Blomfield: Passionate customer love is the single prerequisite for scaling
Tom Blomfield · 20VC: Monzo's Tom Blomfield on The 3 Phases of Startup Scaling, The Secret To Building a 1.2m Community with No Advertising & How To Use Boards As A Tool To Instil Operational Excellence · Nov 30, 2018 · at 11:28
Tom Blomfield, founder and CEO of UK challenger bank Monzo, discusses how founders can evaluate whether they have achieved genuine product-market fit before expanding.
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“Do your customers love this product? Is the, I think the only thing that actually matters at that point. I like this question of, to try and figure this out, asking your customers, how would you feel if we took this product away? And it's sort of like, I would cut your hand off to take it back. You need that amount of love. It really is about a handful of customers who so passionately love your product that they would Either pay you a huge amount of money, or kick up a stinking fuss if you took it away from them.”
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