This case study will prove that programmatic marketing is so much more than just an awareness channel. You will discover key tactics and insights that demonstrate the true power of display advertising.
It’s no secret that the financial vertical in Australia is insanely competitive. A new neo-bank seemingly appears every other week, trying to go toe-to-toe with the big four. With so many brands contending for consumers’ attention (and money), a campaign has to provide the right value exchange in order to rise above the noise. This is exactly why MoneyMe came to True for help.
Here’s Some Context
MoneyMe is an online loan provider with a straightforward online application process for personal loans up to $50k. In December 2020, it reduced interest rates on its personal loans, making them more competitive with bigger banks.
The Challenge
MoneyMe already boasted a ProductReview rating of 4.8/5. But the client needed a deeper understanding of its consumers: what’s important to them, what drives their decisions, etc.
We conducted bespoke research, connecting us with 1,000 pre-profiled consumers. After presenting this audience research data, True was tasked with creating and implementing a media plan, as well as a channel and creative strategy complementing our findings.
Key Research Insight: Awareness and trust were core issues within the category.
The Targets
MoneyMe’s key audience of 24-38-year-olds touch more platforms and devices in a given hour than any audience, with 79% also spending up to 2 hours each day reading content online. Also considering the product itself is an online lending service, a digital-only campaign was the best approach. The campaign objectives were:
- Personal loan applications were completed through Step 7 in the application process, where users submitted their personal and financial details
- Cost Per Application
- Video Views
- Engagement
The Solution
Increase awareness, build trust.
Considering all aspects of the customer journey, we designed a ‘Fork Strategy’ with multiple digital touchpoints, focusing on both Conversions (80%) and Brand Awareness (20%). These pillars included:
- Awareness - Reach-centric assets, amplified to an audience with a finance interest overlay, applied across social channels
- Consideration - Action-inspired traffic drivers showing personal loan usage occasions
- Conversion - Encouraging applications through retargeting, lookalikes and direct response messaging
The Media Plan
First up on the menu, brand recognition and reach with three prime channels:
- YouTube (bumpers and non-skippable video) - This channel provided wider reach and allowed us to target both life stages and in-market audiences (customers who are actively researching products/services and considering to buy).
- Programmatic display - Through programmatic, we capitalised on an existing pixel which had been collecting data for over a year. We used partner technology and machine learning to prospect based on our target audience who were interested in applying for a loan.
- Paid social - We ran Facebook ads segmented by reach and engagement, allowing people to experience all components of the Fork Strategy without leaving their social feed.
The key creative executions: a suite of video assets, designed to build trust, show personal loan usage occasions or highlight a product benefit. 18-38 year olds have a high volume of YouTube streaming, so we mimicked instructionals/reviews - the most trustworthy categories on the platform.
Data-led Creative Designed To Convert
We used MoneyMe’s first-party data and the research study as our leading insights in creating a suite of animated and static assets, targeting top reasons for securing a loan (renovations, car loan, moving out, etc.).
Matching audience targeting to loan purposes, we showed relevant creative to both prospecting and re-engaged audiences to reach users across paid social.
Converting The Fence-sitters
Retargeting programmatic display allowed visibility across the web. Using graphic videos & statics with hard-hitting MoneyMe product benefits, we advertised to users that had engaged with campaign content, but hadn’t started an application.
Consumers that had abandoned their application early were also targeted with direct response messaging from the brand to get them to the desired conversion point. This ‘always on’ activity delivered post-impression and post-click applications throughout the whole campaign.
So, Were We On The Money?
Well, the client was SO happy with the results, the campaign was extended from 3 months to almost 7! By the end of MoneyMe’s personal loans campaign, we delivered:
- 305% to target for Cost Per Funded Application
- 250% to target for Cost Per View
- 526% to target for Cost Per Engagement
