"It was an absolute pleasure collaborating with the dynamic Good Growth team. They instantly grasped our unique needs, seamlessly integrating into our optimisation program and offering valuable insights. Our strategic visions aligned perfectly, fostering a rapport that was truly exceptional.” NPS Score: 10 / 10 ”
GoHenry, a neobank catering to children aged six and above, has strategically positioned itself for growth with an ambitious European expansion plan following a successful initial launch in the United States.
GoHenry achieved significant revenue growth as a result of the cashless boom during the COVID-19 pandemic. Following this, GoHenry sought to focus on enhancing profitability by adopting a data-driven approach to drive informed decision-making.
To achieve this, GoHenry partnered with Good Growth to establish a robust foundation of data, insight and experimentation, with the goal of increasing user engagement and conversion rates.
Actionable Data: Working with existing data and marketing teams, we defined a suite of metrics to measure current performance. We processed a range of over 40 data models to establish a robust, unbiased understanding of performance and identify the opportunities for growth in GoHenry’s online channel. This was informed through a comprehensive analysis of customer journeys and rigorous analytical auditing activities.
Customer Insight: We blended quantitative and qualitative data to build rich, actionable insights and understanding into the reasons why customers fail to engage with the GoHenry digital proposition. This led us to prepare several strategic hypotheses for testing.
Test & Learn: We responded to our data-driven hypotheses through iterative cycles of testing to optimise the digital experience and drive organisational growth within existing technology constraints, at pace.
This quantitative and qualitative blend of data and insight allowed us to identify three key hypotheses for testing:
Customer Engagement: We identified an opportunity to improve customer engagement and conversion by moving away from immediately asking potential customers to sign up and rather towards an experience that encouraged engagement with the wider GoHenry proposition.
Value Proposition: We identified a range of opportunities to better communicate the GoHenry value proposition throughout the customer experience, across key landing pages and marketing channels.
Audience Segmentation: We identified that there is no “one-size-fits-all” approach for different audience segments, (for example Mothers and Fathers). Each segment requires significantly different sales engagements with different messaging and value propositions.
We actioned these hypotheses across the GoHenry customer journey through iterative cycles of Test & Learn.
• 160% uplift in user engagement within the sales journey
• 35% reduction in bounce rate within the sales journey
• 30% uplift in the rate at which potential customers entered the sign-up journey
• 5% uplift in conversion rate of all users to account creation
Neobanks, such as GoHenry face two key challenges ahead:
To ensure long term revenue growth and profitability, neobanks must
Align with customer values to improve engagement: Different customers have different values and preferences. By understanding the main features and benefits that customers deem as the most important, in regards to children’s banking and finance management will increase the likelihood of conversion and long-term loyalty.
Communicate those values to build trust: Brands that communicate their values from the outset will help their customers understand the genuine purpose behind their brand which will, in turn, build trust and help them to differentiate themselves from competitors.