1st December 2020
“How talkability helped us take off” In conversation with Scott Mowbray, Co-founder of Snoop
What makes a brand loved? As part of our mission to find the answer to that, Laura spoke to Scott Mowbray, Co-founder of Snoop. His fledgeling business turns the tables on big businesses by using transaction data to save people time and money.
Tell me about your brand and why people love it.
“We launched Snoop back in April, at the height of lockdown. We were running a beater with about 5000 customers and planned to launch in June. But we were encouraged to come to market much sooner because you could almost see the economy going in one direction. Snoop is all about saving people money. It connects to your bank accounts and credit cards – and uses your transaction data to help make you better off. So where you’ve got lots of firms that use your data for their advantage, we are trying to help people use it to their advantage. We’ve done the maths and believe we can save the average household around £1500 per year.”
What 3 words best describe your brand?
“Everyone’s better off.”
How do you think you can evidence that a brand is loved?
“I think it’s the idea of word of mouth. Let me give you an example; we discovered some customers in Milton Keynes were paying slightly more for their water bill. So this guy investigated it with Anglian Water and got a rebate of £230. And the customer is just so delighted, he’s told his neighbours about this interesting new app which has done this for him – and now they’re all downloading Snoop. As a community, they could be looking at a potential rebate of around £75,000!”
What has helped your brand grow?
“I think it’s making finance accessible, saving people money and the idea of that virtuous circle and network effect which you have when something’s working for people and they talk about it. And also, talking to people like adults in a way where there’s no small print, no jargon – but we don’t dumb down either – that cuts through. When I worked at Virgin Money, we launched the Virgin One account. That product had what we always used to describe as the ‘dinner party effect’. People talk about what mortgage they have. And because this was very different to the bog-standard fixed-rate mortgage, it got people talking and really helped our business cut through in a short space of time.”
How will you grow your brand in the future?
“After it gets up and running, it’s about relentless improvement. We’re accelerating to build the app and the platform out so it covers more. For us, mortgages will be next and we’re building insurance products and an overall ecosystem into the app, so it can literally be a one-stop-shop for people. At the moment I would say we’ve got the idea of early adopters. They’re tech-savvy, they understand the technology and are comfortable with it. The idea of Mrs Miggins in middle England using our app is something we want. My mum and dad use Snoop, but I’m not sure they would if they didn’t know me. We want to be able to reach those people because we can save them money too.”
“Raw, honest feedback on the App Store lets us discover whether people love or hate what we do. And what we need to develop next.”
What would you tell yourself if you were starting the business today?
“We’re only months old, so I don’t think I would change anything. The idea of saving people money or time, and making life a little bit better because of it, is a cool thing. I would say, think about what makes your product distinctive – and why someone would talk about it to their friends down the pub or to their neighbours.”
What’s your favourite app or tech right now?
“Without being too daft about it, Netflix has been a lifesaver over the past six months. But not in an ‘I just sit down and watch Netflix’ way. It has made me more interested in history, which I never thought I’d say six months ago. I also like Headway. I never have time to read books and Headway is an app which gives you the gist of a lot of books but in 15 minutes. Ironically, I keep getting alerts asking me if I want to finish whichever book it is I’m currently on. So I haven’t even found time to use that properly! I also like PensionBee.”
What’s your best business book/podcast recommendation? “I was fortunate enough to go on holiday in February, just before the lockdown meltdown, and I read Black Box Thinking by Matthew Syed. It’s all about learning from failure, and I would recommend it to anyone in business – and anyone in any walk of life.”
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