easyfinancial is a division of easyhome Ltd., Canada’s largest lease-to-own furniture, electronics, and appliances retailer. With more than 200 locations across Canada and an online presence, easyfinancial offers various financial services, including personal loans and prepaid cards.
Marketers often face the challenge of expanding their audience then converting new customers and easyfinancial was no exception. However, easyfinancial decided to tackle this commonplace issue head-on by running a test campaign using something new: Yes Lifecycle Marketing’s Customer Generator. Customer referrals are one of the most impactful forms of marketing and with Customer Generator, easyfinancial transformed customers into advocates—all while tracking the financial impact to the brand at the subscriber level. easyfinancial worked with Yes Lifecycle Marketing to launch an online contest in June 2015 that gave 100k subscribers and those they shared with a chance to win $500. The message encouraged customers to share easyfinancial’s promotion on up to four social networks—Facebook, Twitter, Pinterest, and LinkedIn.
As a result of this customer advocacy experiment, easyfinancial experienced an 83% higher new customer conversion rate than standard acquisition marketing campaigns. Compared to status quo email programs, the message announcing the sweepstakes had a 34% higher open rate and 49% higher click rate. What’s more, though this was easyfinancial’s first time exploring social sharing, the company set the bar high for any future efforts. easyfinancial gained upwards of 500k impressions and 1,700 extra landing page views after 2.6% of email recipients shared the promotional email on at least one social media network. Overall:
- 70% shared on Facebook
- 15% shared on Twitter
- 10% shared on Pinterest
- 5% shared on LinkedIn
In the end, by having a cash incentive coupled with a clear call-to-action, easyfinancial inspired existing email subscribers to spread the word about the brand’s contest to friends and family across social networks.