YouSaid · the spoken record

Daniela Corrente

lines on the record: 27
first: 2020-12-17
most recent: 2020-12-17
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“And then as we look into 2021 and expanding intro distribution channels, we have a couple of really great partnerships that are coming into play. I cannot say now, but then we'll start being more at the point of purchase and that unlocks a different distribution channel for us.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“So, look, there are a couple of different ways. I think one thing that I would pull out there for every entrepreneur is think about organic loops. How can you leverage your own customers to spread the word to others? So how do you leverage the fact that they like your brand so that they can tell others and begin having that ripple effect? So we've captured customers different ways, obviously because of the nature of our savings platform, we promote our product through Instagram, right? We promote our product through Facebook to places where people are looking for aspiration. In fact, we have a customer. This is great. Like one of her reviews, she called us her actionable Pinterest. She's like, in Pinterest, I put things on my board with you guys. I'm actually putting money towards what I want, which I love that. And then besides paid, obviously our own channels, email, it's a great source of conversion for us. And then all of these organic loops.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“We saw the savings transacted kept the same, and then on the contrary, they increased tremendously. Like November was 24% higher than the previous month, right? So it's increasing at a very rapid pace. However, the cells, people are like, you know what? Actually, instead of placing that order of the shoes, can I transfer these to a computer? It's going to take me a little bit longer to get there, but I want to save for those things. Can I transfer these to furniture furniture and electronics was something that increased tremendously on the platform, as well as travel, because obviously it's new, right? But we saw that behavior of people moving money around more than ever. In fact, over 20% of the items that people save for, they transfer in between items because there is this element of gamification on your savings that has resonated really good with our demographic.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“So, look, we saw a big increase on dollar transacted. And the reason why that's very interesting to us is because by expanding to other verticals, we started also getting more of the share of wallet from the customers that we also already had. So not only attracting new customer base, but also telling our customers, hey, you know, now you can start saving for your Christmas budget with us, not only the TV or not only the computers. So we started seeing more of a 360 into the life of our customer. As far as purchases, what was very interesting for us in March, which was something that made us sort of rethink the way that we see the business in certain ways, is that when COVID happened, we saw people that started, that kept saving, but they didn't want to place the orders right away. And that was fascinating to us because”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Think about it, right? Like, as humans, we think about the lifestyle that we want to have, and money is the means to an end, right? When you talk about your trip next year with your friends, you're thinking about the experiences that you're going to have, not the perhaps the thousand dollars that you need to set aside to get towards a trip, right? So definitely understanding that the majority of consumers, there's perhaps five percent of customers that feel very comfortable connecting a bank account, feel very comfortable with numbers, and then they can go and set up a savings account with a bank or a savings account with a product that is very numbers driven. Then if you're talking about masses, right, masses are used to being targeted with the lifestyle, right? But not on how you achieve that lifestyle. And so definitely goal-oriented is the way to go when it comes to savings because it aligns with the reality of”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“On this is what you have. This is where you're heading. If you don't have enough money in your bank, we will not make a transaction. So there is a lot of advantages of using us as a service because it's not only that we're helping you save, we're taking you through a journey to make sure you achieve your goal.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so look, savings accounts I've been there for ages and ages, right? You can go to any banking institution and just create a savings account and put a picture of whatever you want. The reality is that the younger generation doesn't only have friction with certain financial institutions over time, but it's looking for ways to sort of optimize their experiences, right? If you put money on a savings account, you have to track it. You have to track the product that you're saving for, right? You have to make sure that there is enough money on your account every time you make the transfer. If you come to us, we facilitate all that for you, right? If you come to us, you tell us what you want and we have a team that looks for sales for you. It's very easy for you to share this with your friends. It's very easy for you, Sebastian, if you make an extra 50 bucks this weekend to put it towards your goal, right? And there is also the aspect of the constant transparency.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Actually, great question because we just did that last week. People can save for charities that they want to. That came out honestly from a partnership with some influencers where they ask us, hey, look, I want to share this with my following, but I want to make sure that we also have the opportunity to stay for these charities and we opened that possibility. So absolutely, you can do that.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“When these happen in March, we sat down as a team and we said, like, hey, look, most of our people are saving for fashion and furniture and things that might not be needed right now. We need to expand. So if they want to save for electronics, if they want to save for tech, if they want to save for other things, we need to offer that. And we cannot do it in Q3 or Q4. We need to do it in early Q2. How are we going to do this as a team? And so it was a period of being very hands-on, down to business, right? Developing sort of alternatives for people to save. And it has paid off over time.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Had less credit cards than the previous generation because they saw what their parents went through. Now with everything that's happening with COVID, we're seeing that people are realizing that leaving paycheck to paycheck is not the way to go. But at the same time, it's the era of Instagrams and TikToks and, you know, there is a lifestyle that you want to achieve. So finding that balance, it's something that is playing very nicely in our advance because of the kind of product that we're putting in the market. So we've actually seen a tremendous amount of growth this year, month over month, as far as dollars transacted. And it's also as a result of us expanding into multiple verticals. We didn't have to necessarily pivot as a company, but accelerate our offerings. When the year started, we were offering perhaps two, three verticals and then”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Yes, so there are a couple of things there, right? 2020 has definitely been a very interesting year. I think as entrepreneurs, if every year we grow at a 5x because of everything that we learned this year, it's been like a 20x exponential growth. It's not only running your business, but setting new structures for your team to work remotely too, right? For us, because it's safe to buy.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so we monetize a couple of different ways. So we monetize obviously on the money that we're holding on behalf of the users, right? And then we also monetize through partnerships with retailers because we're driving traffic towards their website, right? We're driving conversion. And so we get paid for that.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“A fee to use the platform, which was fascinating. So we started charging a fee to use the platform so higher conversion, so higher trust, which makes perfect sense because we live in the era of Airbnb and DoorDash, right? And people used to service fees. So right now we're currently AB testing, removing that fee again because we want to add value for customers over time. And that's something that goes against the belief that we have as a company. We believe that this should be a free product for customers, but it definitely as everything while building a company, it's been a learning curve.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“We started the product, we were a free product and the reason I'm bringing this up because I think pricing psychology is fascinating. And we were a new company and people would call us, email us, like, why are you free? Why are you free? Where's the catch? And this is my new Cambridge Analytica era, right? What are you doing? And so me and my co-founder, we sat down and we're like, okay, look, we're spending a lot of time. Responding to people and explaining how we make money and talking to our investors, they were like, hey, why don't you charge? And this is not what we want for our product. So we actually were like, let's AB test this. And we did. And we saw higher conversion when we started charging.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“There is debt and there is unnecessary debt. And we are highly focused on the debt that is unnecessary, right? Things that you might not need right away. And why are you going to get into debt for it? Like I'll give you an example, a lot of our users are first-time moms. And when you're a first-time mom and you're going to eat a stroller, you don't need it for another 10 months, nine months. Why are you going to record your dad to go for that, right? When you need a new computer or outdoor furniture or even a trip, we have a lot of customers that have started saving for trips. Why don't you start putting a little bit of money aside every day? So then by the time that you get there, you can achieve your goal without having to go into that. I think, you know, as a society, the biggest thing is that people do not understand the implications that unnecessary debt has on the long term. So that has changed tremendously after 2008. And now we're seeing a lot of that too. Every financial downturn.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“It wasn't something that it took two days, three days, not even a couple of, it took months because at the beginning, and I'm sure a lot of entrepreneurs listening to this, at the beginning, sort of like the chicken and the egg question, right? It's like, well, This is the idea that you have show me proof that the market wants that. But in order to show you proof that the market wants it at scale, there needs to be some level of investment. So you're playing with that data in order to deliver a high quality story that they can bite into.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Outside of our own money, of course, right? Of savings, freelancing, 41K, and just putting our own money and sweat into the business. It came from an accelerator and we went through different accelerators and there was one which is mocker that I really, really liked because of the way that they structure their investments. And I remember going to that meeting with one of the managing partners and sitting down and I'm like, hey. Talking with all of these others accelerator, and this is why I like this one. And if you're gonna make a decision, we need to work into this pretty fast because we have all these other conversations. But getting to that level of confidence took time, right? But it was pretty much on the face. And they believed in us and they were our first check and it just catapulted growth for us. But it took a while. It wasn't.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Yes. You know, I come from a family of entrepreneurs. So this mentality of you adapt and you learn and you get feedback and you figure out a way to play on that feedback to make things happen have been really influential on the way that I've evolved the company and that I have gone about every fundraising round. But I do remember, right, at the beginning it was like, oh my goodness, if we get $10,000, this is all that we can do. And now it's just like $10,000. No, we need to keep growing, right? It was actually the first money that we got came from.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“The title of this show has the word resilience, and I think every single founder that you've interviewed fundraising, it's always a full-on story on itself, right? Because you get no more times than you get yes, but you only need a handful of yes in order to change the trajectory of your story. And, you know, especially when it's a product that it's not relatable necessarily to investors, right? Because they don't need to set money aside for airbus because they don't need to set money aside for the new microphone or the new computer. So data was really important in this journey that has been fundraising, right? Proving that, hey, Involve the story over time with the learnings that we're having, not only from the hypothesis that we had originally, but for our current customers.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“For work, and my co founder, too, and we were talking about this idea, and I was asking every single friend at the time, how are you paying for things? What's going on? What has changed? And I remember vividly just having dinner and telling my co-founder, hey. We're going to south by southwest, there are a lot of tech people there. I can put a Squarespace website and print business cars and we can go and talk about these and see if people would like it. And that's how I got my first investor meeting.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“14 years after my $2,000 fiasco. And I'm like, wait, hold on, what? What happened? What happened in the years that I haven't been paying attention to consumer finance? And I put up a survey monkey and sent questions as a marketer. I'm curious, not with the intention of starting a company, just with the intention of understanding the market. And, you know, what really fascinating answers about people telling me like, look, I don't know how to save. I want to save, but it seems too complicated. It seems too stressful. With the years of just selling products to consumers more on the retail side, I started really thinking about how can we connect this feeling of excitement with savings. And everything started rippling from there. I had to go to South by Southwest.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Of course, I had no idea what it was, right? And then, really quickly understood what the high interest that I had meant, right? What it is to pay late and became fascinated with financial psychology and why as humans we make the decisions that we make because we associate happiness with a certain lifestyle and to have that lifestyle is connected with money. That was a fascination that I had for years, but I didn't do anything with it until a couple of years ago. And that came out of just working in advertising in New York, a client brief that was now my co-founder was working on. We were chatting one day, and he told me, hey, do you actually know that millennials are avoiding credit card? And obviously this is.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Was born of a personal fascination with consumer finance. I was the first one in my family to move to the States. I moved here for college. And, you know, in the early 2000s, if you had a polls, you got a credit card. And that was the way that it was, right? We didn't know any better. I got my credit card. It was a $2,000 credit card. I loved it. I thought I was $2,000 richer. I mean, funny side story. I even sponsored a child. I thought I had so much money that I went to unicef.com and sponsored a child for $18 a month. I was just like, I.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“So look, you can come to a website and start saving for whatever you want. And that's actually connected with the 2020 story that I'm sure we'll get into soon. We also aggregate inventory from thousands of stores. So we serve as an aggregator where we scrape the web and present it with possibilities of items based on what you have liked before. And we are starting to do direct partnerships with retailers to be part of the point of purchase instead of putting something on a wish list and not taking action to actually start saving for things as they are shopping.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“There is a deal on the microphone, we notify you, and once you complete saving, all that you have to do is come from your chipping address and we place the order on your behalf. So it's a full circle from the moment that you wanted your microphone to the moment that you're interviewing me with your microphone.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“Great, you know, you want a new microphone, let's say that it's $300, right? You come to our website and we tell you, you know, if you put $5 a day, you can have it in this amount of time and you play with it, connect your bank account, and we automatically start moving money from your bank account towards your goal as you're saving. We're sending you a lot of reinforcement. We tell you, yeah, you're amazing, you're great, you're going to achieve your goals without going into debt. You can share it with your friends, you can boost that.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT
“About these as a society, we've always been told that shopping is fun, right When you're stressed, you shop. When you want to have fun, you shop. Savings is scary, right? Savings is for people that have a lot of money. We haven't been taught to see the potential of our own cash flows. People are driven by emotion, right? You and I, we all like to believe they were rational beings. But when it comes to numbers, a lot of the decisions that we make come from an emotional place. And that's really where for real came to life. We're using that behavioral knowledge to bring an experience of savings that's relatable for people.”
2020-12-17 · How I Built This with Guy Raz · How I Built Resilience: Daniela Corrente of Reel · IDENTIFIED FROM THE TRANSCRIPT