Debit Card
June 17, 20220 min read

Debit card & financial education app achieves a 2x conversion rate

2X

+ Conversion rate

84%

+ Incremental reach

1/7th

+ Cost per signup

The Challenge

Maintain a steady cost per signup—at scale 

This ROI-focused fintech brand had a strict cost per acquisition (CPA) goal, but their investment in linear advertising wasn’t cutting it. They needed a reliable performance channel that would allow them to experiment, iterate on campaigns, and drive sign ups at scale.

The Solution

Multivariate analysis finds the right prospects in the right channels

Finding the right audience was a crucial first step to more efficient customer acquisition, so this fintech brand teamed up with Madhive to scale and reach high value customers for their product. Over multiple campaigns, they were able to better define the traits and behaviors of their most valuable consumers—and reach them with highly efficient OTT advertising. 

Audience data profiling and look-alike modeling

The client came in with assumptions that the ideal customer profile (ICP) for their children’s debit card offering was a high-income, two-parent household with extreme technology competency. By leveraging the Madhive platform,  in-house data profiling and look-alike modeling, the brand discovered their  audience assumptions were not the most likely to convert.

Instead, they found their product offering resonated best with:

  • Families on both the younger and older side with modest incomes

  • Multi-generational households

  • Married but also single parent households

Incremental reach

Through a more accurate audience profile in hand, this fintech brand was able to communicate with an audience that was exclusively on OTT (hello, cord cutters!). This allowed them to achieve a drastic increase in incremental reach.  

Cross-device optimization

The fintech company also needed to know where their ideal customers were converting. Campaign results found that CTV drove nearly 70% of impressions—but mobile brought almost 60% of conversions. 

This was a strong demonstration of how devices work together to drive viewers to conversion. By building awareness on CTV and following  up on mobile where they had a tendency to convert, performance on CTV was extremely effective, which led this client to increase their spend on the channel by 300%. 

Real-time improvements

Using in-flight campaign recommendations, the fintech brand was able to optimize their campaigns any time they needed. Details like frequency caps and lookback windows were powerful tools to help streamline and scale campaigns. 

The Madhive dashboard allowed them to achieve balance between top-of-funnel awareness and bottom-of-funnel success. Through their discovery of key demographic characteristics and content consumption habits of their audiences, they were able to maximize campaign performance. This granular approach helped the brand to define and optimize their customer journey and path to purchase. 

The Results

Steady growth achieved—at a fraction of the cost

Over the course of their campaigns, the brand was able to reduce average cost per signup from $350 to approximately $50—cutting their CPA to only 1/7th their original average. OTT was such an effective channel for new acquisitions that the brand increased their ad spend with Madhive by 300%.

  • 2X conversion rate on OTT vs. linear

  • 84% incremental reach

  • Achieved 1/7th of original cost per signup