In 2019, Green Dot, a FinTech Bank, introduced its Unlimited Cash Back account and debit card. Various marketing agencies partnered with Green Dot on the launch, each focusing on a specific discipline from social media and search advertising to radio, television and more. The creative collaboration was successful in launching an awesomely rewarding banking product that pays consumers for using it and provides a free savings account with 2% interest!
Challenge
How to ingest and utilize marketing data from various sources to maximize conversion rates across various channels
Solution
Shining a “Black Light” on Green Dot Touchpoints
LBD2C was tapped to partner with Green Dot and its extended team of marketing/advertising professionals to bring efficiencies and accountability to the television media buying channel. In addition to bringing our D2C expertise to the team, we first needed to work collaboratively with other agencies supporting Green Dot’s marketing efforts to ensure buy-in on the importance of collecting and sharing data for the clearest composite of consumer behavior, actions and campaign KPIs. Utilizing our robust proprietary analytics program powered by Impact®, we created a single system of record for the entire campaign. Because Impact was designed to track the customer journey from offline to online, we were able to clearly identify the customer’s path to purchase and the affect TV had on digital marketing, thereby enabling us to optimize the campaign quickly. This effort saved Green Dot both time and money while creating a streamlined ecosystem for success across all channels and agency partners.
Benefit & Results
Following the Customer Path . . . to Conversion
LBD2C collaborated with Green Dot and partnering agencies to maximize our data analytics system and produce one system of record. This was critical in collecting data and sharing it among the internal and external teams to make real-time, game-changing decisions. A single system of record shined a “black light” so to speak on gaps in customer pathways. As such, we were able to move ad dollars spent from underperforming channels to what we know is the most powerful driver on the planet – TV. It worked! In the recreated media mix model, TV bolstered all other marketing channels, lowered overall CPV 40%, increased conversion, and lowered cost per conversion by 50%.
