Introduction
ILOCX is a UK-based licensing company. Their business orientation was similar but not the same as some kind of a stock market. At the moment of hiring, ILOCX wasn’t even launched and they asked for my help so regarding ads and bringing more customers to their website. Eventually, they wanted me to promote certain licenses.
About ILOCX
At the moment of my involvement, they were a brand new company, without a product (website). The idea behind ILOCX is for them to be an online licensing market. These licenses were small or big contributions from various people who were backing companies listed on ILOCX and for their gratitude once the company went through certain stages of funding all the contributors will get their share.
They had an idea of generally promoting ILOCX as a brand but more importantly, getting people to buy licenses from only certain brands, brands that had this kind of agreement with ILOCX.
This is where I came into the picture and my job was to mainly create campaigns that will bring purchases and positive ROI. We were juggling around the idea of maybe going with Google Ads but due to the nature of the business and offer, we decided that FB ads would be much more faster and effective at the beginning of our advertising.
Challenges
The biggest challenge was the fact that ILOCX never had any experience with online Ads and since it’s a really specific niche, I wasn’t sure how the whole process of the purchase would go.
Initial Work
Finding the Right Audience
The scope of the project was big and considering the new pixel and no data, I decided to start with a Traffic Campaign and 10 different ad sets to find the perfect audience. The designer created 10 different creatives and me and the team from ILOCX crafted 10 different copy for ads. The idea was to get traffic, data in pixel and to get at least a few purchases so we could know what ad sets would be the perfect ones for the conversion campaign.
The campaign has been running for 4 weeks and after that, we managed to get somewhat of an idea of what our target audiences could be, but unfortunately, we didn’t get purchases.
The First Traffic Campaign
Complete Setup
Platform: Facebook
Budget: $300
Landing Page: ILOCX.COM
Additional tools: Zapier, GA4, HotJar, Gsheets
Location: UK
Results
The results were not as I expected them to be. We didn’t get any purchases from the campaign. Only a few add-to carts and that was it, but at this point, the company didn’t want to wait any longer and I needed to push the process faster than I would normally do.
The First Conversion Campaign
I created a campaign with an “Add to Cart” optimization event. I knew that there was not enough data in the pixel but I needed to try something to get at least some results.
Results after 2 weeks
Setup
Again, devastating results. I managed to get “add to carts” since that was the campaign optimization, but no purchases at all. So to push the process even faster, I demanded a few changes on the website. Within 10 days, the website has been optimized for purchases, added a “recent purchase” popup and the UX has been slightly changed to feel easier and more intuitive.
After the change…
Results after 2 weeks
0.7X ROI
Setup
On the same day after the change, I created a new campaign, now with the Purchase optimization. Still without data. The budget was still the same, targeting was the same, we simply wanted to test out will the new changes impact our results.
Finally, we got some results, but it wasn’t enough. So I decided to investigate our targeting again, just to make sure that we’re trying to revise every possible scenario.
I took a step back and started thinking about ILOCX’s business niche. It’s a unique niche, it’s not a fundraiser or crowdfunding platform, it’s not a stock market or exchange platform, it’s something different. Considering that, I decided to try targeting people looking into income and investment but not based on stocks and related fields.
Demos
Once we started with the campaigns, the demo schedule rate was 6.18%. Over time we achieved a high 15% and established that as a standard rate. The growth is visible in the graph on the left side.
Sales
Although the sales part was never under my supervision it was important to know that we managed to generate some of them and make the whole funnel scalable and profitable.
Conclusion
With this kind of funnel, I created a foundation for all future tests, strategies, and tactics Referrizer might use. The idea behind the funnel was to create a structure that can easily be duplicated and used in different terms and environments. Most importantly, the goal was to create a scalable funnel and I believe I succeeded in that mission.
