How One “Shark” is Using Facebook
to Get More Customers
“Show me the numbers.”
A phrase often heard spoken by “Mr. Wonderful” – also known as Billionaire Entrepreneur and Investor, Kevin O’Leary – on the weekly top TV show Shark Tank.
And, when it comes to getting measurable ROI from marketing, the numbers matter. Especially when your client is Mr. O’Leary himself.
One of his companies, O’Leary Ventures’ newest initiative is their mobile app Beanstox, that literally puts the power of investing in the hands of anyone who’s ever wanted to invest in stocks. Through the app, you can invest in big name stocks such as Apple and Disney, and do so by purchasing only a small percentage of a share. For example, you can make your first trade for less than $15 total. It is a revolutionary way to bring wealth creation to the mainstream market.
Beanstox approached Elite Digital Group with the challenge of increasing paid subscriptions. They invested in other marketing avenues previously – such as radio and promotional appearances – and while they had some success, they were only seeing a 5-10% conversion rate from free downloads to paid subscriptions. This seems to be a common challenge within many businesses; they can bring in prospects with free “lead magnets” or free app downloads, but when it comes to the actual exchange of money, the sales aren’t where they want them to be.
In comes the power of Direct Response Facebook Marketing – a Facebook Ads Campaign focused on the goal of getting paid subscribers.
Elite Digital Group started by testing several variations of the campaign using assorted videos of Kevin, static images, and different copy options.
The daily downloads increased more than 300% from around 40 per day to up to 120 per day with the addition of Facebook marketing. And within two weeks of launching, the rate that someone was turning into a paid subscriber more than doubled.
Of course, for maximum results, the ROI journey never stops at Facebook. It’s important to look at the overall customer journey as a whole, from the first ad view to the user experience as they become a paying customer.
Beyond the front-end Facebook campaign, we identified additional areas where the campaign could be optimized. For example, we saw that Android users were coming in at a higher cost, so we dove deeper into the data to find out why. We identified that Android users are shown a permission request to share various pieces of information with the app (photos, locations, etc.) instead of going straight to the app download. This was preventing potential users from completing their download process. Identifying these types of opportunities for optimization throughout the entire funnel is a key for maximizing results.
The goal with any client of Elite Digital Group, “Shark” or not, is always to bring in at least 125% back on any campaign. Typically it is much, much more. The goal of our agency is to ensure marketing becomes a profit center and not an expense… so our clients can identify exactly how much ROI their campaigns are bringing in.
The overall ROI on the Beanstox campaign, including our agency fees has been over 200%. As in, for every dollar Beanstox puts into marketing, they are getting more than two dollars back.
And as Mr. Wonderful would say, that’s what “showing the numbers” is all about.
If you want more leads and sales, and to turn your marketing from an expense into a major profit center, contact Elite Digital Group to discover if an ROI-driven marketing campaign is the right match for your business. Click here now to set up a time to talk.