Financial Institution Client

Situation

• The Financial Institution Client is regional financial institution that provides customized services for high net worth individuals.
• LSFinteractive was engaged to test the feasibility of launching an national online high yield savings product.
• The stated campaign objective for the test was to generate a 5% increase in the number of savings accounts opened online in 2004.

Approach

• Implemented a 7-week, comprehensive test across both Media and Paid Search to determine the optimal roll-out strategy.
• Variables tested during the 7-week campaign include:
  • Media
  • 3 Banner Creative Strategies
  • 2 Landing Page Strategies
  • 3 Bank Rates
  • 8 Unique Publishers
  • Search
  • Yahoo and Google
  • Contextual vs. Sponsored
  • Placement
  • Keyword Optimization

Testing Methodology

• Implemented a control test for creative strategy, placement, landing page strategy, and bank rate over the 7-week campaign.

Microsite

• We created a temporary microsite specifically for the 7-week test.
• All creative elements were designed to compliment the parent brand with the understanding that we would create a separate brand strategy upon roll-out.

Campaign Results

• All key variables tested delivered clear-cut winners, enabling us to effectively optimize the roll-out campaign.
• The charts above show the cost per acquisition (CPA) performance of each of the test variables based on an index of 100.
• The winning creative strategy (Creative A) delivered a CPA significantly lower then the 2 losing strategies.
• The higher rate tested (Rate A) clearly outperformed the 2 lower rates.
• This was further supported by the results of a survey conducted, which shows that applicants view brand as a commodity.
• Media Placements – The 2 Finance publishers tested delivered an average CPA significantly lower than the 6 Non-Finance publishers.
• Search Placements – Yahoo delivered a significantly lower CPA than Google.
• Yahoo Contextual Search delivered essentially the same CPA as Yahoo Sponsored Search, while driving significantly higher volume.
• Ultimately, over the course of the 7-week test, we successfully grew online deposits to over $1.4 million, at a cost of just 14.5%.
• Since then, online deposits have soared to over $3 million.