Continuing from part one, this final part of the short series will take a look at our essential findings for a successful full funnel strategy from our leading FinTech clients:
Bidding for mid funnel events can throw a lot of mobile app advertisers into confusion. After trialling and testing here at Bidalgo, we quickly understood that in order to hit targets for this campaign type, advertisers should bid about 20% higher than their goal for that event. The nature of a conversion funnel from a bidding perspective is that the lower you go, the higher the bid needs to be. This 20% add-on is there to maintain the competitive advantage in the auction- and this is why AI can also help in this situation. The right machine learning has the power to understand bidding impact on auction behavior in order to reduce workloads. The Bidalgo platform uses AI to help app advertisers witness a reduced CPA, and load the correct requirements to auto-target campaigns.
2) Text & Design
From our daily activity with leading FinTech clients, we have found that text is a definitive element when pushing the user towards conversion. Both the copy of the ad and the text integrated into the design of the ad need to be geared towards the end goal. Preparing the user for the targeted destination is essential. For example, by alerting the user to ‘register now’ in an ad, there will be no surprises when asked for a name/email/phone number upon completing the registration process. This will ultimately lead to a lower Cost Per Registration.
3) Audience Ratio Percentage
An often surprisingly overlooked factor to full funnel success is audience. When building a lookalike audience, it is essential to target a higher ratio percentage than app installs. App advertisers sometimes need reminding that since ‘complete registration’ and the like are lower funnel events, they are generally much narrower in scope when compared to those higher up the funnel – users are already qualified and are hence considered higher quality, so app advertisers need to extend target audiences to reach the same amount of users. Reach needs to be as large as possible but it needs to not come at the cost of quality. By using a narrow target audience you can obtain a stronger reach without sacrificing audience quality.
When used correctly, the full funnel approach has a great power to push qualified users further down towards conversion. Crafting a winning full funnel strategy is dependent on various components covered in this short series. After journeying thought analysis, action, conversion and reassessment, it is necessary to factor in text, design, audience and bidding to get all you can from all areas of the funnel. For app advertisers wanting to take their full funnel game to the next level, introducing the right AI platform can allow a reallocation of efforts for greater success.