Operating in over 20 markets, Opendoor’s marketplace enables people across the US to easily buy, sell or trade-in a home. With over 5.34 million units sold in 2018, the housing marketplace is one of the largest high-value marketplaces in the world.
To accomplish their mission, it’s critical for Opendoor to have a strong paid social program to effectively reach, engage and drive potential home sellers to Opendoor’s platform.
This led Opendoor to pursue transitioning their advertising program from an external marketing partner to in-house buying and planning. But with the sheer number of social campaigns Opendoor creates, managing their entire marketing portfolio became an even more daunting task than they could ever imagine.
Along with this major challenge, Opendoor was also looking to increase their marketing investment to expand their national footprint. This meant they had to somehow maintain their current performance while growing their advertising program.
While Opendoor aimed to manage their social advertising, they needed a partner that understood how to best leverage social platforms, had the expertise to help guide their program and also the technology to leverage first and best in class bidding and optimization tools.
That’s when Opendoor partnered with Kenshoo’s Expert Services team to help them scale their program. Kenshoo’s Expert Services team provided transitional support to help Opendoor move their marketing program from externally dependent to internally managed.
Kenshoo’s platform was an integral part to Opendoor’s ability to grow their marketing investment and market penetration.
Thanks to Kenshoo’s team of social advertising experts and Kenshoo’s platform, Opendoor experienced exponential growth.
When comparing their performance leveraging Kenshoo to last year’s performance, Opendoor was able to increase spend by 144% without negatively impacting performance. The total number of new sellers on Opendoor’s platform increased by 171%, while the cost to acquire new sellers went down by 20% as Opendoor continued to expand into new markets.
Most importantly, Opendoor now manages all of their advertising in-house. No longer reliant on external partners to manage their program and still leveraging Kenshoo’s platform to grow their business.
Since 2014, Opendoor has provided people across the US with a radically simple way to buy, sell or trade-in a home. Headquartered in San Francisco, Opendoor currently operates in more than 20 markets in the US and has over 1,100 employees.
Kenshoo is the leading technology platform for brands looking to plan, activate and amplify effective marketing across the most engaging digital channels, such as Facebook, Google, Amazon, Apple, Microsoft, Snapchat, Pinterest, and more. In addition to Kenshoo’s suite of technological advertising solutions, Kenshoo has a transitional services team that supports brands and agencies seeking to learn about the platform and train their teams to manage their programs via Kenshoo.
Opendoor sought to migrate their entire social marketing program in-house.
Opendoor partnered with Kenshoo’s Expert Services Team to manage and transition their agency-led marketing program in-house.
Opendoor was able to increase spend by 144% without negatively impacting performance. The total number of new sellers on Opendoor’s platform increased by 171%, while the cost to acquire new sellers decreased by 20% as Opendoor continued to expand into new markets.