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NationalBusinessCapital.com is a New York-based firm that provides business financing, specializing in making loans more quickly than traditional lenders.
Commercial lending is a high-risk, competitive business. Profit margins, therefore, can be fairly thin. It’s imperative to maximize every investment.
This includes advertising. In the lending industry, conversions generated from pay-per-click(PPC) advertising are expensive. The term “small business loans” in Google AdWords carries a click cost ranging between $10 and $30.
As a provider of business financing to clients across the country, National Business Capital needs to be easily found on search engines. That means spending a considerable amount on PPC ads. But until recently, its cost per lead was unsustainable.
Step #1: Learn about the business
The company knew it wasn’t maximizing its PPC investment. If it couldn’t achieve a lower cost per click, then it needed to increase its conversion rate in order to lower its overall cost per conversion. Unfortunately, its PPC consultant couldn’t make that happen.
In its search for a new PPC consultant, National Business Capital found 180fusion, which provided a more proactive approach to helping the company reach its objectives.
“180fusion definitely took the time up front to ask questions about out business and what we wanted to accomplish,” said Joseph Camberato, president and co-founder. “They put together a nice report of what they found wrong with our online presence and how they were going to fix it.”
Results for National Business Capital
Step #2: Recognize and repair online deficiencies
The 180fusion team dug in and discovered many of the problems preventing National Business Capital from achieving an efficient cost per conversion, including:
- Limited volume with over aggressive bidding on match types
- Poor account structure
- Insufficient use of extensions
- Improper implementation of ad copy testing
- A substandard landing page
- Lack of proper implementation of remarketing
The 180fusion team shifted the company’s account structure, which included:
- Aggressively testing extended text ads and call out extensions to bring up click-through rates and, therefore, quality scores
- Creating new CRO-friendly LP
- Implementing remarketing with multiple lists
- Opening up match types and going after more volume at lower cost per click
Step #3: Lower cost per lead by 66% and increase ROI by nearly 300%
Those efforts had an immediate impact. Within one month of working with 180fusion, National Business Capital’s cost per lead on PPC ads fell by almost 30 percent. By the fourth month, the cost per lead had plummeted 66 percent.
“180fusion did more in the first month we worked with them than our previous provider accomplished in a year,” said Camberato. “We generated three times the number of leads with the same amount of ad spending.”
That in turn generated three times as many loan applications as what they received prior to using 180fusion’s PPC services.