How to drive word of mouth | Nilan Peiris (CPO of Wise)

Brought to you by Pendo—The all-in-one platform for product-led companies building breakthrough digital experiences | Wix Studio—The web creation platform built for agencies | Masterworks—Invest in blue-chip art—Nilan Peiris is Chief Product Officer at Wise, one of the fastest-growing (and profitable) tech companies in the world. Wise allows anyone to send money in more than 60 currencies to over 160 countries at low cost, and throughout its history has grown primarily through word of mouth. In today’s episode, we discuss:• Tactical advice on driving word of mouth (WOM)• Strategies for measuring WOM• How NPS surveys helped Wise determine their growth and product strategy• How Wise incentivizes teams to do the hard things• The small change that generated a 3x increase in referrals• How Wise structures its product and growth teams—Find the full transcript at: https://www.lennysnewsletter.com/p/how-to-drive-word-of-mouth-nilan—Where to find Nilan Peiris:• Twitter/X: https://twitter.com/nilanp• LinkedIn: https://www.linkedin.com/in/nilanpeiris/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• Twitter/X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Nilan’s background(03:27) A brief overview of Wise(06:11) How word of mouth is measured(07:56) Why Wise leaned into WOM(10:21) Why Wise built their WOM motion using the NPS method(16:13) How WOM solves trust problems(18:55) How to get to 9 or 10 on the NPS scale(20:51) Determining what will wow users(21:31) Common missteps companies make when trying to drive WOM(23:24) Using the “working backward” method at Airbnb(25:45) How Wise is able to offer drastically lower money transfer fees(27:51) The three costs associated with moving money(32:02) Rational vs. irrational reasons behind recommendations(34:11) Prioritizing customer happiness(38:14) How Wise approaches experimentation(46:11) Thoughts on performance reviews and general analysis(4