Challenge & Goals
Established in 1880, the Illawarra Mutual Building Society has been helping the people of Australia achieve their financial goals for over 140 years.
And GO Digital has been a marketing partner of theirs for 10 of them, using its cutting-edge digital offerings to help IMB Bank become one of the biggest banks in Australia.
IMB Bank wanted to maintain and enhance its vaunted status as the most recognizable name in New South Wales banking.
GO Digital, which had aided IMB in the generating of new banking customers across key markets in Sydney, Illawarra, and Upper Hunter Shire, knew IMB intimately enough to formulate a multi-faceted solution to this simple yet ambitious challenge.
It began with GO Digital introducing high-level aggressive Google Ad initiatives to improve IMB’s budget efficiency and business goal awareness in its marketing sphere. This was complimented with an effective promotional campaign strategy that cut through the noise to get IMB Bank an 89% increase in voice in New South Wales’ car loan market.
Over the course of 20 months, GO Digital reduced the cost-per-acquisition in the Deposits campaign by $515 each through a methodical testing and smart bidding approach.
Australian home loan conversion volume doubled thanks to GO Digital leveraging brand awareness tactics through Discovery and YouTube.
Newly implemented Dynamic Search ads and SME-targeting methods improved clicks to the main IMB website by 374% year-on-year (YoY).
Share of Voice in Car Loans
Decrease of CPA in Deposits
YoY Conversion in Home Loans, and +374% YoY Clicks in Business Banking
COVID 19 Challenge
The global pandemic of 2020 had fostered fear of financial uncertainty across the country. Quarantines restricted open homes and home auction restrictions for safety reasons. In light of a newly manifested appreciation for private and protected housing, there was a massive demand surge in the property market with highly competitive interest rates to match.
GO Digital had to not only help IMB maintain its top-ranking brand status in the minds of potential customers, but to have these suddenly safety conscious patrons recognise that IMB was still stable and secure to convert to.
As such, across all accounts, a major pivot occurred in the marketing priorities and techniques in both firms, which gave IMB the means to burst out and expand in a time of stress and anxiety.
Our Approach to the
GO Digital adapted its modular strategy to ensure that IMB is at the forefront of Australian Home Loan choice for discerning customers in key areas such as Sydney, Illawarra, and ACT.
11 new initiatives across 4 major sectors were put into motion to capitalise on the new post-pandemic buying patterns, giving IMB the chance to meet and exceed growth targets.
COMPETITOR Campaign was a lead generation powerhouse. Since its introduction in April 2020, COMPETITOR has contributed 734 leads at $236 per lead, causing it to generate a 31% increase in overall leads.
YouTube campaigns initiated in 2020 improved IMB’s share of market voice, resulting in over 4 million impressions, 23% CTR, and accruing 758,000 clicks to the IMB site - historic levels of awareness for IMB.
GO Digital cast a wide net via Discovery to catch the attentions of new and relevant audiences at an extremely low CPC. These demographics included current renters and people who were on the cusp of buying a home in the near future. This tactic brought in 1.7 million brand impressions and 16,000 clicks at $0.60 CPC, which made it 95% cheaper than the average search campaign.
With the COVID-19 approaches going smoothly, IMB wanted to rapidly grow its Deposit business in 2021. The bank had an incredibly low new CPA target to meet, an 82% reduction, if this aggressive growth plan was to succeed.
Moving towards a smart bidding approach saw a 441% increase in overall conversions. Introducing Discovery Ads didn’t result in concrete conversions on record, but CPC was tapered down to $0.30 compared to the original $2.11 CPC of regular paid search. Phasing out broad match keywords caused clicks to increase from 6,600 to 54,000, a 717% YoY boost made possible with the impact of the Discovery Ads.
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Paid Media Director
Head of Digital Media