Dinero branding campaign success

Introduction

We recently launched our consumer loan product in a new market. After an initial testing phase, we aimed for significant growth. Initially, we leveraged performance marketing channels, which yielded decent results. However, our ambition was to establish strong brand awareness and become top-of-mind among our target audience.

Initial Testing and Safe Campaigns

Initially, we considered TV advertising since it had previously worked well in smaller markets. However, in this larger market, the costs were significantly higher—while we could obtain 400-600 TRPs [Target Rating Points (TRPs) measure the exposure of a campaign, indicating how many times an ad is viewed within the target audience. One TRP equals 1% of the target audience seeing the ad once.] for about 10K per month in other markets, here the same reach would cost 100K. Given the risk, we started with a pilot campaign featuring a high-quality animated video at 250 TRPs over two weeks. 

The results were moderate. The campaign just fit within our customer acquisition cost (CAC) limits but didn't deliver the anticipated impact. In response, we extended the next campaign duration and included an incentive—a raffle worth 1,000,000 in local currency. Though we increased investment in the second month, the improvement was disproportionate to the additional cost.

ROI of the campaign was at 10% and then it decreased to approximately 3%. Still profitable but not that good. 

Looking at google trends we can’t say it’s a bad result. We still managed to reach almost half of the search volume that our main competitor brand got at the time. 

Taking Bold Moves

Determined to maximize the impact, we decided on a high-stakes strategy for the next campaign. The formula included:

• High TRPs (200-300 per week)

• High-quality video production

• Local celebrity participation

• Catchy song or jingle

• Sexy girls

• A crazy, shocking offer

The costs were substantial: production expenses increased tenfold, and media costs rose 3-4 times. Additionally, the offer was so generous it significantly extended our time to recoup investments from customers. This campaign represented a significant risk, but it was our final attempt to establish the brand strongly.

Outstanding Results

We created an attention-grabbing rap video showcasing cash, bling, cars, and sexy girls... for a financial company! Unlike previous campaigns, results were immediate and impressive. By day four, the surge in loan applications confirmed our strategy was successful. Moreover, our upsell, conversion, and retention teams ensured strong monetization later.

This campaign dramatically improved our CAC compared to previous efforts, positively affecting performance across all channels. Ultimately, we reached the top position in brand-name searches, overtaking the market leader.

ROI was around 120%.

CAC in performance channels got reduced by 20-40% depending on the channel.

Launching a Second Brand

During this period, we launched a second brand intended initially as an online-only presence. Later, we shifted strategy, applying our successful formula with an even crazier offer and a higher-profile celebrity. The initial response was enormous, but the onset of COVID-19 forced us to scale back significantly due to market uncertainties.

The initial result of this campaign exceeded all expectations. We instantly surpassed both all brands on the market. (see trends)

Summary and Key Takeaways

• Playing it safe sometimes results in lost time and money.

• Bold branding moves significantly outperform safe testing.

• A successful branding campaign amplifies performance across all marketing channels.