Why has the number of new sign-ups for Monzo Plus dropped by 30% this month?

Introduction

The recent 30% drop in new sign-ups for Monzo Plus is a significant issue that requires immediate attention and a thorough analysis. As we dive into this problem, we'll systematically examine potential causes, gather relevant data, and develop a strategic plan to address the root cause and prevent future occurrences.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a seasonal component. Has this drop coincided with any particular time of year or event?

Why it matters: Seasonal trends can significantly impact sign-up rates. Expected answer: No specific seasonal trend identified. Impact on approach: If seasonal, we'd focus on year-over-year comparisons rather than month-to-month.

• Considering user segments, I'm wondering if this drop is uniform across all user groups. Have you noticed any particular demographic or user type more affected than others?

Why it matters: Identifying affected segments can pinpoint specific issues or changes in user behavior. Expected answer: The drop is more pronounced among younger users. Impact on approach: We'd focus on factors specifically affecting younger demographics.

• Thinking about recent changes, has there been any significant update to the Monzo Plus offering or marketing strategy in the past month?

Why it matters: Recent changes could directly impact sign-up rates. Expected answer: A new feature was added to Monzo Plus last month. Impact on approach: We'd investigate how this new feature might be affecting user perception and sign-up decisions.

• Considering competitive landscape, have any major competitors launched new products or promotions recently?

Why it matters: Competitive actions can significantly influence user acquisition. Expected answer: A competitor launched a similar product with aggressive pricing. Impact on approach: We'd analyze our value proposition and pricing strategy in comparison to the new competitor offering.