Cocoa Invest had recently released its app and needed to promote it, enlisting Klint to develop a Social Media ad campaign for them.
Klint’s campaign generated 423 app installs in 22 days, with an average cost per app install of $1.81. This was a big win for Cocoa Invest, considering the average app install price for the fintech industry is $12.40.
Cocoa Invest is a halal investment platform that helps customers make sound financial investments that align with their beliefs.
The fintech startup was founded by a team of professional asset managers and technology developers with experience from some of the largest names in the financial industry.
Cocoa Invest has offices in London and Copenhagen, but by founding the first online, fully Islamic-compliant investment platform, Cocoa Invest intends to broaden the halal wealth management market significantly.
Cocoa Invest launched its app by running an ad campaign in-house.
Whilst their campaign generated some engagement, it was failing to convert.
With limited experience in Conversion Rate Optimization (CRO), Cocoa Invest recognized the need for a full-service digital marketing agency like Klint to take their ads to the next level.
Here’s how we did it…
Cocoa Invest came to Klint with a limited budget and a single goal: driving conversions (in this case an app install).
This meant the campaigns’ success would largely be measured in cost per app install.
Klint started out analyzing Cocoa Invest’s market opportunities – observing their current audiences’ profiles, considering demographic and behavioral data, and developing ideal customer personas.
Taking into account the uniqueness of the product and the niche nature of the target audience, Klint decided to target a broader audience than the limited one that Cocoa Invest had initially selected.
However, GDPR legislation in Europe categorizing religion as sensitive data complicated the task of targeting people based on their religion.
Klint chose therefore to target consumers in Bahrain and Saudi Arabia, following the assumption that these populations are predominantly Muslim, enjoy a high level of disposable income, high internet penetration and the region has a major online banking presence.
Campaign visuals focused on the imagery of young, ‘modern’ Muslims of diverse ethnicities, which was in line with the brand’s values and tone of voice. Klint designed the campaigns’ ads and tailored the visuals to different demographics.
The campaigns got an average of 19 app installs per day, with a daily ad spend of less than $40. Over 22 days, Klint generated 423 total installs.
- Cocoa’s average Cost Per app Install – $1.81
- The average Cost Per app Install across all industries for Facebook Ads – $3.26
- The average Cost Per app Install in the fintech industry – $12.40
Moreover, the ads generated a high level of interest amongst the targeted demographic, demonstrating a genuine interest in such a product. The bonus results of the campaigns were:
- 356 Comments & reactions
- 414,950 Impressions
- 0.83 % CTR (almost double the industry average CTR)
- 68 Saves
As a result of meticulous data interpretation and extensive digital marketing insight, Klint managed to deliver the right message to the right audience and beat the industry benchmarks both in Cost Per Installation (CPI) and Click-Through Rate (CTR).
What Cocoa Invest said:
“We had not run SoMe ads at this scale before, and we were ecstatic about these results. Considering the small budget we had for these campaigns we could not have hoped for better results.
Klint staff were noticeable resourceful in carving out our target audiences and designing the campaign strategy. We didn’t have to do anything but pay – they did the rest effectively and elegantly!”
Omar Shaikh, Co-Founder at Cocoa Invest
Are you tired of average ad campaign results? Do you need help with your Social Media?
Klint can make the process easy and effortless for a company of any size, send us a line and we’ll get back to you.