CASE STUDY
Driving Business Growth Through Facebook Ads
Banking Facebook Ads Case Study
CHALLENGE: PROMOTE ONLINE BANKING & OTHER SERVICES
The Client
Client is one of the leading banking institution in its region, with a network of over 400 branches. They offer a range of core banking services and financial solutions to retail and corporate clients. Their service portfolio includes consumer banking and lending, investment banking, asset management, insurance, leasing, and allied services. The client has recently upgraded it online banking services through a new website and mobile app – which is also a hub where they showcased all non-core banking services as well.
* Client’s Name, brand and identifying details have been withheld to protect their privacy, as per their request.
THE OBJECTIVE
As Facebook is one of the largest social media platform and the knowledge that around 20 million of the client’s customers are active Facebook users, the client wanted to leverage this social media platform to promote their online banking portal and services. Eager to put facebook at the center of their digital marketing strategy, the client approached us with these three objectives:
Objective 1
Objective 2
Objective 3
OUR FACEBOOK ADS STRATEGY
AD Targeting
Step 1: Building the Base Audience
The effective Facebook ad campaigns leverage on the massive insights Facebook gathers about its users.
We began by building the client’s base audience using leading data analytics tools and proprietary ad targeting methodology.
Step 2: Multi-Level Ad Targeting
This base audience was further segmented into smaller audience groups, according to their likelihood to be interested in one of the client’s services.
For example, Housing Loan ads were targeted to newly engaged or married couples, while the Credit Card ads were targeted to the newly employed.
AD Delivery
Ad Types
The next task was to tailor ad creatives and deliver ads that would work best for the campaign. For this campaign, our team found Carousel Ads performed best, we also use Dynamic Product Ads for remarketing.
Ads were then infused with appropriate creatives that would appeal to the ad set’s target audience (e.g. newly employed, young families, retirees).
Ad Placement
Facebook offers different ad placements for advertisers to choose from (eg. News Feed and Desktop Right Side), each with its own unique advantages.
We constantly tested and monitored ad sets performance on different placements. This integrated placement approach meant improved efficiency and reach for the campaign as a whole.
Efficiency
Effective Ad Buying
The aim of any ad campaign is to reach the target audience with the right frequency in order to stay top-of-mind and drive desired action. As a Facebook ads agency we’ve access to Facebook’s Reach and Frequency Tool, enabling us to predict reach and the ability to cap frequency for each person.
To lower costs even further, our ad experts purchase ad units in advance for the campaign when the price for ad inventory is lower.
Ad Optimization
Constant ad optimization was key to keeping the campaign efficient. We monitored the efficiency of each ad set per audience segment by Cost Per Reach (CPR ) and Cost Per Click (CPC). The non-performing ads were replaced with new ones weekly, while non-performing segments were modified based on new insights.
Targeting became increasingly structured over time for more meaningful reach and value per dollar. The campaign had an average Cost Per Impression (CPM) of only $0.45, an 86% costs savings relative to the Global Index.
RESULTS
Banking Facebook Ads Case Study
Month 1
Even with a small starting budget, the campaign was able to generate almost 28 times more traffic from Facebook in its first month. Satisfied with the results, the client began to invest more in the campaign in the months that followed.
Months 2-7
Ad sets and audience segments were constantly tested and modified according to performance. Traffic grew, steadily, hitting a plateau at the 3rd and 4th month due to ad weariness. An ad refresh was rolled out, and again traffic grew until peaking in the 7th month.
Months 7 onwards
After hitting its peak, ad weariness again set in, resulting in a steady dip in traffic until the 9th month. Another ad refresh was carried out. Again, traffic grew at a steady rate and reached a new high in the 11thmonth.
