The challenge
MoneyMe provides consumers with fast and easy personal loans, and a digital credit card option. Its key business objective is to profitably grow loan originations in a sustainable way, bringing its growing pipeline of innovative products to new customers and maximizing the total value of funded loans for new and repeat customers. Through Google Ads, the company was looking to rapidly grow and acquire new customers (online applications that result in funded loans) at its target cost per acquisition.
The approach
MoneyMe worked with its agency, Sparro — the largest independent agency in Australia — to reach high-intent consumers across a variety of channels and drive more qualified leads within its target CPA using Performance Max campaigns. The brand developed multiple creative assets, including a video specifically for this campaign to showcase its key value propositions and to build trust among tech-savvy Australian consumers. Its Performance Max campaign focused on driving new funded loans for its hero product, personal loans. MoneyMe started out maximizing conversions as its initial automated bid strategy to establish a baseline CPA target while spending its budget. Then, the team switched to a target CPA bidding strategy to scale its campaigns profitably within that defined efficiency goal. MoneyMe also used offline conversion imports to measure and optimize for online application completions that ultimately resulted in a fully funded loan.
The results
After running a Performance Max campaign for six weeks, MoneyMe saw a 22% increase in conversions, more than $800K in revenue from newly funded loans, and a 20% reduction in overall CPA across the account. MoneyMe is now running Performance Max alongside their other marketing channels with an always-on strategy.
“We loved the Performance Max concept and how it delivered creative and messaging across a variety of Google spaces that were perfect for conversion!”
— Richard Bray, Head of Marketing at MoneyMe
Take action
Use Performance Max campaigns together with offline conversion imports to optimize for higher-value leads across Google’s channels.
