The competition in the loan market is huge nowadays and attracting potential customers has become very difficult. For their new campaign, Raiffeisenbank had chosen Business Factory - a digital agency from Brno, with whom it has been cooperating with since 2015.
Their Story: One of the first banks to test Dynamic Creative
Cooperation with Facebook Marketing Partners has many advantages. The access to the latest technical features before they are available to other advertisers is one of them. Raiffeisenbank is therefore one of the first banks in the Czech market to test the new feature called Dynamic Creative.
It is not always easy to find out what combination of texts and images works the best for your target group, especially when you are targeting larger audiences. However, the new Facebook algorithm is able to solve this issue for you automatically.
You can now save the time you would spend testing various creatives—but that is not all! As mentioned above, Dynamic Creative allows you to show the right combination of texts and images to the right customers, so only the ad that is likely to attract a specific user or push them to perform a desired action is delivered.
However, we did not want to only rely on the algorithm. That is why we decided to use both Dynamic Creative and a classic ad format.
Their Goal: Increase audience for Quick Loan through Dynamic Creative
The goal of the campaign was to point out all the main benefits of their “Quick Loan” product and reach as relevant of an audience as possible. The ads for bank loans are usually quite expensive but this was not the case. We were positively surprised by the great results that we could achieve thanks to a new ad format.
Our Solution: Dynamic optimization outperforms other formats
The whole campaign was based on the same story as the TV ad. We could see a charismatic detective, Arthur, accompanied by his beautiful assistant Victoria just like in the previous spots. Due to the loud music, Victoria was unable to hear the meaning of Arthur´s words, which resulted in a little pun based on the similarity of the words “Puccini” and “Půjč mi” (Czech for “Lend me money”).
The Quick Loan product will reward its customers with an interest rate of only 4.9%, which is currently the lowest you can find. Apart from presenting the obvious benefits, we had to prepare a strategy that would allow us to beat our competition and secure high-quality leads for the lowest price possible.
We tested standard ad formats that were used previously (single-image and carousel), Dynamic Creative and video ads showing the short spot mentioned above. Then we made a video engagement audience and remarketed people with our offer.
The banners in our carousels displayed benefits of Quick Loan by using the same slogan as the TV spot.
Our Success: Increased reach, lower costs and higher conversion rate
As we have indicated above, the Dynamic Optimization has completely won out over the standard formats, which had a very small amount of conversions. Therefore, we switched off these ads almost immediately in order to keep only the best performing ads.
“We were positively surprised by the results of the “Quick Loan” campaign. Dynamic Creative, which was co-developed by Business Factory, is very likely to be used in our future campaigns as well.”
And what were the results?
- We reached nearly 300,000 users that are currently interested in bank loans.
- Campaigns with Dynamic Creative had an 6x lower cost per lead than those with standard ads.
- 5.90% was the conversion rate for Dynamic Creative.
Published: 15. 11. 2017, Newsfeed.cz
Facebook Ads Team Leader