In 2021, a federal credit union reached out to MHP/Team SI with the need to increase the amount of online credit card applications it received. We set out to craft a digital marketing campaign with a low cost-per-conversion rate.
MHP/Team SI crafted a three-pronged digital strategy to increase the credit union’s online credit card applications. These three marketing channels allowed the financial company to reach a highly-specific target audience at multiple layers of the marketing funnel.
▹ Social Media Marketing – We placed ads on Facebook and Instagram to reach the target audience while they’re spending leisure time on their devices.
▹ Doppio Display – We utilized Doppio®, our proprietary ad targeting software, to reach new users within FLA-friendly audience segments. Doppio® allowed us to send display ads to these audience segments at a household level.
▹ Connected TV – In addition to display ads, Doppio® also allowed us to target specific audience segments at a household level with CTV ads. The launch of connected TV saw our conversion rate increase by 69% and our cost-per-conversion decrease by 62%.
▹ Search Engine Marketing – Finally, search engine marketing played the biggest role in our lower-funnel marketing. By bidding for ads on search engine results pages for specific keywords and phrases related to the product/service, we were able to reach high-intent users.
Our digital marketing campaign saw impressive results, both in brand awareness and conversions.
Our conversion rate for this campaign was a whopping 236% above the industry average, per Wordstream. Our less than $55 cost-per-conversion was 23% lower than the industry average. We were also proud to attribute 49% of all online application starts to our MHP/Team SI campaigns.
Are you ready to see similar results on your financial marketing campaign? Get in touch with us. We’ll be happy to discuss a solution that works for you and your business.
