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- Case Studies
Iconic offers a high variety of products: from jewelry to anniversary rings and more. The main issue was the price point and funnel building process which indeed needed a lot of funding.
Iconic was a brand that we built from the beginning. So in the ecommerce competitive space it is always hard to advertise without increasing the costs for the newborn brand which has no brand awareness at all.
As the part of our strategy we reduced bounce rate and increased conversion rate optimization on webpage by enabling pop ups, which were visible after 15 seconds stay on website,
Clutter of e-commerce ads
We did google shopping and Facebook catalogue ads both for remarketing and lookalike purposes. But what we did understand is that cost per acquisition was huge so we changed our approach from directly doing a sales campaign to building a funnel. Funnel building included 20% of the budget on cold leads and engaging with them via brand awareness objectives, 50% on consideration for warm leads and 30% on sales-driven campaigns.
Finding the Right Creative Approach and Optimizing Ad Spend
We were able to find just the right creative approach that would engage their core consumers. While the company thought that experienced-based creatives (such as a photo of a proposal) would do better than product-focused creative, that turned out not to be the case. In reality, product ads worked much better for engagement in terms of comments and likes.
We were able to ensure that our advertising budget was optimally invested. In fact, our media and brand teams managed to shorten the time to ad optimization from 14 days to a single day, which not only saved us a lot of time, but also a lot of budget.
Optimizing cost conversions
ICONIC decrease its add-to-cart cost by 30%, lowering from $50 to $35 per action. We enabled customers to segment creatives by product category after testing these segments, such as silver, engagement rings, sapphires to drive savings. With spliting out campaigns by product category, we could see that blue sapphires received 10x more impressions than other product categories, but were far more expensive in terms of clicks. By deprecating the investment in that category, the company was able to decrease costs.
Black Friday Ad examples:
With all efforts combined we did reduced cost per conversion and overall increased sales for double.
Increase in overall traffic (Screenshot from Google Analytics)
Increasing conversion without cost increase (Screenshot from Google Ads)
Increase in Goal Competitions (Screenshot from Google Analytics)
Decrease in Bounce rate (Screenshot from Google Analytics)