PPC Case Study: How CoHive Decrease CPA by 62% using Conversion Rate Optimization Strategy
Conversion Rate Increase
CoHive, firmly known as EV Hive is a coworking space based in Indonesia. They provide flexible workspace, business service and networking for entrepreneurs and startups. Located in 19 locations around Indonesia including Jakarta, Tangerang, Medan and Surabaya.
In June 2019, EV Hive or CoHive announced that it raised US $13.5 million in a new round of funding led by Korea’s Stonebridge Ventures. As the co-working industry has found popularity in recent years, CoHive is growing beyond its core business to offer living spaces (CoLiving) , and services for retailers (CoRetail).
Pipeline has been a great help to CoHive, with them we reached our targeted leads and even surpassing the target given.
They are also very helpful throughout the partnership, giving solutions for our technical problems including SEM, SEO and even leads management.
The team are also very easy and fun to work with as well, making a very applaudable experience working together with them
Daniel Marpaung Marketing Lead of CoHive
CoHive used PPC to generate most of their leads, with 12 of their leads turned into customers. In the beginning of Q2, CoHive faced fierce competition that resulted in higher than expected costs.
So, seeing this, CoHive started to focus on conversion rate optimization in order to decrease cost per acquisition (CPA) and demand higher ROI compared to the previous quarter.
We help CoHive by completing deep dive into the existing structure, identifying high performing or volume keywords and ad copy to incorporate into the new structure. We also help them seeking low volume and duplicate keywords and ad copy to remove it.
Then we complied all of the insight gained from existing structure, by following our best practice to create new structure in line and creating campaign optimization log for better performance.
Overpaying for clicks and leads can kill any ad budget, so we increase CTR 203.1% by monitoring the ad campaigns and fine tuning the strategy. We optimise bid strategy, Ad copy and creative, following the market trends and optimise the ad relevance. By increasing CTR we were able to reduce the CPC by 18.33%
We need to get smarter in our approach in handling customers so we can ensure our work is more efficient and effective at creating prospects for the consumers. We try to broaden our strategy and capture a wider interest by onboarded onto Google’s Performance Max.
We could reach more people who were using one or more Google’s products. By matching our ads to Google’s insight on user intent, behaviour and context we could not only reach more people but in the right place and time.
After launching the new strategy, we achieved an additional 40% conversion at a CPA 62% lower compared to the previous period.
Building High Quality Landing Pages for A/B Testing Campaign
Ad Strength Optimization
Launching New Campaign Strategy
After focusing on Conversion Rate Optimization, we saw an extraordinary result, far surpassing our usual target in “normal” periods. We achieve 90% growth in conversion rate. Not only did conversion rate improve, but we also managed to decrease 18.33% CPC. On the other hand, we aim to decrease CPA by 62% compared to the previous strategy.
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