Background
CoHive, formerly EV Hive, is an Indonesian coworking company offering flexible workspace, business services and networking for entrepreneurs and startups across 19 locations, including Jakarta, Tangerang, Medan and Surabaya. In June 2019 it raised US$13.5 million in a round led by Korea’s Stonebridge Ventures, and it has grown beyond coworking into living spaces (CoLiving) and retail services (CoRetail).
Pain points
CoHive generated most of its leads from paid search. At the start of Q2, fierce competition pushed costs above expectations, so CoHive focused on conversion rate optimization to lower cost per acquisition and improve ROI on the previous quarter.
What we did
High-quality landing pages for A/B testing
We built new landing pages designed around one goal: getting visitors to convert. Structure, design and copy varied by goal, navigation stayed simple and load times dropped. Across four new landing pages, the A/B test campaign captured more leads at an average 43% higher conversion rate.
Ad strength optimization
Overpaying for clicks drains ad budget, so we monitored campaigns and refined bid strategy, ad copy, creative and ad relevance in line with market trends. Click-through rate rose 203.1%, which cut CPC 18.33%.
A new Performance Max campaign
To reach a wider audience across Google’s products, we onboarded CoHive onto Performance Max and matched ads to Google’s signals on intent, behaviour and context. The new strategy delivered 40% more conversions at a 62% lower CPA than the previous period.
Result
Conversion rate optimization delivered results well above CoHive’s usual targets: a 90% higher conversion rate, an 18.33% lower CPC and a 62% lower CPA than the previous strategy.