As the cost of a college education rises, the topic of student loans has been brought up more and more. Juno is a company whose focus is on acquiring better student loans on the behalf of individuals.
Nikhil and Chris (copartners of Juno) met at MBA school at Harvard Business School. They began discussing a business plan for the group buying student loans. They began Juno and haven’t stopped since.
Nikhil and Chris began using a variety of methods to acquire new users for their company. They began targeting Goal-Driven Communities and Identity-Driven Communities in hopes of 10x their user base. This is the strategy they used:
- Aligning Incentives
- They pitched their ideas to the masses and aligned their audience by uniting them around lower student loans
- Naming and Shaming
- They held their users accountable to the group by applying social pressure
- Decreasing Friction
- To increase the expansion of their user base they would have their users market for them as well
Juno, in the present day, has 70k participants in their negotiated loans. Furthermore, they replicated their original model in loan refinancing, health insurance for international students, etc and grew their market space to its present day size.