3 Financial Services Brands That Nailed Their Snapchat Campaigns
The market size for global financial services was expected to grow at a CAGR of 9.9% from $20.4 trillion in 2020 to $22.5 trillion in 2021. This is further expected to hit $28.5 trillion in 2025 at a CAGR of 6%.
Although these statistics seem positive, brands offering financial services have to consistently reinvent themselves to stay relevant and avoid being faded out. This is where marketing avenues like Snapchat can play a key role as it can help financial services brands market themselves more effectively, just like it helped these three financial services brands drive awareness and revenue.
1. Acorns
Acorns is one of America’s leading financial wellness companies that enjoys more than 8 million.
Their Objective
Acorns wanted to efficiently scale growth and engage with a broader audience for which it teamed up with Snapchat.
Solution & Approach
Acorns used Snap Ads and Story Ads to maximize reach and saw breakthrough performance when leveraging Snap Ad campaigns, optimizing for in-app customer registration. The financial wellness app saw further efficiencies by leveraging a multi-product approach, and from these combined efforts, noted an immediate 12% decrease in Cost per Action compared to Acorns' historical benchmark.
Creative and messaging were also key components of success. By highlighting their Round-Ups feature, where customers can automatically invest their spare change, Acorns found an engaged audience in Snapchat users.
The Result
By activating a multi-product approach with Snap Ad and Story Ad campaigns and bidding towards in-app user registrations, Acorns has efficiently attracted new customers 10% below their target CPA goal. With a 178% increase in investment year over year, Acorns has made Snapchat an integral component of its customer acquisition strategy.
2. The Penny Hoarder
The Penny Hoarder is one of the largest websites in the world that’s dedicated to personal finance tips.
Their Objective
The Penny Hoarder wanted to find a new audience that it hadn’t been able to reach on other platforms. It also wanted to net a positive return on ad spend.
Solution & Approach
The Penny Hoarder made maximum use of Snapchat’s full-screen mobile canvas to test different creative directions throughout the campaign. Many of the ads starred The Penny Hoarder’s employees, keeping the creative fun, fresh, and attuned to the spirit of everyday Snaps. This approach helped it iterate and quickly learn how to appeal to a new audience.
Empowered with new insight, The Penny Hoarder could rapidly optimize its campaigns for the best-performing ads and keep costs down. Snapchat is now an essential part of The Penny Hoarder’s marketing mix, helping it thrive and creating growth opportunities across multiple facets of the company.
The Result
The Penny Hoarder’s Snapchat campaign delivered exceptional results. In only two months-time, Snap Ads generated 40% higher returns than other platforms and drove a 51% increase in total revenue.
3. Lunar Way
Lunar Way is a mobile banking app developer from Denmark that markets to the millennial generation.
Their Objective
The Lunar Way wanted to leverage the Snapchat platform to acquire new installs of the app and grow its customer base.
Solution & Approach
To generate leads, Lunar Way leveraged Snap Ads, a video ad format that users are exposed to either between their Friends’ Stories or between Discover content. Users can swipe up from the screen to go to the App Store and download the app.
Through a combination of native Snapchat content, smart targeting, and continuous optimization they have been able to achieve incredible results and scale their business rapidly. In less than 6 months Snapchat has become their best-performing paid channel.
Their Result
Lunar Way’s Snapchat campaign was quite successful as it helped drive the acquisition of new users for the service, accounting for 17% of the total number of sign-ups to the Lunar Way service. Also, Snapchat generated 62% cheaper installs than the second best-paid channel and 44% cheaper sign-ups than the next paid channel.
Bottom Line
Snapchat has quickly cemented its place as a highly reliable marketing platform for brands looking to drive maximum engagement. Through its plethora of features such as Snap and Story Ads, video editing, social sharing, filters & effects, etc., Snapchat helps brands reach a diverse audience.
A solid marketing plan, excellent content, and an awesome marketing platform like Snapchat- that’s all you need to achieve all your marketing goals today.