PPC CASE STUDY | Attributing Offline Sales to Adwords Leads
An organization in the insurance industry.
The client came to Vertical Measures and was generally happy with their existing PPC campaign results, but were concerned with lead quality. They looked to us to help them improve their Adwords ROI. Their landing pages were integrated with their CRM, so key PPC data was being collected and tied in with their sales data. This allowed us to make more informed decisions at all stages of the conversion funnel. Having this data at our disposal also proved key in uncovering and solving the main lead quality concerns.
Continue to maximize lead volume below the client’s target cost-per-lead, while improving lead quality.
The conversion action within our PPC campaigns was to have prospective customers fill out a form to request a quote for insurance. We created, tested, and optimized the client’s landing pages and created a lead form with a two-step process:
- Collection of non-personal information such as the lead’s current insurance status and what they were looking for, as well as their location.
- Collection of personal information such as name, email, and phone number.
This information was passed on to the client’s sales team to follow up on the leads and provide quotes, beginning the offline sales process.
For this study, the form field we tested was the “How Can We Help?” field, which allowed us to determine the prospect’s current insurance status, and what type of insurance quote they were looking for. The responses allotted were:
- Need [Redacted] Coverage (highly time-sensitive, specific coverage)
- Currently insured, need savings
- Currently insured, just browsing
- Uninsured, coverage cancelled/lapsed
- Uninsured, need coverage
- Uninsured, just browsing
We hypothesized that the people who chose one of the “just browsing” options were simply information seekers and would be significantly less likely to turn into revenue for the client.
In the never-ending challenge to improve PPC lead quality, we knew this array of insurance statuses and need levels were at different stages of the purchasing process and would represent different lead quality levels. In turn, these leads would also represent different priorities for the sales team.
We first wanted to break down the categories and analyze the data to determine how likely each was to actually convert into a lead by completing the second step in the form process. We felt this would give us a good preliminary understanding of the different categories and allow us to make other important conversion rate optimization decisions as well.
Our key takeaways from this analysis were not all that surprising. Those who had an immediate need — everyone not “just browsing” — had the highest conversion rates of getting to step two and completing the form. Conversely, those who had entered “just browsing” were the least likely to actually complete the second step of the form and provide their personal information.
Next, we wanted to match these categories to revenue data of the leads that had closed. We were able to take the raw data and find all instances of closed leads that had the premiums and commission data from the client’s CRM attached to the respective “How Can We Help” category. In this client’s case, we used commissions instead of revenue, as this is what the client sees as revenue from the insurance premiums they sell. The results can be seen in the table below:
As can be gleaned from the data above, the “just browsing” options only amounted to about 10% of the total commissions from closed PPC leads. On the other side, the “Need [Redacted] Coverage” option represented a different audience for our client as these were highly time-sensitive policies that typically resulted in higher commissions. With over 82% of total revenue, these leads represented a great opportunity for our client and were deemed top priority leads by their sales team. The other three options still represented prospects with an immediate need, and resulted in 46% of the total commissions.
This data confirmed our hypothesis that those people who chose an option including “just browsing” were significantly less likely to produce revenue for the client. As a result, we recommended sending the “just browsing” prospects to a different step two landing page that only required them to submit their name and email to put them in a lead nurture process.
Since they seemed to be simply information seekers rather than serious buyers ready to purchase, Vertical Measures helped our client’s sales team by taking these out of the immediate follow-up call list, and putting them on a drip email campaign. They were still active leads that had a chance to move closer to the purchase end of the funnel over time. This process was useful in helping the client’s sales team prioritize leads based on how they filled out the lead form.
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