Betterment bets on DOOH strategy

Betterment, an investment app, has invested in a DOOH strategy, according to a report by Anthony Vargas in adexchanger.com.

Where competitors have leaned heavily into online advertising, the move was seen as unusual by analysts, but the strategy seems to have paid off in engagement.

"Coming into 2022, we knew the market was hot and the category was expanding," Matthew Prager, director of acquisition marketing at Betterment, said in the report. "But the financial services space is crowded, and somebody isn't going to be able to research 10 or 12 options before they make their decision."

In partnership with Vistar Media — which partnered with FourSquare — the company pursued a multichannel DOOH campaign.

"Betterment designed a data-driven, cross-channel programmatic campaign across digital display, CTV and DOOH to reach the company's target audience of tech-adept professionals between the ages of 25 and 54 with a $100,000-plus household income," Vargas wrote in the report. "The campaign ran between December 2021 and February of this year."

Target cities included Cinncinati, Denver, Milwaukee, St. Louis and Portland.

"Our ultimate KPI is somebody funding their account, but getting them through the journey can be difficult," Prager said in the report. "Once you get into our ecosystem, either by visiting our site or giving us your email address, that decreases the cost of converting that person exponentially."

ROI results were robust. "Betterment saw a 130% lift in brand consideration as a result of the campaign, a 65% lift in brand awareness and a 117% lift in account sign-up intent," Vargas wrote in the report. "People exposed to the DOOH campaign were 56% more likely to visit Betterment's site."

"The big takeaway is that having this broader exposure and then retargeting on a one-to-one basis can be successful in driving people though that [full-funnel] journey," Prager added in the report.