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PensionBee: Generating a buzz in the pension industry

Goals

  • To have customers find them with searches that didn’t include financial jargon
  • To help people understand the product to reduce drop off rate and increase conversion rate
  • To reach an audience who does not know they exist
  • To support new customers through the signup process

About the company

Launched an app

Helping people to consolidate all their pensions from previous jobs into one place

25 People

In just over 12 months since their launch in 2016, they’ve grown from a company of five to a twenty-five strong team.

New Customers

They’ve also seen 50,000 customer sign ups, with one million pounds transferred to PensionBee plans every week.

About the goals

PensionBee initially turned to Search to reach customers, but they found that not many people were searching for specific keywords like 'pension consolidation service'. In other words, not many people knew there was a way they could actually combine pensions in an easy way.

It can take up to 6 months to transfer a pension so it’s no surprise some customers were dropping off, and this was ultimately affecting PensionBee’s overall conversion rate.

PensionBee needed to find a way to reach an audience who may not even know they exist - and then make sure they follow through on the signup process.

What is Google Ads?

Google Ads is an advertising service by Google for businesses that want to display ads on Google search results and its advertising network.

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In a startup, you need to justify every penny you spend. The nice thing about using the Google product range - whether it’s in the Search funnel or YouTube retargeting - is it works.

- Jasper Martens, VP of Marketing

Investment

With help from the Google Accelerated Growth Program, PensionBee optimized their Search strategy to start focusing on attracting high-quality leads.

Their Google Account Strategists also showed them how YouTube ads could be used to build brand awareness and convert those who drop out of the signup process. They created a four-video retargeting sequence for YouTube ads to nurture these leads, and build a strong brand narrative.

This led to a powerful combination of online and offline advertising. PensionBee were already advertising on billboards across Brighton, but using audience targeting and geo-targeting they created an additional mobile touch point to help get users into their sales funnel.

Results

10%

uplift in conversions since implementing YouTube retargeting campaigns

3x

more sales-ready leads since using Google Ads

20%

decrease in cost-per-lead since using Google Products

The use of video ads to support their outdoor strategy also delivered great results. Benchmarked against the rest of the country, results in Brighton following the brand test showed a 2.5x higher CTR on Search and a lower CPA from video ads. After being pleasantly surprised by the results, Jasper says: “It should be a no brainer for every brand.

We are using multiple ways, such as email, Google Display and YouTube retargeting, to reach anyone who signs up but doesn’t complete the signup process. The YouTube retargeting in particular has been hugely successful.”

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