FairMoney

Overview

FairMoney is a Digital Bank and loan provider, with an ultimate objective to increase the adoption of bank accounts as well as the total loans provided to clients.

More specifically, the client challenged us to grow their business twofold, while maintaining the cost of acquiring a customer at profitable levels.

Our Approach

1. Calculating the marketing objectives: In order to translate the overarching business goals to marketing objectives we firstly analysed the user journey on the app, pinpointing key in-app events leading to the ultimate goals

2. Secondly, we calculated the conversion rates at each funnel stage towards the ultimate goals, analysing how many installs we’d need to drive in order to get to the desired amount of new bank accounts and Loans

3. We analysed the ratio of returning customers to first time customers and as a result, we were able to identify the ratio between Installs, Bank account creations, First time loans and eventually returning customers and LTV This allowed us to put an exact figure on the profitability levels for Cost per Install and Cost per First time Loans Our approach: The above LTV & profitability exercise was also carried out in alignment with a customer profiling exercise allowing us to understand the main reasons behind creating a bank account and applying for a loan.

4. This informed the comms strategy and creative generated for each customer persona, also reflected in our campaign structure according to best practices. Using a 3rd party MMP and Firebase, we created custom tracking code in the app to track and pass back to Google all the In-app actions each campaign had to optimise against through out the funnel

5. Both Google App campaigns and App Engagement campaigns were used for full funnel activity in order to achieve the desired results.

6. Finally, working closely with the Google support team which provided us with access to Beta products, like Similar Users in App campaigns, allowing us to improve conversion rates and efficiencies further.