This client offers small business loans to all types of businesses, including restaurants and physician offices. The loan industry is an extremely important one, many up and coming businesses require loans to grow or simply get through a rough period, and long existing businesses are not immune from needing extra cash. The client does not offer loans to startups, and businesses need to exist for six months in order to qualify for the loans.
Due to the CLV of loan customers, search marketing is expensive for this industry. However, just because something is expensive does not mean it isn’t profitable, so the client consistently spent large amounts on monthly advertising to drive leads.
The client’s main challenge was decreasing CPL without decreasing the amount of leads. The volume increase had to be monitored, because the quality of leads could not be sacrificed for the sake of quantity.
This meant that not only would new campaigns be needed, but they would have to be monitored closely in order to prevent low quality leads from wasting the budget.
The client joined our firm on March 1st 2016 with a CPL that previous February of $136. There was a lot of room for improvement but light treading would be required to keep business flowing.
In order to cut down on CPL, we used a very thorough process on search queries in order to create negative keywords we did not want to show up for. Besides simply looking for negatives and launching just exact match, we analyzed the negatives we found and determined the parts of the queries that made the search bad for the account. When a new campaign was launched, these negatives were done daily in order to save on spend. New campaigns were created using a combination of Broad and Broad Match Modifier.
Using broad match modifier limited bad leads as well as irrelevant queries, but this set up still allowed for the growth of impressions. Keywords were chosen based on previous performance, and then time was taken to accurately determine which words should get the BMM “+”. After a couple of weeks of daily checks on queries, we moved to a weekly check.
Since the client was not yet advertising on mobile, we set up some accounts with a negative mobile adjustment in order to gauge effectiveness. After seeing success, we added a click to call campaign. In February there were no mobile ads, in March we generated 753 leads at just under a $70 CPL.
Since lead quality was extremely important to our client, we went beyond adwords and analytics in order to figure out where we were getting our quality leads. Using tracking codes, we were able to follow leads from their query all the way through the sales funnel. We analyzed which campaigns were pulling in higher value clients and with that made sure we were properly spending the budget.
We also implemented the use of other platforms, such as Adroll and Bing. We found Adroll to be a good platform for remarketing campaigns. The leads from Adroll increased by 140%, from 69 to 165, while decreasing the CPL by 32%, from $91.13 to $62.21.
In just a few short months, we were able to drop their CPL by 32%, going from $136 in February to $93 in May. If lead numbers stayed constant, the CPL decrease would correspond to a $51,686 savings.
However, leads did not remain constant. In that short time, we were able to increase the amount of leads by 60%, from 1,202 to 1,914.
• CPL decrease by 32%
• Lead quantity increase 60%
• Lead rate increase of 52.6%
• From Feb to May, the increase in leads was also accompanied by a 31% decrease in impressions which means there was an optimization in keywords, we targeted the audience we knew were more likely to convert.
• Mobile campaigns generated 753 leads in May at below $70 CPL
Since lead quality was extremely important to our client, we went beyond AdWords and analytics in order to figure out where we were getting our quality leads.
Using tracking codes, we were able to follow leads from their query all the way through the sales funnel. We analyzed which campaigns were pulling in higher value clients and with that made sure we were properly spending the budget.
In the past I’ve had terrible experiences outsourcing my digital marketing efforts but our company and my tasks became so overwhelming that in order to grow I had to hire someone to help me.
My industry is also extremely competitive so advertising costs are astronomical. When talking to Pure Digital I could tell right away that they knew the digital marketing landscape well and that I wouldn’t have to micro manage them.
After 3 months of working with them I can truly say that I’ve found a partner in digital marketing and I’m glad I chose to hire help, and I’m glad I chose Pure Digital. They’re smart, innovative, dedicated and have extremely great work ethic.
They’ve earned my trust moving forward and that’s not an easy thing to do. I would recommend them to anyone I know with a huge stamp of approval.
Daniel - CMO