How Analytics helped Loan Reload bring Cost per Lead down by 50%, delivering 35% growth in acquired customers
Cost per Lead
About Loan Reload
Loan Reload is a great alternative to payday loans. Company has developed a proprietary technology that allows them reduce time between an application and the time a loan is issued.
After a booming growth, the company was looking for further expansion. Boost Shop was chosen as a strategic partner to help further scale customer acquisition for the brand.
Find opportunities to get more online leads.
To understand how to proceed further, we had to understand the current state of Digital Marketing for the client. Two issues were identified:
Solution 01 - Find Budget Waste:
Google Ads had thousands of keywords that the client was spending $2-$10 dollars on monthly. Because neither of those keywords spent a statistically significant amount of money (per month), the client did not turn them of. However, all of those keywords together wasted tenths of thousands of dollars every month.
As a result, this has created a further issue where the Client had set their goal Cost per Lead much higher than it should have been. This meant that no matter who worked on their advertising, they would always overpay for the services.
Once those keywords were eliminated, Clients' cost per lead has decreased by ~50%.
Service: Google Ads Audit
Solution 02, 03
We analyzed Clients' data to see how prospects navigate the site from visiting the home page to proceeding to the application and submitting it.
Solution 02 - Drop-Off Rate
We found a huge drop-off between application steps, a simple User Experience solution was implemented that allowed us to retain more clients once they proceed past the first step of their application.
Solution 03 - Retention is the New Growth
Once Google Ads drove only the most interested users to the site (Finding 01) and Drop-Off rate was improved (Finding 02), all we had to do was to find a creative way to retain the Users who already converted into Clients. We designed a Pilot experiment to test multiple channels and see how effective these were in getting Clients to come back, this solution allowed us to create an extra 10% growth in the amount of Clients through retention.
Service: Digital Marketing Strategy
Once all three solutions were implemented, Loan Reload saw continuous growth in the number of leads and returning Clients. In addition, they were able to re-invest saved budget into other advertising channels.
Cost per Lead
And Most Importantly
When you go with Boost Shop, you know that data & strategy are the primary focus. We hired them to help us increase the number of Online Leads, results couldn't be better! Thanks Boost Shop for strategic thinking!