Extole Case Study
GO2BANK EXPANDS ITS REACH WITH THE REFER-A-FRIEND A/B TEST
GO2bank is a digital bank that simplifies banking by enabling customers to affordably and quickly access, manage and move their money. GO2bank is the flagship digital bank of Green Dot, a financial technology and registered bank holding company that has serviced more than 33 million consumers in their 22 years of banking experience.
For any growing fintech company, referrals constitute a key stream of new revenue. GO2bank had a solid user base of current customers and wanted to help these customers refer their friends in the most effective way possible. The challenge? In order to maximize the number of new customers acquired thanks to the recommendations of existing customers, they need to make sure that they were not standing in the way of maximum sharing and that the top of the funnel of referrals was as wide as possible.
The Extole platform offers sophisticated but easy-to-use A/B testing which is essential for maximizing acquisition through a referral program. GO2bank needed to determine which share experience drove the most activity from existing customers knowing that more advocates sharing with more people would result in more new customers. With A/B testing available through the Extole platform, they had the opportunity to generate empirical data on what type of advocate microsite would drive the most top-of-funnel engagement.
With Extole, GO2bank was able to run a powerful A/B test of their Refer-a-Friend program. Using Extole's creative editing capabilities, they designed four variations of the advocate-sharing experience where current customers learn about the program and, ideally, share with friends. The four share experience variations took different approaches to imagery and copy.
With clear reporting, GO2bank easily analyzed the data from the test and could determine which microsite produced the highest share rate. The highest performer was 6% better than the others, thanks to more concise copy and less cluttered imagery. Consistent with their overall approach to content, they are able to carry this learning forward into other parts of the referral program and beyond.
“Working with Extole has enabled us to accurately determine which content creates the most referral success. The fact that we can test different variations gives us a powerful, data-driven way to make the most of our campaigns. Without Extole, we would have thousands fewer new customers.”
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