March 8, 2020
#InternationalWomensDay: Empowering Lessons from Women in Advertising
GoFundMe and Metric Theory were thrilled to receive an award in October at the 2019 US Search Awards for Best Use of Search in the Finance category!
While you might not immediately associate GoFundMe with the word “finance,” that is exactly what the platform is for – financing. The submission was titled “Financing Peer to Peer Support Through Search.” As a company, GoFundMe helps people help others in need of financial support. From life-saving operations to natural disaster relief, GoFundMe provides a way for people to change others’ lives for the better.
The GoFundMe and MT teams’ work together on SEM supports the growth of the company and ultimately the number of people helping each other. GoFundMe’s SEM strategy is vital to increasing overall lead volume and bottom line revenue while defending market share in a competitive landscape and expanding into new markets.
In a world where there are many options for social fundraising, how do you maintain market leadership? GoFundMe’s history of successful fundraisers and strong brand marketing has positioned them in the top spot, but they still face fierce competition.
GoFundMe joined forces with Metric Theory to come up with strategies that would allow them to maintain prominent market share and keep expanding into new markets. This resulted in deep analysis of GoFundMe as well as ad platform data to inform the best way to support the brand.
The ultimate goal was to grow monetized fundraisers as opposed to the more accessible metric of initiated fundraisers. To track this, the teams put tracking in place to identify where new monetized fundraisers were being generated at a granular level. With this knowledge, we shifted traffic within the account based on what was driving more successful fundraisers, leading to double digit quarter-over-quarter growth in monetized fundraisers, meaning more successful financed fundraisers for more people.
In addition to gaining more down-funnel insight, the teams employed multiple strategies to stay on top of shifts in competition in the search marketing landscape. To avoid efficiency loss while still remaining competitive, GoFundMe’s MT team built a regression model based on competitive metrics to determine a “floor” for impression share, where GoFundMe was ceding too much ground to competition, and a “ceiling,” where the cost of traffic did not justify the incremental return. Acting on this led to improvements in net revenue and overall return on ad spend. Knowing that also opened the door for successful implementation of automated bidding, such as Target Impression Share, where we were able to bid more directly based on the determined floor and ceiling.
“Metric Theory’s understanding of our competitive landscape and business goals has led to seamless alignment on strategy. Our desire for analysis of where we stand in that landscape has been matched by unique and thorough data insights” – Brittany Couch
All of this analysis and strategy also informs movement into and expansion of newer markets, in regions where brand awareness is less established. We apply learnings from longer-standing markets to growing markets, spreading GoFundMe’s positive impact across the globe.
Metric Theory is proud to partner with a company that does so much good, and both teams were honored to be recognized for their strong work together at the US Search Awards.