It is intuitive knowing that if one were to invest money in the stock market, over time the returns will most likely be better than if one were to put their money in the bank.
However, most hardworking and responsible citizens are in the dark when it comes to understanding how the financial industry works. They might not know which stocks to purchase, how to purchase one, and the what is minimum amount required to do so.
8I Education is bridging this gap with a special, complimentary 3 hour value investing workshop.
Difference in perception
Most of 8I Education’s landing page is focused on promoting the value of the workshop and how they could help any normal person generate 15-25% year on year returns in the stock market consistently. While this has worked out well for them, they engaged MarketLight to have a fresh perspective on the original marketing campaign.
We first tried speaking about investments in general, sharing with the public how investment is akin to gambling if one does not know what is happening, or do not have the right set of information to make a judgement. However, if one knows what he or she is doing, then it could be a stream of passive income.
We wrote the copy and designed a custom landing page for 8I Education, lined up our targeting on Facebook Ads and created Google Ads. When the campaign launched… there was nothing.
A few weeks later, people started looking at the page, and then started signing up for the workshop. However, the response was lukewarm and we did not manage to get the result that we wanted. Weekly reports was showing statistics that we hoped could be better, and that was when the team at MarketLight decided to investigate the matter.
What went wrong?
When a marketing campaign does not perform as well as it should, there are so many underlying, interconnected reasons that sometimes it can be extremely complex to determine the root cause of the failure.
There could be a problem with the message, the landing page design, the loading speed of the page, time at which ads are displayed, targeting, media channel, as copy, ad image, value proposition, price, location, brand name, differences in customer’s state of awareness, sophistication and comfortable temperature range, and the list goes on…
Yet, we aren’t completely lost when something doesn’t work out. We are armed with analytics to see what worked, and what didn’t. We set a goal of reducing the cost of each enquiry by 60%. For every $1000, instead of getting about 10 enquiries, we would want them to get at least 25 enquires.
- Test #1
We noted that the cost for every enquiry that came through Google Adwords was significantly higher than the cost of each enquiry coming from Facebook. The first step we did was to rebalance the ad allocation between Facebook & Google Ads from 50-50 to just spending money solely on Facebook ads alone. This reduced the overall acquisition cost of each enquiry by at least 20%.
- Test #2
During the campaign, we split the budget that we were allocated to different demographics on Facebook, and once we had the data on which demographic set was the most responsive to our set of ads, we dynamically shift a larger budget to the better performing ad sets. This reduced cost per click, and subsequently acquisition cost by another 10%.
- Test #3
Since the cost per click for each ad that we ran was at a higher than average cost, we decided to also add in more variations of ad text to determine if modifying the advertising angle would lead to an improvement in performance. Unfortunately, this move did not make a visible difference to the campaign’s performance.
Overall test outcome
By making necessary adjustments to optimize 8I Education’s campaign above, we managed to reduce the cost per customer acquisition by about 33%. This meant that if previously they were spending $1000 to acquire 10 signups, they could now get about 15 signups for the same amount – a 50% improvement in leads.
The big elephant in the room
However, we knew from the performance statistics that the overall user engagement with the landing page that we have built was rather low, where the average session duration is just under a minute. This meant that in order for us to achieve our desired target of improving the campaign performance by 250% (equivalent to reducing cost of each enquiry by 60%), we would have to make a big change. We would have to completely change the direction of the marketing campaign.
The team at MarketLight spoke to 8I Education and we jointly agreed to do a revamp on the current marketing campaign free of charge. All members of the team in charge of this campaign also went for 8I Education’s workshop after office hours to experience the full value of the workshop, as well as to interact with potential customers to understand their hopes, fears and dreams better.
From this experience, we learnt that it is more important for us to share with the audiences on how banks, CPF and stocks work in general, instead of delving straight into stocks itself, since these places are where most of money is kept.
Using the newfound concept, we then changed the headline from “Investment is not a hit or miss gamble, it’s a passive source of income” to “How banks, CPF and stocks work”, wrote an entirely new set of copy, created another landing page and apply what we have learnt in the early weeks into structuring the Facebook Ad campaign.
A new beginning
After the launch of the new campaign, within four weeks we had 84 signups, with a new cost per enquiry that is only 20% of the original campaign – which meant that there is a 500% increase in the number of sign-ups per dollar spent on advertising!