Add New Users at Scale
Monkedia was asked to grow Greenlight’s overall business and add new users at scale with a rather profitable customer acquisition cost. Since Greenlight was a startup, there was little to no prior data or real knowledge of the product. Therefore, a full data infrastructure needed to be developed in order to learn and understand what their most desirable target market would be. Then, in-depth creative and audience testing needed to take place in order to drive the greatest return on investment for the brand.
Multivariate Testing to Generate the "Snowball Effect"
To start any campaign, Monkedia begins with a phase of testing. By doing this, we can quickly gather relevant data to model from and build what we call a ‘snowball effect.’ This essentially models the law of large numbers where the more relevant data you collect, the more accurate the targeting becomes.
For Greenlight, Monkedia iterated through a large number of elements that require in-depth testing, such as creative, audience targets, landing page effectiveness, etc. One of the initial keystone findings contrasted with a widely-held industry assumption that running app event campaigns straight to the App Store is the best way to generate conversions. It’s even suggested by many ad platforms.
Greenlight has a product that requires consumer education. Monkedia quickly discovered that directing individuals into the App Store did not fit our overall model of qualifying the right people before someone installed or made a registration decision. To test this, we sent traffic to a website landing page where people could gather more information about the product before deciding to continue through the registration process and in turn decreased cost per registration by 41%.
Additionally, another keystone moment during the analysis of the campaign was a daily mapping of conversion rates at each step of the 12-part registration sequence. Through several analytics tools, we identified that there was apprehension in certain parts of the registration funnel that required users to input sensitive personal information. Monkedia conjectured and suggested that that users preferred registering in a web-based application instead of having to install the app. Once implemented, the conversion rate increased by 51%, reducing potential customer attrition and decreasing cost per acquisition.
3,635% User-Base Growth, Leading to $20MM in Series A Funding
Over 18 months, Monkedia was able to grow the user-base by 3,635% and maintain a steadily decreasing cost per acquisition while scaling the budget by over 100x. As a result, Greenlight received $20 million in Series A funding midway through the campaign from major players such as Amazon and SunTrust. Following the investment, the company was valued at about $50 million.
