Ibotta is the leader in offline performance-based mobile marketing, delivering interactive media content to over 15 million users before they go shopping. With Ibotta, users are able to engage with brands, unlock rebates at their favorite stores, and earn cash back for making qualifying in-store purchases.
Headquartered in Denver, Ibotta is transforming the consumer shopping experience by making it easy for shoppers to earn cash back on their mobile phones. The company partners with leading brands and retailers to offer cash back on groceries, electronics, clothing, gifts, home and office supplies, and to date has paid out more than $90 million in earnings to shoppers.
Ibotta’s success hinges on growing and retaining a large volume of active users who regularly shop at major retailers. The company is an innovator in performance marketing, and it relies on a sophisticated advertising and user acquisition (UA) strategy of targeting high-value consumers.
But finding users is only part of the equation. The bigger challenge is finding quality and maintaining efficiencies. For Ibotta, this means bringing in engaged users who will make the app a part of their daily shopping routine.
Ibotta needed an in-app video advertising platform that could not only maximize its advertising budget and help achieve its difficult UA goals, but could also understand its complex performance marketing tactics.
Ibotta turned to Vungle to find the best opportunities to maximize its UA performance. In order to deliver the highly engaged users the company wanted, Vungle utilized a data-driven approach that focused on optimizing Ibotta’s creatives while also targeting high lifetime-value (LTV) customers.
By partnering closely with Ibotta to model its performance data against Vungle’s LTV optimization product, Vungle was able to drive four crucial factors to help reach Ibotta’s objectives:
Identify active customer segments most likely to install and regularly use Ibotta.
Develop new video ads and interactive end cards to appeal to Ibotta’s target audience and maximize conversion.
Find the right publishers with users that fall exactly into Ibotta’s ideal customer type.
Minimize risk and drive scalable high-quality user growth by running Ibotta’s creatives in the right apps.
Within three months of working with Vungle, Ibotta reduced its cost of acquiring new paying users by up to 50 percent. It also doubled the number of new users that made purchases within the first 30 days of installing its app.
Vungle’s creatives also drove higher conversions while allowing Ibotta to be more efficient with its ad spend. In some cases, Vungle’s interactive ads generated over 25 percent higher conversion compared to non-interactive creatives.
“We rely on an intricate performance marketing plan to reach and grow our customer base,” says Diana Kim, senior growth marketing manager at Ibotta. “For us, effective UA requires optimizing both customer LTV and creatives to work together. There aren’t a lot of ad platforms that can do either well, but Vungle is an expert in both.”
In addition to helping Ibotta drive high-quality installs Vungle also helped the company learn more about its core audience. This gave Ibotta more leverage to push for transparency around UA performance with additional ad networks it works with regularly. In the fragmented mobile adtech and tracking ecosystem, it’s important for advertisers to pinpoint which channels are providing them valuable (and not-so-valuable) users so they can make the most of their UA budgets.
Ibotta continues to grow its massive user base through unique, targeted performance marketing strategies. The company optimizes its UA campaigns for high-LTV users who engage with Ibotta long after the initial install, which organically increases the company’s retention, engagement and revenue over time.
“Vungle is one of our top advertising partners. I trust them to vet opportunities, develop our creatives and pull the levers for us,” says Kim. “Vungle understands how to optimize creatives and user LTV with post-install data. I know they always have our best interests in mind and will consistently deliver high-value customers to help us grow.”