Banking Case Study India

BANKING CASE STUDY

18X ACCOUNT OPENINGS. REDUCED CAC BY 45%

INTRODUCTION

ABOUT

Our client is one of India’s top NSE and BSE listed private sector banks having a growing footprint all over the nation. Through a network of 502 branches, 1,302 business correspondent branches (of which 289 are banking outlets), and 417 ATMs dispersed over 28 Indian states and Union Territories, it currently provides services to over 11.30 million people!

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CHALLENGE

The challenge for us was to increase the number of digital accounts opened and reduce their customer acquisition cost.

GOAL

The cumulative goals here have been to increase the number of account openings for our client by targeting people who have visited the competitor websites.

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EXECUTION STRATEGY

To increase the number of account openings for our client, we chose Facebook and Google ads as relevant media to achieve the desired results.

Initially, when our client joined us, we were using only two sets of audiences for their Facebook ads- interest-based and competitors’ audiences, which we identified as a reason for lower account openings.

Post an exhaustive amount of research, we found various audience sets that could also be our potential customers and decided to increase the audience set in the Facebook campaign.

The right combination of continuous research and running multiple different kinds of campaigns on Facebook helped us achieve exceptional results!

For Google, we started with a campaign targeting people who are
– Searching for Online savings account
– Searching for Digital savings account, and
– Competitors.

1. After analyzing the Google ads over a period of time, we got to know the best performing keywords and started a new and more optimized campaign for those exact keywords, which gave us some outstanding results.
2. We also initiated an ad campaign to target the audience that has been visiting our client’s competitors’ websites, which produced some great results. Additionally, to attract more people, we ran campaigns for traffic on Google, targeting people who have visited the competitor websites. Doing this will help us in retargeting.
3.However, the most helpful of all was the campaign we ran on both Facebook and Google, which single-handedly gave us 50% of the total results!

Within 3 months of starting, we increased the traffic to 10x and were able to achieve a sustainable growth of 100% month on month.