🤔 The challenge
After their launch in 2018, Storebrand had managed to onboard users, get investments and the service received positive feedback. Actually, users of the service were super excited! But there was one issue - the conversion rate was too low and the acquisition cost was too high. Simply put: The sales pitch for the service didn’t really work. And as a bonus, the project had four weeks left of funding. So we teamed up with Storebrand to increase the conversion rate and lower the acquisition cost, over the course of four weeks. It was time for some good old growth hacking!
⚡️ Our approach
Growth hacking is in many ways a polytheistic activity. One god is The Funnel. It breaks down all the steps you have to go through to become a faithful user of a service. In growth hacking our goal is to optimize the conversion rate for each individual step. We started by making sure that we had full control of every element in every step of the funnel. Then, we launched our first iteration and turned to our second god - Rapid Experimentation.
The most famous amendment in rapid experimentation is that you are rarely right on the first attempt. Therefore we made sure we could test a vast variety of different approaches - both with regards to value proposition, communication and website elements. We launched two new landing pages each week, each page with a distinctive attribute we wanted to test. After each test, the sprint team sat down, analyzed the results and made decisions on what the next tests should be - all based on comprehensive data and insight.
In four weeks we presented Facebook users with over 50 different ads and 10 different websites. Along the way we learned what worked and what didn’t, and by tweaking and fine tuning we kept pushing the needle in the right direction. In one of the last experiments, we struck gold.
🚀 The results
After four intense weeks with rapid experimentation we increased the conversion from 0.5% to 5.4% and decreased the acquisition cost with approximately 80%.