Case Study

Paid Search and Display Help Fortune 500 Financial Organization Increase Customer Wins By 71%

The Challenge

A Fortune 500 financial organization needed help attracting high quality leads and converting them into new customers.

The Outcome

Through paid search and display advertising, we helped our client increase qualified lead volume and convert more accounts. We also added LPO and call-tracking services to further optimize their campaigns.

The Story

For more than four years, Workshop Digital has worked with a subdivision of a leading cash management, logistics, and payment solutions company. As a subdivision of this Fortune 500 organization, our client provides online financial products for businesses and their employees. Specifically, Workshop Digital has helped drive paid digital marketing and SEO results for two products: a payroll card solution and a business expense management platform.

Over the years, this long-standing, trust-driven partnership has spanned numerous campaigns and initiatives. Although we’ve had several points-of-contact, we’ve been able to maintain a productive, positive relationship and serve as a true extension of their marketing team. In addition to periodic SEO assistance, we’ve provided ongoing paid digital marketing services, including Google display and paid search, landing page optimization (LPO), and call tracking.

The Challenge

One of our client’s biggest challenges was honing in on high-quality leads. Although lead volume had been consistent and our cost per lead was within target, the client had trouble converting leads into new customers, or “wins.” This led to a disconnect between lead volume and win volume, and signaled an issue with lead quality that we were eager to understand. Thus, the challenge became making the most of the data that the client could provide.

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The Approach

When Workshop Digital first implemented paid digital marketing services, our client needed help running their Google and Bing paid ads accounts for their payroll card and business expense card products. Over time, we’ve worked to increase account sophistication—which has enabled us to get more advanced with how we use account data.

To do so, we had our client send us Google Click Identifier Data for converted customers, which was uploaded as conversion data in Google Ads. In addition to providing important insight into lead performance, this helped us teach Google’s algorithms which leads were most likely to convert into customers. We also used keyword-level customer acquisition information to adjust bidding targets. If we saw specific terms generating more converted accounts or “wins,”, we’d push toward them. If other terms were leading more toward rejected or pending accounts, we provided account signals to deprioritize.

Our efforts have revolved around improving Google’s artificial intelligence by helping it learn from real-life data. To further improve the account, we also added LPO and call-tracking services over time. We added LPO to control lead volume and push traffic to pages that were optimized to convert. And we added call tracking to provide additional visibility into call data.

The Results

Making the most of our client’s data has helped us figure out which audiences to pursue and which to avoid—which has, in turn, helped us drive more qualified leads. We’re now able to strategically interpret data to drive better results, using customer win data to our advantage. This has helped us close the gap between lead volume and quality. Now we know which campaigns, ads, and keywords are driving rejected, pending, or won accounts and can optimize the account accordingly.

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Business Expense Card has seen a 71% increase in win volume in the second half of 2020, as well as a 33% improvement in cost per win.
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Thanks to a 15% improvement in cost per win, Payroll Card has seen stable win volume in the second half of 2020 despite a 14% reduction in ad spend.

For years, we’ve maintained a strong foundation with our client and helped them hone in on their target audience. Implementing services like LPO and call tracking has helped improve their entire user experience. Ultimately, our recommendations have seen a ripple effect across multiple departments. For example, we’ve expanded our monthly calls to include our client’s sales team, which has also seen an increase in lead quality and qualified prospects.