Worthy

The objective

Provide constant flow of new leads

Worthy is an online marketplace for pre-owned luxury goods, such as jewelry, diamonds and watches. The company provides a flawless experience for both jewelry sellers and buyers. Luxury goods sellers get an A-to-Z solution: Worthy takes care of jewelry item shipment, preparation, and the actual sale. All the seller has to do is submit a form on Worthy and, if they are happy with an offer, they ship the item from all over the US via courier service supplied by Worthy.Worthy has no shortage of buyers due to their great jewelry and highly competitive prices. Their main challenge is recruiting potential sellers, who are in most cases one - time contacts. Therefore, Worthy constantly needs to generate new sources of traffic to reach new audiences. TikTok's new startup program, TT4S, was a great opportunity for Worthy to test TikTok as a performance platform. The campaign's key objective was to deliver leads at a set cost per acquisition, determined based on their experience with other platforms.

The Solution

Uncovering platform potential with TikTok for StartUps Israel

The TikTok for StartUps program is designed for startup companies who are launching TikTok activity for the first time. Companies that qualify receive produced creatives, ad coupons (equivalent to a certain ad budget) and a period of managed service. The following factors contributed to Worthy's success on TikTok:

• Testing creatives

As a TikTok for StartUps program participant, Worthy received 10 produced creatives. Creatives were delivered in two bundles of five. The initial bundle was designed to define which creative approach worked best for performance. The ad creative, based on a popular TikTok trend, demonstrated the lowest CPA ( -30% vs target), so successive creatives were also designed based on TikTok trends.

• Targeting different audience segments

In the beginning, what type of audience would convert best was yet to be determined, so the brand implemented a broad targeting strategy. The best performing segments were then expanded to look-a-like audiences. Additionally, they targeted male audiences which also converted well.

The results

Turning impressive results into always-on activity

Having embarked on the program, Worthy saw a CPA decrease of 30% from its set KPI upon program coupon termination, actually after a week of advertising on TikTok. Seeing such success at very early stages, Worthy committed to an always-on campaign. So far, the brand's initially set CPA has been reduced by 46% and CPC by 40%.After 4 weeks of the campaign, the conversion rate to real life shipments (that is the actual jewelry items shipped from all the amount of submitted emails) is over 60% (and counting) from similar KPI on other platforms, where Worthy has been active for years. After four weeks, Worthy has increased its campaign daily budget tenfold.Upon conducting audience research via an onsite questionnaire, Worthy managed to discover that TikTok placement delivered additional unattributed conversions. With these findings in mind, total real life conversions exceeded the initially planned amount by +440%, demonstrating TikTok halo effect.