Our client provides merchant cash advance, business loans, and business financing solutions.
Our goal was to generate leads from the customers who are actively seeking business loans.
Increase the number of leads and lower down cost per lead. Many competitors and top banks provide the same services and are in the market for years and running ads, so competition is very high.
Our strategy was divided into phases in which we tested different combinations of targeting to increase leads and lower CPA.
- PHASE 1: In the first phase, we targeted small business administrators, which we further narrowed down by applying and condition with interest loan, which has produced 84 leads at a CPA of $8.51.
- PHASE 2: In the second phase of the targeting experiment, we broadened the targeting to expand the reach by removing and conditioning interest from the targeting, which gave us excellent results by producing 152 leads at a CPA of $5.42.
- PHASE 3: In the third phase further, we tried to expand targeting by adding more specific interests “Credit limit or Bookkeeping“ in our task to broaden ads reach, which produced 142 leads with a CPA of $6.22.
We continuously test ads by expanding targeting if the narrow-down approach is not working because a broader audience pool gives the algorithm enough data to decide where to serve ads and generate ROI.
We were able to generate 378 leads at a CPR of $6.41. The client began generating significant revenue from the ads.