Chris Milone, the Chief Marketing Officer (CMO) at Best Egg, recently joined Snoball's WOMM Podcast to talk about how to achieve authentic business growth. Best Egg was recently highlighted as one of the Top 3 Companies to Watch by Best Company (now Snoball) for its exceptional focus on customers, as evident in its investment allocation, level of employee training, and positive customer ratings.
With over 20 years of experience in marketing and growing FinTech and other businesses, Chris discusses the importance of having a crystal-clear mission, building a great company culture, and prioritizing customer-centricity. In this recap article, we'll walk though three key takeaways from the podcast to help you grow your business authentically.
Define Your Mission and Know Your Customer
One of the foundational elements of Best Egg's success is their unwavering commitment to a clear mission. Their mission statement is simple but powerful: "Give customers the products and financial tools they need to navigate their financial life with confidence." This clarity enables Best Egg to focus on a specific customer demographic—customers who need financial assistance but may not have access to traditional banking products due to their credit histories or limited savings.
Chris emphasizes the importance of understanding your target customers and being crystal clear about who they are.
He explains, "If you can find somewhere to work with a mission you believe in, you're on the right track. The best way to think about it, that I've ever heard, and I'm stealing this from a former boss of mine, but I never want to work at a company where I wouldn't wear the T-shirt."
By defining their mission and customer base, Best Egg can align their strategies, products, and services to cater to the unique needs of this audience. This level of clarity enables them to make informed decisions and provide relevant solutions.
Foster a Positive Company Culture
Chris highlights the role of a positive company culture in achieving authentic growth. Best Egg places a strong emphasis on creating a workplace where employees genuinely enjoy coming to work. They've built a team that values collaboration, innovation, and, most importantly, a shared passion for their mission.
Investing in employee growth and opportunities is central to Best Egg's culture. In fact, Best Egg has been recognized as a Best Workplace award winner for several years. Chris states, "I think the biggest key thing… is connecting your strategy to your decision making. So if you have a clear strategy that means you can say no to a lot of things."
Chris has also found that a positive company culture can help attract and retain top talent. He believes the Best Egg culture gives them a competitive advantage in the FinTech industry and creates a collaborative and purpose-driven environment.
Prioritize Customer-Centricity and Education
Best Egg's growth is rooted in their relentless focus on the customer. They actively seek to understand their customers' needs and continuously strive to provide relevant solutions. Chris explains, “We know who we want to serve, and it's a compelling mission.”
To achieve this, Best Egg has implemented several customer-centric practices:
- Chief Customer Officer: In 2021, Best Egg hired a Chief Customer Officer to ensure that being the voice of the customer is someone's specific day job within the company.
- Community and Ambassador Program: Best Egg maintains its own customer community and ambassador program, enabling them to engage with customers regularly, gather feedback, and understand their pain points and aspirations.
- Financial Education: Best Egg offers more than just financial products; they provide educational resources to help customers navigate their financial journeys. This includes credit monitoring and tools to manage debt effectively.
By investing in customer-centric initiatives, Best Egg not only strengthens customer relationships but also lives up to its mission of empowering customers to be "money confident."
Chris states, “Knowing who our customers are, getting to hear from them, and getting to hear how we make an impact in their lives – that to me is what makes us one to watch.”
About Chris and Best Egg
Chris Milone, the Chief Marketing Officer (CMO) of Best Egg, brings over 20 years of experience in marketing and growing FinTech and other businesses. His journey into marketing was unconventional, having studied chemical engineering in college. Chris entered the marketing landscape during the dot-com boom, leveraging his expertise in technology and analytics.
On a personal note, Chris is a dedicated father of three and actively involved in coaching travel baseball and attending his daughter's softball games. He's also an avid runner, participating in the Philadelphia Marathon annually. Chris's competitive spirit extends to the workplace, where he leads Best Egg to success in various industry contests.
Founded about a decade ago, Best Egg has built a reputation for strong risk management, making it a trustworthy choice in the lending space. Unlike many other FinTech companies that prioritize tech over financial services, Best Egg has always emphasized a balanced approach, focusing on both technology and sound financial practices.