Our part time CMO helped this car leasing company with its its brand proposition and marketing strategy.
LeaseLoco.com, launched in 2019, is a venture capital start-up that serves as a comparison platform for car and van leasing deals. The founder, a seasoned entrepreneur, has a history of building and selling prosperous businesses. The car buying and, more specifically, the leasing sector is fiercely competitive, with many established brands wielding significant marketing budgets. However, the industry suffers from a lack of brand differentiation, making many competitors’ sites and offerings largely indistinguishable to consumers.
The CEO’s primary mission is to differentiate LeaseLoco.com from its competitors by leveraging a unique car leasing brand proposition. The goal is to become the most recognisable online car leasing marketplace for both consumers and businesses. Over the next five years, the CEO aims to position the company as the market leader in revenue and eventually attract private equity investors for a lucrative sale.
The car leasing market is saturated with well-established brands investing heavily in brand communications and online lead generation. New entrants, like LeaseLoco.com, face the challenges of tight budgets and low brand recognition. To overcome these hurdles and acquire customers cost-effectively, the CMO set out the following objectives:
- Develop a clear CMO-led growth strategy focusing on online lead generation, aiming to maximise performance, conversion, and revenue growth.
- Assume daily management and mentorship of the marketing and e-commerce teams.
- Establish a flexible marketing and e-commerce resourcing model that can adapt to business needs.
- Design a comprehensive campaign and channel acquisition plan to improve relevant marketing funnel metrics and KPIs.
- Foster a culture of marketing and sales excellence.
What the CMO Did
With vast experience in scaling private equity start-ups, especially online marketplaces, the CMO collaborated with the CEO for over two years on a part-time advisory basis. Their primary role was to define a clear brand proposition and growth strategy, while supporting plans to raise additional investment round and expand the marketing channels and team to achieve growth targets.
Provided Leadership and Strategic Insights
The CMO, conducted a comprehensive review of the company’s marketing channels, team capabilities, online experience, and brand recognition. Collaborating with the CEO, they crafted a focused automotive leasing marketing strategy and channel acquisition plan to meet the 3-year commercial targets. This involved prioritiaing both long-term strategies and immediate objectives to enhance performance.
Designed and Delivered a Transformational Change Roadmap
Upon reviewing the organisation, the CMO identified the need for pivotal changes in several areas to enable business scalability and to compete effectively:
- Commissioned external research to define a clear brand strategy. Engaged a specialist brand agency to develop a compelling and differentiated brand proposition, ensuring LeaseLoco.com stood out in a crowded marketplace.
- Overhauled the website to offer a “best in class” experience, emphasising the brand differentiation in car leasing. This involved consultations with key stakeholders, considering employee, product, operational, and customer requirements.
- Implemented a CRM and campaign automation model to boost conversion, acquisition, and customer engagement. This led to a significant increase in new leads via email channels.
- Structured an organisational framework, defining roles and responsibilities, and recruited a dedicated team for digital growth.
Day-to-Day Management of the Business
The CMO played a pivotal role in shaping the company culture, addressing daily challenges, celebrating successes, and identifying opportunities. They built a team equipped with the necessary resources and skills to support the agreed growth strategy. Additionally, they introduced a new marketing dashboard, enabling comprehensive performance reviews across channels and facilitating future campaign planning.
- Overall Cost per Acquisition across all channels has been reduced by 50%
- Brand new website and functionality rebuilt that has resulted in increased conversion by 27%
- Business has now moved from loss-making to break-even and now delivering the first months of profit,
- Won 2 new brand distribution partnerships with AA and CompareTheMarket.com
- Successfully secured £5m investment to support the new business plan