Prospa

PROSPA CASE STUDY

— Digital Growth Strategy
— Paid Social Media
— Lead Generation
— Dynamic Customer Journeys

 

The Client

Prospa offers business loans of between $5,000 and $300,000 with no security required to access up to $100,000. Application takes just 10 minutes, you can get same day approval, and funding is possible in 24 hours. Using a smart proprietary technology platform, they focus on the health of a business to determine creditworthiness.

The Problem

Prospa expressed a desire to achieve a greatly increased lead flow. Previous advertising efforts had failed to achieve their desired KPI while maintaining an acceptable cost per lead.

Prospa also highlighted the need to drive as many leads as possible during a busy end of financial year period, and expressed their desire to scale up ad spend as quickly as possible pending positive results.

Key Metrics
  • +300%Above lead flow KPI
  • -19%Below cost per lead KPI
  • 4xAd spend scaled

The Method

To drive performance and leads for a B2B company on social, advertising needs to speak to the prospect emotionally and speak to their individual needs.

After extensive business intelligence sessions and internal brainstorming, we identified that the purpose of loan was the primary differentiating factor between Prospa’s key avatars – potential loan recipients in financial distress would respond to messaging very differently to those looking to fund growth or expansion.

This insight formed the basis of our campaign structure. By using sophisticated targeting methods, including segmented customer data and advanced machine learning techniques, we were able to effectively communicate with each avatar and drive exceptional lead volume.

We also identified an opportunity to further improve outcomes and lead quality. By implementing additional form fields and custom conversions, we were able to “train” the Facebook algorithm to find more customers that met Prospa’s lending criteria.