SoFi Drives New Leads with Lookalike Modeling

SoFi
Display Everywhere

SoFi Drives New Leads with Lookalike Modeling

SoFi
Display Everywhere

Marketing Objectives
SoFi, the popular online personal finance company, came to Pandora with a clear objective: capture new registration leads from a Millennial audience.

Marketing Challenges:

Reaching through to a millennial audience in today’s “always on” world can be a challenge for brands. On top of that, millennials are craving personalized experiences. We can solve this challenge for our advertisers. Not only does Pandora have an incredibly active millennial listener base, over 45% of total monthly unique visitors are millennials[1], but we target listeners cross-platform, reaching this “always on” audience no matter which device they’re engaging. The advertiser’s message always receives 100% SOV, commanding attention from this active audience.

Pandora Solution:

Tapping into Pandora’s active 88MM[2] monthly listener base, SoFi activated Pandora’s lookalike modeling capability to identify new leads. SoFi passed Pandora their CRM database of approximately 250,000 hashed emails to model the lookalike audience off of. Pandora’s proprietary modeling tool analyzed declared, inferred and observed data of these known customers, resulting in an audience of over two million new prospects for SoFi to target on Pandora.

To prove methodology, Pandora and SoFi A/B tested the Lookalike audience against a broader audience of College Grads, evenly dividing impressions and spend between the two.

SoFi applied their lookalike audience against a campaign promoting their student debt refinancing services, including key products such as: Display Everywhere, Welcome Interstitial, and Video Everywhere, each testing the lookalike segment against a broader millennial target audience.

Results:

The lookalike segment drove 18% higher leads and 93% higher conversion rate[3] than broader College Grad target, demonstrating the Pandora’s power to deliver more qualified audiences to ensure effective campaigns. Overall, the campaign’s CTR was 262% higher than industry benchmarks (0.29% vs industry benchmark 0.08%).

[1] Pandora Internal Metrics Nov 2016

[2] comScore Dec 2016

[3] Metrics are client provided

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