SUCCESS SECRETS FROM REVOLUT BANK A $40 BILLION BANK WITH 40 MILLION USERS
In the pursuit of growing a small business, studying successful companies can provide valuable insights. Recently, I've been fascinated by Revolut Bank due to their remarkable growth and strategic approaches.
A Brief History
Revolut Bank, founded in 2015 by Nikolay Storonsky, has grown to 40 million customers and a $40 billion valuation. Having previously consulted for a bank to expand its user base, I can attest to the immense effort required to attract customers. Yet, Revolut has far surpassed the typical benchmarks, reaching incredible heights in a relatively short time.
Key Strategies from Revolut Bank
Affiliate and Referral Marketing Revolut's success can largely be attributed to its robust affiliate and referral marketing strategies. Wow!, 90% of its customers came through these channels. To put this in perspective, out of 40 million users, 36 million were acquired through referrals. This insight inspired me to integrate affiliate marketing into my upcoming 5-day sales challenge, which has already attracted 220 participants. Click on the link below to sign up (Email me if you want to be an affiliate and get 15% commission)
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Testimonial from past student
The Power of a Waiting List Before launching their debit and credit cards, Revolut created a waiting list, attracting 10,000 sign-ups. When the cards were released, they sold out within an hour. This approach, known as anticipatory marketing, is a powerful way to generate demand. Creating a simple waiting list using a Google account can be an effective strategy when preparing to launch a new product.
Multiple Customer Acquisition Channels In its early days, Revolut's team visited tech companies like Google's London office to market their products directly to employees. This hands-on approach, combined with aggressive affiliate, partnership, and other marketing efforts, significantly boosted their customer acquisition.
I used the following client acquisition channels to get clients
Instagram Live
Newsletter
Referral
Events
Core Values of Revolut Bank
Never Settle: Embracing this mindset can unlock new possibilities.
Think Deeper: The key to deeper thinking is asking "Why?" five times.
Deliver Wow!: Ensure your product stands out and exceeds expectations.
Great Team: Having a dedicated team is crucial; I've kept my two staff members for five years.
Design: A good and attractive design is essential and non-negotiable for Revolut.
In summary, Revolut's journey offers several lessons in marketing and growth strategies that can be applied to smaller businesses. By adopting similar techniques, businesses can potentially replicate some of Revolut's success.
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