Salad Money – Combining Ingredients for Success

Sub2 & Equifax Insight driving growth of Salad Money

Financial Service provider, Salad Money was established in 2018 after the identification of a severe lack of affordable credit for individuals with impaired credit score. Using Open Banking Technology, Salad Money provide fair and affordable loans to key workers who are otherwise limited by their credit score. Salad Money has already lent over £76m to people working in the public sector.

In difficult trading landscapes, there’s a temptation to focus on lower funnel conversion in a bid to maximise revenue. The danger is that this tends to diminish yield as total spend keeps shrinking. Salad Money took a different view and saw the opportunity to study the data to deliver uplift in upper funnel branding traffic across Display & Social which they can then convert.

Salad Money had thus far run Display Advertising themselves giving the clear benchmarks of what was achievable in this space. They took the innovative decision to ask Equifax and Sub2 to work in parallel in a three-month Proof of Concept campaign to identify what kind of uplift would be possible using combined data sets to target potential users more effectively. Clear KPI’s were laid down to gauge effectiveness. Sub2 were able to access and combine detailed precise data to identify Salad Moneys target market in the Display Advertising networks.

Initially, the challenge was to measure the effectiveness of a Branding campaign to build awareness of the Salad Money offering. Secondly, a close eye was kept on conversion numbers to calibrate the bottom-line contribution of the branding campaign.

The result of this clever use of data and creative has been an unequivocal success. Click through rates for the Salad Money advert were nearly five times higher than expected with a cost per click half that of what had previously been achievable.

Given the Branding campaign was so successful, Salad Money were able to incorporate a re-targeting drive which has already delivered 4,000 new loan applications.

This pooling of data knowhow has convinced Salad Money of the potential of data driven campaigns. The campaign has been extended and Sub2 eager to continue as a Full-Service Agency to extend their success across all channels.

As Dan Evans, Head of Marketing at Salad Money, says…” Sub2 has brought an extraordinary level of data expertise that has profoundly enhanced our display campaign outcomes. Their innovative approach has turbocharged our ability to expand the Salad Money brand profitably, creating an exciting shift in our marketing strategy. The insight and account management really included us in the ongoing improvements in the channel and reemphasised the value of the display channel for us. We eagerly anticipate the continued impact on growth that Sub2 will have across our entire marketing activity. It’s genuinely exciting.