Home improvement brand gets 4X lead conversion lift with Faraday
3 min read
This customer story has been anonymized to respect the company’s competitive strategy.
This customer story explores how a leading home improvement brand used Faraday’s customer prediction platform to identify and engage more likely buyers and score their extensive lead database, optimizing their ad targeting strategies and lead conversion rates simultaneously. Here’s how they did it.
Ad targeting strategy
The home improvement brand wanted to reach likely buyers on Facebook. Using Faraday, they built predictive models based on a cohort of customers acquired through paid social channels and leads generated from their online scheduling platform, enabling them to identify likely buyers and individuals actively interested in home improvement services across the US.
Scoring and audience selection
Faraday enabled the brand to score the entire US population using the custom models. Each individual received a score reflecting their likelihood of being a high-potential buyer or lead based on the models' predictions. Top-scoring individuals were then selected to create two distinct audiences: one from the customer lookalike cohort and the other from the leads generated through the online scheduling platform.
Facebook ad campaign success
With their target audiences defined, the brand launched a comprehensive Facebook ad campaign and tailored the creative content and messaging to resonate with these audiences. The campaign yielded outstanding results: 35% increase in incremental lead generation and 14% increase in their average close rate.
Predictive lead scoring
The brand's CRM team is responsible for managing and nurturing leads acquired from multiple sources. With a diverse lead pool, they needed a more robust and scalable solution to effectively prioritize leads, so they leveraged Faraday for predictive lead scoring. The team integrated their lead data with Faraday and built predictive lead scoring models to assess and rank leads based on their likelihood to convert into paying customers.
Third-party validation and results
To validate the accuracy and effectiveness of Faraday's lead scores, the home improvement brand engaged a third-party agency to conduct a thorough analysis of the predictive lead scores, comparing Faraday model predictions against actual lead conversions and outcomes. The analysis revealed that the conversion rate of leads in the top 50% of lead scores was 4x higher than the brand’s baseline conversion rate, confirming the model’s ability to accurately identify high-potential leads.
What's next?
Faraday's customer prediction platform enabled the home improvement brand to identify and engage more likely buyers and high-potential leads, improving lead generation and conversion rates simultaneously. Building on this success, the brand is now exploring their customers’ preferred communication channels and plans to implement repeat purchase predictions and lead revival scoring to re-engage leads that cancel appointments.