FINANCE
CASE STUDY: REDUCED CPL BY 71.4% WHILE MANAGING $250,000 IN MONTHLY AD SPEND
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HOW WE REDUCED THEIR CPL BY 71.4%
A FinTech startup recently raised $75 Million in funding and needed to increase their applications’s total user base. Their secondary and tertiary goals were to reduce the already high cost per acquisition of each user and find additional product-market fit through audience testing.
The company initially hired us to help them grow the top and middle of funnel by driving low cost leads that they could retarget through Facebook, LinkedIn, and email. Our budget averaged $250,000 a month in total for Facebook and LinkedIn. The company also requested we help them with creative ideation and development.
The company initially hired us to help them grow the top and middle of funnel by driving low cost leads that they could retarget through Facebook, LinkedIn, and email. Our budget averaged $250,000 a month in total for Facebook and LinkedIn. The company also requested we help them with creative ideation and development.
To kick off the engagement, we took ownership of all their paid social ads and started building best practice pay-per-click (PPC) structures. We mapped their consumer journeys, built ad funnels, identified audience segments, and helped implement event conversion tracking. From this foundation we reviewed existing customer personas to develop audience interest targeting and creatives.
Once our team put the structures in place we started A/B testing all the different audience ideas at each stage of the ad funnel. Our funnel included 3 layers of the consumer journey; top, middle, and bottom. After the first step of the funnel we heavily retargeted consumers who visited the website, and further down we retargeted the specific sign up page with messaging language around product benefit and additional value.
Once our team put the structures in place we started A/B testing all the different audience ideas at each stage of the ad funnel. Our funnel included 3 layers of the consumer journey; top, middle, and bottom. After the first step of the funnel we heavily retargeted consumers who visited the website, and further down we retargeted the specific sign up page with messaging language around product benefit and additional value.
“They did a wonderful job reducing our costs and identifying new audiences to target.”
- DIRECTOR OF MARKETING, ANONYMOUS
Each week we connected with the company to report on and review the results through the custom dashboards we created. We provided insights and next steps about audiences that needed to be tested, what creative was working well, and what to try next.
Our A/B testing and insights yielded fantastic results as we discovered the main audience, small business owners, connected with the message of flexible payment structures and longer net terms. This helped us reduce their cost per lead from an initial persona amount of $250 down to $120 per consumer.
Our A/B testing and insights yielded fantastic results as we discovered the main audience, small business owners, connected with the message of flexible payment structures and longer net terms. This helped us reduce their cost per lead from an initial persona amount of $250 down to $120 per consumer.
Another persona, the hard working individual, yielded wonderful results with the lowest cost per lead. We found a new product-market fit with the audience so they could manage their apartment payments. These consumers responded very well to messaging that gave them another payment option for their rental payments.
We reached the lowest cost per lead of $12 per person with this messaging and audience fit. By the end of the engagement we spent nearly $1M in ad spend and helped reduce the company’s average CPL from the high-water mark of $210 per lead all the way down to only $60 per conversion.
We reached the lowest cost per lead of $12 per person with this messaging and audience fit. By the end of the engagement we spent nearly $1M in ad spend and helped reduce the company’s average CPL from the high-water mark of $210 per lead all the way down to only $60 per conversion.
“We were blown away when we saw our cost per lead drop to $12.”
– ROBERT TOWNSEND, CMO, ANONYMOUS
SERVICES USED
Here are the major ways we digitally supported this brand’s marketing needs. This is not a complete list but provides the core offering during our engagement with the client.
Pay-Per-Click (PPC) Advertising
We pushed PPC advertising and managed their entire social and search platforms to drive consumers directly to their financial services. We used mostly Google, Facebook, and LinkedIn to drive low cost per lead.
Analytics & Tracking
Necessary for identifying benchmarks and determining the best performers we helped install conversion tags and identify the best events across the customer's sales journey.
Website Design
The client’s ever-changing and growing website needed constant design help. As we learned which messaging worked in ads we shared feedback on content for website pages. Our feedback, advice, and direction helped create content for multiple pages.
Brand Development
Over the engagement period, we helped the client identify their brand voice and tone in PPC ads and across different platforms like Facebook and LinkedIn. We also provided ad creation help with the consistent design elements.
DIGITAL MARKETING TECHNOLOGIES USED
“Hire this company, they are worth every penny.”
– CAMILA NARINO, COO, FURNISHED FINDER
Technologies applied:
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