How to drive word of mouth | Nilan Peiris (CPO of Wise)
Вставка
- Опубліковано 29 тра 2024
- Nilan Peiris is Chief Product Officer at Wise, one of the fastest-growing (and profitable) tech companies in the world. Wise allows anyone to send money in more than 60 currencies to over 160 countries at low cost, and throughout its history has grown primarily through word of mouth. In today’s episode, we discuss:
• Tactical advice on driving word of mouth (WOM)
• Strategies for measuring WOM
• How NPS surveys helped Wise determine their growth and product strategy
• How Wise incentivizes teams to do the hard things
• The small change that generated a 3x increase in referrals
• How Wise structures its product and growth teams
-
Brought to you by Pendo-The all-in-one platform for product-led companies building breakthrough digital experiences: www.pendo.io/lenny | Wix Studio-The web creation platform built for agencies: www.wix.com/studio?... | Masterworks-Invest in blue-chip art: www.masterworks.art/lenny
Find the full transcript at: www.lennyspodcast.com/how-to-...
Where to find Nilan Peiris:
• Twitter/X: / nilanp
• LinkedIn: / nilanpeiris
Where to find Lenny:
• Newsletter: www.lennysnewsletter.com
• Twitter/X: / lennysan
• LinkedIn: / lennyrachitsky
In this episode, we cover:
(00:00) Nilan’s background
(03:27) A brief overview of Wise
(06:11) How word of mouth is measured
(07:56) Why Wise leaned into WOM
(10:21) Why Wise built their WOM motion using the NPS method
(16:13) How WOM solves trust problems
(18:55) How to get to 9 or 10 on the NPS scale
(20:51) Determining what will wow users
(21:31) Common missteps companies make when trying to drive WOM
(23:24) Using the “working backward” method at Airbnb
(25:45) How Wise is able to offer drastically lower money transfer fees
(27:51) The three costs associated with moving money
(32:02) Rational vs. irrational reasons behind recommendations
(34:11) Prioritizing customer happiness
(38:14) How Wise approaches experimentation
(46:11) Thoughts on performance reviews and general analysis
(48:06) How Wise provides a 10x better banking experience
(51:57) Advice on how to approach word-of-mouth marketing
(53:47) Building a culture of doing hard things
(55:59) The macrostructure of international banking and where Wise fits in
(57:54) How Wise solves for local regulations in their onboarding flow
(1:01:49) How Wise structures teams
(1:03:26) The small change that generated a 3x increase in referrals
(1:08:01) Nilan’s philanthropic endeavors
(1:09:13) Lightning round
Referenced:
• Wise: wise.com/us/
• Henry Chen on LinkedIn: / henry-h-chen
• About NPS: www.productboard.com/blog/the...
• How Snow White helped Airbnb prove that storytelling is the most important skill in design: uxdesign.cc/how-airbnb-proved...
• Seth Godin: This Is How You Create a Remarkable Product: www.businessinsider.com/seth-...
• Discover the Spotify model: www.atlassian.com/agile/agile...
• Beam: beam.org/
• Affinity: affinityghana.com/
• Crime and Punishment: www.amazon.com/Crime-Punishme...
• Midnight’s Children: www.amazon.com/Midnights-Chil...
• Barbie: www.imdb.com/title/tt1517268/
• Arc browser: arc.net/
Production and marketing by penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.
Lenny may be an investor in the companies discussed.
Nilan is a pleasant professional. Great talk.
Always happy to see these videos!
This is the same model as Amazon's "Scale Economics shared". Feed back price drops back to the customer.
Great interview. I love Wise - such a pleasure to use.
Great video! Thank you!
I love your podcast
Great video and it's obvious that Wise is very customer centric.
Curious to know what sort of response rates they get with their NPS surveys?
NPS survesy get notoriously low response rates, typically in the low single digit percentage - although more engaged customers will be more likely to respond (which is a bias and will skew the results).
The main issue however with NPS is that even though some people answer the follow up question the response rate is still very low, with less than 50% of submissions with any sort of insights into the NPS number. So you are left with maybe a 3-5% response rates that include any feedback and insights.
So although it can give some companies comfort in getting a number to follow, it doesn't give much value as to WHAT moves the number and ultimately doesn't benefit the customer in any way as the very limited feedback doesn't result in any changes to customer experience - which should of course be the main reason a company is seeking feedback from the customer about their experience.
Hi - not quite - we see really high engagement at either end of the spectrum - customers with terrible experiences and customers with great ones. We got high response rates initally by incorporating in the product, today - we have the survey trigger in a couple of places.
The key here - is the NPS survey tells you roughly what matters - price, speed, ease of use. It can also help prioritise which ease of use features matter. After a while reading the survey the themes become clear - and then you no longer need to look at NPS - and can just focus on moving price, speed and ease of use and get to conviction that this will lead to improvements in viral WoM coefficeint
5:40 4 million new users a year with a team of 5000 people, is it that impressive ? It essentially mean each employee contributes to only 1000 new users a year or 100 new users a month.
The vast majority of that 5000 is customer support and operational staff who don't really contribute to growth as much as manage it in line with good product/regulator expectations - cost of doing business as a financial organisation.