Adapting Ad Copy for More Clicks and Conversions
IMPAQT Case Study: Financial
A top financial institution wanted to maximize account generation in a competitive environment. Due to recent changes in the regulatory environment, the client adapted some of its policies and subsequently had witnessed a decline in sign ups. They knew that this decline would continue if action was not taken quickly. So, they looked to IMPAQT for strategic guidance and recommendations to improve their performance.
QUESTION:
How could IMPAQT help this client attract more prospective clients and encourage them to open new checking accounts via Paid Search?
REVELATION:
IMPAQT saw an opportunity in testing a variety of components through ad copy. Specifically, the recommendation was made to add a sense of "urgency" to their ad copy. The rationale was that if the searchers were aware that this was a "limited time offer," they would be more likely to click on the ad and visit the Web site instead of continuing their online checking account research elsewhere. Because the consumer checking space is extremely competitive, both ad copy and offers need to not only entice searchers, but also create an immediate call to action. IMPAQT recommended adding "urgency" messaging such as: "Act Now,""Limited Time Offer," and "Hurry, Offer Ends January 31st."
As with most financial services clients, the legal restrictions and approval cycles are quite stringent. As such, the IMPAQT team worked with the company's legal department to ensure that all new messaging was acceptable. Once given approval, IMPAQT launched the ad copy and saw positive results almost immediately.
Soon after launching the new ad copy, the team noticed that while conversion rates increased, the clickthrough rate (CTR) had fallen. A reduction in CTR reduced the Quality Score and therefore resulted in higher CPCs. The lower traffic numbers also yielded a reduced conversion total. Continued testing proved successful once again. IMPAQT tested the "Official Site" messaging, used in the previous ad copy, which proved to gain a much higher CTR. IMPAQT's team decided to combine the best of both worlds and use "Official Site" and "urgency" messages. This structure solidified brand recognition while giving searchers a call to action. As soon as this strategy was incorporated into the ad copy, both CTR and CPCs improved while keeping account conversion rates high.
The IMPAQT:
Because of IMPAQT's attention to detail across multiple metrics and determination to find the best solution possible, the client saw a 200% increase in conversions. This improvement shows how powerful a few small changes can be in the online space….that of course and a bit of ingenuity!
"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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Adapting Ad Copy for More Clicks and Conversions