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Campaign name: DreamBig with ABC and XYZ Racing
Sometimes the problem is not getting new registrations/leads but its getting these new leads to remember you, engage with you and ultimately become your paying customers. Addressing this issue requires one to understand what your customer really needs and how to convince that you are their solution.
In this user funnel metrics case study I will explain how our strategy led to improvement of 60% conversion rate from leads to paying customers.
Background
ABC is one of the world's top forex brokers
which provides trading platform to its users. It also used to sponsor XYZ Racing in 2016 as a part of its branding activity.
Challenge
Due to ABC’s brand name among trading community and great history of performance, getting new registration was not difficult, but getting them to trade for the first time is what saw majority of drop offs in the funnel. These drops off could be as high as about 90% of all new registration leading to extremely high CPAs.
Three Pronged Solution
For any campaign to work, it starts with increasing the funnel size. Trading community is quite limited, hence the first step was to increase the market size which meant reaching out to not just existing traders but even potential ones. This was done by successfully leveraging on the XYZ Racing partnership through DreamBig campaign. The key idea was to go reach out to young audience who are ready to learn new things with the message that anything is possible, all you need to do is DreamBig. The message, style and approach appealed to a wide number of young audience.
Step 1: Develop trust in the brand
The first step to any successful partnership is to build trust and this was no different. Forex trading can be uncomfortable and complicated if you don’t know the brand or haven’t traded before. So the idea was to showcase who we are before asking them to trade or even register. This was done through social media content, contests, campaign microsite and digital channels. Nowhere in this complete journey were the users asked to register or open an account. All they had to do was participate in games, engage on social media, share and upload user generated content (UGC).
Partnership with XYZ Racing of course helped since not everyone is aware of ABC but everyone does know XYZ Racing and Daniel Ricciardo.
Step 2: Try before you buy. Hand holding all the way through
Putting money into trade when you aren’t 100% sure is not something a lot of us do. So we introduced a demo account where you could trade in real world scenario but only with demo money.
Demo account was also supported by a lot of educational videos, emails, blog and e-books, hence not leaving the customer to figure it out by themselves.
Step 3: Completing user journey loop
There was a complete customized communication loop built in to address every query and issue a user might face in their journey with us. This helped reduce drop offs across each step of the funnel.
