Adhir Kadve: Okay. Got it. And then what does that marketing kind of entail, I mean you guys have 2.1 million users already on the platform. How do you kind of get them to reactivate, what kind of strategies will you use around that?
Dave Feller: Yes. I mean obviously, there is a bunch, but obviously, email campaigns continue to be an effective strategy for sure, and we are constantly testing different strategies there. But generally, email campaigns that aren’t just meant to sell people on the product that actually kind of deliver value, we know that from our member base that one of the top goals they have continues to be around basically, financial education, specifically even on learning how to invest and building wealth. So, that’s also kind of a really kind of big core focus. From a product and marketing perspective, increasingly is just really kind of solid educational content versus, quite frankly, more of a hard sale. But yes, email continues to be a key driver and something we will continue to leverage and leverage more than we have in the past.
But also, we have our Postmedia partnership still. So, that also continues to be something that we are confident in, especially given financial post and its positioning in the marketplace, and generally, leveraging it to establish a certain level of credibility, especially for a relatively new entrant in the wealth space in Canada. So, although our target customer isn’t necessarily subscribing to the financial post, and just generally, that section, news item in through social media, a lot of this stuff still is effective with that target demo. Really, our kind of main target is Gen Z and millennial. So, I would say generally between 25 and 40 is kind of our main target demo. We are also developing relationships with influencers. So, we expect a lot more influencer-type marketing out there, including product reviews of both Mogo and Moka as well.
And just generally a lot more kind of social media presence, we have hired up on the marketing team, brought on some more kind of social media and creative people to create more and more content. So, that’s also an area that we are investing in versus just paid marketing.
Adhir Kadve: Okay. Got it. And then maybe two more questions. One, in terms of the fee tier, so if I heard that correctly, it will be $15 a month for Moka, $15 a month for Mogo, so all-in, $30 a month, $360 ARPU per user. But how about the kind of…
Dave Feller: Yes. If customers take both products. Yes.
Adhir Kadve: If they take both. Yes. So, what it looked cross-sell between the two products, say, Moka and Mogo, obviously there is a very high level of cross-sellability between the two, and kind of also leverage that as well, or has that started right to that?
Dave Feller: Yes. I would say that really hasn’t started. Right now, we are primarily focused on each product kind of developing its own marketing and narrative in that. But obviously, at a point, no question about it. And we have tested it in a very small way. But generally, our view is that – and in fact, kind of the stats show, for example, 60 – a high percentage of self-directed investors obviously also invest in things like mutual fund as well as have other kind of managed solutions, so well north of 50%. So, there is already a strong kind of data point on the general attachment rate. Most people are not exclusively self-directed. And then generally, we think especially over time, if you take a look at somebody in their 20s, even if they start, for example, on something like Moka, where they are saying, hey, I really don’t have the confidence in investing and I don’t really have the time to do it, they start with something like that.
But over time, in a 50-year journey, a lot of them start saying, hey, listen, I actually have some interest in some self-directed as well. So, we see that over time, a natural addition as you add kind of that other product in there. I mean our kind of target in the long run is to have at least a kind of 50% attachment rate, right. So, that’s what we are looking at.
Adhir Kadve: Awesome. Selling time is ahead guys, I will pass it on.
Dave Feller: Yes. Thanks.
Operator: Thank you. And there are no further questions at this time. I would like to turn it back to Dave Feller for closing remarks.
Dave Feller: Okay. Well, thanks for joining us for the call. Thanks for the questions. Also, I just wanted to say a special thank you to all the Mogo team members that make all of this possible and look forward to updating everybody post our Q2 results. Thanks again.
Operator: Thank you, presenters. And ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.
