Bringing Live Exchange Rates to Search Ads
When it comes to currency exchange search, competition is fierce. The market is highly saturated, and it’s dominated by a core group of providers who are already well established in consumers’ minds.
Our challenge was to disrupt the currency exchange search landscape by getting ASDA Travel Money’s exchange rates in front of consumers as early in their search journey as possible.
And when exchange rates change from one minute to the next, this was quite a challenge indeed.
Currency rates change so regularly that no competitor has ever included rates in their search ads, for fear of presenting inaccurate or out of date information. But just because it hadn’t been done before, didn’t mean it couldn’t be done.
Our strategy was to cut through the competition by putting live exchange rates right in our search ad copy – a first for the currency industry. This would not only make our ads stand out from the crowd, it would also make life easier for consumers by allowing them to see rates before clicking through. A win/win situation.
We implemented our idea in both brand-led and generic search ads, then rolled it out over the summer months,
the peak time for currency sales.
Working with our dedicated Custom Scripts Teams in Leeds, London and India we created a new script that sourced live exchange rates from an external feed. This data was then dynamically displayed in targeted PPC ads, placing up-to-the-minute exchange rates right there in search adverting.
Increase in conversion for branded ads
Increase in conversion for unbranded ads
Decrease in CPA
It was clear that consumers were seeing the live rates, liking what they saw and clicking through to buy.
Branded ads featuring the live rates achieved a massive 17.5% increase in conversion compared to those without. Unbranded ads did even better, with generic currency exchange ads featuring the live rates achieved an unprecedented 43% increase in conversion.
The increased conversion rates greatly reduced Cost Per Action (CPA). We could then reinvest 20% of our budget in other activity on the ASDA Money account.
Live Rates weren’t just good for ASDA. It was great for consumers too. Across both the branded and unbranded campaigns we saw a drop in Click Through Rate (CTR), of 5% and 26% respectively. Consumers knew whether they had found what they were looking for before clicking through.
The combination of drop in CTR and increase in conversion was conclusive. Putting live rates into our search ads had cut through the competition and ensured visitors to the site were ready to purchase.