AdvantageAutoLoans

The objective

Bringing more inclusive & affordable auto loans to everyone.

AdvantageAutoLoans is on a mission to facilitate accessible and affordable solutions for car buyers, and to achieve it, they needed to generate leads. Founded to help people struggling to secure loan approvals, AdvantageAutoLoans connects prospective buyers with a network of partners. They began advertising on TikTok in April 2023, but their targeting options were limited by Housing, Employment and Credit (HEC) ad guidelines, which protect TikTok users by restricting how these industries target. Despite these limitations, AdvantageAutoLoans identified a winning strategy through thoughtful experimentation.

The solution

Testing and refining creative and budget strategy.

AdvantageAutoLoans ultimate goal was to get the most high-quality leads at the lowest price, so they leveraged different creative strategies to reach their target audiences and used the Web Form lead generation option, allowing them to drive traffic back to their website, ask detailed questions, and qualify leads via unique, existing logic on their site form. While they started with 10 creatives at a time, their TikTok account manager advised them to utilize 3-5 instead, ensuring they had fresh creative ready to rotate in while also making sure they didn’t overwhelm users.

AdvantageAutoLoans also refined their strategy by experimenting with bid caps, allowing them to set a specific bid price per optimization goal, giving them more control over costs. They started their testing with $3K/day ad spend and a bid cap just over $3. From there, they were invited to take part in a beta for Hybrid Bidding Strategy (now a generally available feature), which provided a more flexible and streamlined method for switching between strategies as they optimized their approach.

The results

Fresh creative and expanded reach = more leads!

AdvantageAuto Loans met the need for a robust presence with boundless creativity, ensuring there was never a shortage of advertising options. Their focus on providing informative, relatable, and visually engaging content influenced by current trends paid real dividends. While complying with HEC restrictions, they gained more than 24K leads and achieved a 34% submit form rate. Thanks to their ongoing experimentation, AdvantageAutoLoans also maintained a $3.19 cost per lead (CPL), finding their optimal financial strategy while successfully achieving their goal of generating high-quality leads and increasing conversion rates.

The tips & takeaways

• Experiment with bid caps to determine the optimal price ceiling for reaching your advertising objective.

• Focus on what you can control. If guidelines place restrictions on your activity, explore the variables available to meet your goals.

• Test different creatives in batches to avoid ad fatigue and ensure you have varied approaches for finding what works.