The smallest, lightest and most practical wallet in the world
Never use a bulky wallet again with the help of the Lockcard: an adaptable, compact wallet in which everything has space. With Hder Lockcard Keyplate and the Lockcard Wallet, two young entrepreneurs have created a revolutionary system with which you can always take keys, cash, and cards in a super compact way. Due to its inventiveness, the Lockcard was patented.
Lockcard came to us with a low advertising budget as well as no data that could assist us in creating qualified target groups. Nevertheless, the two entrepreneurs were motivated, and their product was intriguing enough to catch our eye.
We needed to gather data to improve target groups and feed the Facebook Pixel. Our focus was on good ROAS (Return on Ad Spend), because without sales we would quickly run out of advertising budget. In order to bring the benefits of the product closer to our target group, a professional video was produced to keep our target group's attention long enough - no problem for our professional video creator David.
In order to collect qualified data and at the same time generate a positive ROAS, we very quickly decided on the Objective Conversion campaign, especially for Event Purchases. The objective conversion campaign with the event purchase targets those users who are most likely to buy the product.
Another challenge was the target group. This should be kept as large as possible to obtain a lot of data inexpensively, but it should not be too large to avoid high scatter losses. Therefore, we decided on a simple restriction of interests such as "Fashion and Lifestyle", "Students", "Easy Living", and "Wallet", and then combined them. We left the age and gender open, as the product can be used by everyone and because Facebook finds the target age with the post potential by itself after a short time. In the end, our campaigns consisted of 5 adsets.
Since the product is unknown and we want to bring the benefits of Lockcard closer to our target group, we opted for the following placements: Facebook Feed, News Feed, Instagram Story, and the Facebook Story because these placements attract the greatest attention and offer better potential for clicks and purchases. In contrast to later retargeting campaigns in which we opted for automatic placement, the potential target group was already in contact with the company at some point.
Already on the first day we were able to achieve the first sales and collect data inexpensively through click prices averaging 0.22€, which is comparatively above average for a conversion purchases campaign. The reason for this can be attributed to our professional video, which was watched for an average of 9 seconds per viewer. Thus, we were able to maintain the attention of our target group long enough to convince them of Lockcard’s benefits. We optimized the campaigns over the next few days and adjusted the adsets or switched off those that did not meet our KPI requirements. In summary, we were able to generate a positive ROAS from day one, collect enough data and maintain the video view duration long enough to convey the benefits of the products to our target group.
Our next goal was to get away from targeting interests as quickly as possible. Through the data collection we were able to create the first lookalike audiences, which consisted of video views and page views. This enabled us to significantly increase sales and ROAS again.
The first retargeting campaigns were also set up by targeting those who watched a certain length of the video or visited the website but had not yet bought the product. Since our retargeting pool was still quite small, different creatives were designed to prevent the potential user from getting the same thing over and over again.
Sales Funnel Ala Tofu Tofu Tofu
In the next step, we created a sales funnel with a direct offer strategy so that the majority of sales can be achieved with the first customer contact.
TOFU (Top of the Funnel) is specially designed to attract new customers. On the basis of further data collection and analyses, new lookalike audiences were created and existing lookalike audiences were supplemented with additional audiences.
In the MOFU (Middle of the Funnel), users who are already in contact with the company are targeted. Various customer audiences and new ads were created so that the same ads or ad copy were not repeated. In the MOFU campaign, we excluded users who had already placed the product in their shopping cart or who canceled outgoing payments.
In the BOFU (Bottom of the Funnel), you should target those who have already placed the product in the shopping cart, or have canceled the outgoing payment but have not yet bought the product. Here, we made the purchase decision easier with the help of offers (discounts).
Together with the founding team as well as through the improvement of the audiences and the establishment of a sales funnel, the ROAS and the resulting sales could again be increased significantly. In the further course, the focus is still on the improvement of the audiences as well as on the scaling of the campaigns, because a higher marketing budget means more sales at the same time.
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