Scaling Media Spend 109% to Drive Efficient Growth
Furkin is a Canadian Pet Insurance company that offers comprehensive pet insurance with a bundle of perks that make coverage more affordable than other conventional pet insurance companies.
Key Results over the 3-month testing period in Q3:
Challenge
Furkin Pet Insurance is a new player (less than 2 years old) in an incredibly competitive market with peers such as Fetchpet, Petsecure, and Spot to name a few. The primary objective was to drive enrollments for the business at an efficient CPE. For this, the Furkin team gave us monthly enrollment and CPE targets that our team placed as our North Star.
Our main challenge was that since performance in Q2 was not at par as we scaled the account, there was a business need to scale enrollment volume while maintaining key efficiency goals.
Approach
The objective in Q3 was to test, learn, and pivot away from what’s not working while doubling down on what was, and to do it quickly! Both the Bamboo and the Furkin team collaborated together on not only paid media strategies, creative, but also acting on opportunities to improve quote > enroll rate by improving the user’s experience and honing in on brand messaging.
Media Mix & Strategy
Social vs Search
With view thru conversions and Apple’s privacy laws, one of the larger challenges was having clear visibility into social performance on a business level. To understand better how the channels interact with each other and the business, we tested our media mix between search and social and the impact on Brand volume. Additionally, testing a different channel split and noting impact on overall performance was critical to us as we landed on a 70/30 Social/Search split. This will vary for different advertisers based on the industry, and awareness of the brand in the market. With Furkin being a new brand, it aligned with our objective of also increasing overall awareness of the brand.
Incremental geo expansion driven by higher confidence in strategy
We found success within platforms by targeting most populous cities and regions within Canada. As we scaled, expanding into new territories was deliberate and intentional. We expanded into specific zip codes and provinces before extending our media reach to a country wide target. At this time, we had high confidence in the strategy since we identified winning creatives, messaging and overall media strategy.
Social testing
Within Social, we leaned heavily into testing various aspects of our strategy. With lower budgets, we established testing strategies that ranged from A/B tests, and informal testing with benchmarks and check in cadences to make quick decisions based on directional data (platform + business level).
As a result, we scaled 145% on Meta, driving 185% more in platform quotes at a 14% more efficient CPQ subsequently driving a 400% increase in platform Enrollments Q/Q. In order to do this, we collaborated with the Furkin team to test:
- Creative
- Copy testing
- Value props & messaging
- UGC
- Audiences
- Bid strategy testing
Search
Since Google noted higher conversion volume, we set up campaigns optimizing for Enrollments. However, since we were limited by budgets, the campaigns were set at Maximize conversions. In Q3, Search scaled 64% driving 110% more enrollments Q/Q at a 22% efficient CPE. We were able to unlock this using a mix of strategies laid out below.
Brand vs Non Brand
On search, the objective was to scale within the pet insurance category with our Non Brand effort since we wanted to lean into the most incremental tactic while capturing all brand demand that social was generating. In Q3, we successfully increased our Non Brand split from 59% -> 70% which drove 128% more enrollments at a 14% more efficient CPE.
Scaling Non Brand with Broad + Phrase & Exact + DSA
Unlocking Non Brand in an extremely competitive market was critical for us since it would prove to be the most incremental. We were able to do this leaning into a multi pronged approach leaning into DSA to capture and mine new queries while testing Broad Match at lower budgets and using phrase & exact campaigns to maintain control on performance. As a result, Non Brand scaled 94%.
While our team worked on media strategies, the Furkin team worked quickly internally to facilitate a better user experience across the media touch points and at a product level. They were able to do this successfully by:
- Creating and optimizing landing pages for specific themes
- Simplifying the user checkout process
- Waiving enrollment fee and providing multi-pet enroll discounts temporarily to incentivize users to enroll their pets
Results
The strategic channel allocation, in-platform audience and creative testing on Meta, and flexible strategy and channel mix pivots married improvements on the business side to grow the program M/M.
At Bamboo, we lay emphasis on partnering with our clients to build better growth programs. Furkin’s appetite for risk, continued learning, and collaboration was instrumental for us to test into the new strategies as we scaled across channels to learn what works and how we can iterate what doesn’t.
With updates across the website, landing pages, and the user journey that the Furkin team prioritized, we were able to improve quote conversion Rate by ~8%.
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