Boosting Online Referral In The Digital Wealth Management Space
Nutmeg are pioneers in online digital investment management, making investing easy and accessible. In just six years they have become one of the UK’s fastest growing wealth management companies.
The Challenge
In 2012, frustrated with the industry status quo, Nutmeg set out to build a wealth management service that was fair, transparent and inclusive. With the aim of bringing high-quality investment management to seasoned investors and those who have never invested before.
Nutmeg, one of the largest providers in the UK, now manages more than £1.5bn in assets under management on behalf of more than 64,000 investors – making it the largest online wealth manager in Europe and a top 10 wealth manager in the UK.
Nutmeg offers all UK investors the opportunity to access a high-quality investment service whether they have £5 million to invest or £500. By combining its proprietary technology with an intuitive user experience, jargon-free communication and radically lower costs, Nutmeg is empowering generations of investors.
The Strategy
A referral programme was identified as an important part of the marketing mix and was implemented early on by Nutmeg, initially built in-house.
Having experienced high-growth and doubling its customer base in 2017, Nutmeg looked to partner with Mention Me to further accelerate ambitious growth plans, driven in part by a thriving referral programme, in 2018 and beyond.
The initial offer that they tested was £25 on account for the referrer and three months of no management fees for the referee versus a new offer of £100 and six months respectively, which significantly outperformed the previous offer.
The result was an improved share rate by 240 per cent, whilst doubling the sign up rate of new investors from the previous offer.
The Results
The partnership and refer-a-friend programme has been a success, it:
- Delivered over 1000 new customers in its first six months
- Increased the share rate which spiked by 240 per cent following an increase in the referral offer
- Increased the sign-up rate of referred customers by 26 per cent on average.