Case Study•Consumer Goods

Thermos

Global Drinkware Brand

Engagement: 5 months + ongoing

+94%

Contribution margin increase

+86%

Revenue growth

+86%

Conversion increase

5mo+

Ongoing partnership

The Challenge

Thermos was struggling with conversions, revenue, and scaling profitably. Their previous agency had been double-counting conversions, creating a false picture of performance.

The result: inflated ROAS figures, misallocated budget, and no clear path to profitable growth. Every decision was based on fundamentally flawed data.

Before any optimisation could happen, we needed to establish accurate baseline metrics, then rebuild the account architecture around commercial reality, not vanity metrics.

Diagnostic Summary

What Was Misread

Double-counted conversions had inflated ROAS by approximately 40%. Every optimisation decision for the previous 18 months was based on fundamentally incorrect data.

What Was Diagnosed

Beyond the tracking issue, campaigns were structured by product type rather than by margin tier. High-COGS products competed for budget against low-COGS bestsellers.

What Was Not Changed

The creative assets and landing page experience were already strong. We focused entirely on tracking accuracy and campaign architecture-no CRO intervention was needed.

What Risk Was Avoided

Scaling based on phantom conversions would have amplified losses. Every additional pound spent would have delivered half the expected return-a path to significant budget waste.

Engagement Timeline

How the engagement progressed

Week 1-22 weeks

Tracking Audit & Baseline

Identified and corrected double-counted conversions. Established accurate baseline metrics for the first time.

Week 3-42 weeks

Campaign Restructure

Rebuilt account architecture around product categories and COGS levels to enable margin-aware bidding.

Month 2-38 weeks

Profitability Optimisation

Shifted strategy from volume-based targets to contribution margin. Enhanced product feed for Shopping and PMax.

Month 4+Ongoing

Scaling & Ongoing

Scaled profitable campaigns with commercial confidence. Contribution margin up 94%, revenue up 86%.

Our Approach

Fix the data, then build campaigns around profit, not phantom conversions

Conversion Audit: Uncovered and corrected the double-counting issue, establishing accurate baseline metrics for the first time

Campaign Restructure: Rebuilt the account architecture, breaking down campaigns by product categories and COGS levels to enable margin-aware bidding

Profitability Focus: Shifted strategy from volume-based targets to contribution margin, ensuring every pound spent had a defensible commercial purpose

Feed Optimisation: Enhanced product data to improve Shopping and PMax performance across the drinkware range