20Growth: How Transferwise Acquired Their First 5M Customers: The Two Types of Content All Companies Must Create, How to Crush Competition With Performance Marketing, What Growth Hacks Worked and Did Not with Nilan Peiris, CPO @ Wise
Jul 26, 2024
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Nilan Peiris, Chief Product Officer at Wise, shares invaluable insights on scaling a business to 1 million users. He discusses effective growth tactics and common pitfalls, emphasizing the importance of user experience and transparent communication. Nilan reveals the two types of content every company needs and how to outshine competitors with limited budgets. He provides a framework for excelling in performance marketing while offering lessons learned from Wise's growth strategies. Don't miss his thoughts on the evolving role of AI in shaping marketing efforts.
Wise's initial growth was fueled by a mix of organic marketing and strategic content, demonstrating the power of grassroots referrals.
Creating targeted content that addresses customer pain points is essential for enhancing user engagement and driving long-term loyalty.
To compete against larger rivals, Wise emphasized exceptional service and innovation while effectively communicating value to customers.
Deep dives
The Role of Product Marketing in Value Perception
Product marketing is defined as the process of bridging the gap between the perceived value a customer has of a product and the actual value delivered. A business must provide an experience that exceeds existing alternatives to generate significant word-of-mouth referrals. The podcast highlights the necessity for businesses to be an order of magnitude better than competitors to achieve impactful growth. This requires continuous efforts in shaping customer perceptions through effective messaging and understanding how customers define value.
Foundational Strategies for Customer Acquisition
Wise initially gained traction through a combination of organic growth and targeted marketing efforts at launch. The TechCrunch blog post announcing their launch served as a catalyst for attracting early customers, which was followed by grassroots word-of-mouth marketing within communities that needed international money transfers. Experimentation with various marketing channels and tactics, including social media, allowed Wise to establish a diverse customer acquisition strategy. This multi-faceted approach emphasized understanding customer needs and leveraging existing customer networks for growth.
Content Strategy Driven by User Experience
Creating effective content for customers is crucial in mastering customer acquisition and retention. The podcast emphasizes the importance of producing relevant, on-topic content that addresses customer pain points, such as how to send money internationally. Additionally, adjacent content targeting specific demographics enhances customer engagement and drives traffic. By continuously refining content offerings, Wise successfully aligned its educational resources with customer interests, leading to higher user engagement and brand loyalty.
The Importance of Word of Mouth in Growth
Word of mouth has proven to be a vital growth driver for Wise, contributing significantly to customer acquisition. The podcast discusses how 70% of new customers emerged through referrals and recommends a focus on exceptional product experiences to encourage recommendations. Understanding what drives customers to share their experiences can amplify organic growth amidst the competitive landscape. By integrating referral programs and naturally engaging users, Wise effectively harnessed social proof, enabling a sustainable growth model.
The Challenges of Scaling in a Competitive Landscape
Significant challenges arise when competing against established players in a saturated market. The podcast highlights that to effectively contend against competitors with deeper pockets, like Western Union, Wise had to focus on providing unparalleled service and transparency. Efforts to maintain a competitive edge necessitate continual innovation while adjusting to market demands and customer behavior. Ultimately, effective pricing strategy, clear communication of value, and adapting to user needs are essential components in navigating these challenges and achieving long-term success.
Nilan Peiris is Chief Product Officer at Wise, where he leads on growth across channels including product and platform. Prior to Wise, Nilan was VP Growth at HouseTrip, in charge of scaling the company’s growth in the European market. He’s also worked as Chief Marketing Technology Officer at Holiday Extras, where he was responsible for all areas of technology, marketing and customer acquisition. Nilan also advises a number of early-stage startups on growth and getting to traction.
In Today's Episode With Nilan Peiris We Discuss:
Lessons Scaling Transferwise to the First 1M Users:
What growth tactics worked in scaling Wise to 1M users?
What growth tactics did not work? What did they learn?
What did Wise not do that Nilan wishes they had done?
What single product change completely changed the trajectory of their growth?
2. How to Use Content to Crush Competition:
What are the two different types of content that all companies must now make?
What are the single biggest mistakes companies make with content today?
What do you do when your competition can spend 7-8x more on marketing?
Is SEO and SEM dead today or does it still play the same prominent role?
3. Wise's Framework on How to Win at Performance Marketing:
What have been Nilan's single biggest lessons on how to win in performance marketing?
What are the biggest mistakes companies make today in performance marketing?
When is the right time to diversify and add new channels?
What level of channel concentration would concern Nilan to see?
4. The Secret to Adding More Products:
When is the right time to add a second product?
How does Nilan define great product marketing today?
How can one do amazing and targeted product marketing with several products aimed at different customers?
What are the single biggest mistakes that companies make with brand marketing?
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