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IDFC FIRST Bank Registers 13.5L Leads at 55% lower costs through Social Media

Objective

IDFC FIRST Bank is one of the leading banks in India. Their goal was to boost sales of credit cards through performance marketing at minimal costs.

Strategy

  • The aim was to build IDFC FIRST Bank's presence across social mediums for a comprehensive view. We were among the first brands to set up social media campaigns specifically to increase credit card sales. Merkle Sokrati initiated the Social Media campaigns with Facebook and gradually expanded to Instagram after getting exceptional results on Facebook.  ​

  • A full-funnel approach on META was adopted, which focused on driving conversions (Credit Card Issuance). Separate campaigns for the upper, mid and lower funnel were designed to ensure strengthening of each funnel to get high-quality leads and minimize mid-funnel drop offs.

Execution

  • The campaign was implemented in 3 phases; in first phase we launched multiple conversion campaigns to increase click-through-rate and increase website traffic while capping the upper funnel.  ​

  • In the second phase, we launched campaigns that pushed the audience to apply for the credit card and move ahead in the user journey.  We were looking to convert the upper funnel bucket into lower funnel by redirecting them to the end of the marketing goal that's Video KYC. 77% of the users that reached the last stage were converted, resulting in 21K credit card Issuances only though social media campaigns. ​

  • In the third phase, a few remarketing campaigns were launched for targeting the funnel drops off with relevant ad communications. With the full funnel approach, we were able to achieve a sustainable account scale by 3x MoM​

  • With continuous research and A/B testing we were able to target audiences based on various interest cohorts like luxury lifestyle, dine outs, expensive taste in the 25-55 age group.   As a result, the campaigns delivered 13.5 Lakh high-quality leads at 55% lower cost per lead. 

Testimonial

“Given our brand's objective of generating high-quality leads, the team at Merkle Sokrati built a full-funnel social media strategy. Our goal was to reach the right decision-makers and get us on top of their minds. Due to Sokrati's flawless strategy we were able to convert 77% of final stage leads into customers and bring in 21K card issuances solely through social media. The campaign was immensely successful and registered 4x leads and significantly scaled our credit card sales”

Mohit Desai

SVP & Head - Digital Marketing, IDFC FIRST Bank