Washington, D.C.-based Fundrise makes it easy for new investors and seasoned veterans alike to diversify their portfolios with institutional-quality real estate investments. Founded in 2010, the company currently manages more than $1.1 billion in assets for more than 130,000 investors.
Indeed, Fundrise has seen great success in the investing space. But it’s difficult to convince people to invest during a pandemic and in a time when the health of the economy is up in the air.
To share the message of investing in stable options during a time of volatility, Fundrise needed to drive brand awareness and educate the everyday (and seasoned) investor about their unique offerings. Although they had experimented with small-scale podcast advertising in-house, they needed a way to optimize, scale and manage beyond what they were doing with a four-person growth and marketing team.
Choosing Veritone One
With marketing leadership who had worked with us while previously working for Uber, Fundrise knew we would be an excellent option to help them expand their audio advertising strategy and reach. We started with Fundrise by utilizing a targeted direct response podcast campaign. Podcasts were a perfect fit for Fundrise, as podcast listeners generally have a high disposable income — more than 55% of podcast listeners have a household income above $75,000 a year, compared with 41% of overall U.S. households that earn that much, according to Nielsen.
For Fundrise’s podcast campaign, we started by targeting niche shows: business, investing and entrepreneurial formats that would hit their intended demographic while layering on larger placements with higher reach and frequency to amp up brand awareness and flood the market.
Unique measurement and learnings for Fundrise’s podcast strategy
Looking back at the Q3 campaign for Fundrise, there were two unique trends that emerged that we were all surprised to see. The first was that host-read ads, without personal endorsement, performed the best. This is not the norm for most podcast ads, in which host/personal endorsement is typically the golden ticket.
The second unique performance factor for Fundrise was that longer ad reads did not tend to perform best. Fundrise’s best ad reads fell cleanly between 1-1.5 minutes. These takeaways were one of many from Q3 and were all considered for the Q4 brand awareness campaign and beyond.
Optimizing a brand-awareness podcast ad strategy
While the direct response podcast campaign performed well on investment-related shows to target a key demographic, we added to their success for Q4. For brand awareness, we expanded the audience target, the type of shows and the campaign goals. We’ve tested into new genres and audiences — political, millennial and female — to grow awareness and reach. The budget, goals and metrics have also evolved with the strategy, and we’ve added pixel tracking to enable a deeper level of attribution.
Over the next month, we hope to see what we’ve already seen in the first few weeks on the new plan: positive brand lift and awareness driven from the new ad campaign. We also hope to continue seeing our core niche placements driving direct response activity.
Fundrise’s steady and stable real estate investment offering is an attractive one, and we have seen positive response from our carefully targeted podcast ads.
If you’d like to learn more about how to leverage podcast advertising to drive direct action and build brand awareness, our team is ready to chat with you. Contact us.