Using search data to develop an effective digital acquisition strategy
Goal
Prior to working with TBG London, GE Money had done very little in the way of digital advertising, focusing predominantly on CRM and onsite acquisition activity.
Against a backdrop of economic uncertainty, TBG’s challenge was to introduce a number of online channels to GE Money to increase the volume of accepted applications to the ASDA credit card whilst ensuring these acquisitions were profitable for the business.
Solution
With little historical information available to determine the profitable cost per acquisition (CPA) rate and most responsive consumer profile, TBG recommended launching a Pay Per Click (PPC) search programme which would be used to deliver learnings and develop the rest of the acquisition strategy. Initially, the campaign launched on branded ASDA key terms, enabling TBG to establish likely conversion rates, best performing copy and also allowed GE to get an understanding of a profitable CPA based on the behaviour of the card holders. This was followed by a launch on generic terms.
A test and learn strategy was implemented which allowed TBG to determine the highest conversion rates based on time of day and month, search engine and keyword group conversion. The results of these tests were then combined with user profiles which split keywords into 3 areas based on buying behaviour: research, comparison or purchasing. The results of these tests enabled TBG to build GE and ASDA a business model which predicted likely CPA and therefore profitability based on different levels of monthly spend.
This search strategy provided TBG with some excellent learnings which were used to develop the next stage of the acquisition strategy. These insights helped refine the creative brief, with keyword analysis and results from the highest converting ad copy informing straplines, call to actions and landing page copy - all designed in-house by TBG’s creative team.
Search learnings were also used to inform sections of the display media plan. Placements were geographically and demographically targeted where appropriate and delivery was weighted according to best performing time of day and day of week. For example, demographic analysis of customers acquired during the search phase was used for email segmentation purposes whereby customers who matched this demographic were targeted within a given radius of ASDA stores.
Money portals and aggregator sites proved an effective channel, used at the comparison stage of the buying cycle and display and exit traffic were also used to target consumers at other stages.
TBG also recommended the use of multi-variant testing technology which allowed elements of the landing page to be tested, from copy to placement of buttons and colour schemes. By monitoring the best performing and highest converting elements, TBG were able to roll out landing pages that maximised acquisition rates.
Results
In week 1 of the search campaign, TBG delivered traffic 20% under CPA target, dropping to 48% under CPA as the campaign was optimised in the following weeks. Accepted applications increased by 60% over this same time period, demonstrating the continued improvement in quality of leads generated via PPC.
Learnings generated as a result of search activity meant that display and email activity delivered exactly on target from week 1. As a result of ongoing optimisation, CPA fell to 21% under target in 1 month with individual placements delivering applications at 52% under target CPA.
The continued success of the campaign also meant that TBG were asked to work on ASDA’s personal loans product, to be rolled out later this year.
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