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20 Mar Meta Paid Media Boosts Ibotta Walmart Redemptions 27%

Posted at 05:55h in Case Studies, case studies child 3 by
13 Likes

+216%

from free offer 

+27%

from increased ad
budget

 

80/20

Walmart in-store vs. Walmart.com 

Context

We were running an Ibotta rewards campaign for our brand partner, CanDo (makers of the low carb low sugar protein bar, Krisp) and wanted to boost performance by promoting the offer through paid media.

objectives

  1. Boost the Ibotta offer redemption rate
  2. Open the offer up to relevant audiences outside of Ibotta’s 6 million members
  3. Quickly increase sales velocity at Walmart (in-store and online)

Tactics

  1. Launched an Ibotta rewards campaign for Walmart with a $1 OFF offer before upgrading to a FREE offer ($7.34 value)
  2. Leveraged Ibotta’s audience data for expanded targeting
  3. Partnered with LiveRamp to have the following audiences transferred to our Meta account and excluded each audience from the others to prevent overlap:
    1. Keto Dieters (22.8 – 26.8 million)
    2. Keto Shoppers (50.1 million – 58.9 million)
    3. Visited Health Retailer (33.5 – 39.4 million)
    4. Health Interests (2.6 – 3 million)
  4. Developed creative that was relevant to the offer and retailer (see video below)
  5. Starting 12/27/22, we ran ads at $50/day for ~3 weeks and increased the offer value from $1 OFF to Free ($7.34 value)
  6. To further understand impact from the ads, starting 1/19/23, we increased ad budget to $100/day and ran for ~2 weeks more
  7. Overall, we invested $2.78K in ad budget

Conclusion

Because advertising attribution is not a functionality of Ibotta, we understood that redemptions from the Meta ads would be blended in with in-app members, as well as Walmart.com onsite/syndicated reward redemptions.

Thus, we looked for a correlation with when the ads started – and when the ad spend was increased – to understand the impact on sales velocity.

Looking at the chart below, you can see 2 major bumps in velocity:

  • 12/27/22: launched at a $50/day budget and increased the offer from $1 OFF to free
    1. +67% immediate increase in redemptions vs. the trailing 7-day (T7) average
    2. +236% average increase in redemptions during first 7-days vs. T7 average
  • 1/19/22: increased the ads to a $100/day budget
    1. +16% immediate increase in redemptions vs. the trailing 7-day (T7) average
    2. +27% average increase in redemptions during first 7-days vs. T7 average

Additional Metrics

  • ~20% of sales were through Walmart.com and ~80% through Walmart in-store
  • Paid Media
    • 13,180 clicks
    • $0.21 CPC
    • 3.91% CTR
    • 414,086 impressions
    • 159,821 reach
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