How A FinTech Brand Generated 10,431 Signups for their Mobile App
The Problem
Astra came to us to help them increase the number of signups for their FinTech mobile app using Facebook & Instagram Ads. They created an innovative product that allows users to set up automatic transfer rules between different banking accounts. So if you wanted to let’s say automatically transfer 10% of your Bank of America checking balance to your online Marcus brokerage account each time you were paid, Astra could do that automatically.
This wasn’t their first start with running social ads. They had been running campaigns previously but believed they were paying too much for app installs. Additionally there needed to be work done to better track sessions through the journey starting from ad click, and ending with app install.
After reviewing their current ad campaigns we felt that by improving their tracking & Facebook conversion events and testing new audiences, we could help them acquire more signups within their existing budget.
We started by setting up a metrics scorecard that outlined the campaign performance month by month for the past 90 days, which we would add to and review on a weekly basis.
The Solution
To begin our engagement we started by focusing on three different areas of improvement:
- Audience Targeting
- Messaging & Offer
- Ad Creative
For audience targeting, we created multiple custom audiences of recent website visitors, as well as recent app install users. From there audiences were able to create look-a-like audiences so we can target similar people who have already visited the site or downloaded the app.
We also used Facebook’s Audience Insights & SparkToro to find high affinity influencers, websites, and software tools that we could use to target as well.
For messaging & the offer we worked with the Astra team to refine their messaging and make the value clear as to why someone would want to use their app. We helped them map out their unique value props (UVPs), and created ad copy with different angles to see what responded the best with their target audience.
On the ad creative side, their team had great design skills and were able to provide all kinds of variations to test. This was great as it reduced the time we needed to be able to test since the creatives were all ready done. One thing we found during testing was that simple ad creatives with a logo, short message, and illustration or icon vastly outperformed more complicated ads or lifestyle shots.
The Results
In the end we were able to produce over 10,000 mobile app signups at a 50% cost reduction (from ~30 per app install to ~$15 per app install).
If you and your team are looking for help driving results like we were able to help Astra with, you can setup a strategy call here.
