Improved
Cost Per Lead
Increase in Landing Page Conversion Rate
Increase in
Lead Quality
Improved
Cost-Per-New-Client
Trinity Credit Services is a Texas-based credit repair company that helps those with less desirable credit take steps toward their financial freedom.
Although, Google AdWords has traditionally been an excellent source of profitable credit repair leads for companies like Trinity, recent changes to the dynamics of the credit industry created a number of challenges.
One major factor of their business was using Google AdWords to fuel one-time credit repair deals. They realized this would not be sustainable forever, so the executive team at Trinity began to rebrand their company under a new umbrella called Sperity Credit Repair.
The change they proposed was for the Trinity brand to continue to operate as a one-time solution for those in need of urgent assistance, whereas Sperity would focus on helping customers with long-term solutions to fix their credit and improve their overall financial well-being.
In August of 2016, they invited Monzurul.com to help manage this brand development and transition and to create an effective long-term marketing strategy.
Improving the efficiency of their PPC campaigns was the first task at hand. I worked with their developer team to accurately set up conversion tracking using form submissions, and to install call-tracking software onto their website.
I noticed their existing AdWords campaigns were not structurally sound. For example, many keywords and ad groups were duplicated two or three times and the budget was mismanaged. I also saw that quality search terms were coming in at an astronomically high cost-per-click.
Don’t get me wrong, I know it’s responsible to apply best practices in many cases, especially when it comes to managing a business. However, when it comes to Google AdWords, there is no guarantee that the same strategy will have equal results for two businesses, even if they are similar. When it came to developing a plan for Trinity, I really had to ignore “best practice” knowledge and rely on creative thinking to construct the best plan of attack. There was no point in working from preconceived notions of ad relevance, search query intent or landing page content!
Instead, we implemented advanced A/B split tests, and an understanding of consumer behaviour to turn this account around. We put away our “traditional thinking” and dug into psychology to help us devise an effective campaign.
For example, by testing different keywords such as “credit repair company” and “how to improve my credit”, we were able to determine which set of keywords was more cost-effective. This not only lowered the CCP, but it also increased the click-through and conversion rates on the account. What’s more is that we were able to help Trinity stand out from their competition by using different terminology that was just as effective but at a lower cost.
Psychology plays a big part in the development plan of a marketing strategy. As I continued to analyze data and gained a better understanding of Trinity’s customers, I found there were two main groups in the user base. There are those that need the service for a specific purpose (financing a home, for example), and there are those that need more comprehensive service offerings (such as people that recently filed for bankruptcy and needed to rebuild their credit from scratch).
Many factors separated these two audiences. With those that only need help to finance a home, time is more of a deciding element than price. They are seeking short-term results, and are probably not interested in the long-term benefits of credit repair. They’re also more likely to be using their mobile device for searching on-the-go (perhaps while viewing a home).
I could see a great opportunity for custom landing pages that would accommodate these two audiences. This was also a way to effectively start transitioning the bulk of the ad spend from the Trinity brand to the Sperity brand.
With any lead-generating initiative, the main challenge is evaluating each lead that comes through and optimizing it for better lead quality. When my partnership with Trinity began, their sales team was closing leads at a rate of about 10%. My plan was to improve the quality of leads they received so they could afford a higher cost-per-lead in the AdWords campaigns and ultimately drive more business.
The next step was to establish feedback mechanisms with their sales team so that we could get a better understanding of quality leads.
This helped us discover that many leads were rarely declaring their intent in their search query (like financing a home, for example). They were more likely to just be searching for credit repair, as opposed to credit repair for home financing specifically. Once we had this data, we took steps to ensure we had the most relevant content on our landing pages, resulting in lower cost-per-quality-lead and a greater conversion rate.
We also found that the most common cause for leads not closing into deals was because of the cost of the service. This led us to launch remarketing initiatives that were specifically geared toward former leads dating back 2-3 months prior that hadn’t closed into deals. We then incorporated a test offering a 10% discount to these former leads, which helped generate noticeable interest with this audience.
I was able to slowly increase the amount of Sperity leads in proportion to Trinity leads over time. This was done by improving the structure of the AdWords account, setting up accurate conversion tracking and effective feedback mechanisms, and conducting multivariate testing.
Although both brands are important components in sustaining the business in the long-term, we identified which brand was best-suited to specific clients and initiated campaigns that targeted those particular audiences with the brand that was a better match. We targeted users seeking one-time credit repair solutions with the Trinity brand and then advertised the Sperity brand to those interested in a more comprehensive and long-term solution to improve their overall financial wellbeing.
In just one month, my client saw amazing results!
The sign of success for these accounts was that the Sperity brand grew in a unique space of credit repair and mentorship, while the existing Trinity brand continued to see a steady flow of one-time credit repair leads.
Overall, I helped the client achieve a 9.5% increase in their conversion rates, thanks to ongoing testing and optimization of custom landing pages and other website content. Along with ongoing feedback from the Trinity sales team, I was also able to help improve their close rate by 85%.
Because of the improved lead quality, the client had fewer restraints on the break-even cost-per-conversion from their PPC efforts. This allowed me to experiment with new initiatives that ultimately brought in more business. These initiatives improved the overall cost-per-new-client by 37%.
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Like fingerprints, no two businesses are the same. I believe in providing my clients with customized Google Ads management that gets specific results for their particular business.
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Many different factors determine the cost of online marketing. Every one of our clients is willing to spend a specific amount of money based on how many areas they are servicing. It really depends on how many leads you want to receive in a month and how competitive is your local area.
Yes! There are many ways to generate leads for your business. We all love free. Our favorite free method to generate leads is to create and optimize your Google My Business account. You’ll be able to get reviews, and reviews help you get more customers when prospects are searching for your business. Having a Google My Business profile seriously enhances your overall marketing efforts.
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There are no contracts. You’re not tied down. If you’re not happy, there are no strings attached. Obviously, we’ll do everything in our power to make sure you are getting the exact customers you want for your business. If for whatever reason, you’re unhappy, we request a 30-day notice before either putting your account on pause or canceling altogether.
Again, this is on a “per case” basis. If you only have $1,000 to spend, you could easily go through $1,000 in a day if you don’t know what you’re doing. If we’re managing your Google Ads for you, we set daily limits based on how many leads you want to get each month.
We wish we could give you a guaranteed number of leads per day, but it all depends on how many people are searching for your service in your targeted area daily. We aim to get you to pop up for as many searches as possible, so you’re the first company they call. The number of leads per day also depends on how much money you spend each month on ads. We like budgets.
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