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Link:

https://fb.me/1QHWcvDesO5Z537⁠

Intro

Conversion

Methodology

Facebook ads

Two types of ads were run; a traffic ad, pushing people to the app and a lead generation ad pushing people to fill in a form on Facebook.

Traffic add

6 different ads:

General with focus on tax

General with focus on financial management

Cash flow

Tax

Invoicing and faster payments

Irregular income

Lead generation ad

Key numbers

CPC for different ads

Conversion rate from signup → calculate cost per signup

Likely CAC

Insights

The results from the Fa invoicing and late payment

Next steps

Invoicing a strong hook

People resonate with a lot of the value propositions

FB Ads results

Table 1

Table 1

Campaign name

Ad Set Name

Cost per result

Results

Reach

Impressions

Amount spent (ZAR)

Result type

Quality ranking

Engagement rate ranking

Conversion rate ranking

Reporting starts

Reporting ends

Cash Flow Management

1.09

289

25161

33665

314.46

7/1/2023

7/14/2023

Invoicing & Late payments

1.1

397

36865

46985

434.99

7/1/2023

7/14/2023

Budgeting with Irregular Income

1.12

248

22233

26416

277.1

7/1/2023

7/14/2023

General - struggling

1.12

248

22036

26789

277.56

7/1/2023

7/14/2023

General - overwhelmed

1.14

207

21135

28094

235.05

7/1/2023

7/14/2023

Tax

1.15

205

21788

26321

235.39

7/1/2023

7/14/2023

1.12

Average

1774.55

Sum

New Leads Ad Set - Copy

40.59

4064

5264

446.47

7/1/2023

7/14/2023

New Leads Ad Set

41.97

928

974

83.94

7/1/2023

7/14/2023

41.28

Average

530.41

Sum

11.16

Average

2304.96

Sum

⁠

View of Table 1

View of Table 1

Campaign name

Ad Set Name

Result type

Results

Reach

Impressions

Cost per result

Amount spent (ZAR)

Quality ranking

Engagement rate ranking

Conversion rate ranking

Reporting starts

Reporting ends

Cash Flow Management

289

25161

33665

1.09

314.46

7/1/2023

7/14/2023

Invoicing & Late payments

397

36865

46985

1.1

434.99

7/1/2023

7/14/2023

Budgeting with Irregular Income

248

22233

26416

1.12

277.1

7/1/2023

7/14/2023

General - struggling

248

22036

26789

1.12

277.56

7/1/2023

7/14/2023

General - overwhelmed

207

21135

28094

1.14

235.05

7/1/2023

7/14/2023

Tax

205

21788

26321

1.15

235.39

7/1/2023

7/14/2023

New Leads Ad Set - Copy

4064

5264

40.59

446.47

7/1/2023

7/14/2023

New Leads Ad Set

928

974

41.97

83.94

7/1/2023

7/14/2023

There are no rows in this table

Count

89.26

Sum

⁠

FB Ads

FB Ads

adset_name

campaign_name

cpc

clicks

cpm

cpp

ctr

impressions

reach

spend

Budgeting with Irregular Income

0.7

134

9.92

11.08

0.01

9444

8452

93.69

Cash Flow Management

0.64

144

8.7

11.36

0.01

10617

8125

92.32

General - overwhelmed

0.66

141

8.31

10.18

0.01

11214

9158

93.22

General - struggling

0.62

151

10.11

11.34

0.02

9253

8252

93.59

Invoicing & Late payments

0.66

148

9.08

10.83

0.01

10779

9039

97.89

New Leads Ad Set

5.22

65.66

0.01

159

10.44

New Leads Ad Set - Copy

3.15

74.35

84.68

0.02

2459

2159

182.82

Tax

0.6

156

8.94

10.28

0.01

10407

9048

93.04

There are no rows in this table

⁠

I am writing a report to a client who is an insurance corporate in South Africa. I am an agency who builds ventures and validates ideas. They have hired me to build the MVP of a financial app for freelancers or self employed people and test if people would use it. Their end goal is to sell insurance to the app users but they know that self-employed/freelance people are not eager to spend money insurance and thus are hard to acquire as customers.

Their strategy is: Rather than trying to sell insurance to them first, bring them in to download and use the app by solving one of their problems that they regard as a problem and actively want to solve. Doing this enables the client to get users on the app and cross-sell insurance to them.

One of the onboarding to insurance strategies we have implemented is: For the paid tiers (R299 and R599 per month), we contribute 90% of that license fee to a retirement annuity for them. This means we kickstart the insurance and retirement saving for them without them having to do anything about it!

We needed to test which problem or value proposition that freelancers face and that we can solve in an app will most appeal to this audience. We chose the following value proposition categories: 1. General with focus on tax 2. General with focus on financial management 3. Cash flow 4. Tax 5. Invoicing and faster payments 6. Irregular income

We set out to validate if any of them would appeal enough to convert people to signup and if they would be feasible to use customer acquisition methods. We did a few things to test this: 1. Ran Traffic Facebook ads with each of the 6 value propositions. We did 2 versions of this; 2 version - we directed people to the app signup page (app.gigant.co.za) and the other version - to the home page of the website (gigant.co.za). There were 12 ad sets in total 2. Ran Lead campaign ads that asked people to fill out a form in Facebook (name, email and job title) 3. Ran a qualified test in WhatsApp to an audience of research users to offer them the opportunity to signup to the recently app. We also asked for 1 sentence of feedback from them if they signed up.

We did this all in a 2 week period (ads, website, app, WhatsApp test) and therefore the app and website are never going to be perfect or final to attract people to really signup and use the app. Thus, although we had the app and website and wanted to get people to signup - the bigger goal was to test if people resonated with any of the value propositions and which one. I.e. what could a likely CAC be, how well would this work as an acquisition channel etc.

Some more context on the facebook traffic ads: We started running the 6 ads directing people directly to the app signup page. We had great or low CPC results but found that very few of the people who got to the signup page actually signed up. We realised that a lot of people had clicked the ad link to learn more about the offering but were taken straight to signup. They could navigate to the website home page by clicking on the logo in the app signup but that wasn't very clear and so none of them did. As a result, we think many of them did not get their questions about the app answered and didnt want to signup. So, we duplicated the ad sets and directed them to the website instead, hoping that this would yield a higher website conversion rate

More context on the lead campaign ads:

- We only targeted mobile devices because the product is a mobile app

I want you to write the report for me based on the above in the following outline: - Intro - 4-8 sentence

The venture is called GigAnt, here is a description: GigAnt is a comprehensive platform that empowers freelancers and self-employed individuals with robust financial management tools, including tax calculations, invoicing and automatic follow-ups, insurance recommendations, retirement planning, budgeting, and community support, all tailored to their unique needs. With seamless integration to TaxTim and user-friendly features, GigAnt simplifies and automates the financial aspects of freelancing, enabling users to focus on what they do best while achieving financial success.

"The app appears to be a promising solution for freelancers, offering a comprehensive set of features and community support tailored to their unique financial needs."

"I like the part where you can follow up on unpaid invoices and the setting of goals."

"It helps with budgeting, securing finance, and promotes financial goals. It also helps one connect with like-minded people, businesses, and advice."

"The app is very helpful in specific areas and is simple to use."

"The app is easy to use and navigate. It allows you to set goals and manage your savings."

"It's a good app that helps you know how to manage my finances and also how to budget."

"The app was very useful; now I know exactly how long I have until I finish saving for my vacation."

"It's easy to use and makes everything so simple for me, helping me calculate my budget."

"The app is a great financial management tool with a user-friendly interface."

"It's informative, explains everything in detail, and teaches a lot about hustling and connecting with relevant people."

Top WhatsApp feedback

Top WhatsApp feedback

Name

Negative Feedback

"The app appears to be a promising solution for freelancers, offering a comprehensive set of features and community support tailored to their unique financial needs."

The app was bad; couldn't get to understand how to use it... doesn't elaborate.

"I like the part where you can follow up on unpaid invoices and the setting of goals."

I don't understand anything yet it does look easy to navigate.

"It helps with budgeting, securing finance, and promotes financial goals. It also helps one connect with like-minded people, businesses, and advice."

The application can be somewhat perplexing, lacking clarity regarding its specific requirements and overall usefulness.

"The app is very helpful in specific areas and is simple to use."

The app is a little confusing. It seems a little bit disorganized. Maybe reconsider the layout.

"The app is easy to use and navigate. It allows you to set goals and manage your savings."

It was good, but I couldn't really understand it that much. Good experience though.

"It's a good app that helps you know how to manage my finances and also how to budget."

I just signed up and logged out, but it's good.

"The app was very useful; now I know exactly how long I have until I finish saving for my vacation."

The app can be somewhat perplexing, lacking clarity, and needing more explanations.

"It's easy to use and makes everything so simple for me, helping me calculate my budget."

"The app is a great financial management tool with a user-friendly interface."

"It's informative, explains everything in detail, and teaches a lot about hustling and connecting with relevant people."

There are no rows in this table

⁠

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