be afraid to have a bit of fun—even when the topic is as serious as banking.
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