Overcoming the challenges of increased competition in digital advertising : a case study of a global bank
Our client is a multinational banking corporation that operates a network of more than 500 offices, in 19 countries in Asia Pacific, Western Europe, and North America.
Within 6 months of working with Heroleads, we were able to-
- Reduce Cost per Lead by 40%
- Increase Revenue by 86%
As a result of the economic downturn brought on by the Covid-19 pandemic, many financial institutions shifted their investment strategies to focus more heavily on digital advertising. This led to a significant increase in competition on platforms such as Google, Facebook, TikTok, and Line, which in turn drove up customer acquisition costs for banks. Our client’s marketing team was struggling to keep up with these rising costs and maintain profit margins. To address these challenges, our client sought out the expertise of a digital marketing professional with a strong background in lead generation. The goal was to improve key metrics related to digital marketing, with a specific focus on reducing the cost per acquisition and outperforming the competition.
As the client had significant ad spend, the approach was focused on three key aspects-
- Improving Campaign Performance through Detailed Analysis of Lead Generation Process and Utilization of First-Party Data : In order to improve the current campaign structure, our team conducted a thorough analysis of the lead generation process. This included evaluating the quality of leads and the effectiveness of the lead scoring system. We examined key metrics such as approval rates and loan size, and analyzed them in relation to the specific campaigns, using UTM parameters to track performance. The client provided us with anonymized data from their CRM, allowing us to have a real-time understanding of how their sales team was performing. We conducted weekly reviews and analyses of the data, used statistical methods to identify significant patterns, and made adjustments to the budget and optimization strategies accordingly.
- Unlocking the Power of First-Party Data : How RFM Segmentation Improved Our Retargeting Efforts : To improve our retargeting efforts, we utilized first-party data and implemented an RFM (Recency, Frequency, and Monetary Value) model. This allowed us to segment our audience into different groups and create lookalike audiences for each segment. This approach helped us to target our marketing efforts more effectively and improve overall campaign performance
- Optimizing for Success and Implementing Best Practices : To ensure that our client’s marketing efforts were as effective as possible, we implemented a comprehensive strategy that covered all stages of the conversion funnel. This included utilizing our proven Full Funnel playbook and addressing any tracking issues that were present. Additionally, we implemented techniques for Conversion Rate Optimization (CRO) to help increase the number of leads generated and reduce the rate of user drop-off.
To stay ahead of the competition in the digital marketing landscape for banking, we leverage our partnerships with leading platforms such as Google, Facebook, TikTok, and others. This allows us to offer our clients access to the latest features and updates, giving them a competitive edge and helping them to achieve better results in their campaigns.
Want to achieve similar results for your financial institution? Contact us today to learn more about how our expertise in lead generation and digital marketing can help you beat the competition and drive revenue growth.