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RIABiz provides some interesting insights on the culture, business model and growth strategies for the robo-advisor, Betterment. With the goal of gathering over $1 trillion in assets in the next 10 years the company is experimenting with a number of marketing strategies including Taxi-top advertisements.
Taxi-tops offer a way to reinforce brand... Betterment has 150 taxi tops in SF and 400 more in NYC. Although it’s a pretty new ad campaign, (it started in October) according to Stein, sign-ups using mobile devices have jumped to 25% of total sign-ups from around 5% last year. Betterment is test driving other forms of mass transit/outdoor marketing including Metro North (the train between Westchester suburbs and NYC streets) and BART — the subway system linking San Francisco suburbs and the city. About 33% of new customers come through marketing (podcasts, websites, taxi top ads another third come to Betterment via PR/media/content and the final 33% sign-up as a result of referrals from other Betterment customers, Betterment says. Betterment’s goal is to gather over $1 trillion in assets [not a misprint] in the next 10 years.
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