Founded in 2014, Moneyhub Enterprise is a company that has a mission to improve the financial wellness of individuals, businesses, and communities in the UK by leveraging the power of open banking to bring all financial data into one centralized place. The app aims to help users get a solid understanding of their finances and improve their financial decisions and behavior.
Moneyhub has been born out of the frustration of not having access to your own financial data in a meaningful way. When the company was founded, open banking wasn't even in place in the UK. Being at the forefront to drive the change, Moneyhub created a platform to make the information more available.
Moneyhub has been a valued partner of SearchAds.com since May 2020.
The Challenge: Higher Costs with Increased Competition
Moneyhub started running Apple Search Ads back in 2017. But when they wanted to continue where they left off in 2020, they realized that the competition had become exceedingly fierce in the Finance category.
Amid the aggressive competition, decreasing the cost per install in Apple Search Ads has become a major KPI for them. They’ve set up a campaign structure with the most prominent keywords for that purpose. However, they knew that there could be more room for improvement if they spent more time on adjusting the bids and finding new keywords.
The team initially tried to find new keyword variations and keyphrases to scale up the campaigns and meet their CPI target. However, having their hands full with all the user acquisition operations to grow the app in a very competitive sector, they were finding it extremely difficult to focus on the performance of the keywords on a daily or even weekly basis.
Reaching their CPI target also required them to do iterations continuously. Since they weren’t able to dedicate their time fully to Apple Search Ads, they were concerned that they wouldn’t be able to take advantage of the new trends as things may go out of control when there is no one in charge of the channel.
The Solution: Automation Rules Based Custom Goals
They have enrolled in SearchAds.com’s Partner Program to accelerate their growth in Apple Search Ads in May 2020. With the help of SearchAds.com’s Account Management support, they were able to come up with a playbook full of possible keyword combinations that they can target.
They were able to utilize their new keyword list and increased the volume of the keywords with phrases, improving ad groups such as generic, competitor, and discovery.
To ensure the success of any campaign, they needed to keep their CPI and cost per registration metrics as low as possible. Cost per registration was the main success indicator for them for any campaign as the onboarding communications in the app start once the user completes registration.
Having integrated Adjust, their MMP partner into SearchAds.com’s platform, they were able to set goals specifically for cost per registration which is their North Star metric. The Account Management Team of SearchAds.com helped them set up automation rules based on the cost per registration goal so that the Moneyhub team can save time while the campaigns manage themselves.
The Result: 20%+ Decrease in Cost Per Install
With the new keywords and the smart automation rules on SearchAds.com, Moneyhub was able to decrease their CPI by more than 20%. They have not only decreased their CPI more than they initially planned for, but they were also able to get more installs at a much lower cost thanks to SearchAds.com’s platform and support.
Iain Russell, the Head of Performance Marketing at Moneyhub says that Apple Search Ads is their best working UA channel. They’ve experimented with many ad networks such as Facebook and Google Ads. However, they’ve found out that based on CPI and the quality of installs, Apple Search Ads is the most cost-effective channel for them.
Working with SearchAds.com has been a huge boost to my productivity with Apple Search Ads. Using their insightful tools and automation rules has drastically reduced the amount of time I would have spent and reduced my overall costs. Plus, their direct support & advice is fantastic.