Using Offline Data to Inform Search Buys
IMPAQT Case Study: Financial
A top credit card issuer realized that making decisions based on leads-based data was not conducive to reaching their marketing goals. As online competition continued to increase rapidly, the client knew they needed to make a change in order to gain market share and grow the quality of new card issuances within Search. They decided to move away from a leads-based business model to an acquisition-based model, and sought IMPAQT's help to make this move.
QUESTION:
How could IMPAQT help the client implement an acquisition-based business model for Paid Search and increase online acquisitions while keeping costs down?
REVELATION:
IMPAQT developed a new tracking solution for the client and combined our data with the tracking method already in place on the client's site. This new tracking solution provided insight into keywords where conversion rate was greater, but lead cost prohibited purchasing.
IMPAQT also set up new reporting features that showed account characteristics based on offline data, such as applicants' FICO scores.
Over time, we were able to attribute value to customers in different geographic regions based on payment performance and credit score. We took the analysis a step further and combined this account data with other regional economic factors, such as job growth. We used the combined data to analyze
each geographic region based on the likeliness to:
- Gain a high number of acquisitions.
- Acquire accounts that would be most profitable for the client.
- Have a Cost per acquisition (CPA) that would be acceptable to the client.
Taking all three factors into account, we recommended regions that would be most profitable for the client to target. Our team then specifically targeted these regions via Paid Search. By excluding the least profitable regions, our client was able to allocate that Search spend to other, more profitable, areas.
The IMPAQT:
Through IMPAQT's efforts, the client saw a dramatic improvement in campaign performance.
- 200% increase in accounts per month within the first two years.
- CPA targets were able to hold steady throughout the development and growth of the program.
- All account acquisition goals were exceeded by at least 30% after the first month of the program.
- Keyword level data was included within the internal reporting systems of the client.
Outstanding customer service was key to the success of this campaign. Find out what type of customer service your vendor should be providing and why.
"Our observations of the vendor's management team show them to have two refreshing attributes that are disappointingly absent from other vendors we reviewed: 1) they take an emotional stake in their company and in their clients' welfare, and 2) they're a practical group who focuses more on doing the work than on how they spin what they do."
The Forrester Wave™: US Search Marketing Agencies, Q1 2011 (January 2011)
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Using Offline Data to Inform Search Buys - IMPAQT Financial Client Case Study