Quara Case Study: Hometap Acquires Customers With Promoted Answers
Hometap provides homeowners with an opportunity to tap into their home’s equity without monthly payments or having to take out another loan. In addition to building this new product category, Hometap aims to acquire new leads at costs that are less than, or equal to, their existing ad channels.
The Hometap team found many questions, topics, and conversations on Quora surrounding home equity loans and financing. Knowing users were in the evaluation and consideration stages, Hometap targeted relevant content and engaged with the community with Promoted Answers.
Rachel Keohan, Hometap’s Head of Marketing shares:
“Not only are we an early stage company, but we’re trying to build a new product category and there’s not a lot of education around this new alternative financing option. For us, we often have to provide people with some more information and education before they feel comfortable converting on our site and entering our funnel. That’s why I think it’s a good match with Quora. It’s a natural fit that we can do a little bit of education on the platform and then get people onto our site, where they can learn more.”
Since education is a key part of Hometap’s funnel, Promoted Answers were another “natural fit”. Promoted Answers are native to Quora and lets Hometap educate users about their industry before inviting them to their website to learn more.
The Hometap team was pleasantly surprised by the volume of leads they received in their first month of using Promoted Answers. CPAs were also 25-30% lower than their average costs on other digital channels.*
Read more here.