Summary
The AHA Moment The campaign's success significantly contributed to brand building and business growth objectives. The improvements in registration-to-investment rates, cost efficiency, and overall investment value directly align with and enhance Tata Capital's position in the financial services sector. The positive results reflect a strengthened brand presence and business growth, exemplifying the impact of a data-driven strategy on overarching objectives
Challenge
The data strategy employed in Tata Capital's Moneyfy campaign serves as a linchpin for driving business growth. Internally, tools like Firebase facilitate agile decision-making by providing real-time insights into user behavior and campaign performance. The geo-level analysis identified discrepancies, prompting strategic campaign splitting and targeted adjustments, resulting in a 12% increase in Registration to Investment rates. Leveraging Google's Audience Signals demonstrated innovation in using data to target specific audience segments. Externally, the data strategy enhances customer experience through personalized communication. Cloud Messaging Services enable in-app notifications tailored to user behavior, optimizing user retention and engagement. This personalized approach contributes to the campaign's success, evident in the 60% improvement in cost per registration and a 30% increase in registration volume. Overall, the data-driven approach aligns internal efforts with evolving customer needs, exemplified by the notable month-on-month improvement in investment performance. In the competitive financial services landscape, this adaptive and refined strategy is pivotal for sustained success.
Objective
The Tata Capital Moneyfy campaign faced a challenge despite high install and registration rates - the lack of user engagement in investments. The Growth team collaborated to identify the problem: while campaigns covered Tier 2 locations, most investments came from Tier 1 Metro cities. The solution involved a strategic split of campaigns and leveraging tools and innovations for enhanced performance.
Strategy
The primary objectives of the data strategy in the Tata Capital Moneyfy campaign were to enhance user engagement in investments, particularly in Tier 2 locations, and to optimize marketing resources for maximum impact. The catalyst for developing this strategy was the observed disparity between high installation rates and low investment engagement, with a geographical focus on Tier 2 cities. The challenge was to convert registrations into valuable investments, necessitating a nuanced approach. The data strategy aimed to address this challenge through geo-level analysis, leading to the strategic splitting of campaigns and aligning efforts with the App Maturity Curve. This involved creating targeted campaigns for top cities and incorporating in-app events for investments. The use of Firebase and Audience Signals allowed for real-time insights and audience segmentation, optimizing targeting and budgets
Data
Creative Strategy As Moneyfy has multiple product offerings, we had to ensure that all the products and important USPs are communicated to the users by our creatives . To ensure this , we structured the campaigns as follows : Tightly themed ad group: To ensure all the USPs and product offerings are effectively communicated to the user, we created ad groups promoting SIPs, NPS and ELSS. Along with an ad group promoting a generic communication and creatives Maintaining high Ad strength : For system to learn better, we always ensured that the ad groups are tightly themed, and the ad strength is always between Good and Excellent by continuously revising the low performing headlines and descriptions, adding video assets to cover ad on all the placements. Following Best Practices To ensure that the campaigns are best optimized, and ads are shown on all the available placements, we followed the following best practices : Full Coverage in asset type for each ad group: Text + Images + videos Always on (Evergreen) Ad groups Leveraged longer description lines and asset caps
Solution
Results
Results and % Change vs Benchmarks: Registration to Investment Rates: Achieved a notable 12% increase in conversion rates, demonstrating the effectiveness of the strategic campaign splitting based on city focus. Cost per Registration: Realized a remarkable 60% improvement in cost per registration, showcasing the efficiency of the data-driven and targeted approach. Registration Volume: Experienced a substantial 30% increase in overall registration volume, indicating a successful combination of targeted campaigns and in-app engagement events. Install to Registration Rate: Observed a commendable 20% rise in the overall efficiency of the user journey from app installation to registration, reflecting the impact of the App Maturity Curve strategy. Investment Value from Paid Campaigns: Witnessed a significant month-on-month improvement, with a 34% increase from October to November and a further 15% increase from November to December 2022. This sustained growth validates the positive impact of the campaigns on investment performance.
