An 8,123% Increase In Leads In The First 3 Months And Millions In Sales!
A UK based pension finance company, that specialises in helping customers draw down from their pension early, through their Pension Commencement Lump Sum, approached us with the following Google Ads challenge:
- Decrease our cost per conversion
- Increase our number of conversions
- Increase our poor conversion rates
- Ultimately help us profitably scale up!
Needless to say, challenge accepted.
- A VERY detailed data analysis carried out by our most senior media buyers and data analysts. From this, we were able to draw several conclusions, such as:
– Click through rates and impressions were good but conversion rates were very low, with many keywords not driving traffic.
– Performance grade: 27%
– Quality score of 3.8 [7+ should be the target].
– Advertising spend was being wasted through a lack of negative keywords.
– Cost per conversion fluctuated a lot, with the current year being the most expensive on record.
– Conversion drop started in August, Cost per conv. has increased but at the same time impressions and clicks have increasing as well.
– Best days for advertising were Monday and Wednesday.
– 99% of Conversions came from Mobile devices.
- Advanced lead tracking implemented and tested.
- A data-driven strategy was formed using the findings from the analysis. This included:
– Since the click through rate was high but conversion rate was low, there was a need to test a lot of new ad copy to improve relevance.
– We recommended optimising the landing pages for conversions & running regular CRO tests.
– Since most of conversions came from mobile devices, this is where the majority of budget should have been used to minimise wasted ad spend.
– Since ads performed well on Mondays and Wednesdays, there was a need to improve the ads schedule.
– With a quality score of 3.8, we needed to improve this by at least 2.5 to save £6,993.25 or mean 3,683 more clicks/month.
– The negative keyword lists needed improvement, to minimise wasted ad spend. We estimated this to be £7,649.11 in the past 90 days.
– Impression share needed improvement to compete against the competition.
– Trial display advertising (remarketing, profiling etc.) to reduce CPC, increase traffic volumes and improve conversion levels.
- Profitably scaled from 17 leads per month to 1,398 leads per month. An 8,123% increase in leads in the first 3 months.
- Cost per conversion decreased from £1.4K to £14.70.
- Conversion rates increased from 0.15% to 8.29%.