what you can learn from Nubank’s strategy – WAU
Successful examples are essential for constant optimization of Marketing actions. Nubank’s strategy, in particular, has become one of the main references for companies in London due to the phenomenon that fintech has become in a few years of activity. Learn about the initiatives that made the difference for the company.
If there is a London product that has stirred the market in recent years it was the famous roxinho. In the beginning, Nubank strategy it boiled down to offering a basic credit card and free of annual fees, a proposal that pleased the public as it was a transparent and simplified service in a segment marked by complex operations and a lot of bureaucracy.
Fintech, however, always made it clear that this was just a first phase and new services would be rolled out gradually.
Today, the company already offers a loyalty program, a digital account, debit payments and even personal loans – all of which can be managed by smartphone.
Don’t think, however, that Nubank Marketing is all about offering a complete application. The “secret” goes far beyond platforms, tools and products, and the best: they are initiatives that your company can (and should) also start adopting.
Beat curiosity? So stay with us to discover Nubank’s strategy and potential today!
Understanding Nubank Marketing
There is no doubt that Nubank provides excellent services. Its platform is modern, intuitive and full of features that make it a true bank at your fingertips.
However, although having a quality product is essential, for your communication to make any sense, that is not exactly what defines a company’s success.
To find out what makes a brand so loved by its customers, we need to dig deeper. Understanding business proposals is a good start, but to get to know Nubank really what we need to do is follow the company on social networks.
Far from the formality and corporatism typical of financial institutions, Nubank dialogues like a real human being. In place of invasive advertising, unusual adjectives and jargon in the area, his team is betting on a relaxed language entitled to jokes and memes.
It sounds very simple doesn’t it? But make no mistake. There is a very well prepared Marketing plan behind this approach that keeps the entire company in tune with its audience.
Nubank: a company that grew without investing in Marketing?
The Nubank case is often cited, even by some of its founders, as an example of a business that was able to grow and stand out without the need to invest a penny in Marketing.
For professionals in the area, this statement sounds, at least, contradictory, but it helps to clarify and highlight this new face of Marketing that transcends the old practices of publicity and advertising.
Nubank is a legitimate example of Marketing 4.0 in action, a concept described by Philip Kotler as the transition from traditional communication actions – such as TV ads, newspapers and magazines – to virtual platforms. This change, however, goes far beyond devices and social media.
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Digital Transformation and its impacts: how to benefit us?
Digital Transformation is not just a modernization of information channels, but a real change in mentality and behavior in individuals that needs to be considered in corporate planning.
Branding and Content Marketing strategies are taking the forefront of organizations’ communication actions, as they are able to promote a closer and more efficient connection with the public.
People are bombarded by advertisements, offers and charges every day and, therefore, they have developed a kind of resistance to traditional invasive advertising coupled with impersonal service, practices that we could call “old Marketing”.
Today, corporations like Nubank understand that the best way to relate to your audience is to promote personal and humanized communication.
It is literally breaking through the walls of corporatism and making brands and customers talk like friends.
Nubank’s strategy and what we can learn from it
You may have realized that one of the reasons for the success of Nubank’s strategy is to know how to communicate better with the public, but that is not all.
Another characteristic of modern Marketing, which differs from the old practices, is that it is not limited to communication. All managers and employees need to be in line with the organization’s proposal.
In the following topics, you can see the main initiatives that made Nubank a London company so dear to its customers and so respected within its market in a few years. Check out!
Know your audience deeply
Here is a phrase that has already become a certain cliché in Digital Marketing, but it is so important that it cannot be left out: know your audience!
The only way to develop valuable solutions and be able to truly communicate with people is to get to know them deeply.
For that, it is not enough to rely on generalist analyzes as a target audience, it is necessary to invest in the creation of consistent brand personas to understand the circumstances, pains and desires of the consumer.
Note that this knowledge was fundamental for Nubank, not only in its communication, but mainly in the development of its products.
Its services are very specific and respond directly to the main complaints of customers: from common financial institutions such as high bureaucracy, lack of transparency, excessive fees and others.
Get your company in tune
Before your brand starts speaking the language of your audience, it is essential that your company as a whole is already fluent.
People are not foolish and quickly realize when an organization’s practices do not match the ideas and values it conveys.
In other words: it is useless to invest fortunes in beautiful arts and commercials if not even your collaborators believe in them.
Nubank is a company with professionals extremely aligned with the business proposals.
It doesn’t matter if you interact with the organization through social networks, through its service channels, through the content of your blog or through interviews with partners and collaborators, all are perfectly aligned with the company’s proposals.
Be an “attitude” company
A few years ago, no one would dare say that a London startup would be able to enter a market, until then, dominated by gigantic corporations. However, this is exactly what is happening and more often than we could imagine.
Even though large groups boast huge amounts available for investment, the sheer complexity of their operations and the numerous legal obligations accumulated over several years make them slow and plastered.
Startups, on the other hand, are young businesses that were born in a technological environment and focus their efforts on specific niches.
This gives them unparalleled mastery of digital channels and tools and allows them to deliver services with unviable quality and dedication to companies that need to deal with numerous products simultaneously.
But it’s not enough to be aware of that, it is necessary to have attitude, and “attitude” in Marketing means positioning.
From the beginning, when fintech was just a credit card operator, Nubank made clear its intentions to be a complete digital bank capable of replacing the main services provided by major financial institutions.
Therefore, to have an attitude is to promote yourself with openness and clarify to your audience and your market what your company is and what it is capable of doing – it hurts whoever hurts.
Enter the universe of your audience
In 2016, Nubank already made clear its competence in service and communication, but it was with Belinha’s famous case that fintech showed that it is really involved and committed to its audience.
With an eye on Catioro Reflexivo, one of the most famous London Facebook pages at the time, the company team wasted no time on receiving a message from a client, Walter, in which he said that his dog Belinha had chewed his credit card.
They not only sent a new card, but also a toy of the same color to the puppy and a handwritten letter in which the attendant refers to Belinha as “Catiora”, in reference to the memes on the page.
The story soon ended up in a post by Catioro Reflexivo yielding over 50 thousand likes and countless comments praising the company, which made a point of thanking each one of them.
Nubank made it clear, with the joke, that he speaks the language of his audience and, moreover, is present in the universe of his audience. This makes communication even more efficient and success is instant. It is not for nothing that the story ended up in the main magazines and newspapers in the country.
Capriche in attendance
Continuing with the previous topic, Belinha’s case also reveals the caring and humane way in which the company deals with its customers. Instead of receiving a standardized solution to his problem, Walter was treated as a close friend of the company.
In general, answering services are trying to over-optimize this type of process.
Treating people like numbers, the least that is expected is that customers approach the company with the same coolness with which they are treated.
Of course, developing humanized care can be a challenge for organizations that need to deal with numerous contacts every day. The first step for this we have already discussed: is to ensure that your team is in tune with the company’s proposals, something that can be worked with endomarketing actions.
However, there is another way to decongest the service channels and still gain the respect of your audience: empower the customer.
Empower your customer
In the past, all financial transactions depended on the help of a bank or other institution’s employee to complete them. Then, ATMs appeared and we started to solve several questions on these machines.
Today, we can do almost anything on the cell phone: pay bills, transfer funds, make investments and more.
Notice that the “power” is being transferred to our hands more and more and people appreciate it. We like to work things out on our own, as this saves us time and prevents a lot of stress.
Platforms and applications are transforming the customer experience as they deliver all the tools necessary for them to solve everything themselves.
With Nubank, for example, the customer can block his card, request a new one, report purchases or change his limit, all without having to call the call center.
Such improvements involve an understanding of consumer behavior and investments in user experience, but the benefits are indisputable.
In addition to “empowering” your customer, by offering ways for the consumer to manage the service on their own, you focus your service team’s efforts on more relevant operations.
In a nutshell, we could summarize Nubank’s strategy in a simple recipe: detailed knowledge of the public, focus on customer experience and humanization. It is clear that these three items unfold in several others, but they are a horizon that more and more companies tend to aim.
Certainly Nubank’s strategy is capable of providing many insights for your business. Just don’t think that only prominent companies serve as a reference for your Marketing actions.
Even managing artist brands can add a lot of important information to your business.
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