Funding Circle

Unlocking Paid Social as a Channel for Customer Acquisition

-37% CPA
-37% CPA
+ 41% Application Volume
+ 41% Application Volume
Funding Circle

The Problem

Funding Circle had previously been utilising paid social as a retention and brand awareness channel on an ad hoc basis when they approached us, but they had ambitious growth goals in 2023 and knew they needed to diversify channel splits in order to have a chance of achieving them.

Working with a completely blank slate, we first conducted a comprehensive audit of the account and strategised key opportunities to start working on. The results of this showed that data & attribution were lacking and needed an immediate action plan put in place, before we could consider some of our longer-term plans for growth.

The Solution

At the start of 2023, we worked with Funding Circle to implement vital tracking needs such as CAPI to avoid a lack of attribution, starting us on the right foot. As a company with a long conversion funnel between a last-click trackable application and a loan being approved & issued, we also needed to create an infrastructure that would allow us to attribute results for Meta appropriately. Once this was complete, we were able to create a visual dashboard that allowed us to deep dive into live performance throughout the funnel on a daily basis and make granular assessments at campaign, adset and ad level to help optimise performance. Following a successful data project, and kicking off with our planned account strategies, we then shifted focus to driving customer application submissions at cost-effective CPAs.

This consisted of collaborating on a monthly basis with their appointed creative agency to create fresh ideas that balanced strict brand and compliance guidelines, with social-first, performance optimised creatives. We developed a test and learn approach that allows us to seed new concepts into campaigns, while scaling and reiterating on the best performers to maintain CPAs at scale. With a solid foundation, best practise ad account structure, and frequent creative testing now in circulation on the account, we are now focused on continuously improving our targeting through creative reiterations, by taking learnings from strong converters and adapting these with niche messaging and diverse formats & styles, that allow the algorithm to serve ads to the most desireable users across the Meta network.

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