2018 was a triumphant year for consumer lending fintech companies as it saw a comprehensive spike of demand in the industry
It presents great opportunity for me, who was then trusted to run and manage the digital advertising of Cash Kilat. When i started, the product barely get 300 install per day although the market was more like a wind at our back. So something needed to be done in order to increase its daily user acquisition. Me and the team initiated several channels to be trialed for experimental purposes and take it from there. The owner was so keen to see our result that he gave us less than a week to boost the traffic.
We took 3 steps which were fundamental for us to get things going : FB Ads, Google Ads, SEO
As we started our strategy. We utilize mostly on A/B testing, running objective of App Install campaigns in Facebook and CPC campaign on Google Ads (we weren’t allowed to run app install traffic in Google Ads back then due to our APR rate raising well beyond Google’s standard). We decided to push the number of campaigns and running as many campaigns as we can with an open bid strategy.
Our users demography was between grade C – D, so we knew that hard selling was the best way to get to them, being more direct in our visual approach as we also worked on the branding of the product. We want it to be perceived as an accessible, open-for-all, quick-processing, and user-friendly app where everyone can easily get their cash loan.
The result was quite as expected, in 3 days time we manage to get 1,000 install with a CPI of Rp.800 ($0.0.5, it sound really cheap but i guess it was the market standard in Indonesia) in average we spent 800,000 / day. The client got so excited because we manage to reach this result on a consisten level, bringing more than 30,000 installs / month with 3% conversion rate which was quite a satisfying result.
One of the key to our success was the A/B testing, where we loop the tests for several weeks to push our CPI cost down to its lowest possible whilst also running regular app install campaigns. in the end, in a year time we acquire a total of 1,385,000 installs with average CPI of rp.950 ($0.06).