The Objective
Lili is a mobile banking service for freelancers who took the mission to empower freelancers with tools and services designed to improve their work, their life, and their balance.
The service provides its clients with a single account and payment card for both professional and personal expenses. Lili Banking offers smart tax tools, business solutions along with premium banking services designed to save its clients time and money.
Understanding that TikTok has a very relevant audience for them, Lili started promoting their service but despite being active on TikTok for quite a time, Lili was still struggling to reach its main KPI - “Complete Registration”. This difficulty was due to the fact that “Complete registration” is the final event in the funnel and the algorithm requires enough data to target the most relevant audiences.
Thus, the goal was to craft a suitable methodology that would enable reaching the set KPI.
The Solution
In order to achieve this goal, Lili Banking with the help of the TikTok team, opted for an approach called 'Upper Funnel Event Optimization Strategy”. The key benefit of this approach is that it enables the algorithm to optimize better for a more relevant audience.
The underlying methodology is as follows - the campaign starts with optimizing towards the most upper event in the funnel. Then, only when the algorithm accumulates enough learning, optimization for the next event in the funnel occurs.
In order to implement the methodology, Lili Banking launched performance campaign that consisted of several stages. On the first stage, the campaign was optimized towards the most upper event in users’ journey - clicking the 'Get Started' button on the landing page. This permitted to reach a broader audience to be then narrowed down to more relevant segments. At further stages, the campaign was similarly optimized for mid-funnel and deep-funnel events. On each step, the algorithm received a sufficient amount of data inputs per each event and upon completion of the respective learning, phase targeted the most relevant users.
It is also worth pointing out that Lili Banking went for highly native creative materials. The ads, created in collaboration with TikTok creators, provided a more authentic user experience. This, to a certain extent, also contributed to the campaign 's overall success.
The Results
After 1 month of running with Upper Funnel Event Optimization Strategy Lili Banking achieved an impressive improvement of 32% in cost per registration. Upon 3 months of the approach implementation there was further significant CPR decrease by 54%. Overall, in the course of 5 months’ campaign, the initial CPR was decreased by almost 75% to date, while CVR increased by 739% and CTR by 12%.
This approach of gradually optimizing for sequential events in the funnel starting with optimizing towards the most upper event in the users' journey then going deeper in the funnel, proved to be highly effective and recommended for performance-oriented clients that offer complex products via e-com channels.
