Peerspace is an incredibly diverse platform that provides professionals and consumers access to unique spaces. Our audience comes from a wide variety of industries—from production and technology to consumer needs like birthday parties and bridals showers. This means that our target demographic includes just about every adult in the US.

At first, we started trying to speak to our entire audience by showcasing our product front and center in all communications. But we soon learned that when you try to speak to everyone, you speak to no one. 

While this approach can work in some aspects, it was far from being effective or efficient. To combat this, we began retargeting users with AdRoll dynamic product ads. This allowed us to showcase spaces that consumers had already viewed online—but it still wasn’t enough for us. We were missing messaging that spoke specifically to individual consumers’ needs. What we really needed to do was add a brand layer created from a more in-depth understanding of the particular needs of each customer segment.      

So we went back to the drawing board and asked ourselves, “Who are our most important business users? What are their personas? What activities are they using us for? What benefits do we provide to them? How can we segment them on our site?” To get answers, we looked at our booking data and performed secondary research. This resulted in identifying our value-add to three key personas: Off-site, Event, and Production.

First, we set out to identify each user’s interaction with our business. This showed us the importance of segmenting and creating unique values for each persona. For example, while ease of booking on the platform was common to all personas, the other benefits varied greatly. For some, the benefit was the cost savings. For others, it was the ease in location scouting and, for many, it was access to an inspiring environment.

From this research, we noticed that our audience in the production industry has two major pain points that we solve for them:

  • We are able to eliminate a 30% location scouting fee that they previously had to pay
  • Previously, they drove around to see locations due to a lack of access to a visual library of sites. However, our platform minimizes this given the easy access to our archive of beautiful images.

The research also raised the importance of using retargeting. We identified that it took this same audience in the production industry a median of 25 days to get into the planning process and, resulting in a median conversion window of 4 days.  These conversion windows varied by segment as well.

Armed with all of this information about our key consumer personas, their needs, and their behaviors, we defined our retargeting program. The time window informed the frequency duration by which we showed users ads. This was determined based on the intent segments each user fell into. The personas pushed us to build audiences and develop unique creative for our three meta-categories of Off-site, Event, and Production, which we were then able to integrate into our dynamic product ads. Adding the layer of persona-based creative advertising allowed us to tightly control the visual identity of our brand while presenting a relevant message that addressed their core need. This resulted in a noticeable upswing in the users responding to our ads with clicks.  

After our shift in strategy, we reduced our cost per acquisition (CPA) by 32%, while increasing our conversion volume by 73%.

A very special thanks to Kimmie at AdRoll for her partnership and support with this strategy.

Jai is a high impact Marketing executive with experience leading various facets of Marketing.  He has held Marketing leadership positions at Peerspace, Facebook, TripAdvisor, and Vistaprint.  During his 10+ years in Marketing and additional time in broader consulting at Accenture he has generated over $500M in cumulative revenue and over 200M in monthly active user growth.  You can view his Linkedin Profile here