Antoine Le Nel

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219 appearances 1 recordings 1 series first heard Oct 2024 last heard Oct 2024

Antoine Le Nel’s voice in public audio — every appearance, attributed to the second.

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · 18 Oct 2024 podcast

You start from scratch again and so on.

Do you notice it gets easier to acquire customers with each subsequent market or not?

Well, it all depends on how connected is the market with the previous ones. If tomorrow I was to launch in Taiwan, it would be difficult, you know, like things will take more time. It all depends on the type of market and the proximity with where Revolut is, because obviously our brand is getting bigger and international and so on.

So there are some markets where we're not in, but we already have some awareness.

You said the brand's getting bigger, it definitely is. Does CAC get lower over time as brand amplifies word of mouth increases? Or does it get higher as you saturate target market and you move to the fringes of your ICP?

Well, I think it's actually both. Because it's exactly that. It's exactly that. You have those two factors playing against each other. And it's about which one is stronger than the other. And then, unfortunately, it really depends on the market. So some markets, the brand is becoming so big that actually you start getting more organic and it's becoming like super organic. And then the

the growth energy is feeding itself and then it just goes while others and it's linked as well to the amount of competition that you have in the market where actually because you have a diminishing return curve where it suddenly gets more expensive to get the next one and the next one and the next one i think it really depends on the on the competitiveness of the market i think the other thing that's so smart though is like there's less of a focus or reliance on cac if you can expand the other end of the funnel which is your ltv

I don't believe in CAC, you know, like, and that was the first thing that I, yeah, yeah.

I mean, that's the first thing that I brought from King because at King, we never talk about CAC.

Why? This is almost growth teams and marketing teams talk about.

I have. There's no CAC discussion. Why? We only talk about ROI because if you only if you talk about CAC, you'll always acquire the worst cohorts because you just always go downhill. So what I've done by arriving at Revolut is that I increased CAC significantly, but I improved ROI significantly too.

So because what you realize is that you're not here to get the cheapest users, you're here to get the best users. Sometimes you got to pay more, you need to get as granular as possible.

And you may have some channels, you know, I don't know, like, for example, TikTok and so on, where maybe the cohorts you get from there are not as good as what you can get, for example, from Instagram or other places, but you So the CAC is irrelevant. CAC is irrelevant, you know, because if I was to give CAC targets, then we would only do maybe TikTok, for example.

And that doesn't make any sense, right? Because I won't get my ROI. So we never look at CAC. Is that hard for a team to adjust to? No, I mean, I don't think so.

I mean, it's only about... Also, you have to stomach that for a while, which is kind of interesting, because you have to accept paying higher CACs without seeing the higher ROI for a little bit of time.

Yeah, but I mean, the thing is, because we go gradually, very quickly, if you build good analytical models, you know very quickly whether the cohorts you're acquiring are the good ones.

How do you know?

I mean, and that's why the growth is exponential. Because today I know a lot more than a year ago or than two years ago. So my models are better. So I know better where the good cohorts are and how much I'm ready to pay.

Are those models transferable on a country by country basis? Yeah, they are.

Really? Why would London versus Birmingham would be closer than London versus Paris? There's no reason. The country definition beyond language is completely arbitrary.

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